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| Statement |
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| In the meantime, we further enhance the quality of information transmission on our IM platform, VoderX, empowering our business with high performance, low latency and scalable customized instant messaging capabilities |
| We consistently empowered domestic business innovation, while steadily advancing our global business, fostering a vibrant and diversified ecosystem |
| This marks the fifth consecutive year that we have received this honor, representing powerful recognition of our comprehensive capabilities by the Internet Society of China and the broader industry |
| [Foreign Language] In addition, we strove to improve the user experience and attract more high-quality users through enriched content offerings and product innovations |
| Through motion-enhanced model training and algorithm optimization, we are fortifying our AI assets unlocking vast opportunities for ongoing product innovation |
| During the quarter, we continued to reduce costs and increase operating efficiency to improve organizational efficiency and agility, while also reinforcing our globalization capabilities to better support the development of our diverse spectrum of businesses |
| Meanwhile, we will further streamline our operations and improve the effectiveness of resource allocation, propelling the company's long-term sustainable development with fresh momentum |
| Through proactive optimization of our operating strategies and meticulous refinement of our mechanisms for expanding and nurturing our content creator base, we have enhanced the creator quality and increased the scale of our creator base, while also solidifying our platform's competitive edges |
| Meanwhile, we endeavor to improve user experience -- user engagement by enhancing the network effect of our offerings, thereby fostering organic user growth |
| [Foreign Language] In the third quarter of 2023, we further strengthened the execution of our online audio-centric globalization strategy, leveraging our long-term technological assets |
| We have also achieved the breakthroughs in AI voice changing technology, including a seamless integration to DOREME, our in-house RTC platform for real-time audio and video streaming |
| Collectively, these initiatives have improved overall operating efficiency |
| This internally empowers product innovation and drives progress across our global business |
| Despite the complex backdrop and market uncertainties and persisted, we remain steadfast in strengthening our core competitiveness through technological innovation during the third quarter |
| This program empowered content creators to showcase their distinctive vocal talents for the unlocking their creative potential, while also elevating the platform's appeal to the content creator community |
| Moving forward, we remain committed to further enhancing organizational efficiency, developing globalization capability, and enhancing overall agility, positioning us to deliver enduring value to our stakeholders |
| On voice technologies, we have been constantly improving the stability and performance of automatic speech recognition and text to speech ASR and TTS for both Chinese and English languages, adapting them for diverse scenarios |
| We have also consistently deepened the integration and development of multi-model AIGC technologies into our innovative business framework |
| Organizational wise, as we continue to boost our localization capabilities across product development, operations and other key areas, we have also taken a collaborative cross team approach to product innovation to increase innovative productivity |
| Despite macro-headwinds, we steadfastly pursued the course we had charted, reinforcing our commitment to our long-term vision |
| We will continue to improve our core technology capabilities, while also adopting and more deeply integrating AIGC and voice AI technologies throughout business |
| [Foreign Language] With respect to technological advancement, we continue to strengthen our R&D capabilities to provide more customized product support |
| [Foreign Language] In terms of our audio entertainment business, we remain committed to building a healthy and sustainable product ecosystem |
| We leverage advanced technologies to empower product innovation capturing to diverse user needs |
| We remain committed to pursuing industry-leading technological standards and continually fortifying our core technological capabilities to empower the business development |
| Furthermore, we continue to iterate our product design and cultivate new product features and engagement tools, harnessing cutting edge technologies to introduce innovative audio-based interaction experiences |
| Moving forward, we will continue developing international markets reinforcing globalization capabilities and ultimately accelerating the expansion of our global footprint |
| In terms of our versatile technology platform construction, we further improve the data analytics and data management systems and apply the AI technology to marketing and other fields |
| [Foreign Language] We are delighted to announce that last month the company was awarded as one of China's top 100 internet companies by the Internet Society of China |
| During the quarter, in addition to the continuous optimization of our content creator platform, we launched the Starlight Challenge [ph], a strategic initiative designed to cultivate mid and long-term content creators and motivate our top tier contributors |
| Statement |
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| In this quarter, our total net revenues were RMB425.1 million compared with on RMB565.2 million in the same period of last year, primary due to the decline in average paying users and user spending on our audio entertainment products |
| Going forward, despite the macro challenges, we will spare no effort in proactively refining our business strategies and building a more competitive ecosystem |
| General and administrative expenses were RMB25.1 million in the third quarter of 2023 compared with RMB27.1 million in the same period of last year, primary driven by decreased professional service fees provided by third parties, provision for litigation contingencies, and other miscellaneous expenses |
| Operating loss was RMB60.1 million in the third quarter of 2023 compared with operating income of RMB12.5 million in the same period of last year |
| Many attributable to the decreased revenue share fees, share-based compensation expenses, payment handling costs, and other miscellaneous costs |
| Net loss was RMB62 million in the third quarter of 2023 compared with the income of RMB19.8 million in the same period of last year |
| The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, many of which factors are beyond our control |
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