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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.
Ladies and gentlemen, thank you for standing by, and welcome to the Kuaishou Fourth Quarter and Full Year 2020 Earnings Conference Call. [Operator Instructions] Today's conference is being recorded.
At this time, I would like to turn the conference over to [ Heather Diwu ], Director of Investor Relations. Please go ahead, ma'am.
Thank you, operator. Good evening, good morning to everyone. Welcome to our fourth quarter and full year 2020 earnings conference. Joining us today are Mr. Su Hua, Cofounder, Chairman and CEO of Kuaishou; and Mr. Nicholas Chong, our CFO.
Before we start, we would like to remind you that today's discussion may contain forward-looking statements, which involve a number of risks and uncertainties. Actual results and outcomes may differ materially from those mentioned in today's announcement and this discussion. The company does not undertake any obligation to update these forward-looking information except as required by law.
During today's call, management will also discuss certain non-IFRS financial measures for comparison purpose only. For a definition of non-IFRS financial measures and a reconciliation of IFRS to non-IFRS financial results, please refer to the announcement of the results for the year ended December 31, 2020, issued earlier today.
In addition, during the Q&A session, we will take questions in both English and Chinese, and a third-party translator will provide consecutive translation. All translations are for convenience purpose only. In the case of any discrepancy, management statement in the original language will prevail.
As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on our website at ir.kuaishou.com.
I will now turn the call over to Nicholas.
Thank you, [ Heather ]. Hello, everyone. Thank you for joining our first earnings call today. I'm pleased to deliver today's opening remarks on behalf of Su Hua and the company.
I think we all agree that 2020 is a year we will not soon forget. The world was surprised by COVID-19 with challenges and uncertainties. At the same time, we also changed how we live. People spend more time online to socialize. We entertain, shop, acquire knowledge and information and more. As a leading content community and social platform, we successfully observed the evolving user needs and the new opportunities that have arisen. We have been able to help people discover a vast world of content that expands their interest and horizons. Beyond that, we have continued to support the digitization of businesses contributing to the overall economic recovery.
Coming into 2021, we will continue to provide deep and diverse content offerings, effective service solutions as well as AI-powered technology to help people discover their needs and use their talents to improve their lives and a unique brand of happiness so as to create value for our users and customers. As our users and businesses interact with each other, they become increasingly engaged and generate more and more interactions. This gave rise to a powerful and valuable network effect within our ecosystem.
In 2020, we continued enriching our content, product and services -- and service offerings to discover and serve our user needs, helping them actively engaged within our ecosystem. As a result, we have seen a substantial increase in our user base as well as robust gains in user engagement. In 2020, the average DAU and MAUs of all our apps and mini program in China was 308.1 million and 777 million, respectively. The average DAU and MAU on Kuaishou App in 2020 were 264.6 million and 481.1 million, representing a year-over-year increase of 50.7% and 45.6%, respectively. The average daily time spent per DAU on Kuaishou App in 2020 increased by 17% to 87.3 minutes from 74.6 minutes in 2019. Our expanding users form the bedrock of our content community, and they are the key source of endless creativity. Our growing user engagement is the force that drives our ecosystems, vitality and lays a solid foundation for long-term growth and monetization capabilities.
In 2020, we continued to improve the quality, relevance and diversity of our content offerings to address evolving user interest and needs. As part of this ongoing effort, we have purposely -- purposefully allocated exposure to a broader set of content creators, motivating our users to continually creating -- create interesting, useful, relevant and meaningful content. This is best demonstrated by the over 25% of our average MAU on Kuaishou App in 2020 with content creators. In addition to user-generated content, we have committed to providing more high-quality, professional, user-generated content and have started exploring new content formats as well as deeper content operations in order to further improve the vibrancy of our ecosystem and grow our user base.
We launched version 8.0 of Kuaishou Flagship in 2020, which provided our users with a more immersive content consumption experience through a simpler interface. Together with Kuaishou Express and Kuaishou Concept, our comprehensive suite of products offer dual-column thumbnail and swipe up and down personalized feed formats that appeal to users with different needs and preferences. This was positively received by users and resulted in our increased penetration in Southern China.
