Good day. Welcome to the Cheetah Mobile First Quarter 2026 Earnings Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Cheetah Mobile Investor Relations, Helen. Please go ahead. Thank you, operator. Welcome to Cheetah Mobile's First Quarter 2026 Earnings Conference Call. With us today are our company's Chairman and CEO, Mr. Fu Sheng, and our company's Director and CFO, Mr. Thomas Jintao Ren. Following management's prepared remarks, we will conduct the Q&A section. Please note that the management's script will be presented by an AI agent. Before we begin, I refer you to the safe harbor statement in our earnings release, which also applies to our conference call today, as we will make forward-looking statements. At this time, I would now like to turn the conference call over to our Chairman and CEO, Mr. Fu Sheng. Please go ahead, Fu Sheng. 2026 remains an important transition year for Cheetah Mobile. We are continuing to evolve from a traditional internet company into a company focused on AI-enabled applications for AI agents and robotics. More importantly, we believe we are gradually moving from capability building into early-stage commercial validation. Our focus is not only on developing AI capabilities, but on turning these capabilities into practical products for real business scenarios, helping customers deliver better ROI. Starting from this quarter, we are separating our robotics and others business into an independent reportable segment. In the first quarter, revenue from robotics and others business increased 176% year-over-year to RMB 51 million, approaching 20% of total revenue. At the same time, adjusted operating loss from this segment narrowed by 57% year-over-year. Customer demand remains strong. We expect robotics and others revenue to grow strongly in 2026. In Q2, our robotics and other revenue will continue growing on both year-over-year and quarter-over-quarter basis. Today, our robotics business mainly focuses on commercial scenarios with real customer demand and clear long-term value, including reception, guided tours, and intelligent service applications. Our smart personal mobility is another important step for us. This product extends our robotics and AI capabilities into personal mobility and healthcare-related scenarios. More importantly, it further validates that our robotics platform can extend beyond commercial service robots into broader consumer applications. We are encouraged to see recognition from leading industry partners. During the second quarter, we started initial product shipments to a top global designer and manufacturer of mobility products, as well as a leading elderly mobility scooter manufacturer in China. We are seeing encouraging early market feedback and initial commercial traction. Moving to our agent. We are seeing strong customer adoption. We work closely with Google Cloud and AWS, helping enterprises serving international markets access AI models and use multi-cloud environments more efficiently. In 2026, revenue from our cloud and AI infrastructure services as a part of global enterprise service revenue increased 68% year-over-year, contributing 18% of total revenue. Daily average token usage has increased more than 20 times since January 2026, exceeding 400 billion in May. We expect this revenue growth to continue. We also kept building EasyFlow. It's early, but we believe it will help customers deploy AI agents and boost productivity. The two fast-growing businesses, namely robotics and others, as well as cloud and AI infrastructure, already accounted for 38% of our first quarter revenue, and we expect their revenue growth and revenue contributions to continue growing in the coming quarter and to exceed more than 50% of our total revenue in the second half of this year. During the quarter, revenue from our advertising agency business within the global enterprise services segment was affected by policy changes from certain overseas advertising platforms. We believe this revenue decline was primarily driven by external factors rather than changes in customer demand. This was the primary reason for the company's widening year-over-year operating loss in the first quarter. Our internet services business continues to provide important profit and cash flow support for the company. In the first quarter of 2026, our internet service business generated approximately RMB 15 million in adjusted operating profit. While ad agency revenue was hit by policy changes, which impacts our financial results in the near term, it is a stronger base for growth. Moreover, our $186 million cash also supports our AI agents and robotics growth. Thank you. Thank you, Fu Sheng. Hello, everyone, and thank you for joining us. Unless otherwise stated, all financial figures presented in RMB. During the first quarter of 2026, we continued focusing on operating discipline, improving revenue quality, and maintaining financial flexibility as we invest in AI and robotics initiatives. Total revenue remained relatively stable year-over-year at RMB 259 million during the