Today, ladies and gentlemen, thank you for standing by. Welcome to the Kuaishou Technology third quarter 2025 financial results conference call. Please note that English simultaneous interpretation will be provided for management's prepared remarks. This English line will be in listen-only mode. I will now turn the call over to Mr. Matthew Zhao, VP of Capital Markets and IR at Kuaishou Technology. Thank you, Peter. Good evening and good morning to everyone. Welcome to Kuaishou Technology third quarter 2025 financial results conference call. Joining us today are Mr. Cheng Yixiao, co-founder, chairman, and CEO; Mr. Jin Bing, our CFO. Before we start, please note that today's discussion may contain forward-looking statements which involve a number of risks and uncertainties. Actual results and outcomes may differ from those discussed. The company does not undertake any obligation to update any forward-looking information except as required by law. For important information about this call, including forward-looking statements, please refer to the company's public information or third quarter 2025 results announcement ended September 30, 2025, issued earlier today. During today's call, management will also discuss certain non-FRS financial measures. These are provided for additional information and should not replace FRS-based financial results. For a definition of non-FRS financial measures and reconciliation of FRS to non-FRS financial results and related risk factors, please refer to the third quarter 2025 results announcement. For today's call, management will use Chinese as the main language. A third-party interpreter will provide a simultaneous English interpretation in the prepared remark session and a consecutive interpretation during the Q&A session. Please note that English interpretation is for convenience purposes only. In case of any discrepancy, management's original language will prevail. Lastly, unless otherwise stated, all currency units mentioned are in RMB. Now I'll turn this call over to Mr. Yixiao. Hello everyone. Welcome to Kuaishou's third quarter 2025 earnings conference call. In Q3, we continue to advance our AI strategy, expanding scenario-based applications and innovative use cases across our business. These efforts created tangible business value across all business scenarios, strengthened the quality, efficiency of our organizational infrastructure, and fueled strong operational financial results. Average DAU on the Kuaishou app surpassed 416 million in Q3, marking the third consecutive quarter of record highs. Total revenue for Q3 rose by 14.2% year-over-year to RMB 35.6 billion. Revenue from our core commercial businesses, online marketing services, and other services, primarily e-commerce, increased by 19.2% year-over-year. Adjusted net profit rose 26.3% year-over-year to RMB 5 billion, with an adjusted net margin of 14%. We achieved a year-over-year growth in the group's overall profitability while continuing to invest strategically in AI, a catalyst for unlocking deeper value across our content and business ecosystems. First, our AI strategy and the progress of our large video generation model, Kling AI. We continue to refine the foundation models behind Kling AI, developing new features to meet creators' diverse needs and build a one-stop creative productivity platform that empowers everyone to tell captivating stories with AI. In Q3, we launched the Clean Lab and upgraded the start and end frames function and introduced digital human solutions. Notably, at the end of September, we released the Kling AI 2.5 model, achieving substantial advances in prompt adherence, dynamic effects, style consistency, and visual aesthetics. Just 10 days after launch, the model was simultaneously ranked as the world's number one text-to-video and image-to-video model by Artificial Analysis.AI, an independent AI benchmarking platform. While maintaining its leading content generation performance, the new model also integrates continuous engineering innovations that lower video inference costs, reducing creators' per-video generation expense by almost 30% and further strengthening Kling AI's cost efficiency advantages. Kling AI's innovations in foundation models and product features have provided creators with higher quality video generation solutions, establishing a foundation for broader adoption across professional creative fields such as marketing, e-commerce, film and television, short plays, animation, and gaming. As Kling AI continues to expand its use cases, it has made breakthroughs in monetization and revenue growth. In Q3, revenue from Kling AI exceeded RMB 300 million. Kling AI is committed to empowering global creators and building a premium ecosystem. In September, we launched the Kling AI Next Gen Creative Contest, which received over 4,600 entries from 122 countries and regions worldwide, covering diverse fields such as history, science fiction, and animation. Outstanding works were screened at international film festivals, including Cannes, Tokyo, and Busan, integrating AI-powered film and TV works with traditional film and TV industries. In Q3, we achieved strong results from integrating AI into diverse internal and external use cases. On business empowerment, large AI models have now been integrated across all of Kuaishou's major business areas, driving incremental value across our ecosystem. We iterated our end-to-end generative recommendation large model, OneRec, and extended beyond short video recommendations to additional recommendation areas such as online marketing services and e-commerce shopping mall. This expansion has generated meaningful incremental benefits. In Q3, large AI models demonstrated notable effects, especially in online marketing services. We pioneered a generative reinforcement learning-based bidding model that integrates sequence modeling with goal optimization. This innovation transformed advertising bidding from a single-step decision-making to long-term strategic planning, significantly enhancing bidding capabilities and ROI for clients, especially for small and medium-sized ones. Meanwhile, we explored using end-to-end generative recommendation in online marketing services scenarios through OneRec. Tailored to the characteristics of online marketing services, we introduced the client marketing expression and marketing commercial value perception mechanism to achieve bidirectional matching between users' interests