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1、谢谢，大家好。欢迎大家参加微博财报电话会议。Thank you and good morning everyone. Welcome to Weibos fourth quarter 2014 earnings conference call.本次财报会议，我会向大家重点介绍我们在构筑开放信息网络平台以及在建设原生广告平台上的进展，我们在前几次的电话会议中做过简单的介绍。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.下面我先介绍下四季度的表现。在2014年第四季度，我们的收入和用户依旧保持了快速增长，四季度微博总营收达到了1.05亿美金，年对年增长47%，其中广告营收达到8800万，年对年增长57%，而广告中来自于移动端的比例首次超过了一半，达到了54%；公司的盈利情况也继续改善，在四季度利润达到了940万美金。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.在用户活跃方面，截至四季度末，我们的月活跃用户达到了1.76亿，年对年增长36%，环比增长5%，DAU达到了8100万，年对年增长31%，环比增长5%。微博的月活跃用户中来自移动端的比例达到了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.在上个季度的财报中，我们介绍过微博的目标，是建设一个开放的社交信息网络平台，同时在商业上帮助企业建立基于微博平台的生态服务体系。在建设开放信息网络方面，我们不单单提供文字信息，随着微博类产品在国内的竞争态势变化，

7、我们已经将产品重点转向多媒体领域，无论图片还是视频，我们都力求做到国内最大的开放信息网络。而在商业上，通过加强在支付和电商、服务工具等微博基础设置上的投入，我们希望有越来越多的企业和个人，可以在微博通过原生的方式投放广告。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.与之相关的，我们在四季度取得了几方面的成绩：首先，从二季度末开始，我们开始加大在垂直信息生产上的投入，特别是加大了在图片、视频原生内容生产上的产品体验优化，同时也通过投资等方式推出了独立的视频和图片客户端；随着4G的普及，用户在微博发布图片和视频的频率上升较快，因此，在2015年，我们会加大在图片社区和独立图片应用上的投资，我们希望可以借助微博本身的品牌和用户优势，在图片社区上

11、保持我们的领先地位。同时，在社交方面，我们在四季度末推出了微博群组功能，与QQ/微信等通讯群组不同，微博群组还是侧重于优化微博单向关系的沟通体验，以加强明星与粉丝之间，以及共同兴趣的粉丝之间的沟通和交流。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，在商业化方面，我们的目标是通过给企业打造一系列的营销工具，以推动他们使用微博的营销产品。在刚刚过去的双十一期间，我们加大了对中小企业的产品推介，除了通过我们的代理商体系加大对企业的营销推介之外，我们也加大了微博自助广告对移动端用户的产品体验优化，我们看到来自自助广告平台的客户和收入都在快速增长，在四季度，微博中小广告主的数量超过了1.4万，环比增长35%；同时自助广告的季度活跃用户数超过30万

16、，环比增长94%，我们希望通过扶植自媒体生态，从而给我们带来更多的客户。同时，在双十一期间，微博和淘宝针对汽车品牌及4S店商家推出的双十一购车季活动，通过整合微博、新浪、淘宝的营销资源，在为期一个月的时间内，活动收集订单12万（支付订单数102044），这有力的推动了汽车品牌企业和4S店对微博营销产品的认知。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，我介绍一下微博在2014年发展情况和未来2015年的策略，

22、2014年是微博上市的第一年，在上市后，公司将产品的重心聚焦在微博的产品优势领域，即社交信息传播平台上，以及市场中竞争对手的逐步减少，我们在活跃用户规模上重新获得了快速增长，微博在整个2014年的MAU净增幅达到了4700万，这也是微博自2009年诞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年的活跃用户增长，主要来自于两方面，首先，微博在产品上，将吸引用户的重点，放在了社交媒体这个产品优势领域，并加大了对垂直内容用户生产群体的投入，微博的认证用户规模在2014年增长了接近一倍，特别是对于地方内容号群体和一些长尾兴趣群体的投入，提升了微博产品对于更广范围用户群体的信息获取需求满足度；其次，在渠道和市场上，微博在社交传播领域与竞争对手的差异化优势逐渐形成，这降低了我们在电视、手机厂商等渠道进行合作获取活跃用户的成本，也大大提升了用户群打开微博的使用场景。正是在这些措施的作用下，微博2014年在二线以下城

25、市的人口渗透获得了大幅提升；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.但是我们也要看到，微博目前作为一个社交型产品，用户的规模相对于中国的互联网用户群体规模，活跃用户渗透率仍处于较低水平，远没有达到竞品的规模，而且在不同地域微博渗透率差异较大，微博在三线城市的渗透率

28、在2014年年底相比一线城市，仍有巨大的提升空间，我们在去年依靠新用户产品体验优化和渠道品牌策略，极大的提升了我们在三线城市的人口覆盖，而我们在2015年，会更加专注在突出微博的产品特性来增加微博用户规模上。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.在竞争角度，我们首先关注到，随着微博规模的增长，其他微博类产品正在退出市场，这对我们获取用户提出了机遇，如何将放弃其他微博的用户群吸引到微博，是我们目前的主要的工作之一；其次，我们也关注到，随着中国4G市场开始普及，用户对于移动多媒体内容的生产开始加速，微博目前已经是中国最大的多媒体信息传播平台，我们会继续加大在移动原生图片和视频功能上的产品投入，同时我们也会考虑在微博开放平台生态的建设上，加大对图片和视频类AP

31、P的合作和投资力度，我们在2015年会直接加大在这些产品上的投资和推广，我们希望微博成为用户获取信息、传播信息、生产信息的主要平台。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.在商业化领域，在整个2014年，微博的总营收为3.34亿美金，年对年增长77%，取得了不错的成绩。但是我们也要看到，微博作为国内最早进行商业化的移动社交产品，在我们发展原生社交广告平台的过程中，仍旧需要加大我们的客户拓展力度，因为中国主要的品牌广告客户，在微博上投放广告之前，对社交广告的认知较少，这需要我们在获取客户上付出更多努力。但是我们也可喜的看到，随着客户开始接触并在微博上投放广告，客户对微博广告特别是移动社交广告的认可提升迅速，这也是微博移动广告在2014年份额迅速提升并在四季度超过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，我们开发并推出了一些以突出品牌曝光为目的的广告产品，例如开机广告和台网互动等营销产品，以及针对不同行业推出的整合营销产品

36、，例如针对汽车行业的闪购活动和针对app客户推出的下载中心等产品。这些新举措通过丰富微博营销产品的类型帮助我们打开了一些垂直领域的新的客户市场，例如快速消费品领域和APP开发商领域。在2015年我们的重点是针对不同行业，继续针对不同的行业推出营销服务解决方案，从而帮助微博形成与客户和用户的共赢，同时在广告产品上，会继续在移动化和数据化两个方面进行优化，以帮助我们的客户更加方便的使用我们的广告产品。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