陌陌过山车 | 陌陌2019Q1财报电话会全文

最近大家的日子都不好过，在精神文明（内容监管）和物质文明（贸易摩擦）两方面受到了双重打击。

陌陌在“精神文明”方面遇到些问题，导致最近的股价又回到了两年前，陌陌的股价在这两年坐了好几次过山车了，丸子如果会高抛低吸大法就好了，可以赚不少钱呢！

陌陌股价过山车

内容监管问题

2019.4.28（周日）传出探探被下架，第二天周一美股开盘陌陌股价跌了6.81%，收盘价34.36美元。

探探下架 当天 股价跌幅

2019.5.10盘前陌陌开始大跌，后来传出消息陌陌动态功能从5.11-6.11停止更新一个月，当天陌陌股价下跌10.28%，收盘价为28.97美元，之后几天最低价格到25.69美元。

陌陌动态停更当天股价跌幅

2019.5.28陌陌发布2019年Q1财报，财报业绩非常优秀，财报当天陌陌股价恢复了一丢丢，后面几天就一直在震荡。

丸子之前立过Flag，要是陌陌到30以下就买一些，不小心就应验了，只能把剩余的一点现金投在了陌陌上，目前小幅套牢中，等待解套...

内容监管对用户、财务方面的影响，在财报电话会上已经讲的很多了，这里简单总结一下。

陌陌动态停更一个月的影响：

1. 陌陌广告收入损失一个月。

2. 对陌陌日活、用户活跃度、付费用户数有较大影响，但陌陌VAS收入预计仍能有环比增长。

3. 对直播收入影响很小。

探探下架影响，因为没有预计的上架时间，所以对探探的影响非常大。

1. 无法拉新，活跃用户数有很大影响。

2. 苹果内购付费渠道暂停，对付费用户数和收入有很大影响。

3. 预计探探Q2收入环比下降百分之十几，季度亏损幅度环比扩大。

陌陌、探探Q2总收入预计40亿-41亿人民币，同比和环比仍会有增长。

探探创始人的期权

2019Q1会计利润2.89亿人民币，相比于2018Q1的8.25亿人民币，同比下降64.9%。

会计利润大幅下降的原因是对陌陌创始人的期权费用摊销。2018年8月探探授予了其创始人3,578,205股的期权，由于探探业绩达标，这部分期权可以行权，虽然没有现金支出，但需要计入会计费用中。

这部分期权于2019Q1摊销4.669亿人民币， 预计 在2019Q2再摊销2.73亿人民币。所以Q1和Q2的会计利润会比较难看，陌陌在财经软件上显示的PE也会相对高一些。

其他的丸子也不多说了，陌陌的财报电话会内容都讲的挺仔细的，大家自己看吧。

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财报电话会全文

唐岩：

大家好，感谢参加我们今天的电话会议。很高兴一季度业绩有扎实的表现，为2019年开了个好头，接下来我和团队会为大家介绍一下具体情况。

首先介绍一下财务数据。

2019年一季度总营收37.2亿人民币，同比增长35%。 快速增长的陌陌主App虚拟礼物业务和探探会员订阅业务，推动公司收入结构实现进一步的多元化。

我很高兴的看到， 增值业务收入在2019年一季度已经超过直播收入的三分之一 ，伴随VAS收入规模的逐步扩大，以及我们在直播业务中执行的多种拉动腰部用户付费的举措，使得我们的收入结构更加健康，对宏观不确定性的抵御能力也在不断增强。稍后将由王力为大家分享更多的数据。

调整后营业利润10.1亿人民币，去除探探并表的财务影响，一季度调整后营业利润10.9亿人民币，营业利润率32%。

接下来介绍一下我们在用户增长和产品开发方面取得的进展。

首先，平台用户规模持续增长， 陌陌主App一季度MAU 1.14亿，同比增长11%，季度净增110万 ，一季度净增放缓的主要原因在于春节因素的负面影响，这是陌陌平台每年都会遇到的情况。

2019年一季度陌陌主App付费人数900万人，同比增长12%，付费用户数环比微降0.5%， 主要归结于中国农历新年的季节性因素，其次来自于宏观经济对直播业务造成的不利影响。