and clients' demands, enhancing personalization and matching efficiency. Large AI model technologies, especially OneRec, drove roughly 4%-5% growth in domestic online marketing services revenue in Q3. In terms of online marketing material generation, Kling AI's large model has significantly reduced video production costs for clients. Meanwhile, advanced digital human technology has also opened up new operational scenarios in live streaming for both online marketing clients and e-commerce merchants. Consequently, the total spending from online marketing services driven by AIGC marketing materials exceeded RMB 3 billion in Q3. For e-commerce, we launched One Search, an end-to-end generative retrieval architecture. It enables more precise product matching and optimizes the user experience, driving nearly 5% growth in shopping mall search order volume. The adoption of OneRec in e-commerce also contributed to high single-digit GMV growth in the shopping mall feed in Q3. For entertainment live streaming, we leveraged Kling AI to introduce the AI Universe Gift customization feature, which generates highly personalized avatar-based personal gifts, increasing both user engagement and willingness to pay. Second, user growth and content ecosystem. In Q3, average DAUs on the Kuaishou App reached 416 million, and MAUs reached 731 million. This is the third consecutive quarter that average DAUs reached a record high. The sustained and steady traffic growth reflects Kuaishou's community's unique appeal to users. By refining our user growth strategies, offering distinctive and diverse content, optimizing our traffic allocation mechanism, and enhancing community engagement, we continue to reinforce Kuaishou's identity as a heartwarming, diversified, informative, and engaging online community. In Q3, average daily time spent per DAU on the Kuaishou app was 134.1 minutes, while total user time spent rose by 3.6% year-over-year. Our refined user growth strategies leverage smart marketing material placement to enhance acquisition efficiency, lowering the acquisition cost per new user year-over-year. In traffic allocation, by modeling users' long-term user interaction patterns, we improved both user satisfaction and retention. We also continued to upgrade users' sharing experience within private messaging and iterated on social interaction features. As a result, the daily average penetration rate of private messages among users with mutual follows increased by more than 3 percentage points year-over-year. We also elevated the user product experience through a series of device-level intelligent optimizations. In content operations, we partnered with the Beijing Radio and Television Station to launch the 2025 Kuaishou Super Summer Gala, where celebrities and everyday users come together and celebrate. The live stream session attracted a peak of over 5.4 million concurrent users. To cater to young audiences, we hosted an online concert featuring T&A, which drew 980 million live streaming views. In the PAN knowledge category, we curated the Liyuan Music Festival Summer Tour series, showcasing offline tours across diverse traditional art forms, such as Zhenjiang and also Xiangbai Shou Shu. By bringing these live performances to audiences, we helped benchmark creators like Anwan achieve cumulative creative breakthroughs and gain recognition. Third, online marketing services. In Q3, revenue from our online marketing services reached RMB 20.1 billion, up 14% year-over-year. With the growth rate accelerating quarter over quarter, we continuously iterated and upgraded our online marketing placement and products with AI models. Drawing our unique traffic dynamics, we catered to the needs of more marketing customers through our smart placement capabilities, achieving more precise targeting and higher conversion rates. This drove strong year-over-year growth in both external and closed-loop marketing services revenue. In Q3, our UAX solutions accounted for over 70% of external marketing spending. Ongoing innovations and iterations, particularly with our generative and reinforcement learning-based bidding model and generative recommendation large model, further improved marketing recommendation efficiency and enhanced management of marketing variety and value. The combination of our three key AIGC commercialization tools, AIGC Short Video Digital Human, and Digital Employee has empowered our customers with an end-to-end AI solution, covering marketing material creation, live streaming operations, and user engagement. In Q3, for a closed-loop e-commerce marketing services, we upgraded the product and content optimization capabilities of our Omni Domain Platform marketing solutions to maintain a steady supply of premium marketing materials. By integrating multi-content reinforcement and ROI bidding recommendation tools, we helped e-commerce merchants improve traffic and sales conversions, thereby enhancing their willingness to invest in marketing placement. In Q3, total marketing spending from Omni Domain Platform marketing solution accounted for over 65% of closed-loop marketing spending. Additionally, we established a bidding agent based on AI capability to replace mutual menu adjustment decisions, enabling more consistent conversions and allowing greater economies of scale. On the traffic side, by enhancing the synergy between e-commerce and commercial value, we released more traffic capacity to merchants with long-term operations, helping more brand e-commerce merchants achieve scaled expansion and stable conversion improvements. From a scenario perspective, in Q3, closed-loop e-commerce marketing services in shelf-based scenarios also realized a solid growth. We optimized people-to-goods matching in shelf search, and we used large models to better meet users' needs and improve efficiency. These efforts increased marketing placement and penetration and drove stronger merchant penetration participation. In Q3, for the lifestyle service sector, where clients mainly operate on a lead-based model, we upgraded our private messaging product and optimized vertical-oriented products. These improvements helped clients reach users more efficiently and achieve higher user conversion rates across various conversion goals. In lifestyle services, particularly among our small and medium-sized customers, we improved private messenger response rates with AI-powered customer service. In Q3, we combined our local