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58.com Inc (NYSE:WUBA)
Q4 2019 Earnings Call
Mar 12, 2020, 8:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the 58.com Fourth Quarter 2019 Earnings Conference Call.

[Operator Instructions]

I would now like to turn the conference over to Christian Arnell. Please go ahead.

Christian Arnell -- Investor Relations

Thank you. Hello, everyone, and thank you for joining us today.

The earnings release was distributed earlier today and is available on the IR website at ir.58.com and through PRNewswire. On the call today from 58.com are Mr. Michael Yao, Chairman and Chief Executive Officer, and Mr. Wei Ye, Chief Financial Officer. Michael will review business operations and company highlights, followed by Wei, who will discuss financials and guidance. They will both be available to take your questions during the Q&A session that follows.

Before we begin, I would like to remind you that this call may contain forward-looking statements made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations, current market regulatory and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties and factors is included in the company's filings with the US Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

It is now my pleasure to introduce Michael. Michael, please go ahead.

Jinbo Yao -- Chairman and Chief Executive Officer

Thanks, Christian. And thank you all for joining our call this evening.

I would like to start by sending our best wishes for the people of Wuhan, who fight those outbreak of coronavirus. As the largest online classifieds marketplace in China, we immediately jumped into action to help those affected by the outbreak [Indecipherable] that needs to protective medical supplies to Wuhan and adjacent regions. Some of the suppliers sourced through our partnership [Indecipherable] throughout the 58 Town and the 58 communities, more than 10,000 local partners were mobilized to promote up the medical provision and containment measures in rural areas. We also provided another channel for the local residents to reach out for help during the period.

As the leading online recruiting platform, we organized and launched a series of special online job fair with free video live-streaming interview system for medical supply manufacturers, logistics companies and many other companies working on the front line. We also helped those stuck in Wuhan during the lockdown to find job in the place that was safe. Lastly, we brought top suppliers on our [Indecipherable] in 24 cities. I will talk about this more later.

Turning to the fourth quarter of 2019, I'm pleased to report another state of strong financial and operational results, to close our 2019 on a solid footing. Despite despite the challenging macroeconomic environment, we delivered RMB4.16 billion in revenue, above the high end of our guidance. Revenue for the year reached RMB15.6 billion, 18.6% increase from last year. Traffic for our main apps continued to grow steadily and at a faster pace than revenue, which again reflects our ability to effectively execute our strategy and the continuously drive better returns on investment for our customers. We maintained a healthy non-GAAP operating margin of 23.1% for 2019 as we continued to invest in new businesses and technologies to further strengthen the user experiences and solidify our market leading position.

Meanwhile, we continued to make good progress in optimizing our headcount structure. Total headcount for the quarter was about 5% lower than the same period last year, with 9% increase in product and the technology staff, but also 9% decrease in sales and marketing personnel. Paying business users was approximately 3.3 million during the quarter, an increase of 4.2% year-over-year. We can't ignore the elephant in the room, however. The outbreak is definitely a black swan event. The outbreak already has a significant impact on our business and the will likely continue to do in the weeks ahead. We launched our new strategy All-In Service in late 2019. So we are doing everything within our power to serve our customers and fulfill our corporate social responsibility.

We rolled out various measures to help and support them including free membership extensions, free job posting and technology tools, within commission for selected home service and the free insurance for the employees of merchant WUBA among others. We started 2020 with high expectation, building off the solid foundation we laid in 2019. With the Chinese New Year holiday falling earlier this year, January was particularly weaker than normal [Indecipherable]. We will anticipate -- anticipated a long and a strong rebound post the Chinese New Year in February, after outbreak changed our guidance.

Almost all of our customer businesses have literally been on hold for a month. Our revenue structure throughout 2019 has been gradually shift from membership to online marketing services, which will provide a more flexibility offering to our customer, and that was the right strategy move. The outbreak has significantly impacted our revenues strong. The impact will be short term, however. Even if it carries on into the second quarter, we have at most pleased in the containment fixed, in the hope that outbreak will be over soon. The [Indecipherable] remain committed to the three pillars to drive our long-term growth, the solid fundamental of the classified business model, the massive market size of the channel and the growing demand for high-quality service from a expanding middle class. Most of the service provided on our platform are essentially for many. Demand for this service will likely be postponed in the short term, but will never disappear, if the underlying continues to develop.

