Douyin Vice President Li Liang: If we do not consider the changes in the cost of preferred stocks and options, overall revenue and profits of ByteDance are still growing.

Douyin Vice President Li Liang said that the reported 70% decrease in ByteDance's net profit is based on international accounting standards. Aside from increased investment in emerging businesses, there are also factors such as changes in preferred stock and option costs. In reality, due to the slowdown in Douyin's e-commerce growth and increased investment in emerging businesses, there has been a slight decrease in operating profit margins in the second half of the year, but not as large as reported. Excluding the impact of preferred stock and option costs, overall revenue and profits are still growing. Additionally, the TikTok e-commerce business and the development of emerging businesses are showing positive trends.