我们当前正在进行为期一个月的自查自纠工作，可能暂时会对VAS付费人数，特别是会员数造成一定影响。但我们预计自查工作完成后，陌陌平台付费用户数将逐渐从低点反弹。

下面我很快讲一下探探用户增长方面的情况，细节交给王宇稍后再做介绍。

2019年一季度探探付费用户数取得了里程碑式的重大突破，季度付费用户达到500万人，较去年四季度环比净增110万人。

探探MAU一季度显著加速增长是付费用户实现跳跃式大幅增长的主要原因，同时受益于付费产品的持续优化，付费转化率也有了明显的提升。 探探用户规模和付费人数令人满意的增长，证明我们通过增值服务的提升用户使用体验，进而提高留存率，并实现用户规模加速增长的战略十分有效。显然VAS收入的快速增长大幅改善了我们渠道获客的投入产出比，使我们能够更加坚定加大在用户增长方面的投入力度，我很高兴看到探探形成这样一种良性循环。

最近探探遇到了一些监管方面的问题，我们正在根据政府部门的指导意见，积极自查自纠当中。虽然这会对探探的用户增长和营收造成一些短期影响，但我们坚信此轮自查自纠工作将有助于未来探探社区环境的健康发展，相信这些暂时性的困难过后探探会变得更大更强，成为中国单身青年首选的恋爱交友平台，我们始终坚信未来几年探探将发展成为公司业绩增长的重要驱动引擎。

说回到陌陌主App，在2017和2018两年的时间里，我们投入了大量资源测试，并引入新的社交场景，并在去年取得了多项重大进展。 如今，陌陌用户可以基于地理位置、兴趣爱好和多种多样的休闲娱乐场景实现连接和互动，这其中包括直播才艺表演、短视频、社交游戏以及例如实时聊天和手机唱K等基于音视频技术的互动体验。

进入2019年，另外一项我们将重点投入精力的领域是提升用户的基础社交体验，也就是让陌陌用户能够更加有效地发现新朋友并实现高质量的互动 。具体来说，我们会着眼于几个基础层面的改进，大到优化我们的匹配算法，改善实时通信，动态信息流，消息推送等社交基础设施，小到进行一些细节上的改善，比如更加重视优化新用户使用体验等等。

例如一季度的一项重点工作是提升低频用户的活跃度。我们的方法是通过分析用户使用行为，基于大数据分析更加精准的推送给他们有兴趣参与的社交活动信息，从而提高用户的使用频率。

除此以外，我们对附近功能模块的推荐引擎也进行了一系列升级，以提升双向互动和去中心化为目标，使普通的陌陌用户也能享受到更高质量的娱乐活动。

尽管我们的MAU在季节性因素的负面影响下，环比仅实现小幅增长，但经过以上提到的几项改进，很多重要的反映用户活跃度的指标，例如总时长，互动数量和双向关系达成量等指标的增速均好于整体MAU的增长水平。 今年优化基础社交体验，提升用户发现新朋友，并实现高质量的互动将是陌陌产品团队持续关注的领域之一。

接下来我想就本季度早些时候的公告介绍一下最新的进展。

5月11号开始，陌陌平台启动了一轮严格细致的自查自纠工作，采取了一系列的内部措施来强化我们的内容审核能力，自5月11号起一个月内暂停用户使用动态发布功能。我们还采取了其他一些自查措施，以强化我们的内容审核系统。

动态功能的暂停以及其他自查相关措施的执行的确对陌陌用户和活跃度产生了一定程度的影响，但我们目前判断这些影响将处于可控范围之内，并且是暂时的。

以上所说的监管措施，对陌陌和探探用户及活跃度的影响会直接或间接地反映到收入层面，我们给出的二季度收入指引已经基于保守型原则对这些影响因素进行了充分的反映。

虽然存在着一定的短期影响，但我们认为此轮自查工作很有必要，因为这将有助于确保陌陌和探探未来在一个更加健康的整体生态环境下持续发展壮大。而且我们认为，这次对用户和收入所造成的影响是暂时性的，作为陌陌和探探的管理层，我们有信心持续推动用户和业务增长，并为股东创造价值。

下面把话筒交给王力，让他为大家做具体的业务介绍。

王力：

谢谢，鉴于这是2019年的第一个财报会，在回顾业绩之前，我想先跟大家重申一下在业务方面公司的几项重点工作，

未来几个季度，我们将集中精力做好以下几件事。首先通过产品创新和运营的努力，推动直播业务稳定健康发展。其次，通过丰富增值服务体验，激发腰部和长尾用户的付费潜力。第三，通过优化现有付费产品并推出新的付费功能，推动探探商业化进程，稍后王宇会在发言里详细介绍这点。