Today, Kuaishou has inspired many to create and has become the platform of choice for content creation and business activities. The massive scale of our users' interactions and their trust greatly enhance our monetization capabilities, which, in turn, attract more online marketing customers, merchants and other business partners to our platform. In addition, our strong user engagement and advanced technologies allow us to understand our users better and create more efficient and appealing services to our users and customers.
For the full year 2020, our total revenue grew significantly to RMB 58.8 billion from RMB 39.1 billion in 2019, representing an increase of 50.2%, among which our online marketing services revenue continued its rapid growth with an increase of 194.6%, reaching RMB 21.9 billion in 2020 as our massive and highly engaged user community make our platform increasingly attractive to online marketing customers. Revenue contribution from online marketing services to our total revenue almost doubled, increasing from 19% in 2019 to 37.2% in 2020. Our gross margin also benefited from revenue mix change, improving to 40.5% in 2020 from 36.1% in 2019.
Online video-based advertising is a promising market, and online marketing service is regarded as one of the key and strategic drivers for our long-term growth. Given the expanding user base and increasing time share as well as the superior short video and livestreaming, online marketing solutions we offer, which carry richer, more dynamic and interactive content in a succinct way, we have become one of the preferred partners for online marketing customers. Beyond that, we work closely with our business partners to further solidify the foundation of our online marketing services.
In 2020, by launching our integrated advertising platform, we were able to empower online marketing customers as well as to enhance and upgrade our competitiveness as a one-stop online marketing solution platform. To be specific, our strong user engagement and advanced technology empower us to achieve precise user understanding and sophisticated advertising content development and distribution, which has led to improved advertising, efficiency and effectiveness. We introduced an increasing number of powerful and intuitive tools and services to support our online marketing customers, enabling them to reach their target customers more precisely and enhance customer engagement.
Furthermore, we reinforced our cooperation with online marketing customers and content creators to deliver unique and customized ad content. At the same time, through refined algorithm and enriched ad materials, our ad content became less disruptive to our users. The overall users' experience was further optimized. Within the company, we expanded our sales -- our own sales team and channel coverage to cover a broader set of industries, emphasized on a more diverse set of advertising formats such as branding advertisements and advertising union in addition to short video feeds advertisement.
As a result, we enjoyed robust growth in online marketing services. Revenue from online marketing services in 2020 increased by 194.6% to RMB 21.9 billion from RMB 7.4 billion in 2019. Our average online marketing services revenue per DAU in 2020 increased by 95.3% to RMB 82.6 from RMB 42.3 in 2019. In the fourth quarter of 2020, online marketing services become the largest contributor to our total revenue. As a percentage of revenue in the fourth quarter of 2020, it surpassed the contribution from our livestreaming businesses for the first time.
We believe that people's needs will be increasingly met online and that livestreaming provides an ideal format and the infrastructure through which those needs can be met due to its highly social, interactive and immersive nature. As our sales -- as our scale continues to grow together with the stronger network effect, our livestreaming business nurtures our ecosystem and serve more than just a revenue contributor but a vibrant and solid foundation from which more social interactions and new valuable businesses are derived. For example, we started with entertainment livestreaming then expanded into e-commerce livestreaming and, more recently, online gaming livestreaming. These opportunities naturally emerged along with the user needs that arose within our platform.
Throughout the year 2020, we further expanded our abundant and diverse livestreaming content with more premium content, such as game events and sports events livestreaming as well as enhanced cooperation with more high-quality content creators. Recently, we became the exclusive short video cooperation platform of snooker competition. In addition to participating in broadcasting and short video creation, snooker fans even have the opportunities to be our certified commentator of snooker events, which will significantly enhance the activeness and stickiness of the snooker fans community on our platform. We were also dedicated to developing more interactive features and events to embrace -- to enhance our livestreaming experience and to make our platform fun and -- as well as accessible to every user.
These efforts have been highly effective in increasing livestreaming user engagement. In 2020, over 1.7 billion livestreaming sessions were hosted on Kuaishou App. For the full year 2020, revenue from livestreaming increased by 5.6% to RMB 33.2 billion from RMB 31.4 billion in 2019. More importantly, as the result of our diverse content offerings, highly interactive features as well as unique and strong social trust, our user community became even more engaged on our platform, and the average MPU for livestreaming increased to 57.6 million in 2020, from 48.9 million in 2019, representing a year-over-year increase of 17.8%.
