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1、謝謝，大家好。歡迎大家參加微博財報電話會議。Thank you and good morning everyone. Welcome to Weibos fourth quarter 2014 earnings conference call.本次財報會議，我會向大家重點介紹我們在構筑開放信息網(wǎng)絡平臺以及在建設原生廣告平臺上的進展，我們在前幾次的電話會議中做過簡單的介紹。During todays conference call, let me share with you the progress we have made in building Weibo asa leadingsocia

2、l media in China, as well as the progress we have made on Weibos native ad offerings. We refer to social media as a social platform that is mainly used to enable open information-sharing, as opposed to social networking services and instant messaging, which are generally used to facilitate private c

3、ommunication and networking.下面我先介紹下四季度的表現(xiàn)。在2014年第四季度，我們的收入和用戶依舊保持了快速增長，四季度微博總營收達到了1.05億美金，年對年增長47%，其中廣告營收達到8800萬，年對年增長57%，而廣告中來自于移動端的比例首次超過了一半，達到了54%；公司的盈利情況也繼續(xù)改善，在四季度利潤達到了940萬美金。First, let me start with our fourth quarter performance.In the fourth quarter of 2014, Weibocontinued to achieve strong r

4、evenue growth and user growth.Weibos total revenues grew 47% year over year to $105 million. Ad revenues grew 57% year over year to $88 million, with mobile ad revenues, for the first time,exceeding a majority, to 54%, of our total ad revenues. In addition, we are experiencing continuous bottom line

5、 improvement with non-GAAP net income in the fourth quarter reaching $9.4 million.在用戶活躍方面，截至四季度末，我們的月活躍用戶達到了1.76億，年對年增長36%，環(huán)比增長5%，DAU達到了8100萬，年對年增長31%，環(huán)比增長5%。微博的月活躍用戶中來自移動端的比例達到了80%。Turning to our operating results, in December, Weibos monthly active users reached 176 million, up 36% from the same p

6、eriod last year and 5% from last quarter, while daily active users reached 81 million, up 31% from the same period last year and 5% from last quarter. 80% of Weibos MAUs were mobile in December.在上個季度的財報中，我們介紹過微博的目標，是建設一個開放的社交信息網(wǎng)絡平臺，同時在商業(yè)上幫助企業(yè)建立基于微博平臺的生態(tài)服務體系。在建設開放信息網(wǎng)絡方面，我們不單單提供文字信息，隨著微博類產品在國內的競爭態(tài)勢變化，

7、我們已經將產品重點轉向多媒體領域，無論圖片還是視頻，我們都力求做到國內最大的開放信息網(wǎng)絡。而在商業(yè)上，通過加強在支付和電商、服務工具等微博基礎設置上的投入，我們希望有越來越多的企業(yè)和個人，可以在微博通過原生的方式投放廣告。On our last conference call, we discussed Weibos goalsto serve as an information-sharing social platform and to offer a wide range of tools and services to our users and other potential cus

8、tomers, to empower them to conduct business on our social media platform. To serve these purposes and following industry trends, wehave placed significant efforts to enable the creation, sharing and consumption of multi-media contents on top of text-based contents. We aim to continue our leadership

9、in social mediain China by offering better user experience for multi-mediacontents.On the commercial front, we have made significant progress in the areas of payment, e-commerceand tools & services offerings,to help our users and potentialcustomersbetter conduct business on Weibo. We hope that s

10、uch efforts will ultimately generate more demand from businesses and individuals for Weibo native ad services.與之相關的，我們在四季度取得了幾方面的成績：首先，從二季度末開始，我們開始加大在垂直信息生產上的投入，特別是加大了在圖片、視頻原生內容生產上的產品體驗優(yōu)化，同時也通過投資等方式推出了獨立的視頻和圖片客戶端；隨著4G的普及，用戶在微博發(fā)布圖片和視頻的頻率上升較快，因此，在2015年，我們會加大在圖片社區(qū)和獨立圖片應用上的投資，我們希望可以借助微博本身的品牌和用戶優(yōu)勢，在圖片社區(qū)上

11、保持我們的領先地位。同時，在社交方面，我們在四季度末推出了微博群組功能，與QQ/微信等通訊群組不同，微博群組還是側重于優(yōu)化微博單向關系的溝通體驗，以加強明星與粉絲之間，以及共同興趣的粉絲之間的溝通和交流。In connection with these goals, in the fourth quarter, we have made progress in the following areas:First, we have placed significant emphasis on the creation and sharing ofideas and information in

12、certain vertical areas, with particular focus on optimizingthe experience for creating native photos and videos.In addition, through investments, we helped roll out stand-alonevideo andphoto sharing apps, whose contents could be shared to Weibo.As 4G becomes more widely adopted in China, we are seei

13、ng Weibo userssharing photos more frequently. Thus, in 2015, leveraging Weibos brand and user preferences, we will ramp up our efforts in making the Weibos photo-sharingcommunityeven bigger and develop a separate photo sharing app to further solidify our position, as the leading social media for ope

