Ladies and gentlemen, thank you for standing by and welcome to Hello Group's second quarter 2026 earnings conference call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. Please note this conference is being recorded today. I would now like to hand the conference over to your first speaker today, Ms. Ashley Jing. Thank you. Please go ahead, ma'am. Thank you, operator. Good morning and good evening, everyone. Thank you for joining us today for Hello Group's second quarter 2026 earnings conference call. The company's results were released earlier today and available on the company's IR website. On the call today are Mr. Tang Yan, CEO of the company, Mr. Wen Jianhua, CEO ofthe company, and Ms. Peng Hui, CFO of the company. They will discuss the company's business operations and highlights, as well as the financials and guidance. They will all be available to answer 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 provision of the Private Security Litigation Reform Act of 1995. Such statements are based on management's current expectations and current market 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 to act on results performance to differ materially from those in the forward-looking statement. For the information regarding this and other risks, uncertainties and factors is included in the company findings with the U.S. Securities and Exchange Commission. The company does not take any further obligation to update any forward-looking statement as a result of new information due to events or otherwise, except as required under law. I will now pass the call over to our COO, Mr. Wen Jianhua. Jianhua, please. Okay. Hello everyone. Thank you for joining today's call. The group maintained steady business momentum in Q2. On the domestic side, MoMo continued to preserve the healthy functioning of our cash cow business through product innovation and refined operations, while Tantan focused on AI capability building to improve user experience and monetization efficiency. On the overseas side, the synergy across our diversified product portfolio became increasingly evident. Next, I'll walk you through the key updates. Starting with the financials, for Q2-26, total group revenue was 2.49 billion RMB, down 5% year-over-year, but up 4% quarter-over quarter. Domestic revenue reached 1.81 billion RMB, down 17% year-over-year, but up 1% quarter-over quarter. Overseas revenue was 673 million RMB up 52% year over year and 13% quarter over quarter. Oversease revenue accounted for 27% of total revenue, compared to 17% in the same period last year. Adjusted operating income was 276 million RMNB, with a margin of 11%. Our 2026 priorities continue along three main tracks. For MoMo, the goal is to ensure stable, sustained productivity of our cash cow business. For TanTan, to continue exploring a dating experience and an efficient business model tailored for Asian users. And for our new businesses, to deepen the overseas presence, enrich our brand portfolio, and build a long-term growth engine. Next, I'll walk you through each. Let me start with Momo. On the user side, a year of user-oriented product iteration has effectively lifted platform engagement. Combined with the sequential recovery from the seasonal low in organic traffic, this drove a modest increase in MoMA's overall user base. Building on this uptick in the overall scale, our audio and video small ticket scenarios run themed operational events around the World Cup and the key seasonal occasions, driving paying users up 200,000 quarter-over-quarter to 3.9 million. On the product side, KnockKnock focused on refining our deep chat matching strategy, precisely pairing users with a high intent to chat, which had a positive effect on engagement, retention, and overall user scale. AI Chat Assistant trains its models on real user behavior data to deepen its understanding of user preferences, driving steady growth in feature adoption, as well as the reply rate in AI greetings. This has both supported long-term retention and user-based scale and opened up new revenue scenarios. This quarter, we also began gray-testing AI Xiaomu, which has AI browse users' photos to identify common interests, complete an initial screening of potential matches, and automatically generate a personalized icebreaker message, further improving matching efficiency and connection success rate. On user acquisition, we run a holdout experiment on channel spend for dominant user reactivation, aiming to test whether attribution errors in our channel data were leading to inefficiencies in these re-engagement efforts. The results show that there is indeed room for continued optimization in our channel investment, and we are confident we can maintain our current platform scale and revenue with less spend. In Q3, we will continue to improve acquisition efficiency based on these findings. 