On -- other services, which primarily comprised the contribution from e-commerce, also achieved rapid growth in 2020. The total GMV of e-commerce transaction facilitated on our platform was RMB 381.2 billion in 2020, representing a fivefold increase from RMB 59.6 billion in 2019. The highly engaged user base and strong social trust on our platform gave rise to natural opportunity for transaction between users and our business partners. In 2020, we continued to support the improvement of our e-commerce ecosystem as well as to provide more products and services to address our users' needs, further enhancing the trust and encouraging the interaction among users, merchants and our platform.
We have made efforts to better support our merchants. First, we invested in e-commerce infrastructure to facilitate transaction by providing various tools to help merchants manage their stores on our platform. Second, we incentivized highly quality -- high-quality merchants as well as supported media and long-tail merchants by providing training to help them improve their service capabilities and quality.
On customer side, through enhanced tools and technologies, we continued to provide users with a seamless experience of product discovery and purchase, helping them to find their needs. We were dedicated to strengthening platform governance, especially quality controls and merchants' supervision. As a result, we are pleased to see that the overall customer purchasing experience and satisfaction will further optimize. This is evidenced by the average repeat purchase rate increasing from 45% in 2019 to 65% in 2020. By doing this, we attracted a greater number of superior merchants and further expanded the product categories and offerings on our platform.
In 2021, we will continue to reinforce and invest in our ecosystem by continuing enriching and improving the quality and diversity of our content offerings to attract and retain a massive user base; improving the experience of our users and business partners through improve functionalities, product and services to fulfill evolving user needs; expanding user reach through precise marketing and promotional activities as well as strengthening our user-centric commercialization capabilities by further enhancing technological capabilities and developing more monetization opportunities. We believe platform with stronger social attributes and interactions will enjoy stronger network effects and lay a solid foundation for long-term development. As such, we will continue with our mission to be more -- to be the most customer-obsessed company in the world to better serve our users and customers, create value for them and further solidify our leading position as a content community and social platform globally.
This concludes Su Hua's remarks. I will now provide a brief overview of our financial results for the fourth quarter and full year 2020.
Let us now start with the performance for the full year 2020. Our revenue for the full year 2020 increased by 50.2% to RMB 58.8 billion from RMB 39.1 billion. The increase was primarily attributable to our online marketing services and other services. As a percentage of the revenue, online marketing services contributed 37.2%, while livestreaming contributed 56.5%, and the remaining 6.3% was from other services. Cost of revenue for the year 2020 increased by 39.8% to RMB 35 billion from RMB 25 billion in 2019. Our gross profit increased by 68.9% to RMB 23.8 billion in 2020, from RMB 14.1 billion in 2019. Gross profit margin improved to 40.5% in 2020, from 36.1% in 2019, benefiting from the revenue mix change.
Selling and marketing expenses increased by 169.8% to RMB 26.6 billion in 2020, from RMB 9.9 billion in 2019, increased to 45.3% from 25.2% as a percentage of our total revenue. This increase is primarily due to the increase in marketing, brand promotion and advertising activities. Our administrative expenses increased by 93.8% to RMB 1,676.7 million in 2020, from RMB 865.4 million in 2019. This increase is primarily due to an increase in the head count of administrative personnel and increased share-based compensation expenses to support our business growth. Research and development expenses for the year 2020 increased by 122.4% to RMB 6.5 billion from RMB 2.9 billion. The increase is primarily due to an increase in the number of research and development personnel as we continue to invest in AI, big data and other advanced technologies.
Our fair value changes of convertible redeemable preferred shares were negative RMB 106.8 billion in 2020 compared to negative RMB 19.9 billion in 2019. This was primarily due to the increase in the valuation of our company. Our loss attributable to the equity holders of the company was RMB 116.6 billion in 2020 compared to RMB 19.7 billion in 2019. Adjusted net loss for the year 2020 was RMB 7.9 billion compared to adjusted net profit of RMB 1 billion for year 2019. Adjusted EBITDA for the reporting year was negative RMB 3.62 billion compared to RMB 3.59 billion in 2019.
For the year ended December 31, 2020, our net cash generated from operating activities was RMB 2.3 billion. And we have cash and cash equivalents, short-term time deposits and restricted cash of RMB 23.1 billion as of December 31, 2020, compared to RMB 5.3 billion as of December 31, 2019.