接下来我介绍一下前面几项工作在当前所取得的进展，以及未来的发展计划。

首先是直播业务，本季度直播收入26.89亿人民币，同比增长14%。 在上次财报电话会上，我们跟大家介绍过春节假期期间不同层级付费用户的付费表现情况：在七天长假期间，直播头部100名付费用户的打赏金额较2018年同期仅有小幅微涨，而腰部和长尾用户几乎贡献了全部的同比增量；春节过后，与去年相比，头部用户也用了更长的时间才从这些长假消费低点上恢复过来；这些数据表现令我们认为 宏观不确定因素对头部用户消费产生的负面影响在一季度仍有所持续。

因此我们决定在一季度的赛事活动中，不过多采用刺激头部用户消费的运营手段，比如我们在三月份的季赛中对头部用户的消费刺激采取了相当节制的态度，这样的运营策略让分成比例有所降低，使公司一季度毛利率环比得以改善。

一季度我们将产品和运营的工作重点放在为腰部用户提供更好的付费体验上。 一月我们推出了一款名为企鹅的互动性虚拟礼物，事实证明这种玩法非常有效的促进了腰部和长尾用户的消费行为；此外游戏元素嵌入也可以降低一些入门级主播和腰部主播与观众互动的门槛；因此我们准备了一系列这样的迷你游戏，好让主播和用户一起参与到更加有趣的社交互动当中。

几天前我们小范围测试了另外一款名为黄金矿工的互动性游戏，目前看到的初始数据令人满意。企鹅和黄金矿工属于有类似属性的游戏，都能够有效促进直播间普通观众的互动行为，而把这些简单的互动礼物放到直播间，并在观众当中形成相互竞争的竞赛机制，使这些互动礼物变成了陌陌平台上一种特殊的社交娱乐体验。如果我们能够实现多用户共同参与这种互动体验，并把人与机器之间的互动拓展到人与人的互动层面，我们相信互动礼物能够带给用户更加有趣的互动体验，变现能力也将有更大的提升。我们正着手于这方面的工作，希望很快能为用户带来更有趣的玩法。

尽管2019年一季度的战略重点倾向于腰部用户，但从长远看我们认为头部付费用户仍有充裕的增长空间。 因此在二季度我们将增加一些针对头部消费的运营活动，这包括展开针对头部核心用户线上线下联动的推广活动以及改进付费用户排名机制，以更好的刺激消费。我们坚信直播作为一种新兴的娱乐互动方式，在中国具有相应消费能力的阶层仍有足够的生存空间，我们的团队未来也将继续挖掘这些机会啊。

下面介绍增值服务的情况。

2019年一季度VAS收入持续快速增长，营收达到9.04亿人民币，同比增长285%。 王宇等下会详细介绍探探，我在这里着重讲下陌陌主APP增值业务。

不包含探探，陌陌VAS收入6.09亿人民币，同比增长159%。 尽管在春节期间陌陌用户的活跃度受到季节性因素的负面影响，但除去探探之外，陌陌平台自身的VAS收入较去年四季度依然实现环比22%的强势增长。

一季度也是陌陌VAS收入同比持续加速增长的第五个季度，这主要得益于直播间外虚拟礼物业务的快速发展，一季度几乎全部主要付费场景都对虚拟礼物收入增长做出了贡献。 即便一季度初，我们大幅降低了聊咖的分成比例，我很高兴的看到，快聊和派对的收入依旧实现了持续稳定的快速增长，环比提升24%，这一增长主要得益于陌陌用户强烈的社交意愿和我们团队扎实的创新和执行能力。

一季度我们借鉴了韩国电视台流行的约会真人秀节目，并在VAS中加以应用，推出了一个新的群组约会派对场景，叫做“心动时刻”。 这个产品一经推出便立即获得了成功，有力地推动了用户活跃度和虚拟礼物的收入增长。

另外，包括打招呼，一对一聊天和兴趣群组在内的传统社交场景中，一季度虚拟礼物收入在已经具有相当大规模的基础上，进一步实现环比30%的大幅增长。这主要得益于我们在一季度推出的一些新的互动型礼物，他们有效地提升了用户间，尤其是群组功能用户间的社交体验，同时狼人杀也实现了很好的环比增长，这主要归功于不断优化的游戏化社交场景。

我们相信VAS未来的发展前景还非常广阔 。因为这块业务在2017年之前商业化一直处于非常滞后的状态，当前我们大约70%的DAU和80%左右的总使用时长分布在直播才艺表演之外的应用场景；这些与才艺表演无关的用户也都具有很强烈的付费意愿，但在2017年以前，平台上除了每个月人民币10元和30元的两款会员订阅服务外，我们并没有提供给用户可以消费的场景和产品。