同比下降16% 环比增长2% 同笔下降主要由于两个因素 一是税务方面的持续收紧 对我们的工会和主播产生了持继而显著的负面影响 二是宏观消费疲软 收入环笔增長弱于往年同期 主要是由于4月以来 音频场景部分工会受税務因素影哌 收缩运营力度导致流水回撤 我们于5月末通过定向补贴的方式 缓解了部分工会的运营压力 推动流水快速修复 二季度 挖整体分层比例 同款比低个位数增长 主要由于为缓减供给侧 在税务合规进程中的财务压励 我们适度上调了 阴厅场景部分核心工会 的分属比例和补贴力度 以可控的成本 保障供給侧稳定 针对腰部用户 抓住世界杯扭量红利 通过赛事进差等互动玩法 提升房间热度和用戶联系 Turning to MoMA's commercial performance, in Q2, MoMA�s vast revenue was 1.54 billion RMB, down 16% year-over-year, but up 2% quarter-over quarter. The year-over-year decline was mainly driven by two factors. Number one, continued tightening on the tax front, which has had a sustained and material negative impact on our agencies and broadcasters. Number two, softness in consumer spending due to macro. Sequential growth came in weaker than in previous years, mainly because since April, some agencies in the audio scenario scaled by operations due to tax-related pressures, which weighted on revenue. In late May, we rolled out targeted subsidies to ease the operating pressure on these agencies, which drove a quick recovery in revenue. In Q2, our overall vast revenue sharing ratio rose by a low single-digit percentage point both year-over-year and quarter-over quarter, mainly because we moderately raised the revenue sharing racial and subsidy support for certain core agencies in the audio scenarios to ease the supply side's financial pressure through the text compliance process, keeping the supply site stable at a manageable cost. On the product and operation side, we stayed with our approach of tiered monetization and use case innovation. For high-value users, we selected top-grossing broadcasters and created AI-generated likeness-based custom GIFs for them, which effectively refreshed paying interest among our top spenders. For mid-tier users, we capitalized on World Cup-related traffic by rolling out interactive gameplay, such as match prediction, which lifted engagement and user stickiness. At the long-tail end, we gray-tested a moments boost feature, letting users pay to increase the exposure of their posts. This not only produced positive operating data, but also successfully validated a new small ticket payment scenario. This multi-pronged, refined operating approach provided solid support for the stability of our overall revenue base amid the macro downturn. Now, let's turn to Tantan. As of the end of Q2, Tantang had 0.5 million paying users, a modest decrease of $40,000 quarter-over-quarter, mainly due to pressure on paying conversion from early-pace adjustments to its auto-renewal deduction rules. On the user base, average domestic user scale was stable with a slight uptick in Q2, marking the first stabilization in our user base since we began scaling back marketing spend in early 2022. New user growth stayed under year-over year pressure amid the lingering effects of lower marketing spend. But on the product side, refined targeting strategies for different user segments improved matching efficiency, lifting retention among both male and female users to varying degrees, and contributing positively to overall user-based stability. AI 聊天助手取得了不错的收复成果 团队强化了 AI 对用户图片信息的理解 契合探探用戶倾向用图品 而非文字表达自己的使用天号 围绕照片内容生成各型号开场白 尤其对女性用戽留存起到了拉动作用 针对女生用戢体会过多的痛点 新的 AI 计算好友功能 在海量配对中筛选出当下最适合聊天的对象 有效降低决策疲劳 此外,AI一键注册和资料优化功能对用户信息的批量基准处理不仅降低了入住门槛,也为后续构建AI agent社交管家,实现更深度的精选推荐匹配,奠定了高质量的数据基础。 In Q2, Tantan's domestic business focused its core efforts on exploring AI-driven improvements to the user experience. Among those, AI Icebreaker and AI Chatter System delivered encouraging early results. The team strengthened AI's semantic understanding of users' photos, which fits Tantans' users' preference for expressing themselves through images rather than text, and used the photo content to generate personalized opening lines, which had a particularly strong pull on female user retention. To address the pinpoint of female users receiving too many matches, the new AI-curated matching feature scans through a large volume of matches to surface the best people to chat with, effectively reducing decision fatigue. In addition, AI one-click registration and profile optimization processed user information in bulk with precision, which not only lowered the barrier to onboarding but also laid a high-quality data foundation for building an AI engine social manager down the road and enabling deeper, more curated matching and recommendations. On user