Now let's move to the fourth quarter financials. Our revenue for the fourth quarter of 2020 increased by 52.7% to RMB 18.1 billion from RMB 11.9 billion for the same period of 2019. This increase was primarily attributable to our online marketing services and other services, including e-commerce business. As a percentage of revenue, online marketing services contributed 47%, while livestreaming contributed 43.6%, and the remaining 9.4% was from other services. Our cost of revenue increased by 32.9% to RMB 9.6 billion for the fourth quarter of 2020, from RMB 7.2 billion for the same period of 2019. Gross profit increased by 83.5% to RMB 8.5 billion for the fourth quarter 2020, from RMB 4.6 billion for the same period of 2019. Our gross profit margin for the fourth quarter of 2020 increased to 47% from 39.1% in the fourth quarter of 2019, benefiting from the change of revenue mix.
Our sales and marketing services increased by 58.2% to RMB 6.8 billion for the fourth quarter of 2020, from RMB 4.3 billion for the same period of 2019. As a percentage of total revenue, our selling and marketing expenses increased to 37.5% in the fourth quarter of 2020, from 36.2% in the same period of 2019. The increase was primarily due to the increase in promotion and advertising expenses, such as promotion for Kuaishou Express and other apps and other brand marketing -- brand market campaign activities, which -- in line with our strategic decision to invest more in selling and marketing efforts to continue to grow our user base and user engagement, enhance our brand recognition and develop our overall ecosystem.
Our administrative expenses increased by 103.4% to RMB 595.4 million for the fourth quarter of 2020, from RMB 292.7 million for the same period of 2019. The increase was primarily due to the increase of head count of personnel to support our business growth. Our research and development expenses increased by 171.6% to RMB 2,429.7 million for the fourth quarter of 2020, from RMB 894.7 million for the same period of 2019. This increase was primarily due to the head count increase as we continue to invest in AI, big data and other advanced technology.
In fourth quarter of 2020, our fair value changes of convertible redeemable preferred shares were negative RMB 17.7 billion compared to negative RMB 17.1 billion for the same period of 2019, primarily due to the changes in the valuation of our company. Our loss attributable to equity holders of the company was RMB 19.3 billion for the fourth quarter of 2020 as compared to RMB 18 billion for the fourth quarter of 2019. Adjusted net loss for the fourth quarter of 2020 was RMB 704.5 million compared to a loss of RMB 802.8 million for the same period of 2019. Adjusted EBITDA for the reporting quarter was positive RMB 927.3 million compared to a loss of RMB 3.4 million in the fourth quarter of 2019.
This concludes our prepared remarks. We would like now to open the call to your questions. Operator, please go ahead.
[Operator Instructions] The first question comes from Eddie Leung with Bank of America Merrill Lynch.
[Foreign Language] I have 2 questions. The first one is about the e-commerce business. So it has been growing pretty fast. We are wondering whether that helps the online marketing business as well. For example, has there been any online marketing revenue coming from the e-commerce service or the streaming host?
And then secondly about the user acquisition strategy mentioned in the call. We have seen the user base growing to a pretty high level. So just wondering which user segment or which channel the company thinks -- do you have some opportunities for Kuaishou to penetrate more in order to get more users?
[Interpreted] Let me start answering your second question about user growth. So in fact, there are a number of ways through which our user base can grow. For example, we have the penetration of our KOLs. At the same time, there is also interaction between both off-line and off-line -- online and off-line.
Basically, concerning future growth in user base, there are 3 main different channels or ways. The first is a deep operation of our content. So for different groups of users, we actually differentiate and categorize the content based on their needs and interests. For instance, we offer spot content, game content and so on. And the second way through which we grow our user base is by new categories of content. Last year, we introduced a small drama series or a small theater which had led to quite good response. In fact, it is an extension or it is a modification based on short video. But then it is about the same story, one single story through this drama series, and it is a new format of content to us. The third channel is through some specific or designated pop stars, celebrities or livestreaming special events. So this is also one way of growing our user base. And then there is also e-commerce service. When e-commerce service covers more and more categories, this will also lead improved user growth. So of course, we have to continuously deepen our operation in terms of our content and service. Thank you.