I would like to reiterate our commitment to the All-In Service strategy. This will allow us to transform ourselves from a traditional information provider to a value-added solution, provider for both our customer and the user, leveraging our strong technology capabilities. And there is a scale [Indecipherable] provides us with opportunity to better understand our customers' needs, while at the same time provide them with an opportunity to really see how our technology and the service offering can help grow their business. This also provide us with with an opportunity to reassess our organizational and the cost structure, and that we enforce the improvements we have been making for operation efficiency.

At the beginning of this year, we we aligned our four core business group within expanded and unified middle office to carry out our new strategy. I'm confident that once the economy recovers, we will be in an even better position to create more value for our customers, shareholders and the employees.

Now let me hand over to Wei to go through more details over the financial results. Wei, please.

Wei Ye -- Chief Financial Officer

Thanks, Michael. And thanks to everyone again for joining our call tonight.

I will now walk you through the highlights of our fourth quarter financials. Total revenue were RMB4.16 billion, 15.1% increase from the same quarter of 2018. Membership revenue were RMB1.1 billion, relatively flat compared with the same quarter of 2018. Online marketing services revenues were RMB2.7 billion, up 19.3% year-over-year, which reflect the strategic structural shift in revenue we have been making that allows us to offer more flexible online products and solutions to better serve our customers. Total number of paying business users approximately 3.3 million, down sequentially, but up year-over-year. This reflects normal seasonality in our business, especially with the Chinese New Year holiday falling earlier than normal. On a year-over-year basis, this number represents 4.2% increase from fourth quarter 2018, which is higher than the growth rate from last quarter. This indicates the underlying demand may start to rebound, as the uncertainty created by the US-China trade war gradually clears up.

However, due to the outbreak, we anticipate our number of paying business users will be adversely impacted during the first quarter of 2020. Outside of revenue from membership and online marketing services, revenue from e-commerce services and other services continued to gain growth momentum with a combined increase of 55.3% year-over-year. Gross margin was 86.4% for the quarter, compared with 87.3% in the same quarter of 2018 due primarily to changes in revenue mix. Operating expenses were RMB2.8 billion, an increase of 16.5% from the same quarter of 2018. Sales and marketing expenses in the fourth quarter of 2019 were RMB2 billion, increase of 17.7% year-over-year.

Within sales and marketing expenses, advertising expenses to approximately RMB0.86 billion, an increase of 8.6% from the same quarter of last year. Non-advertising sales and marketing expenses in the fourth quarter of 2019 were approximately RMB1.16 billion, up 25.4% year-over-year. Research and development expenses in the first quarter of 2019 were approximately RMB0.56 billion, up 16.6% year-over-year. General and administrative expenses in the fourth quarter of 2019 were approximately RMB0.26 billion, up 14% year-over-year. Overall, operating expenses for the first quarter was slightly lower sequentially, while the structural change continues. The total number of employees at the end of the fourth quarter 2019 was approximately 21,700, 5% decrease from the same quarter last year. As Michael just mentioned, this includes 9% decrease in sales and marketing personnel, and 9% increase in research and development.

Non-GAAP income from operations was approximately RMB950 million in the first quarter of 2019, up 6.3% year-over-year. Non-GAAP operating margin was 22.9% in the fourth quarter of 2019, compared with 24.8% in the same quarter last year. Net other income in the fourth quarter of 2019 was approximately RMB2.1 billion, which is predominantly composed of investment income generated from the sale of a portion of equity stake and the revaluation of the remaining equity stake in Che Hao Duo [Indecipherable]. Non-GAAP net income attributed to 58.com Inc. ordinary shareholders was approximately RMB4.9 billion in the fourth quarter of 2019. Non-GAAP net margin was 117.4% in the fourth quarter compared with 21% in the same quarter of 2018. Excluding the gain from the sale of a portion of the equity stake in Che Hao Duo and related income tax expenses, non-GAAP net income would have been approximately RMB1.1 billion, which would have represented 42.9% increase from the same quarter of 2018.

Non-GAAP net margin would have been 26% under the same measure. Net cash provided by operating activities was approximately RMB1.2 billion, an increase of 22.2% year-over-year.