acquisition, external factors pushed up unit acquisition costs year-over-year, and combined with narrowed channel budget, this reduced the number of users acquired from a year ago. However, because organic traffic retains better and drops more slowly than channel traffic, This partially offset the pressure on the overall user base from the reduction in paid appropriation. China ROI declined quarter-over-quarter due to raising unit cost and the impact of Alipay's policy change on Apple, but Tantan's overall ROI remained at a healthy level above 100% payback. On the financial side, in Q2, Tantan generated total revenue of 156 million RMB, down 18% year-over-year and 3% quarter-over quarter. The revenue decline was mainly due to the temporary pressure on membership renewals from Alipay's domestic channel policy adjustments. In response, we took several measures. First, we launched a lifetime membership product and encouraged the short-cycle subscribers to convert to longer-cycle plans, reducing the volatility risk tied to the renewal frequency. Second, we completed an upgrade to our payment infrastructure integrating Douyin Pay and WeChat Pay to meaningfully reduce the reliance on a single channel At the same time, we optimized the matching strategy behind FlashChat driving revenue growth in that scenario against the broader trend The company's revenue ratio increased by 10% in the same period last year to 27% and the revenue increased by the same ratio. This is mainly due to the strong development of new products in Mila and the significant contribution of overseas dating products that were purchased last year. In comparison, the two-digit growth of overseas revenue is mainly caused by the natural recovery after the season of disaster in the Mila region and the introduction of new game-based gameplay in the product side. 运营上届次节庆及世界杯开展的主题活动,有效提振了用户活跃度与付费意愿,启动全线产品收入增长,其中受土耳其下架以及中东局势的持续动荡等外部因素影响,Socio的推进节奏略缓于我们年初的预期,但该产点当前正逐渐走出QED5,呈现出明确的恢复趋势。 In addition, it is worth mentioning that MIRA's two new products have a strong growth power and combined income and volume in the second quarter, which is close to the basic demand, and while maintaining high-speed growth, the profitability is also continuously increasing. The first time in this quarter, Yonhanan achieved a profit and loss level of profit and losses balance. After Amar made a contribution in the beginning of the year, he was able to gain rapid growth and competitive leverage, and the loss was reduced and continuously reduced. 这标志着我们在米拉地区从搜求单一产品驱动 迈向多产품举动协同发展的新阶段 Lastly, our new businesses In Q2, total overseas revenue was 673 million RMB Up 52% year-over-year and 13% quarter-over quarter Overseas revenue as a share of group revenue Rose 10 percentage points year-ever-year to 27% The acceleration in year-of-year growth was mainly driven by strong momentum from our new MENA products, as well as the consolidation of overseas dating products acquired last year. Sequentially, overseas revenue grew at a double-digit rate, mainly reflecting the natural recovery in the MENA region following the seasonal Ramadan low, along with new gamified features on the product side and the themed events tied to seasonal occasions and the World Cup on the operational side, both of which lifted user engagement and paying propensity and drove revenue growth across the board. Within the portfolio, Sochio's progress moderated relative to our initial timeline due to external factors including its removal from the Turkish app store and the ongoing geopolitical tension in the Middle East since the beginning of the year. However, the product is gradually emerging from its Q1-12 and is showing a clear recovery trend. Notably, the two newer products in MENA demonstrated strong growth momentum, with their combined revenue in the second quarter already approaching the scale of Socio. And alongside this high growth, profitability has also continued to improve. Yakaland achieved a net income break-even for the first time in Q2. Amar, having turned marginal contribution positive earlier this year, has seen its net loss continue to narrow quickly on the back of a rapid revenue growth and operating leverage. This marks a new stage of our MENA strategy, moving from a socio-driven single-product model toward a multi-product matrix working in concert. On the other hand, our developed market dating business has maintained high-quality expansion in Q2. In the first half of the year, Happen improved pay conversion and RP pool through iterating on its membership benefit and precision targeting, driving continued revenue growth both year-over-year and quarter-over quarter. Building on its strong position in its core European markets, Happen began exploring neighboring markets starting early this year and has seen encouraging early results. The current user and revenue performance in these new markets fully validates their long-term growth potential and lays a solid foundation for the next phase of scaled expansion. 