So let me answer the question about the share of advertising revenue that is a bit down between e-commerce and also the livestreaming. I would say that right now, we have 2 segments of e-commerce advertising revenue, and this accounts for 20% of the total, and these are related to the e-commerce merchants. And for this part of the revenue, it is accounted for in advertising revenue and not income as revenue.
[Operator Instructions] The next question comes from Alex Poon with Morgan Stanley.
[Foreign Language] I'll translate my question. First of all, congrats on the Hong Kong listing. And my first question is related to -- you already have some massive user base and time spent, very comprehensive entertainment content, livestreaming, e-commerce in the next few years. I would like to hear from management how you would like to upgrade or change the Kuaishou App to incorporate more product features, including local services, games, value-added services, et cetera. And finally, how would you bring this expertise and experience to overseas markets?
[Interpreted] First of all, let me explain our R&D strategy behind our products. Well, all along, we have been doing R&D behind our products by means of observing the needs of the users in the community. So in this way, we do our R&D work. For instance, a few years ago, when we started to launch the livestreaming service, well, that was because we observed that some users started to do livestreaming on the Internet. And we realized that actually, fans do have the need and interest in all these livestreaming sessions. So that's why we started it. And then for instance, afterwards, we saw that some livestreamers actually sold products during the livestreaming session. They directed their fans to the Taobao website to buy those merchandise. So we realized that actually buying and selling would be possible during these livestreaming sessions, and so that's why we brought in this concept as part of our e-commerce business.
Because we are a video-based platform, so -- we are able to observe and see the behavior and interaction among users. So that's why our R&D work has been successful. In the future, this kind of proprietary R&D work is still our main strategy for our app. So as what the Morgan participant just mentioned, there are services and games and also social elements on our platform. So we actually use the same way to do R&D work behind all these different elements. And in the future, we are going to continue to observe the needs and interaction and behavior of the users in order to ascertain the kind of products and services that we should develop and offer.
So just now you asked about what our road map is. In fact, our road map is based on our R&D work. We do not fix a 3-year road map for the future. In fact, we first lay down our R&D strategy. And after that, the road map will go from there.
And then when it comes to businesses with higher degree of maturity, for example the e-commerce business, well, in fact, we are still in an early development stage for this business segment. So since this business segment or industry is a bit more mature, then our strategy can also be a bit more certain. For instance, for e-commerce, we will actually apply or consider in the future supply chain finance, logistics needs and requirements and so on when we develop the e-commerce business and strategy. So that's how we work out our overall app strategy.
The next question comes from Alex Liu with China Renaissance.
[Foreign Language] I'll translate myself. So first, we're encouraged to see the very good momentum of the e-commerce business. Just from a top-down perspective, should we consider e-commerce livestreaming the business model itself as a time-bound business model? So i.e., there will be some GMV ceiling per minute livestream? If that's the case, what kind of innovation should we think about on the e-commerce format down the road? Whether -- or is it likely that pressure will become more aggressive on search-based e-commerce going forward?
And the second question is on new initiatives. We noticed some content platforms started to be more aggressive on local services. How does Kuaishou think about and position itself on the local service business model? And how does the company management evaluate the investment cycle for this business?
[Interpreted] So in relation to e-commerce livestreaming, I think it is mainly limited or oriented around relationship and trust. So what we are doing is that we would like to be able to enhance and develop consumers' trust on the livestreaming session as well as the livestreamer. That is very important. So this year, we have been trying a lot of work to build more trust in this area.
So in relation to e-commerce, I believe that it is still in a very early stage of development. And in fact, we have quite a lot of work to do. For instance, we have to take care of quality, quality management. We would like to strengthen merchants and also categories. We want to expand the coverage of categories. And all these are some basic, fundamental work that we need to do. So at this point in time, I don't think it is the appropriate moment for us to think of, for example, limiting or restricting competition in the market and so on. So there is still a lot of work to be done in the future. We want to expand our coverage, such as now. At the same time, we want to enhance consumers' trust on our platform. And we need to enhance our brand awareness. And also what we may do today is that we can cover as many categories and merchants as possible. Of course, at a certain point in time, we may have to consider shortlisting or screening the merchants. But right now, I think a wider coverage is the key. And then we then have to take care of the supply chain and also products, R&D and so on.
Regarding local services, we are in a very early exploratory stage, and we are also picking appropriate categories that are appropriate for our platform. Bearing in mind that our platform is a short video-based platform, so we will pick the category that is more suitable for the format of short video and also livestreaming so as to better manifest or better have the customer services that you realize on our video-based platform.