In the interest of time, I will not go through the full-year financials in some of the details, but only some highlights. Total revenue for the full year was RMB15.6 billion, 18.6% increase from the year 2018. Non-GAAP income from operations was RMB3.6 billion, 18% increase year-over-year. Non-GAAP operating margin was 23.1% for the full-year 2019, compared with 23.2% in full-year 2018. Non-GAAP net income attributable to 58.com Inc. ordinary shares was approximately RMB8 billion and non-GAAP net margin was 51.2% for the full-year 2019. Again, excluding the gain from the sales of portion of the equity stake into Che Hao Duo and the related income tax expenses, non-GAAP net income would have been approximately RMB3.6 billion, which would have represented 32.4% increase from full-year 2018. Non-GAAP net margin would have been 23.1% under the same measure, compared with 20.7% for the year 2018.

As of December 31, 2019, the company had cash and cash equivalents, term deposits, restricted cash and short-term investments of approximately RMB14.3 billion.

Now let's turn to guidance. As Michael already pointed out, our business has been significantly impacted by the outbreak of COVID-19. We have limited visibility as the situation continues to evolve, and remains highly uncertain. Based on our current assessment, we anticipate total revenues for the first quarter of 2020 will be between RMB2.16 billion and RMB2.26 billion. This represents year-over-year decrease of approximately 25% to 29% in RMB amounts. These estimates reflect the company's current and preliminary view, which is a subject to change.

With that, we'll now like to open up the call for Q&A. Operator, please begin.

Questions and Answers:

Operator

[Operator Instructions]

The first question today comes from Alicia Yap of Citigroup. Please go ahead.

Alicia Yap -- Citi -- Analyst

Hi. Good evening, management. Thanks for taking my questions. Hope everyone is well and safe. My question is on the coronavirus impact and the industry opportunity, and also the competition situation. So as we emerge and recover from the short-term coronavirus impact, how would you assume if any of the current business model could change and what could be some of the industry opportunity you foresee driven by potential user behavior or merchant behavior change? Do you have any comment on how your competitors are faring relative to WUBA during these negative impact? And any change of the competitive disruption or industry consolidation opportunity?

Jinbo Yao -- Chairman and Chief Executive Officer

Okay. I will take this question.

[Foreign Speech]

Wei Ye -- Chief Financial Officer

Okay. I'll translate. So the are outbreak is definitely a very difficult situation for us, but we believe it will be more difficult for most of our competitors in the vertical. We have very stable profit and efficient cash reserve. And lots of our vertical competitors rely on financing, and in this situation, excellent financing will be very difficult. All right. And so we actually see this definitely opportunities for us to make new investments and make certain transformation opportunities. We definitely have the face in China for long-term and we believe the outbreak is over toward the end of the first half. The growth in the second half will be likely getting back to the double-digit growth area.

And in terms of the impact to consumer behaviors and product innovations, I think this also provide another opportunity to us, because people cannot meet in person, force them to try more online product and service. For example, we see very good opportunities in the primary housing segment, which might be only one to have a chance to show actual growth in the first quarter among all the other units. See, all the developers are now moving toward virtual showroom and other online products, and we have that technology capabilities to provide a solution for them. So what we want is, in a difficult situation, that against all the competitions, we can gain relative competitive advantage. And after the outbreak is over, we'll be in a much better position. Thank you.

Alicia Yap -- Citi -- Analyst

Thank you.

Operator

The next question comes from Thomas Chong of Jefferies.

Thomas Chong -- Jefferies -- Analyst

Hi, good evening. Thanks, management, for taking my questions. And hope everybody is safe and healthy. My question is about Zhuan Zhuan. We noticed that it shows quite strong growth momentum in Q4. And how we should think about the impact of coronavirus to Zhuan Zhuan? Should we expect the shortage of logistics supply will affect the growth momentum of Zhuan Zhuan? And then a follow-up is more about the monetization potential, as well as the timing of profitability for Zhuan Zhuan, if -- any color on that would be great. And would our investment strategies be affected because of the coronavirus? Thank you.