14、n sharing of rich contents.In the fourth quarter, we have also added a group chat function to strengthen the social aspect of Weibo. Such group chatting function differs from QQs andWechats, as Weibo users have anasymmetric relationship, say,between celebrities and their fans, and such function will

15、 enable the fans of shared interest to improve the richness of their interactions among themselves.其次，在商業(yè)化方面，我們的目標是通過給企業(yè)打造一系列的營銷工具，以推動他們使用微博的營銷產品。在剛剛過去的雙十一期間，我們加大了對中小企業(yè)的產品推介，除了通過我們的代理商體系加大對企業(yè)的營銷推介之外，我們也加大了微博自助廣告對移動端用戶的產品體驗優(yōu)化，我們看到來自自助廣告平臺的客戶和收入都在快速增長，在四季度，微博中小廣告主的數(shù)量超過了1.4萬，環(huán)比增長35%；同時自助廣告的季度活躍用戶數(shù)超過30萬

16、，環(huán)比增長94%，我們希望通過扶植自媒體生態(tài)，從而給我們帶來更多的客戶。同時，在雙十一期間，微博和淘寶針對汽車品牌及4S店商家推出的雙十一購車季活動，通過整合微博、新浪、淘寶的營銷資源，在為期一個月的時間內，活動收集訂單12萬（支付訂單數(shù)102044），這有力的推動了汽車品牌企業(yè)和4S店對微博營銷產品的認知。Secondly, on the monetization front, our goal is to offer more sales and marketing tools to better serveour ad customers needson Weibo. During th

17、e past November 11, aka Double 11 festival, we have stepped up efforts to promoteWeibosad offerings to small and medium-sized enterprise customers. In addition to strengthening our existing SME distributors network, we have optimized the user experience for mobile promoted feeds offeredthrough Weibo

18、s self-service system.Our efforts to better serve SME customers are paying off, as we witness an accelerated growth in both the number of customers and revenues. For the fourth quarter of 2014, the total number of SME customers grew 35% quarter over quarterto over 14,000. Within our SME revenues, in

19、clude revenue from self-service customers, which reached over 300,000 in the fourth quarter, representing a growth of 94% sequentially. Self-service customers are usually individuals and small businesses who purchase native ads on Weibo in small increments. Our goal is to nurture a large pool of the

20、se Weibo marketers and, over time, migratethem to our SME distributors, who can provide better service and support and help them grow their business.During the Double 11 festival, we worked with Alibaba, SINA auto channel, auto manufacturers and car dealers, and successfully launched the “Double 11

21、Auto Carnival” flash sale event. The one-month long campaign generated over 120,000 sales leads, illustrating the robustness of Weibo ads to provide branding and performance based marketing.We have received very positive feedback from our ad customers for this event. 最后，我介紹一下微博在2014年發(fā)展情況和未來2015年的策略，

22、2014年是微博上市的第一年，在上市后，公司將產品的重心聚焦在微博的產品優(yōu)勢領域，即社交信息傳播平臺上，以及市場中競爭對手的逐步減少，我們在活躍用戶規(guī)模上重新獲得了快速增長，微博在整個2014年的MAU凈增幅達到了4700萬，這也是微博自2009年誕生之后的最快年度增幅。Lastly, I would like to spend some time to review 2014 and talk about our strategy in 2015. Since ourIPO last April, we have focused on strengthening the social med

23、ia aspect of our platform, and have seen other microblogging sites withdraw from the market. Our effortsto focus on open sharing of UGC and amplifying feature of Weibo have proven to be a great success, as Weibo added 47 million MAUs in 2014 from the year before, representing the largest growth in a

24、bsolute terms since our inception.微博在2014年的活躍用戶增長，主要來自于兩方面，首先，微博在產品上，將吸引用戶的重點，放在了社交媒體這個產品優(yōu)勢領域，并加大了對垂直內容用戶生產群體的投入，微博的認證用戶規(guī)模在2014年增長了接近一倍，特別是對于地方內容號群體和一些長尾興趣群體的投入，提升了微博產品對于更廣范圍用戶群體的信息獲取需求滿足度；其次，在渠道和市場上，微博在社交傳播領域與競爭對手的差異化優(yōu)勢逐漸形成，這降低了我們在電視、手機廠商等渠道進行合作獲取活躍用戶的成本，也大大提升了用戶群打開微博的使用場景。正是在這些措施的作用下，微博2014年在二線以下城

25、市的人口滲透獲得了大幅提升；The strong growth of Weibo userscan be attributed to 2 reasons: first,on the productside,in addition tostrengthening the social mediaaspect of Weibo, as discussed above, we improved the quality of Weibo content by attracting more experts, professionals and in-the-know producers tocreat