虽然在2017和2018年我们在丰富VAS付费体验场景上取得了很多的进展，但我们相信其未来还有很大的进步空间。例如目前在用户使用度上大于群组、聊咖以及狼人杀的聊天室，目前商业化仍处于较低水平。我们将不断测试各种能够真正提升用户社交体验的付费产品，在这方面不断推进的同时，陌陌的VAS收入也会随之得以持续增长。

正如唐岩所说，我们在拉动直播腰部用户消费增长和VAS快速发展方面的努力，正在令公司的收入增长结构变得更加健康。

观察陌陌一季度整体付费用户在平台的分层营收表现，可以看到腰部用户的付费增长速度明显高于头部500名付费用户的增长水平。2018年3月头部500用户对同比收入增长的增量贡献超过30%，而这一比率在2019年3月已下降至不到15%，大幅降低了我们受宏观经济不确定性影响的风险。

下面简单介绍一下其他几条业务线。

移动营销收入8073万人民币，同比下降32% ，与去年四季度的情况相似，收入下降主要来自宏观经济放缓和重点广告行业政策调整带来的双重影响。 本季度游戏业务收入3901万人民币，同比下降8% 。正如我们在三月电话会中所说，今年我们针对这两条业务线的策略，重点在于提升内部运营效率，而非激进的寻求增长机会。

以上是重点业务回顾，总体而言，我们在一季度取得了丰硕的成果，在扩大社区规模和推动营收增长方面都取得了显著的进展，同时也开始着手打造更长期的业务增长引擎，我期待着在接下来的几个季度能够与投资人分享更多的进展。

下面请王宇为大家介绍探探的产品业务发展近况。

王宇：

Thanks. So let me briefly review Tantan's operational and business developments in the last quarter and the next plans.

First, on user growth. In Q1 2019, the growth of the Tantan community accelerated significantly. Total paying users reached 5 million for the quarter, a net addition of 1.1 million from three months ago compared to a quarterly net add of 0.3 million in the fourth quarter last year.

Impressive paying user growth in Q1 was on the back of the strong user expansion, particularly in February and March. The user acceleration in Q1 was due to a combination of seasonal factors as well as our initiatives on the product and marketing side.

Let me share some more details.

Number one, Q1 has historically been a strong quarter for user growth on Tantan , especially during the period after Chinese New Year's holiday. We believe that this has something to do with the uniqueness of Chinese culture and family tradition as well as the fact that Tantan is increasingly recognized by young Chinese singles as a platform of choice for dating.

Number two, with ARPPU and paying convertion continuing to improve, we’ve stepped up our efforts with the paid marketing channels for user acquisition.

And number three, in Q1 we initiated an effort called real photo verification and made remarkable progress with it. Such initiatives has substantially improved the social experience for the Tantan users. We believe that these concerted efforts had boosted the user growth in Q1.

Other than this acceleration in user growth, which we believe is the primary reason for the big jump in the number of paying users. The paying conversion also meaningfully improved in the first quarter due to the optimizations we made to the premium features.

Next, turning to monetization.

Total revenue for the quarter was RMB295 million, up 32% sequentially, driven by both paying user growth and the increase in ARPPU , which was in turn due to the greater adoption of the See Who Likes Me feature. In Q1, we rolled out an optimization of the See feature which has improved the paying conversion ratio by 2 percentage points.

As Wang Li mentioned in his remarks just now, one of the key priorities for Tantan this year is to drive monetization growth through optimization of existing premium features and the introduction of new subscription and non-subscription features . I’m glad that in Q1 we delivered well on that front.

As we move deeper into the year, while we will continue to optimize existing premium features to drive adoption and revenue growth, we are also going to step up the efforts on testing and introducing new monetization features.

We now have a clear roadmap to move beyond the subscription model into ad card sales. In a way this is not simple as a monetization tool for Tantan, but also an effort to drive the user experience in engagements.

As the Tantan community continues to expand, we do realize that we have an increasing number of users who have a strong willingness to pay more for a better social experience that are currently underserved on that front.

We believe that having a good ad card paying experience is important for providing better use consumer experience to those users. If we can figure out the right ad card paying experience for them, the ARPPU ceiling will be removed and the monetization potential of the Tantan community can be fully unleashed.

