But generally speaking, during this — over the past periods, our EBITDA margin has remained at a very generally high level compared to the industry average.
Operator: The next question comes from Alicia Yap from Citigroup.
Alicia Yap : Management. I have two questions as well. First of all, a follow-up on the gaming. Can you share with us what have you done that has been working on reengaging the user? And do you expect this user and booking growth could sustain? How should we reconcile the use of metrics in the GAAP revenue and the EBITDA trend into the second half? And then for the e-commerce is also to follow up. Can management share with us what kind of results or achievements that you hope to obtain with the reacceleration of the investment. What are the cushion level of the loss that you would want to maintain along with your investment step-up? And then is there a specific country that will account for higher proportions of the investment spend?
Yanjun Wang : Thank you, Alicia. Regarding the game, I think all the efforts we’ve shared before on our earnings calls we think are paying off over time. And we focus on the game communities, focus on generating content that is tailored to our communities and focus on better engagement with them and also better user accessibility and user experience. So all these, I think, have been helping us building up demand for our content and user engagement. As we explained before, from a gaming perspective, we focus on active user base first and before monetization. And usually, when you see positive trends in user base, we will generally have been able to convert that down the road into better monetization as well. So I think this is a trend that has been playing out.
And again, we hope that this is again a beginning of a long-term stabilization trend for Free Fire, our largest game and one of the largest game in the world. But also on the other side, we remain cautious and we want to continue to observe for a few more periods. In terms of GAAP versus booking, we believe generally they will start to track in direction. Of course, from time to time, there could be differences due to changes in recognition periods, et cetera, from an accounting perspective. So — but on the whole, I think we generally expect the big picture direction should be similar. In terms of the e-commerce, the KPIs we look at, of course, overall, in terms of the user engagement, active user base and in particular, user engagement in areas that we are focused on such as live streaming and as well as some core categories we are focused on such as fashion, health and beauty, home and living and these are high-margin categories that have been traditionally our core focus areas.
And of course, that hopefully translates into higher order number and GMV. These are some of the key metrics you can expect us to track consistent with our past practices.
Operator: The next question comes from Piyush Choudhary from HSBC.
Yanjun Wang : Let me continue to answer the previous questions. And in terms of level of profit or loss, we are willing to sustain during these periods. I think that overall, we want to remain as self-sufficient, that self-sufficiency as a core focus has not been changed. And as shared by our CEO just now, that continues to be our mantra and also in terms of cost efficiency improvements over time, we think that these are important competitive moat. And in fact, the fact that we can become profitable so quickly and while maintaining the size of our ecosystem and our market, strong market leadership, and able to now also invest in growth while many of our peers still trying to manage their losses or are incurring very, very significant losses, that shows that the resilience and the strength of our ecosystem is and will continue to be a competitive — important competitive moat for us.