Jinbo Yao -- Chairman and Chief Executive Officer

[Foreign Speech]

Wei Ye -- Chief Financial Officer

Okay. Yeah. For Zhuan Zhuan, I think the outbreak actually also provide some opportunity for the used goods transactions. And Zhuan Zhuan has pure online used goods transacting platform. I think the impact is actually smaller to them than our other core business units, because on the other core business units, our customers actually have heavier offline service activities. So we do expect Zhuan Zhuan will continue the momentum from last year, it will still see revenue growth this year even with the outbreak impact, and the net loss from Zhuan Zhuan should narrow down this year. And we remain optimistic that Zhuan Zhuan is going to be most important used cellphone online transaction platform. And the other good thing is Zhuan Zhuan completed Series B financing for last year. And this is very critical for them to stay very healthy for probably next two, three years without additional financing, and focus on innovation and improving experience and new ways of monetization. Thank you.

Thomas Chong -- Jefferies -- Analyst

Thank you.

Operator

Your next question comes from Natalie Wu of CICC.

Natalie Wu -- CICC -- Analyst

Hi, good evening. Thanks for taking my question. I have a question regarding on the two new initiatives Zhuan Zhuan and Tongcheng, and also the sales marketing plan. Can you update us, in 2019, how much dollar spend related with Zhuan Zhuan and Tongcheng? What's the investment scale for those two new initiatives this year? Also, what should we expect for the synergy from those two new initiatives with our major classified business this year? Wondering if there's any timeline for any significant revenue contribution, especially from Tongcheng program? Thank you.

Wei Ye -- Chief Financial Officer

Sorry. The second part of the question is a little bit broken. Mind you repeat one more time?

Natalie Wu -- CICC -- Analyst

Yes. Just wondering if there's any synergy from Zhuan Zhuan and Tongcheng, especially for Tongcheng program with our major classified business to come this year, especially if there's any kind of the timeline for the revenue contribution from Tongcheng program?

Wei Ye -- Chief Financial Officer

Okay. Sure. I will take that one. So the first part, you asked for net -- large impact for Zhuan Zhuan and Tongcheng. Overall, I think in the past couple of years, our net investments through -- went through P&L for Zhuan Zhuan and Tongcheng, I would say, at the same range, somewhere between RMB1.0 billion to RMB1.5 billion. And I think we just talk about Zhuan Zhuan in a question raised by Thomas. So I'll spend a little bit more time talking about Tongcheng. We see again great momentum for this new platform. And last year, we have been spending a lot of effort to migrate the traffic from WeChat to the 58 Town's own app which is called 58 local version. And if you look at the traffic on the 58 main app and the 58 local, actually there is very little duplication. So those are actually new traffics that waiting for us to monetize.

And you mentioned synergy. I think that's a great point and that's definitely one of the directions we're going this year. Michael mentioned the organizational realignment. Actually 58 Town now is part of our greater middle office, right. We definitely expect 58 Town will start to monetize not on its own, but start to converge those additional traffic and adding new monetization opportunities for the core businesses, specifically on the job and housing categories. And of course, at the same time, it's will keep certain specific and unique categories on its own, like those really local services and even certain social type of business opportunities on its own.

I hope this answers your question.

Natalie Wu -- CICC -- Analyst

Yes, got it. Actually, I have very quick follow-up if I may. The question is regarding the jobs category. Just wondering if management can share with us the revenue contribution from large companies versus SMEs in the job category? And how long do you expect it will take for the paying pattern for those employers to back to normal from this outbreak? Thank you.

Wei Ye -- Chief Financial Officer

Okay. Yeah. So on the job category, actually, historically majority of those are small-medium enterprises. There are certain larger scale companies. But in the past, the way they work us is either through their original agencies or their branch offices. So one of the strategy in the job segment is key account strategy, that while we as part of the All-In Service strategy that we are going to start establish a corporate level relationship, which is starting from the super job season we launched in third quarter last year. And there has been a continuous effort to establish deeper relationship with the bigger corporate accounts. All right. And at the same time, on the other hand, we're trying to also offer more flexible products and services, and more convenient tools for the really long-tail small companies.