As compared with a few months ago, we now have a better idea in how to make it happen. Our plan on that front will gradually unfold, have to do regulatory issues are resolved and different operational data is back on a growth track.

Now an update on the product front. As mentioned in earlier, in Q1, we kicked off an important project called real photo verification. One of the key success factors of Tantan is that we take the users are screening process extremely seriously. Among all our peers that we now, we believe Tantan applies the most stringent standard in reviewing and approving the registration applications.

Tantan is giving us a high quality user base with genuine intention to make romantic connections. We believe that we can do better on that front, by encouraging users to verify the authenticity of their profile pictures. By mid April, 60% of our DAU had already passed the real photo verification. We intend to keep pushing forward on that initiative in order to build a healthy social environment on Tantan.

Lastly, let me give you an update on an issue that we recently have had on the regulation side.

As the company announced earlier this quarter, Tantan has been removed from the application stores in China on the direction of certain government authority. Pending a thorough self inspection and certain other corrective measures, we need to make to our Tantan review system. We have been conducting a comprehensive self inspection by thoroughly reviewing the content offered on the platform. Since we received the notice, we have also substantially strengthened the content review system to ensure that Tantan service offerings are compliant with the respected regulations.

Before the application is fully restored at the App Store's, our ability to attract new users will be adversely affected. We expect the number of active users to decrease materially during this suspension period.

In addition, in early May, Apple also suspended the in-app purchase services for the iOS version of Tantan. As most of the subscribers had an auto-renewed subscription on a monthly basis, the suspension of the payment service on iOS is going to have a pretty meaningful impact on a net number of paying users and revenues for the second quarter of 2019.

As we currently do not have full clarity on when Tantan's download service can be restored, we’re making Q2's revenue estimates, we tend to lean on a conservative side by assuming that the suspension of download service and the in app's purchase on iOS will last throughout the second quarter. Negative impact to revenue based on such assumptions have been fully reflected in the company's guidance.

We are fully cooperating with the government authorities and proactively taking self inspective measures according to the directives from the regulators in order to restore the download service as soon as possible.

The challenges that we now have are temporary. Currently we are still seeing very strong user demand for our service in terms of strategic equity and the team's execution capabilities have been proven by the strong growth we achieved in Q1. We have a high conviction that Tantan will have a healthier ecosystem and resume rapid growth after the short-term challenges behind us.

With that, I am passing the call to Mr. Jonathan Zhang for financial review. John, please.

Jonathan Zhang：

Thanks, Wang Yu. Hello, everyone. Thank you for joining our conference call today. Now let me briefly take you through the financial review.

Total revenue for the first quarter 2019 was RMB3.72 billion, up 35% year-on-year and exceeding the high-end of our revenue guidance.

Non-GAAP net income attributable to Momo was RMB910.3 million compared to RMB903.8 million for the same period 2018.

Now let me talk about our paying user metrics.

Total number of paying users across of the core Momo platform was 9 million for the first quarter of 2019 compared to 8.1 million from the same period last year and 9.1 million a quarter ago.

As of March 31, Tantan have 5 million subscribers, up from 3.9 million a quarter ago or a 1.1 million quarterly net addition.

As Tang Yan and Wang Yu mentioned in their remarks, we do expect the self inspected measures that Momo and Tantan are currently undertaking to negatively affect the number of paying users on Momo and Tantan. This number show get back to the growth track after the temporary challenges gets behind us.

In the interest of time, I am not going to review the revenue lines in detail which has been covered comprehensively by Wang Li.

Now on the costs and expenses items.

Our non-GAAP cost of revenue for the first quarter of 2019 was RMB1.85 billion compared to RMB1.33 billion for the same period last year. Non-GAAP cost of revenue as a percentage of total revenue was 49.7%, an increase of 1.6% from Q1 2018, a decrease of 4.3% from the previous quarter.

On a year-over-year basis, the lower non-GAAP gross margin in Q1 2019 was mainly caused by the higher payout ratio for our live streaming business and the fast ramping virtual gifting business under VAS, partially offset by a positive contribution from Tantan revenue, which bears the higher gross margin than the core Momo business.

On a sequential basis, non-GAAP gross margin improved by 4.3% from 46% in Q4 2018 to 50.3% in Q1 2019. The quarter-over-quarter improvement in gross margin was primarily attributable to lower payout ratio from live streaming business, as well as certain VAS services. And to a lesser extent, the fact that the Phanta City impact is completely behind us in Q1 2019.