26、e and share local content and various topical content. Consequently, in 2014, we saw Weibos verified users in these areas double. Second, by clearly differentiating Weibo as a leading social media platform in the marketplace, we strengthen our relationships with TV stations, show producers and hands

27、et manufacturers, whichmade user acquisition more cost effective and increased Weibos usage. Through these efforts, we saw Weibos penetration rate in lower tiered cities increased significantly in 2014.但是我們也要看到，微博目前作為一個社交型產品，用戶的規(guī)模相對于中國的互聯(lián)網(wǎng)用戶群體規(guī)模，活躍用戶滲透率仍處于較低水平，遠沒有達到競品的規(guī)模，而且在不同地域微博滲透率差異較大，微博在三線城市的滲透率

28、在2014年年底相比一線城市，仍有巨大的提升空間，我們在去年依靠新用戶產品體驗優(yōu)化和渠道品牌策略，極大的提升了我們在三線城市的人口覆蓋，而我們在2015年，會更加專注在突出微博的產品特性來增加微博用戶規(guī)模上。As we look at the 650 million Internet users in China and the penetration rates of other types of social products by region in China, we believe Weibo still has a huge potential to grow. For examp

29、le, Weibos penetration rate in lower tiered cities has significant room to grow when compared tothat ofthe tier 1 cities.In 2014, we made measureable improvement in this area through easier on-boarding experience and other channel and branding initiatives. In 2015, we will further leverage the socia

30、l media features of Weibo toincrease our userscale and close the gap in lower tiered cities.在競爭角度，我們首先關注到，隨著微博規(guī)模的增長，其他微博類產品正在退出市場，這對我們獲取用戶提出了機遇，如何將放棄其他微博的用戶群吸引到微博，是我們目前的主要的工作之一；其次，我們也關注到，隨著中國4G市場開始普及，用戶對于移動多媒體內容的生產開始加速，微博目前已經是中國最大的多媒體信息傳播平臺，我們會繼續(xù)加大在移動原生圖片和視頻功能上的產品投入，同時我們也會考慮在微博開放平臺生態(tài)的建設上，加大對圖片和視頻類AP

31、P的合作和投資力度，我們在2015年會直接加大在這些產品上的投資和推廣，我們希望微博成為用戶獲取信息、傳播信息、生產信息的主要平臺。On the subject of competition, the withdraw and downsizing of other microbloggingsites presents an opportunity, as we consider how to attract their users to Weibo; second, as 4G becomes more popular in China, more and more users are c

32、reating and sharing more multi-media contents. As a leading social media for the creation, sharing and discovery ofmulti-media content, we plan to further improve the native photo and video experience on Weibo, and will consider strengthening our cooperation and relationship with third-party photo a

33、nd videosharing apps.在商業(yè)化領域，在整個2014年，微博的總營收為3.34億美金，年對年增長77%，取得了不錯的成績。但是我們也要看到，微博作為國內最早進行商業(yè)化的移動社交產品，在我們發(fā)展原生社交廣告平臺的過程中，仍舊需要加大我們的客戶拓展力度，因為中國主要的品牌廣告客戶，在微博上投放廣告之前，對社交廣告的認知較少，這需要我們在獲取客戶上付出更多努力。但是我們也可喜的看到，隨著客戶開始接觸并在微博上投放廣告，客戶對微博廣告特別是移動社交廣告的認可提升迅速，這也是微博移動廣告在2014年份額迅速提升并在四季度超過50%的重要原因。On the monetization fr

34、ont, we have achieved impressive resultsin2014, Weibos net revenues grew 77% year over year to $334 million.The mobile advertising and social marketing industry in China are in at an early stage, and we have had to educate Chinasadvertising and marketing industry and help our customer make the shift

35、 to mobile. The good news is that we are seeing more and more marketers adopt Weibos social marketing, especially in mobile format, as mobile advertising made upmore than half of our advertising revenues in Q4, for the first time.因此，在2014年，我們開發(fā)并推出了一些以突出品牌曝光為目的的廣告產品，例如開機廣告和臺網(wǎng)互動等營銷產品，以及針對不同行業(yè)推出的整合營銷產品

36、，例如針對汽車行業(yè)的閃購活動和針對app客戶推出的下載中心等產品。這些新舉措通過豐富微博營銷產品的類型幫助我們打開了一些垂直領域的新的客戶市場，例如快速消費品領域和APP開發(fā)商領域。在2015年我們的重點是針對不同行業(yè)，繼續(xù)針對不同的行業(yè)推出營銷服務解決方案，從而幫助微博形成與客戶和用戶的共贏，同時在廣告產品上，會繼續(xù)在移動化和數(shù)據(jù)化兩個方面進行優(yōu)化，以幫助我們的客戶更加方便的使用我們的廣告產品。In 2014, we introduced many new ad products to our brand customers, such as interactive ads on app loading page, TV plus Weibo and industry-specific ad solutions, i.e. flash sales tailored for auto industry and feeds with app downloads. These initiatives have helped us expand Weibos advertising c