services with a lead-based marketing business to form our lifestyle service segment, iterating teams and product lines and traffic distribution. This unification strengthens our ability to support merchants pursuing sustainable operations and helps build a more diversified collaborative ecosystem with local customers like merchants. The content consumption sector led by Short Plays was another key revenue driver for our external marketing services in Q3. We continued to enhance content supply and product innovation across Short Plays, mini games, and novels, while capturing incremental growth opportunities from the rapid rise of comic-style Short Plays, further expanding external marketing services revenue. Comic-style Short Plays, combining features of comics, Short Plays, and audio dramas, typically featuring vertical screen episodes of 1-3 minutes long, this new genre has recently gained investor attraction among the broader market. Kling AI has significantly lowered the barrier to creating comic-style Short Plays while elevating overall content quality. In addition, through a mix of marketing placement, revenue sharing, IA, and IAP models, we created multiple monetization pathways for high-quality Short Play content, expanding reach on both the supply and demand side. Fourth, our e-commerce business. In Q3, our e-commerce GMV grew 15.2% year-over-year to RMB 385 billion. Through a mix of merchant-incentive programs, Omni Domain's traffic support, and intelligent tool empowerment, we helped merchants build Omni Domain operations ecosystems, continuously elevating user experience and driving high-quality supply and demand growth. To support merchants' sustainable growth, we encourage them to adopt an efficient conversion path that integrates public and private domains, using public domains to acquire customers and private domains to strengthen retention. In Q3, the mix of our e-commerce monthly average paying users showed healthy trends. Active e-commerce users' repeat purchase frequency increased year-over-year, and user stickiness continued to improve. In Q3, in e-commerce supply, building our platform's traffic and content-based e-commerce advantages, we continued to attract new merchants organically and onboard merchants through diverse channels. We introduced a range of incentives to lower onboarding costs and entry barriers for new merchants. In addition, we continued to launch initiatives to empower new merchants to navigate early growth stages and ramp up operations more efficiently. Driven by a growing number of small and medium-sized merchants, together with our targeted support for high-quality existing merchants, our average monthly active merchant base continued to grow. We also broadened the range of products, number of level three product categories per store among our average monthly active merchants, increasing by nearly 30% year-over-year. To empower merchants across Q3, we launched a series of initiatives to unlock greater value creation within their private domains, supporting their ability to build a dual growth engine of exceptional content and superior products. We launched the pop-up follower rewards product to accelerate follower growth and empower merchants and KOLs. From traffic generation to follower conversion and ultimately to sales, with a stronger control over merchandise selection and supply, we expanded our product portfolio for high-quality platform and in-house offerings. We focused on the premium brands through our KOL Blockbuster initiative, leveraging the traffic pool of KITT product to spotlight dedicated live streaming sessions for territory brands. Supported by improved KOL product matching, KOL targeted vertical outreach and platform incentives, we expanded KOL engagement, enhanced brand performance, and empowered KOLs to address product selection and assortment expansion challenges. In Q3, the average daily number of active merchandise items increased by over 30% year-over-year. We provided guaranteed resources such as traffic support and product supply to onboard small and medium-sized KOLs and establish long-term growth mechanisms. These efforts strengthened the KOL content ecosystem. In Q3, driving a 14.8% year-over-year increase in the number of average daily active streamers hosting live sessions with over 10,000 followers. In Q3, in terms of operating across diverse scenarios, shelf e-commerce GMV continued to outpace overall GMV growth, contributing over 32% of total e-commerce GMV. We continued to enhance our infrastructure and supply ecosystem, driving a 13% year-over-year increase in average daily active merchants for shelf-based e-commerce. We built on the diverse engagement features strategy tools from Q2, including Superlinks, the official channel platform recommended product. These tools helped merchants quickly boost product exposure and sales conversion, captivating user mind share for our shopping mall. The marketing hosted tool we introduced for merchants in content-based scenarios effectively lowered their operational barriers and drove steady quarter-over-quarter growth in merchant adoption. In Q3, we maximized the synergy between Short Videos and live streaming. We helped merchants integrate traffic from content-based scenarios through a seamless loop from product recommendations via Short Videos to rapid conversion in live streaming rooms and back to user engagement via Short Videos. This strategy steadily expanded merchants' customer base, supported by more Short Videos with embedded shopping links and our customized funnels. Short Video e-commerce GMV maintained a healthy growth. In Q3, in terms of integrating AI into our e-commerce business, we focused on empowering merchants across our e-commerce business chain with three core areas: AIGC content production, merchant efficiency improvement, and product matching efficiency optimization. Our AIGC capabilities for generating and optimizing materials continued to deliver strong results, helping merchants improve conversion efficiency across both image and video formats in diverse scenarios. Penetration of smart live streaming highlights and AI live stream scenarios also steadily increased. Concurrently, our AI product management assistant is providing comprehensive Omni scenario support. It helps merchants reduce costs, increase efficiency, and strengthen their operational capabilities while also operating high-quality data, generating high-quality