Beijing time May 30 news, published in fiscal year 2012 after first-quarter results, perfect world (Nasdaq:) CEO Chi Yufeng, CFO Liu Yongji and Investor Relations Vice President Wang Weiwei executives attending the teleconference, interpretation of the results and to Chloe Handbags answer analysts ' questions.����Following is the main content analyst a question and answer session: make��maluosidika, analyst at Piper Jaffray (Mark Marostica): your quarterly licensing revenue falling, is any weaker-than-expected performance of the game?����Liu Yongji: empowers the revenue decline in the first quarter is normal, because the United States, Europe, Japan and Korea and other overseas markets experienced strong revenue performance of the Christmas in the IV quarter, and therefore will be less in the first quarter of the subsequent. review of first quarter of last year, overseas licensing revenue is also reduced, so it's normal. Wang Weiwei:,
Released in the first quarter or last quarter of the game.����Make��maluosidika: what is expected for the second quarter show that overseas revenues rose?����Liu Yongji: I is Chloe Handbags expected to be essentially flat, as no significant new games released overseas in the second quarter.����Shidifu��Zhang, analyst at Macquarie (Steve Zhang): what is the cause of decline in second-quarter results?����Liu Yongji: planned in the second quarter of the company continues to focus on preparations for the upcoming new game, and further strengthen the company's game portfolio of game content to enhance the life cycle of existing games, as well as the consolidation of long-term sustainable growth. Morgan Stanley analyst Chi Wei-tung (Richard Ji): I would like to ask what is expected for the second quarter issue. you mentioned the decline stemmed largely from the commercialization of promotional activities in the second quarter decreased. but I remember your last season
Meeting, will develop sustainable commercialization, Loewe Handbags attracting players to purchase virtual goods of consumption, and persistent virtual goods.����Liu Yongji: we did attract users to buy virtual goods in the first quarter, got cash, and immediately recorded as revenue cash. won't do too much promotion in the second quarter, but promotion will increase in the second half, so better revenue growth in the second half.����Wendi��Huang, analyst at the Royal Bank of Scotland (Wendy Huang): you said the first quarter's weakness is temporary, the second quarter is expected to remain weak. If you expected in the second quarter compared with revenues in the fourth quarter of last year, about 100 million Yuan less, why? Liu Yongji: we did very well in the fourth quarter of last year, because the information released in the third quarter of last year, has played a great role in promoting this. Loewe Handbags This is the main reason for the outstanding performance in the fourth quarter., as in the second quarter of
Said before, we are preparing for a game released in the second half, so the income-generating capacity of the main game will fall further.����Nomura Securities analyst kumyoung (Jin Yoon): I would like to ask about sales and marketing costs in the second half. before you say that this kind of activity will be postponed to the end of the new game release, you expect sales and marketing costs in the total revenue in the second half of the proportion is down to what percentage?����Liu Yongji: we don't have a lot of new games released in the second quarter, because the Spring Festival factor reduced promotional activities in the first quarter. selling and marketing expenses for the second quarter is expected to be higher than the first quarter, but not higher than the fourth quarter of last year. Roth Capital analyst yadang��kelixike (Adam Krejcik): balance sheet shows your short-term bank loans this quarter doubled, since you have so much cash, why do you want to increase so many loan? you
Plan how to share buy-backs and dividends?����Liu Yongji: short term investment, increase stemmed largely from short-term investments of some structured deposits. We the Board hasn't approved share repurchase program, but will consider. as regards dividends, the last conference call, we paid special dividend April 2012. we will pay dividends on a regular basis in the future, time and quantity you need colleagues to pass on an annual basis.����Gold Analyst: and the latest progress?����Liu Yongji: under the existing conditions, the game will be released in the first half of next year.����Mirae asset analyst warm days (Eric Wen): you now how many developers?����Liu Yongji: about 2000 people.����Oppenheimer analyst Andi��Yang (Andy Yeung): can reveal about the future release of the game plan, and in particular, progress in these games? Liu Yongji
: These two games will be released in the second half of this year, in 2013.����Cryptic is also in development, and in the United States published. all these games are in the works.����Lazard Capital analyst ATU��Baga (Atul Bagga): Please talk about your Web game strategies, plans for this year and next? Liu Yongji: we last year began further increased game of diversification, not only is