Kuaishou Technology B

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Kuaishou Technology second quarter and interim 2023 financial results conference call. Please note that English simultaneous interpretation will be provided for the management's prepared remarks. And please join the English line, listen to the interpretation. The English line will be in listening mode. And now I will turn the call over to Mr. Matthew Zhao, VP of Capital Market and Best Relations at Kuaishou Technology. Thank you, operator. Good evening and good morning to everyone. Welcome to the second quarter and interim 2023 Financial Results Conference Call. Joining us today are Mr. Cheng Yixiao, co-founder, executive director, and CEO, and Mr. Jin Bing, chief financial officer. 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 any forward-looking information if that is required by law. Any information that is important and forward-looking statement is referred to the public information and also the information published on the ARRA website as of the end of June of 2023. During today's call,

Management will also discuss certain non-RFRS financial measures for comparison purposes only.

For a definition of non-RFRS financial measures and a reconciliation of RFRs to non-RFRS financial results, please refer to our results announcement for the three and six months ended June 30th of 2023 issue earlier today. For today's call, management will use Chinese as the main language A third-party interpreter will provide simultaneous English interpretation in a prepared remark session and consecutive interpretation during the Q&A section. Please note that English interpretation is for convenience purpose only. In a case of any discrepancy, management statements in the Russian language will prevail. And also, as required and stated, all the currencies in this call is Renminbi. Please turn the call over to Yixiao. Hello, everyone. Welcome to Questro's second quarter 2023 earnings conference call. For the second quarter of 2023, we're proud to announce another key profitability milestone brought upon the positive adjusted net profit we attained in the first quarter. We achieved our first-ever group-level net profit of Barnard Prize things are listing totaling 1.48 billion RMB. Meanwhile, adjusted net profit continued to rose quarter-by-quarter reaching 2.69 billion RMB. These reflect our ongoing efforts to scale our vibrant user and content ecosystem, optimize our monetization models, and enhance our operating efficiency. With the average DAUs and MAUs on the Kuaishou app hitting another set of record highs in the second quarter, our total revenue grew by 27.9% year-over-year to 27.7 billion RMB, This growth highlights the effectiveness of our thriving commercialization ecosystem. Revenues from e-commerce, online marketing, and live broadcasting also experience strong growth, outperforming the market even outside the peak seasons. Furthermore, our pursuit of new business avenues continues. In the second quarter, we made rapid progress in our overseas and local service businesses. Through exploring brand new scenarios and products, we aim to offer users