data. On the matching front, our extendable recommendations, powered by our e-commerce knowledge graph, predict user potential and long-term interest. This boosts conversion rates and also strengthens the user trust and stickiness with our recommendations. We believe these AI capabilities will ultimately power growth, live view of data infrastructure, precise matching, and merchant efficiency empowerment, driving the healthy and sustainable development of our e-commerce ecosystem. Next, regarding our live streaming business, Q3 live streaming revenue grew by 2.5% year-over-year to RMB 9.6 billion. Growth was driven by high-quality content, expanding live streaming scenarios and AI-powered product innovations. For live streaming supply, the healthy development of our talent agency ecosystem provided robust support. By end of Q3, our partner talent agency increased by more than 17%, and talent agency managed streamers grew by over 20% both year-over-year. We focused on categories such as group live streaming by supporting premium benchmark groups, guiding content optimizations. We achieved high-quality development and steady revenue growth. Innovative AIGC applications also injected momentum into our business growth, leveraging AI, Kling AI capabilities. In late September, we rolled out the AI Universe Gift series with a customizable special effects platform wide, effectively diversifying options for personalized interactions in live streaming rooms. On launch day, allowing users to pay to create and send over 100,000 personalized virtual gifts. In Q3, for entertainment live streaming operations, we launched a Super Grand Stage 2.0, organized as five regional contests nationwide to further integrate online live streaming and offline scenarios. Targeting the summer season and demand from young users, we hosted the Summer Gaming Music Festival in Chengdu, an offline event that blended gaming, music, and interactive experiences, deepening our partnerships with game developers. The event attracted 672 million live stream views and over 550,000 participants on site. Moreover, our live streaming plus strategy continued to empower traditional industries with validating its commercial value. In Q3, the average daily number of users submitting resumes in Kuaishou Yihai increased by over 20% year-over-year. In Ideal Housing, the average monthly number of paying clients increased by over 90% year-over-year. Finally, our overseas business. In Q3, we continued to strengthen our foothold in overseas markets, focusing on high-quality growth. On the traffic front, we optimized customer acquisition efficiency to precisely reach high-value demographics. By prioritizing operations for core category creators, we fostered stronger connections between our high-quality characteristic content and a core user base. Brazil, our core international market, maintained stable SEUs while reducing user acquisition costs year-over-year, delivering consistent year-over-year growth in average daily time spent per day. For online marketing services, we bolstered business resilience and diversified our marketing client base across industries. Through an updated product capabilities and placement strategies, we improved overall conversion efficiency across our marketing funnel, unlocking more monetization potential for diverse user groups and earning sustained client recommendations. Concurrently, our e-commerce business in Brazil improved both velocity and operating efficiency. While maintaining disciplined ROI management, we achieved a healthy year-over-year growth in GMV transaction scale and order volume in Q3. Looking ahead to Q4 and into 2026, we will continue investing in our AI strategy, exploring efficient gates that empower users, video creators, marketing clients, and e-commerce merchants through Kling AI and other large AI model technology. At the same time, guided by our development philosophy and AI strategy, we will comprehensively transform and upgrade our organizational structure, talent and deployment, product design and features. We will persistently uphold and concentrate Kuaishou's technology innovation ethos, maintaining and deepening our long-term competitive advantages in the era of AI. That concludes my preparatory remarks. Next, our CFO, Jin Bing, will review the company's financial update for Q3 2025. Thank you, Yixiao, and hello everyone. In Q3, we continue to strengthen our core advantages, leveraging our large AI model capabilities. We further empowered our content and business ecosystems. With our rich content supply and optimized Omni Domain operations ecosystem, we continuously enhanced the experience for users and creators while helping merchants and KOLs improve their operational capabilities and support sustainable growth. During the quarter, we achieved solid operational and financial results, with total revenue increasing 14.2% year-over-year to RMB 35.6 billion. This included a 19.2% year-over-year increase in revenue from our core commercial business, which includes our online marketing services and other services, primarily e-commerce. With our steady revenue growth and improved operating efficiency, we improved our overall profitability. Operating profit increased 69.9% year-over-year to RMB 5.3 billion. Adjusted net profit grew 26.3% year-over-year to RMB 5 billion, with a healthy adjusted net margin of 14%. Now, let's take a closer look. Our total revenue grew 14.2% year-over-year to RMB 35.6 billion in Q3. The increase was mainly driven by growth across each of our businesses, including online marketing services, live streaming, e-commerce, and Clean AI. In Q3, online marketing services revenue increased 14% to RMB 20.1 billion from RMB 17.6 billion in the same period of last year. The growth was primarily attributable to the use of AI technology to continuously upgrade online marketing product solutions that improved the conversion efficiency, which drove higher client spending from our marketing clients. Revenue from other services, including e-commerce and Clean AI businesses, reached RMB 5.9 billion in Q3, up 41.3% from RMB 4.2 billion in the same period of last year. The increase was mainly driven by growth in e-commerce GMV, which boosted e-commerce commission income, as well as the expansion of our Clean AI business. We have continuously refined Clean AI's foundation models, developed more innovative features. Its application coverage has expanded, driving