更强的抗风险能力 下半年我们将继续通过 产品创新和精细化运营 双持国内现金流业务基本盘 同时推进海外业物规模化 为用户和股东 创造长期价值 Overall, in the first half of the year while our domestic business continued to weather external headwinds our overseas product portfolio has shifted from being supported by a single product to achieving balanced diversified growth This validates the effectiveness of our sustained investment in globalization over the past several years and has given the group a healthier revenue structure and stronger resilience. In the second half of the year, we'll continue to strengthen the foundation of our domestic cash cow business through product innovation and refined operations, while advancing the scaling of our overseas business, so as to create long-term value for both users and shareholders. 以上是本次电话会我想和大家分享的内容 接下来请Cassie为大家介绍财务情况 This concludes my remarks today Now let me pass the call over to Cassie for the financial review Cassie, please Thanks, Tianhua and Ashley Hello, everyone Thank you for joining our conference call today Now, let me take you through the financial review. Total revenue for the second quarter of 2026 was 2.49 billion RMB, down 5% year-on-year, but up 4% quarter-on quarter. Non-GAAP net income attributable to the shareholders of the company was 273.9 million RMB compared to a net loss of 96 million RMD in the same period of 2025. and 328.8 million RMB in the previous quarter. Looking into the key revenue items for Q2, total revenue from value-added services for the second quarter of 2026 was 2.44 billion RMB, down 5% year-on-year, but up 4% quarter-on quarter. On a geographic basis, PRC mainland value-added services revenue was 1.77 billion renminbi, down 17% year-over-year. The decrease was primarily due to continuous tax scrutiny on some of Momo's agencies, combined with weak consumer sentiment due to broader macro pressures, and to a lesser degree, a decline in paying users on TanTan. PRC mainland FAS revenue for Q2-26 was up 1% quarter-over-quarter due to recovery from low seasonality. FAS overseas revenue for the second quarter of 2026 reached $664.9 million, up 51% year-over year, driven by strong growth momentum from our new MENA product, as well as the consolidation of overseas dating products acquired last year. Sequentially, overseas VAS revenue rose 12%, driven by a recovery in the MENA region after its seasonal low, alongside product and operational initiatives. Turning to costs and expenses, non-GAAP cost of revenue for the second quarter of 2026 was 1.6 billion RMB, same as the year-ago period. Non-GAAP gross margin for the quarter was 35.8%, compared to 38.8% from year-ago period. Q2 cost of revenue included 56.8 million RMB in film production expenses. Excluding this item, gross profit margin would have been 38.1%, a decline of less than one percentage point versus Q2 last year. The decrease was primarily due to payment channel costs rising as a percentage of revenue. This resulted from a geographic mixed shift toward international operations, which carry higher payment channel fee structures compared with our domestic businesses. Although Momoa raised agency payout ratio to mitigate impact from tax scrutiny, improved Gross margins in the MENA region, coupled with larger revenue contribution from higher-margin overseas dating products, offset the margin pressure stemming from MOMOS operations. As a result, total revenue share costs as a percentage of revenue remained stable from the year-ago period. Non-GAAP R&D expenses for the second quarter was 171.3 million RMB compared to 172.0 million RMB for the same period last year. Non-GAP R & D expenses as a percentage of revenue was 7%, same as Q2 last year We ended the quarter with 1,399 total employees compared to 1,268 from a year ago. The R&D personnel as a percentage of total employee for the group was 56% compared with 58% from Q2 last year. Non-GAAP sales and marketing expenses for the second quarter was 380.4 million RMB compared to 339.7 million RMBS for the same period last year, representing a 15% and 13% of total revenue respectively. The year-over-year increase in sales and marketing expenses was mainly attributable to a greater marketing spend on our new overseas app. This increase was partly offset by ongoing