[Operator Instructions] The next question comes from Binnie Wong with HSBC.
[Foreign Language] I'll quickly translate myself. Congrats on a very strong, very successful IPO and beginning a journey with a strong set of results. On questions on online marketing revenue, we see a very robust growth. It's almost tripled year-on-year. So looking forward into 2021 -- and we also see that your peers have a very optimistic outlook, can you share with us your outlook and your strategy? As user experience is always Kuaishou's #1 priority, how do you strike the balance of monetization and user experience especially if you look at Kuaishou and also Kuaishou Express? That would be great.
[Interpreted] So this question is about the industry's projection. In relation to short video and livestreaming, the projected revenue should be bigger than the overall mobile advertising revenue because that is really the focus.
So concerning our advertising business revenue, from 2019 to 2020, it was up 200%. And then as a percentage or as a share of total revenue, its share increased from 19% to 37%. And so I believe that the share of total revenue from -- by advertising revenue will go up. And the revenue growth of our advertising business will be bigger than the growth of the overall industry because Kuaishou actually possesses a number of competitive advantages. First of all, we have a quite big scale. At the same time, we have many, many sticky users, and we are very attractive because of these elements to the advertisers. At the same time, we will continue to build some new formats of advertising, and we will also inject more interaction and interactive elements into the content and format of advertising. For our advertising business, in 2018, we set up an independent or separate team to take care of this business, and then this team is still in a building and also enhancement optimization stage. And this year, we are going to increase the overall efficiency of this business segment.
So there are several ways in which we can strengthen our advertising revenue as well as actually expand this business segment. First of all, by enhancing the operating and business efficiency of this segment; and secondly, we would also like to enhance our overall brand marketing capabilities. Number three, we will cooperate with advertisers and content creators, especially those very high-quality ones. So in this way, we can introduce more new elements and interesting colorful elements into our advertising. Number four, we will expand our sales team for this business segment. And number five, we will start to do some brand advertising. And number six, we will do this by means of advertising union. In other words, we will cooperate with various advertisers and working partners in this regard.
Kuaishou is a company which attaches a lot of importance to user experience. So while we want to expand our advertising revenue, we definitely have to maintain and also make sure we can deliver a very excellent user experience. So in other words, we will not just blindly go for a sharp increase in advertising revenue in compromise of user experience.
The last question this evening will come from Natalie Wu with Haitong International.
[Foreign Language] So my question is mainly related with globalization. Can management give us an update on your current active user size in terms of the overseas regions? It would be great if you can also elaborate on the midterm and the longer-term blueprint in terms of globalization in terms of the user target, monetization plan, region coverage as well as app metrics, also how to compete with TikTok.
Lastly, wondering how should we think of the related sales and marketing spending in 2021.
[Interpreted] In fact, concerning short video development and also livestreaming business, well, this is a big direction which started already 10 years ago. So when it comes to overseas business development, actually, if you compare the development of livestreaming in China and overseas, China development is much bigger and faster than overseas. In many other overseas countries, their livestreaming business is still in a very early stage and users do use this kind of app. However, it is mainly a functional or is mainly for utilization purposes. So it is still in the very early stage. But we think that definitely, there will be a lot of opportunities arising. In the long run, we think that there are many opportunities that will come up. So for overseas livestreaming and video business, well, if it is to gradually grow and become comparable to that of China, then I think definitely, the trend is to extend towards e-commerce, games, sports and all sorts of different sharing activities.
This year, we will continue to develop overseas business. However, we will exercise a choice in the overseas business and market. We think that in order to achieve growth, definitely, we have to invest more and we have to do more work in terms of content and also collaboration. So we think that in developing overseas business, we have to definitely pay attention to the needs of users. And also, the element of creation is very important. So we have to also do more work to enhance user experience as well. For overseas business, as said, it is still in a very early stage. So, so far, there is still not much commercialization and there isn't really revenue contribution.
Due to time constraint, that concludes today's question-and-answer session. At this time, I will turn the conference back to [ Heather ] for any additional or closing remarks.
Thank you once again for joining us today. If you have any further questions, please contact Kuaishou IR team directly or TPG Investor Relations. Thank you.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]