Jinbo Yao -- Chairman and Chief Executive Officer

[Foreign Speech]

Wei Ye -- Chief Financial Officer

Okay. Yeah. So the small and medium merchants was that -- robust -- let me put this way. Okay. Even in a normal situation, on average, the small-medium companies all have the average life cycle time of maybe three years. And that's reality in China. And that is -- and so, but there is always new companies replace the old companies. And the underlying demand is more important than the individual companies themselves. And as long as the individual demand is there, we think that's more important to our long-term growth. And of course for those existing small-medium companies, we'll do everything in our power to help them and support them. And actually if you look at -- since we pretty much serve very broad territory, all industrial segments of small companies, there is a natural supplement [Phonetic] for different cycles.

So right now, what we see is definitely lower tiers recovering faster than the top tiers companies. And if you look at different industries and actually even under the current situation, we see a very high demand from those medical supply companies and logistics companies. So I think overall that the coverage of our services actually help to offset some of the negative impact of the outbreak.

Natalie Wu -- CICC -- Analyst

Got it. That's good to know. Thank you.

Operator

The next question comes from Jin Yoon of New Street Research. Please go ahead.

Jin Yoon -- New Street -- Analyst

Hi, good evening. Good morning. Thanks for taking my question. Just wanted to ask a couple of questions regarding engagement. I understand right now that monetization, especially those that are exposed more toward SMEs are lot harder to monetize under current environment. But when you kind of look at your platforms, especially during the last four to six weeks, how are you -- what kind of engagement levels or have you seen any drop-off in engagement whether that's on the user side, call it user DAU ratios? Or even on the merchant side, whether they are engaging? I know -- for example, a lot of these real estate agents maybe away from -- away during -- to spend the Chinese New Year. Have they still been engaging on the platform talking to the prospective clients, uploading pictures or whatever it may be? Can you help us just kind of talk about where, how the engagement level tend to fare? Certainly that'll help us understand the type of recovery we may see over the next couple of months. Thanks.

Wei Ye -- Chief Financial Officer

Okay. I'll take that one too. Thank you. From what we can see, February definitely was a very, very difficult month for pretty much everyone. Right. And but getting into March, definitely on the engagement side, we started to see much strong rebound in terms of recovery. Actually if you -- if we look at especially the traffic on the job segment, it's already getting close to the same level of last year. Okay. So a lot of the demand for the yellow page was also started getting back to normal level. The difficulty is, right, I mean sometimes those demand is there but the service cannot be provided because of all those stringent containment requirements. Right.

But again, a lot of the services on our platform are essential demands. They may be delayed. But they are there, they will not -- they will never disappear. Okay. And so, you mentioned the brokerage company. That's a very good example. Actually lots of agents having being our clients for long term, they are very savvy and very -- even though they cannot perform any offline activities right now, they're actually still heavily engaging using our platform with potential customers. So they try to build up. They are prospect and prepare for the recovery. Once they get back to harvest, they can roll-in their hands and get down the fields right away. Okay. So I think in engagement standpoint, I think we still see a very healthy development here. Just the recovery on the merchants side might take longer time with all of those evolving situations.

That answer your question?

Jin Yoon -- New Street -- Analyst

Great. Thank you for much.

Wei Ye -- Chief Financial Officer

Thank you.

Operator

The next question comes from Tian Hou of T.H. Capital. Please go ahead.

Tian X. Hou -- T.H. Capital -- Analyst

[Foreign Speech]

So the company came out in new business model -- services model in toward the end of last year to cope with the weakness of the economy. And now we have this Q1 unexpected event happen to make economy much weaker. So I want to know how the company is going to -- because the cost of that weakness of the economy, company came out with services model. And this year, as the weakness continues, what the company is going to do with the services model? In what sense, at what level the services model can actually help the company return to norm? That's my question. Thank you.

Jinbo Yao -- Chairman and Chief Executive Officer

[Foreign Speech]

Wei Ye -- Chief Financial Officer

Okay. Let me translate. Yes, we launched All-In Service strategy late last year. And it will definitely remain still one of the core strategy this year and probably years forward. In Chinese, we call [Foreign Speech], it actually has several different meanings. One of them is trying to have a better and deeper understanding of the real customer needs, and turn them into innovative products. And for example, right now, in the housing segment, our technology has already being used extensively in both the secondary segments and the primary segments. On the primary segments this year, as I previously mentioned, right, there's virtual showroom going on with the developers. And on the secondary side, lot of the -- we are showing is already becomes a commercial product package. And at the same time, with all of those new solutions, our customers -- and also provide a much better user experience for the consumers and help building better ecosystems on our platform. We believe no matter how difficult the situation is, as far as we can provide a better service to our customers, our customer will definitely stick to us over the long term. And the second point is, under current difficult situations, we will also look internally and continue to optimize our cost structure. Our headcount has been on a steady decline trend throughout 2019. And this year, I think we'll continue our effort, move toward more flex models with local partners, and we move more sales to our online model. And with the remaining sales force, we're trying to convert more of them into service providers and solution providers to either serve key accounts or provide more of consultant type of work to our customers.