further breakthroughs in commercialization. In Q3, our live streaming revenue was RMB 9.6 billion, up 2.5% from RMB 9.3 billion in the same period of last year. We consistently cultivated high-quality content, expanded live streaming scenarios, and leveraged AI-empowered product innovations to build a diverse and healthy live streaming ecosystem. These steps drove greater user engagement with high-quality live streaming content. Cost of revenues increased 13.4% year-over-year in Q3 to RMB 16.1 billion, accounting for 45.3% of total revenue. The increase was mainly due to increased revenue sharing costs and related taxes in line with our revenue growth, partially offset by decreases in depreciation of property and equipment and right of use of assets and amortization of intangible assets. In Q3, our gross profit grew 14.9% year-over-year to RMB 19.4 billion. Gross profit margin was 54.7%, up 0.4 percentage points year-over-year. Moving to expenses, selling and marketing expenses were RMB 10.4 billion, roughly flat year-over-year, and accounted for 29.3% of total revenue, down from 33.3% in Q3 last year, reflecting our refined efforts and improved operating efficiency. R&D expenses were RMB 3.7 billion, up 17.7% year-over-year, accounting for 10.3% of total revenue. The increase was mainly due to higher employee benefit expenses, including share-based compensation expenses and increased investments in AI. Administrative expenses decreased 13.6% year-over-year to RMB 688 million, or 1.9% of total revenue, mainly due to lower employee benefit expenses, including share-based compensation expenses. Group level operating profit for Q3 increased 69.9% year-over-year to RMB 5.3 billion. Net profit for Q3 was RMB 4.5 billion. Adjusted net profit rose 26.3% year-over-year to RMB 5 billion, with an adjusted net margin of 14%. Our balance sheet is quite robust, with cash and cash equivalents, restricted cash, and wealth management products totaling RMB 106.6 billion as of September 30, 2025. We generated a positive operating net cash flow of RMB 7.7 billion in Q3. Additionally, we actively deliver on our commitment to shareholder returns based on market conditions. As of September 30, we had a repurchase aggregate of approximately HKD 2.17 billion, or around 42.25 million shares, which accounted for about 0.98% of our total shares outstanding for 2025. In addition, we declared a special dividend of HKD 2 billion in Q3, reflecting our confidence in Kuaishou's long-term growth prospects and a solid financial position. Looking ahead, we'll continue to prioritize user needs and execute our AI strategy to empower all of our business stars while exploring more diversified growth avenues. These initiatives will reinforce our competitive edge in an ever-changing market and enable us to create long-term value for our users, partners, and shareholders. That concludes our preparatory remarks. Now, let's move into the Q&A session. [Foreign language]. We We will now begin the question and answer session. If you'd like to ask a question, please press star one and wait for your name to be announced. [Foreign language]. The first question comes from Felix Liu of UBS. Please go ahead. [Foreign language]. Thank you, Management, for taking my question, and congratulations on the very strong third quarter results. my question is on Kling AI. how does man the market is very focused on the competitive landscape of video gen AI. Can management share more color on Kling AI competition strategy from here, and where do you plan to develop and drive evolution in Kling AI from here? After the launch of Sora 2, how do we see the development of the overall video gen AI industry, and do you anticipate more opportunities on the to C side of video gen AI? Thank you. [Foreign language]. Thank you for your question. The surge of entrants from tech giants to startups reflects just how attractive and promising the video generation market is. That said, we believe video generation is still far from maturity in both product and technology. With a growing number of market participants, we expect accelerated innovation across the industry, meeting more user needs, penetrating a wider range of use cases, and pushing the market to expand even more. [Foreign language]. As for Kling AI's propositioning and competitive strategy, we have zeroed in on a key goal to empower everyone to craft competitive stories with AI. Our first industry focus is film and television, where we are dedicating our resources to deepening our tech and product capabilities. Video models, like large language models, are essentially evolving toward world models. We see video models as the key technology for world models. Applications can extend far beyond film and TV production. They can reach interactive experiences and data generation for embedded intelligence. While we will continue sharpening our model and product capabilities across diverse application scenarios, our strategic focus right now is squarely set on AI-powered film and TV production. [Foreign language]. With this goal in mind, we have been advancing our technology leadership and product creativity, and we'll continue on this path. Video models differ from language models in two ways. First, they are highly complex. While language models are relatively simple at the macro level, video models consist of a wide range of different modules. This complexity also gives us significant room for technological breakthroughs and innovation. Second, video generation is an open-ended domain. Inputs can be text, pictures, motion trajectories, and outputs can be diverse modalities, including images, video, and sound. These two characteristics, complexity and openness, allow greater flexibility in technology and product choices, which in turn provides significant room for technology and product innovation. Kling AI aims to bring together product creativity, insight, users, and ability to push technological boundaries. For example, in April, we read our concept of interaction called MVL. Building on this, we are continuously upgrading our foundation model and product capabilities, exploring more high model products. [Foreign language]. Alongside continuous breakthrough in our technology and product capabilities, we have also a wide range of operational initiatives to foster an end creator's mechanism and a thriving content creation ecosystem. For example, our Kling AI Future Partner Program integrates