cost controls in mainland China operations. Both MoMo and TanTan cut marketing spend while SoChill temporarily pulled back on channel investments amid external challenges. Non-GAAP G&A expenses was 75.1 million RMB for the second quarter compared to 67.5 million RMB in the same period last year. The increase was primarily driven by 11 million RM in exchange gains on Euro-dominated deposits stemming from currency fluctuations in Q2 last year compared with a 1.8 million RM exchange loss in the current quarter. Non-GAAP G&A expenses as a percentage of revenue was 3%, largely unchanged from Q2 last year. Non-GAP operating income was $276.1 million representing a margin of 11.1% compared with $447.7 million and a margin at 17.1%, from Q225. As noted earlier, non-GAap cost of revenue included film production-related expenses. this item, non-GAAP operating income from our recurring business would have been 332.9 million RMB, with a margin of 13.4%. Non-GAap OPEX as a percentage of total revenue was 25%, an increase from 22% from the year-ago period. Now briefly on income tax expenses. Non-GAP income tax expense was 71.2 million RMB for the quarter, with an effective tax rate of 23%. In Q2, the company accrued withholding income tax of 18.4 million RMB, which is 10% of undistributed profit generated by our role fee. Without the withholding tax, our estimated non-GAAP effective tax rate was around 17% in the second quarter. Now turning to balance sheet and cash flow items. As of June 30, 2026, hollow group cash, cash equivalents, short-term deposits, long-term deposits, short term investments, and restricted cash totaled 8.54 billion RMB compared to 8.68 billion RMD as of December 31, 2025. Net cash provided by operating activities in the second quarter of 2026 was 642.3 million RMB. The difference between operating net cash and non-GAAP net income was mainly due to the fact that a substantial amount of Q1 receivables were collected in Q2, accrued interest, and some non-cash items, including film production costs and withholding tax. Lastly, on business outlook, we estimated our third quarter revenue to come in the range from 2.4 billion RMB to 2.5 billion RMD, representing a decrease of 9.4% to 5.7% year-over-year. This is based on the assumption that at midpoint on a year- over-year basis, revenue from our mainland China business will decline by high teens percentage-wise, while overseas revenue is expected to grow by high 30s percentage- wise. Please be mindful that this forecast represents the company's current and preliminary view on the market and operational conditions, which are subject to change. That concludes our prepared portion of today's discussion. With that, let me turn the call back to Ashri to start Q&A. Ashri, please. Just a quick reminder before we take the questions. For those who can't speak Chinese, please ask your questions in Chinese first, followed by English translation by yourself. Operator, we're ready for questions. Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you want to ask another question, or if you wish you can cancel your request, please press start 2. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Thomas Chong with Jefferies. Please go ahead. 我们看到Q3的增幅到上半年来说反而是略有扩大 想问一下这个做成这个偏差的核心原因是什么 是由于外部宏观环境的变化 还是平台从我们自己运营的战略的一个调整 针对这个情况的话 公司目前的话会有哪些具体的应对措施 还有就是如果是看下半年的话 國內業務的收入還有費用是否可以提供更多數字上面的分享? Let me translate myself. Hi, good evening. Thanks, management, for taking my question. In our last earnings call, management talked about the decline in domestic revenue in the second half would be notably leveling versus the first half. However, when we look at the guidance, it seems the decline in Q3 is slightly widening versus the first half of the year. May we know the key reason for the difference? Is it more due to the changes in external macro environment or adjustment about our platform operational strategy? And in response to the situation, what specific measures does the company have at the moment? Can management provide more color about the financial, about the domestic revenue and expenses in the second half. Thank you. 平台活跃,但其消费意愿趋于谨慎,人均R2出现显著降低。 通过我们VIP团队对客户的定向调研,我们了解到核心原因在于宏观环境波动导致的高净值人群财富预期转弱,进而抑制了大家在社交娱乐领域的支出。 相比之下,腰部、肠尾用户以及主播供给侧表现则相对稳定。 