And the third one, I think there's also industry consolidation opportunities under such situation. I mentioned that there is definitely a lot of vertical competitors who rely on financing. And they may face a more difficult situation than us. We right now have approximately $2 billion cash reserve on the hand. And we have the continuous ability to generate more cash flow through our core businesses. And when the right opportunity emerge, we'll definitely take the opportunity to integrate certain of those products and offerings into our system.

I hope that answers your question.

Tian X. Hou -- T.H. Capital -- Analyst

That's a very good answer. So I have one more follow-up question.

[Foreign Speech]

So, you also mentioned about the cost control and it will continue in 2020, particularly Q1. So I think Q1 is relatively easier because a lot of employees literally had no work to do. But when we get into second quarter, what's company's plan in terms of cost control? Thank you.

Jinbo Yao -- Chairman and Chief Executive Officer

[Foreign Speech]

Tian X. Hou -- T.H. Capital -- Analyst

Okay. Thank you.

Wei Ye -- Chief Financial Officer

Yeah, I'll translate it. And there were more comments on this. So yeah, for first quarter, specifically February, and most of our customers basically on pause for the whole month. So if our customers are not working, there is no point for all our employees to come back to work. And that's also from safety standpoint, everybody coming back to work is really actually dangerous situation under current outbreak. So one is from the customer service standpoint, and the other is from health and safety standpoint. We started rotating our employees in terms of returning back to work and to remain sufficient service to our customers. At the same time, make sure everyone's stay healthy and safe.

So if we talk about second quarter, we have limited visibility, but we're hoping everything will be over soon. And once the business recovers, I think from 70% to 80%, we probably will see everybody returning back to work. And I want to separate those two things. Right. I mean we have been on the continuous optimization efforts since beginning of last year. And that will definitely continue to make our organization stronger. That has nothing to do with the outbreak itself, right. So I think in second quarter, once everybody comes back, we assume a normal pace. So, we should -- now I assume everything will be back to normal, including normal optimization process will continue, and will of course [Phonetic] definitely make sure the overall headcount and related personnel costs stay at a reasonable level, and hopefully lower than March.

Jinbo Yao -- Chairman and Chief Executive Officer

[Foreign Speech]

Wei Ye -- Chief Financial Officer

Yeah, OK. So we are very, very confident and remain highly optimistic in the situation -- China to contain the domestic outbreak. I think if the Congress is get into session, maybe in April, that will be a very good sign that since we'll resume to normal pretty soon. And specifically if we can now contain the possible second wave of action that's coming from outside of China, now the other overseas situation is getting worse right now, I think China may be very likely, my personal view, the first one to start to rebound in the whole world. First-in first-out, maybe. Okay. That answer your question, Tian?

Tian X. Hou -- T.H. Capital -- Analyst

Yes. Thank you. Yes, thank you so much. Thank you.

Operator

This concludes our question-and-answer session. I would like to turn the conference back over to Christian Arnell for any closing remarks.

Christian Arnell -- Investor Relations

Thank you everyone for joining us this evening. If you have any questions or comments, please don't hesitate to reach out to us. Thank you. Have a good night.

Operator

[Operator Closing Remarks]

Duration: 60 minutes

Call participants:

Christian Arnell -- Investor Relations

Jinbo Yao -- Chairman and Chief Executive Officer

Wei Ye -- Chief Financial Officer

Alicia Yap -- Citi -- Analyst

Thomas Chong -- Jefferies -- Analyst

Natalie Wu -- CICC -- Analyst

Jin Yoon -- New Street -- Analyst

Tian X. Hou -- T.H. Capital -- Analyst

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