The lower payout ratio for live streaming and virtual gifting businesses from VAS demonstrate that Momo management team not only care about top line growth, but also focus on the quality of their revenue growth. The fact that we were able to lower the payout ratio and still drove impressive revenue growth reflects Momo's strong competitive position and the team's solid execution capabilities, especially given that we operate in a market where many players are trying to compete with the higher payouts.

Non-GAAP R&D expenses for the first quarter was RMB207.4 million, compared to RMB94 million for the same period last year, representing 5.6% and 3.4% of total revenue, respectively. The year-over-year increase reflected our strategy to step up our investments in R&D area throughout 2018, mainly to expand R&D talent pool in order to support our various product innovation initiatives, as well as the consolidation of Tantan.

We enter the quarter with 2,053 total employees of which 457 are from Tantan. The R&D personnel as a percentage of total employees for the group was 54%, compared to 46% Q1 last year. Overall, we feel that in terms of size of the engineering talent pool, we are in adequate position now to support our product innovations going forward.

Non-GAAP sales and marketing expenses for the first quarter was RMB567.5 million or 15.2% of total revenue compared to RMB260.8 million or 9.4% of total revenue for the same period last year. On a year-over-year basis, the increase in sales and marketing expense as a percentage of total revenue was mainly due to the consolidation of Tantan, while the core Momo non-GAAP sales marketing expenses as a percentage of revenue remained relatively stable.

Our non-GAAP G&A expenses was RMB92.9 million for the first quarter of 2019, compared to RMB71.1 million for the same quarter last year, representing 2.5% and 2.6% of total revenue, respectively.

The GAAP G&A expenses was RMB602.6 million for the quarter compared to RMB109.5 million for the first quarter last year. The big jump in the GAAP G&A expenses was mainly due to a special share-based compensation item.

The company recognized a share-based compensation of RMB593.1 million in the first quarter 2019 compared to  RMB78.7 million in the same period last year.

As disclosed in our 2018 20-F, in August 2018, Tantan Limited granted 3,578,205 shares options to its founders with a full-year vesting period, representing approximately 12% of Tantan's shares on a fully diluted basis. The vesting can be accelerated based on achievement of certain performance conditions.

According to relevant US GAAP literature, a share-based compensation expense of RMB466.9 million was amortized during the first quarter 2019, based on the progress of achievements of the performance conditions as of March 31, 2019. We currently expect that the remaining RMB273 million would be fully amortized into the second quarter of 2019. The amortization of the share-based compensation expense in connection with this option rewards will have no further impact from Q3 2019 onwards.

Non-GAAP operating income was RMB1.01 billion, representing 27.3% non-GAAP operating margin for the quarter. Excluding Tantan consolidation impact, core Momo adjusted operating income for the first quarter of 2019 would have been RMB1.09 billion or 31.9% adjusted operating margin.

Now turning to the balance sheet and cash flow items.

As of March 31, 2019, Momo's cash, cash equivalent, term deposits and short-term investments totaled RMB12 billion compared to RMB11.3 billion as of December 31, 2018. Net cash provided by operating activities in the first quarter was RMB1.2 billion compared to RMB825.5 million for the same quarter last year.

Lastly, for the second quarter 2019 revenue guidance.

We estimated our second quarter revenue to come in the range from RMB4 billion to RMB4.1 billion, representing an increase of 27%, up to 30% year-on-year and an increase of 7% to 10% quarter-over-quarter.

Such estimate is based on the assumption that our live streaming and Momo's core VAS businesses will continue to increase on a sequential basis, while the mobile marketing business and Tantan's revenue will decrease quarter-over-quarter due to the self inspections that we are currently undertaking. Mobile gaming will continue to be downsized due to the shift of the company's strategic focus.

Please be mindful that the forecast represents the company's current and the preliminary view on the market and operational conditions, which are subject to changes. That concluded our prepared portion of today's discussion.

QA：

Jialong Shi - Nomura：

我这里有两个问题，都是和监管相关的。

首先是关于探探监管方面的问题。我想公司和政府和监管层保持一个比较紧密的沟通，想问一下，现在和监管层沟通方面有没有什么进展跟我们分享一下。

另外现在这个监管措施，对于陌陌、探探在用户、收入、利润方面具体有什么样的影响，管理层能不能给我们更多的一些细节；比如针对每一个业务线具体的影响是怎么样的，另外除了对于收入影响之外的话，suspension对于公司的这个费用，尤其是这个营销费用，还有利润的影响情况。