key resources from both Kuaishou and Kling AI to precisely match creators with high-value commercialization opportunities across diverse scenarios. The program has supported well-known brands such as the NBA and Mixue Bingcheng. We also recently leveraged the Kling AI Next Gen Creative Contest, helping Kling AI creators gain exposure at international film festivals in Busan, Cannes, and Tokyo, further expanding Kling AI's global brand visibility and influence. [Foreign language]. As for the latest buzz around Sora 2, it has made technology breakthroughs on multiple fronts and integrated closely with social interaction features. This has really accelerated the rollout of consumer-level AI applications and strengthened our confidence in the future commercial scalability of video generation. For us, our main focus is still on professional creators, improving their experience and willingness to pay. At the same time, we are actively exploring consumer-facing use cases. When the time is right, we will advance the productization of Kling AI's technology, embedding social features to speed up consumer-level applications and commercialization. Thank you all for your turn. Next question, please. [Foreign language]. The next question comes from Lincoln Kong from Goldman Sachs. Please go ahead. [Foreign language]. Thank you, Management, for taking my question and congrats on the very solid result. My question is about the AI-powered business. On top of Clean AI and the OneRec system we've been talking about for online marketing services, could the management elaborate more on AI large language model to empower our Kuaishou content ecosystem and how to improve our operational efficiency front? Thank you. [Foreign language]. Thank you for your question. 2025 is widely regarded as AI's first year advancing into deep applications. Throughout the year, AI technologies represented by a multi-modal generation and AI agents have consistently moved toward richer and more efficient applications that are more aligned with user needs. This marks a systematic step toward unlocking AI's industrial scale value. Against this backdrop, we have progressively developed a comprehensive AI technology and application system centered on user needs and rooted in our existing business scenarios. It is designed to accelerate AI adoption to empower our content and business ecosystems, as well as our organizational infrastructure. [Foreign language]. In terms of empowering our content ecosystem, AI has now been fully integrated across Kuaishou's business operations, from content and user understanding to content generation and recommendations. First, in understanding content and users, our proprietary multi-modal large language model Kuai Keyi has demonstrated strong video comprehension capabilities. Based on this model, we upgraded our short video and live streaming content understanding system and launched a tag next, our next generation tagging system, which enables more accurate and comprehensive content understanding. Tech next is now being applied across key scenarios, including early stage content management, content diversity expansion, and the new interest discovery, driving higher average app usage time per user. Second, in content generation, Kling AI continues to empower mass creators. We have witnessed a significant increase in the video views volume of AIGC short video content on the platform. Third, in content recommendation, the most important area, we further expanded the boundaries of generative recommendation systems by upgrading our end-to-end generative recommendation large model OneRec. We launched the next generation OneRec Think large model, integrating LLM inference capabilities and combining conversational inference, personalized recommendations, and real-time feedback mechanisms into one single model system. This further enhances recommendation accuracy and strengthens user trust. [Foreign language]. Beyond business empowerment, AI technology has played a major role in improving the efficiency of our organizational infrastructure. Our private AI coding tool, Code Flicker, has become a core intelligent development tool used daily by our engineers at a high frequency. It supports scenarios such as automated unit testing generation, intelligent code review, and smart testing cases generation. Currently, nearly 30% of new code at Kuaishou is generated using Code Flicker. In terms of content review, we have applied large AI models across diverse scenarios, including user profiling, content identification, and comment analysis. By leveraging COT reasoning and reinforcement learning technologies, we have enhanced our review models' capabilities. Currently, over 99% of the content on our platform is reviewed by AI, greatly reducing related costs while improving the efficiency and quality of content review. In addition, our customer service team is leveraging AI technology to pre-screen and route user inquiries, provide intelligent assistance, and accumulate knowledge. As a result, over 70% of user inquiries are now directly handled and resolved by our AI-powered customer service system, significantly improving efficiency. [Foreign language]. Overall, a resilient self-reinforcing cycle of AI innovation, AI application, money transition, and revenue growth is taking shape at Kuaishou. In the long run, we believe this full-spectrum AI application ecosystem will further strengthen Kuaishou's market resilience and unlock new growth momentum. Thank you all for your turn. Next question, please. [Foreign language]. The next question comes from Thomas Chong of Jefferies. Please ask your question, Jing Keyuan. [Foreign language]. Hi, good evening. Thanks Management for taking my question. My question is about online marketing services. We have seen our online marketing revenue accelerating this quarter. Can Management provide more details on what we have done from the perspective of traffic, industry status, as well as product offering? Thank you. [Foreign language]. Thank you for your question. In Q3, online marketing services revenue grew by 14% year-over-year, accelerating from the previous quarter, with domestic online marketing services revenue increasing by over 16%. From the traffic perspective, advertising revenue was driven by both increased marketing material impressions and higher CPM. The growth in impressions was supported by overall traffic growth and by more high-quality native