Our revised outlook for the domestic business is mainly based on some new trends that we've seen in the mobile live streaming revenue since entering the second half of the year. The data shows that the revenue pressure is concentrated mainly in consumption downgrading among high-spending paying users. Although the vast majority of these users in this cohort remain active on our platform, but they've become more cautious about spending and average RP pool has declined significantly. Based on our targeted interviews to those cohort of users by our VIP team, we found out that the core driver behind this is weaker wealth expectations among high net worth individuals amid macro volatility, which has dampened spending on social entertainment. But by contrast, mid-tier and long-tail users as well as the broadcasters from the supply side have remained relatively stable. 第一方面,我们会上线以社交互动为主的轻量化玩法,同时由官方组织高竞职用户的线下活动,进一步提升这部分用戶和平台的粘性,并且升级VIP专属服务。 另一方面,我們也会继续给主播提供像海外游学、短距制作这类稀缺资源,不断更新内容供给,保持高价值用戽对头部主播的持续关注和新鲜感。 Based on this view, we will take a tiered operating approach, starting with the top-tier users. We will make full use of Momo's strengths as a social platform, focusing on deepening social connections rather than simply pushing more spending. And specifically, on the one hand, we'll roll out light-weighted social interaction-focused features and organize official offline events for high-paying users. further strengthening this group's stickiness to the platform and upgrading our VIP exclusive services. On the other hand, we will continue to provide high-quality broadcasters with exclusive resources such as overseas training tours and short drama production to constantly refresh content supply and sustain high-value users' ongoing interests and engagement around top broadcasers. 另外,对于腰部和肠尾用户,我们会重点布局音频互动,社交小游戏这类低门槛,容易留住用戶的场景。通过丰富产品矩阵,稳住这部分用戽带来的流水基本盘。那么关于财务数据的部分,交给Cassie给她的介绍。 For mid-tier and long-tail users, we'll focus on low-barrier, high-retention scenarios such as audio-based interactive features and social mini-games using richer use case offering to stabilize the revenue base generated by this user group. And for the financial figures, I will hand it over to Cathy. Sure. Let me give you a quick update on how we currently think about the domestic business in the second half of 2026. As you may see, our Q3 guidance implies roughly a high T&C year-over-year decline for the domestic business, widening from Q2 17% year-of-year decline rate. And that underperforms our earlier expectation that in the second half, domestic business could see YY decline rate narrowing down from first half. The key reason Q3 is coming in below our quarter ago, expectation is that, as Tangzong mentioned just now, the domestic business has been facing greater pressure than we anticipated, particularly on user spending sentiment among the very top cohort users in live streaming showrooms. With regards to the trajectory from Q3 onward, as in the previous quarters, I would still frame our view around three areas that we closely monitor. First is overall spending sentiment. What we've observed since late Q2 is a meaningful reduction in spending from the top cohort of users. These are the users who historically contribute a disproportionate amount of revenue in the showrooms, and many of them spend in the hundreds of thousands on the Room and Beyond monthly basis. In Q3, the reduction in spending from this top of pyramid users became more pronounced. Our current assessment is that this reflects continued pressure on the financial outlook of these so-called high net worth users, which is in turn affecting their discretionary and entertainment spending. So, from a macro spending sentiment perspective, we may continue to see a headwind as we move into Q4. And the second factor is the regulatory environment. At this point, we are not seeing any significant incremental regulatory pressure, and we expect the environment to remain relatively stable. So this is not a major driver of the change in our outlook. The third area, and one where we continue to see encouraging signs, is the underlying health of the platforms. Our DAU and engagement metrics remain relatively resilient, and importantly, more and more paying user base in Q2 increased meaningfully from Q1. There is certainly some seasonality in that sequential improvement. However, we believe it also reflects a relatively healthy and resilient user ecosystem. So in other words, the weakness we're seeing in revenue is not primarily a function of users leaving the platforms or a deterioration in engagement. It's much more concentrated in the spending behavior of the highest net worth users. These users are still active and still paying. They're simply spending less. So, if you put these factors together, I would say the biggest change in our view versus at the beginning of the year is the macro spending environment, particularly among the top cohort of users. For that reason, our earlier expectation for a