marketing content, which helped increase ad load. The rise in CPM was driven by our use of AI technologies such as generative reinforcement learning bidding and end-to-end generative recommendation models, which improved the matching between user interest and advertiser needs, enhancing the personalization and matching efficiency of online marketing material recommendations. [Foreign language]. Looking ahead at external marketing services industry-wise, lifestyle services, where clients mainly rely on lead-based operations, and content consumption represented by short plays and mini-games, were the standout sectors this quarter. In lifestyle services, we upgraded our private messaging product and optimized the subsequent conversion passes across industry verticals, helping clients reach users more efficiently and improve sales conversions. Since most of our lifestyle services clients are small and medium-sized businesses, they benefit more from products like our AI customer service, UAX placement solutions, and AIGC marketing material generation tools. In content consumption industries, deep AI empowerment drove rapid growth in comic-style short plays. We captured this opportunity and used Kling AI to play an active role in upstream content creation. [Foreign language]. In terms of our closed-loop marketing services, we continue to iterate our omni-platform marketing solution, helping e-commerce merchants achieve more incremental exposure and conversion. By leveraging intelligent bidding agents and generative large models, we enabled 24/7 stable bidding and more fully uncovered user interests, which helped expand merchants' placement budgets. We also strengthened our ability to capture and interpret users' full range interests across both content-based and shelf-based scenarios, effectively increasing the number of converted users and their purchase frequency, while better meeting users' e-commerce consumption needs on Kuaishou. [Foreign language]. From a product perspective, we upgraded multiple products, including our UAX placement solutions, AIGC marketing material generation tools, live streaming digital human solutions, and our virtual employees. These enhancements lowered marketing thresholds and improved the conversion rates, driving more online marketing services spending. Specifically in Q3, our UAX placement solutions added a fixed-period steady placement feature. The new feature allows clients to set their requirements for marketing materials and pricing for a specific ad placement period, while the system automatically handles intelligent infrastructure, smart dynamic fine-tuning, and smart creative content production. This enhanced the stability of the ad placement period and helped our online marketing clients achieve more consistent placement performances at more predictable costs. In Q3, our UAX placement solutions accounted for over 70% of the external marketing spending. Our AIGC marketing material generation tool enabled clients to generate short video materials rapidly at a low cost and in batches, with a 10%-20% higher material conversion efficiency than the industry average. Live streaming digital human solutions allowed our clients to run 24/7 live streams even without streamers or venues. Our virtual employee reached a human-level customer service performance in conversational accuracy, efficiency, and safety, engaging naturally across scenarios like private messaging and comments, improving conversion efficiency for our clients. [Foreign language]. Looking ahead, we'll continue to expand our industry client base and further deepen AI applications, empowering clients to achieve more efficient, high-quality marketing performances and better ad placements question. Regarding e-commerce, while consumption has shown some resilient recovery this year, overall user spending has remained cautious and rational. During Double Eleven, we delivered an unexpected result. Among them, jewelry, jade, porcelain, health tea, health apparel including men's sportswear and women's and children's clothing, as well as fresh food, all performed outstandingly. This year for Double Eleven, we invested RMB 18 billion in platform traffic incentives, combined with secondary user red packets and RMB 1 billion in product subsidies, to help merchants improve conversion, transactions, and buyer activity. The number of merchants with GMV transactions exceeding RMB 10 million achieved double-digit year-over-year growth. According to the type and scale of merchants' operations, we formulated commission and policy measures to drive the prosperity of the e-commerce ecosystem and stimulate merchants to achieve better rights and growth. On the shelf side, our support focused on core products, launching a series of projects such as major brand subsidies and Superlinks. This year during Double Eleven, the number of single products from major brands with GMV over RMB 1 million increased by more than 77% year-over-year. The shopping mindset of loyal users on Kuaishou was also better reflected during this period, with search GMV growing by more than 33% year-over-year. During the Double Eleven sales promotion, we delivered results in line with our expectations, with standout performances in categories such as jewelry and gemstones, tea, wine, and wellness apparel, including men's and women's apparel, sportswear, and family matching outfits, and fresh food. For this year's Double Eleven sales promotion, we invested over CNY 18 billion in platform traffic incentives, combined with the CNY 2 billion in user subsidies and CNY 1 billion in merchandise subsidies. Together, these effectively enhanced merchant sales conversions and buyer engagement, increasing the number of merchants achieving GMV of over CNY 10 million by double digits year-over-year. We implemented tiered support programs tailored to business type and merchant and account size, fostering a thriving e-commerce ecosystem and motivating them to achieve better growth across omni-domain scenarios. For shelf-based e-commerce scenarios, we focus on supporting core products, where we launched a range of initiatives, including the Big Brand, Big Subsidy, and Superlinks. During this year's Double Eleven sales promotion, the number of single products achieving over RMB 1 million GMV via the Big Brand, Big Subsidy initiative surged by over 77% year-over-year. Our users' mind share for shopping on Kuaishou improved during the sales promotion, with search-generated e-commerce GMV growing by over 33% year-over-year. [Foreign language]. For our future e-commerce growth drivers, in the short to medium term, we will prioritize boosting user purchase frequency, followed by increasing ARPPU. Our key initiatives to raise purchase frequency are: first, we will continue to empower streamers to strengthen their private domains and operational efficiency, broadening the variety of streamers and product categories that users pay for; second, we will maximize cross-scenario synergy. Lower purchase barriers in short-view scenarios will allow us to expand our user buyer base, increasing purchase rates more as we progressively reinforce users' shopping mindset on Kuaishou. Our pan-shelf-based e-commerce will better capture users' repeat purchases needs with greater certainty. We will further enhance the operations of our key product categories and more precisely identify our core user base needs, deepening users' trust in the platform, having steady ARPPU growth. There is still significant room to grow our e-commerce monthly average paying users, but we view this as a long-term outcome metric rather than a short-term performance metric. In the near to medium term, we will mainly focus on the healthy structure of our e-commerce monthly average paying users. [Foreign language]. Regarding the growth potential of live streaming e-commerce, as a content platform, live streaming e-commerce and trust-based e-commerce have always been the backbone of our e-commerce business and most critical operational scenarios. We believe that live streaming e-commerce, with its built-in conversion advantages, will continue to gain ground in the online retail market and still hold substantial room for structural growth in the future. The long-term growth potential lies in creating a healthy ecosystem where merchants can operate sustainably with private domain follower retention, acting as a key moat given their high user stickiness and repeat purchase behavior. Accordingly, we help merchants better integrate their public and private domain strategies through a range of initiatives, acquiring traffic in the public domain while retaining followers and converting them into customers and driving repeat purchases in private domains. That said, exceptional content and superior products remain the essential foundation of our ecosystem. Therefore, we'll continue to onboard merchants and creators, expanding the pipeline for high-quality supply while continuously broadening the range of merchandise. In parallel, we will strengthen long-term collaboration with both merchants and KOLs by offering them extensive products through our distribution pool and providing traffic support for standout content. We will also equip the merchants and KOLs with our intelligent operational tools, empowering them with AI to improve efficiency and performance. A robust business ecosystem, in turn, will incentivize the continuous creation of exceptional content. [Foreign language]. Finally, while live streaming e-commerce is the backbone of Kuaishou's e-commerce, we will also encourage merchants to operate across diverse scenarios and strengthen the efficiency of omni-domain synergies. This will facilitate a closer alignment with user needs and enhance the resilience and stability of Kuaishou's e-commerce ecosystem. Thank you. Thank you. The last question, please, operator. [Foreign language]. The next question comes from Xueqing Zhang of CICC. Please go ahead, Qingqi Wen. [Foreign language]. Thanks for taking my question. My question is regarding CapEx and profit margins. With the progress of Kling and other AI driving initiatives, does the company have any updated guidance on the CapEx and the AI-related spending plans? Has the full year 2025 profit margin target been adjusted? Given that the entire industry is significantly increasing CapEx, how is Kuaishou planning the CapEx over the next one to two years? What impact will AI investments have on profit margins? Thank you. [Foreign language]. Thanks for the question. As Yixiao said, this quarter we achieved strong results by integrating AI technology across a wide range of internal and external application scenarios. AI empowered our business operations and improved the quality and efficiency of our organizational infrastructure. AI technology continues to unlock increasing value across our content and business ecosystems. At the same time, Kling AI made more solid breakthroughs in commercialization. We now expect Kling AI's full year 2025 revenue to reach $140 million, more than double the target we set at the beginning of the year of $60 million. Given Kling AI's users' growing demand for video generation models, we have continued to ramp up our investment in computing power for Kling AI. Beyond the incremental investment in inference capacity, alongside continuous model iterations, we have recently started scaling up Kling AI's training computing power to keep Kling AI at the forefront of technology advancement. Including this and CapEx from other AI initiatives, we expect the group's total 2025 CapEx to increase in the mid to high double digits year-over-year. Regarding expenses, we have recently stepped up our investments in hiring and retaining AI talent. This portion of expenses remains relatively manageable, and despite the higher AI-related investments, we're confident that our full year adjusted operating margin will continue to improve year-over-year. Our overall improvement in profitability further underscores that AI continues to unlock increasing value across Kuaishou's content and business ecosystems. [Foreign language]. Thanks to the better-than-expected progress of AI technology of our businesses, we have a growth plan with a focus on upgrading computing power and technology. This goes beyond simple rising costs and expenses, pitted in our strategy of leveraging leaps in AI to drive greater value. As AI applications continue to expand across scenarios, their potential value will be increased a lot. We're confident that we can continue to steadily grow our profits, improving profitability over the next two years, and we look forward to sharing our progress along the way. Thank you. Thank you, operators. That's the end of the QA session. [Foreign language]. Thank you once again for joining us today. If you have any further questions, please contact our Capital Market and IRR team at any time. Thank you.