meaningful narrowing of the Euro-year decline in the second half should be adjusted downward. At this point, given the uncertainty around the macro environment, I don't think it would be appropriate for us to put a specific Q4 number out there. What we can control is continuing to strengthen the fundamentals of both Momo and TanTan, improve the user experience and engagement across the platforms, and make the business more efficient. On the cost side, we do see opportunities to further optimize our operating expenses. This includes continued discipline around personnel costs. As Jianhua mentioned in his prepared remarks, additional opportunities to optimize sales and marketing spending in the domestic business. While the revenue environment is more challenging than we anticipated at the beginning of the year, we are taking a more balanced approach, remaining focused on improving the underlying health of the platforms while at the same time actively managing the cost structure. This should allow us to mitigate some of the pressure on the bottom line, even in a more challenging revenue environment. Now back to Ashley for more questions. Operator, next question please. Thank you. Your next question comes from Suqing Zhang with CICC. Stay safe. Please go ahead. thank management for taking my question my question regards on the overseas business and management mentioned that the combined revenue of rihanna and armor in the same quarter was already close to that of social while their profitability continued to improve As the revenue mix of the social attainment business in the MENA region becomes more diversified, can we expect the company's performance in the region to become more stable and resilient going forward? And how will the structural shift affect the overall margin profile of the MINA business? the co-management also share whether there has been any update to the company's four-year outlook for OVNC Spain. Thank you. Based on the current momentum, the combined revenue of our two new Amina products will surpass Socio's in Q3. Both products are still maintaining healthy, strong growth, so we are confident that we can grow them into social products of the scale comparable to Socio. In the MENA region, the business is more diversified, the ability to resist external risks and the ability of mobilization to seize growth opportunities are all stronger. After the new product is made, even if a certain product is temporarily suppressed due to external supervision or geopolitical factors, other products can still support the stability of the entire area income. In addition, we believe that the market of this kind of audio-video social products is not limited to the Mena region. 一个多样化的产品组合 对于其他地区的拓展能力 也会高于单一产품 In addition, these three products differ in gameplay, target of user base and regional focus, which will make the group's mean-of-business more diversified and strengthen both our resilience to external risks and our agility in capturing growth opportunities. Once the new products are established, Even if one of them comes under short-term pressure from external regulatory or geopolitical factors, the others can still support the stability of overall regional revenue. We also believe the market for this type of audio-video social product isn't limited to Amina. A diversified product portfolio gives us stronger capability to expand into other regions than a single product would. 利润方面,目前亚克兰和阿玛的利液情况都在快速改善。亚特兰已经越过了盈亏平衡点,阿玘大概还需要半年左右的时间。但毛利率和边际贡献率都在迅速而稳定的改喘中。我们相信明年这两款产品会为集团的利潤产生贡险。至于海外收入的预期,请凯子给大家介绍。 On profitability, both Yachlan and Amar are improving quickly. Yachalan has already crossed break-even, and Amara is likely still around half a year away. But both products' growth margin and contribution margin are improving rapidly and steadily. We believe both products will contribute to Group's profit next year. As for our overseas revenue outlook, I will leave it to Cassie. Okay. Before giving a quantitative outlook, let me briefly walk through the three key components of the overseas business. First, on Sochiel, our flagship product in the MENA region, the business has underperformed our original expectations somewhat. There were two main factors behind that. One was the removal of the apps from the app store in Turkey earlier this year. And the other was the regional conflict that started in April, which had an impact on the operating environment in parts of the Middle East. The encouraging part is that as you can see from Q2 results, both revenue and traffic for SoChill have already recovered from the low point in Q1. We are continuing to see gradual sequential improvement as we move through Q3 and hopefully Q4 as well. SoSoChill is somewhat below our initial expectation for the year, but the trajectory has been improving over the past couple of quarters. The second piece is Ya Haolan and Amar. As Tang Zong and Jianhua mentioned, the outperformance of these two businesses has partially compensated for the shortfall in social. In Q3, the combined revenue from Ya Haoland and Amara has already exceeded that of social. Both businesses are still growing at a rapid pace while we are also seeing a meaningful improvement in their bottom line performance. So we believe these two businesses can continue to make progress and become increasingly meaningful contributors to both the top line and bottom line of the overseas business going forward. The third piece is the dating and membership subscription businesses, which continue to perform well. Some of the acquired brands, including Happn, have been making good progresses in new markets, including Korea, Taiwan, and UK. At the same time, we are taking a fairly disciplined approach to investment in these new markets. We do see opportunities to increase marketing investment to accelerate top-line growth, but we also want to maintain a healthy bottom line for the newly acquired dating business. More importantly, we want to make sure that we are building the ecosystem in these markets in a sustainable way rather than simply pushing for short-term user or revenue growth. So there is naturally a balance between the pace of top-line expansion and the level of investment that we are willing to pour in within a relatively short time frame. In other words, we'd rather take it right than take it fast. So if you wrap these all up and try to look at the takeaway as a whole, I would say that Socio perhaps moved a little bit slower than we expected a quarter ago. We do have the potential to maybe compensate it by moving faster on expanding the other two MENA apps and the dating apps, but given that we wanted to balance top-line growth and bottom-line target, we probably won't push the gas pedal harder than we previously planned. Therefore, my current view is that the original 3 billion renminbi target for overseas revenue for 2026 at this point looks a little bit of a stretch. We'd rather take one or two hundred millions down from that target. Maybe back to Ashley to take one last question. Yeah, so in the interest of time, let's just take one last question before we close the line. Operator, we're ready. Your next question comes from Jenny Yuan with UBS. Please go ahead. So, thanks, management, for taking my question. My question is on the profit outlook as management now has a weaker revenue outlook for the massive business in the second half. How should we see the impact on the groups overall profitability and the earnings performance going forward? Thank you. Okay. I'll take that question. Profitability, maybe let me start with the group top line first, because that's the first area where our view has changed. As I mentioned back in June, during our Q1 conference call, at that time, we expected the group revenue to decline slightly year over year, perhaps by a couple of percentage points. Given the additional pressure we're seeing in the domestic business in the second half, we currently expect the four-year group revenue decline to be somewhat larger, maybe to meet single-digit range. The second factor affecting profitability is the investment in the two movies. With both movies now released, we've recognized roughly somewhere around $60 million of additional losses in Q2. That obviously creates some incremental pressure on the full-year bottom line relative to our earlier expectations. Having said that, we continue to see opportunities to offset some of this pressure through cost management and improving operating efficiency. In particular, we are looking at further optimization of personnel costs as well as sales and marketing spending, especially in the domestic businesses. So, putting these factors together, the additional pressure on the top line does make it more challenging to achieve our original margin target, which was, I think we pointed toward a low teens adjusted operating margin for 2026. But at this point, we still believe that that margin target remains achievable, provided that we execute well on the cost side and continue to improve operating efficiency. Back to Ashley to wrap up the call. I think that's all the time we have and thank you for joining us today and we'll see you next quarter. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.