quarter. While internet service revenue declined due to continued weakness in online advertising, the quality of our revenue mix continued improving. Within the internet service segment, revenue from internet value-added services continued to grow steadily at 8.2% year-over-year, contributing 72.8% of segment revenue. Within a larger portion from internet value-added services, our internet service revenue is becoming increasingly predictable. More importantly, the internet service business remained profitable and continued generating stable cash, which provides an important financial foundation for our long-term AI and robotics investments. Turning to our robotics and other segments. Starting from this quarter, we began reporting the robotics and others business as a separate segment to present the operating progress of this business. Historical results previously reported under AI and others are now presented as robotics and others as well as global enterprise services. During the first quarter, revenue from robotics and others increased significantly year-over-year, with revenue increasing 175.9% year-over-year to RMB 51.2 million, accounting for 19.8% of total revenue. Adjusted operating loss from this segment narrowed by 57.1% year-over-year, reflecting continued improvement in operating efficiency and commercial execution. Turning to global enterprise services. This business remains strategically important to the company. In addition to profitability contribution, it provides us with valuable enterprise customer relationships, overseas operating experience, and real-world deployment scenarios for AI-related services. During the quarter, revenue from the advertising agency business was affected by policy changes from overseas advertising platforms, which impacted year-over-year segment revenue performance. However, revenue from our cloud and AI infrastructure services business increased by 68.3%, supported by increasing enterprise demand for AI-related cloud and token management services. Turning to profitability. Operating loss was RMB 28.3 million during the quarter, compared with RMB 26.5 million in the same period last year. The increase mainly reflected lower profitability from the internet and global enterprise services business, following revenue declines in online advertising and advertising agency services, as well as our continued investment in AI and robotics initiatives. More importantly, both the internet service and the global enterprise services business remained profitable during the quarter. The internet service business generated approximately RMB 15.2 million in adjusted operating profit, while global enterprise services generated approximately RMB 13.8 million in adjusted operating profit. We also maintained a strong balance sheet. As of March 31, 2026, we had approximately $186 million in cash and cash equivalents, as well as over $100 million in long-term investments. We believe our financial position provides sufficient flexibility to continue investing in AI and robotics with a disciplined and sustainable approach. Looking ahead, our financial priorities remain consistent. A, maintaining operating discipline. B, improving revenue quality and operating efficiency. C, supporting long-term investments while preserving financial flexibility. Overall, we believe the company continues moving toward a more sustainable and balanced operating structure as our AI and robotics businesses gradually scale. Thank you. We are now ready to take your questions. Operator, we are able to take questions. The first question comes from Thomas Chong with Jefferies. Please go ahead. [Non-English content] [Non-English content] Operator, can we move to the next question? Yes. The next question comes from Vicky Wei from Citi. Please go ahead. Vicky, are you on the line? Okay, we'll go to the next question. The next question comes from Lydia Lin from Morgan Stanley. Please go ahead. [Non-English content] [Non-English content] Operator, can we move to the next question? The next question comes from Vicky Wei with Citi. Please go ahead. [Non-English content] [Non-English content] Operator, please move to the next question. The next question comes from Nancy Lu with JP Morgan. Please go ahead. [Non-English content] [Non-English content] Thank you. Operator, please move to the next question. The next question comes from Zeping Zhao with ICBC International. Please go ahead. [Non-English content] [Non-English content] [Non-English content] [Non-English content] Thank you, Zhao. Operator, please move to the next question. Thank you. The next question comes from Yunpeng Diao with Guotai Haitong. Please go ahead. [Non-English content] [Non-English content] Operator, please move to the next question. Thank you. The next question comes from Guangpeng Zhan with Guohai Securities. Please go ahead. [Non-English content] [Non-English content] Okay, operator. Please check if they have further questions. If not, then we will end this call. Thank you. Seeing there are no further questions. This concludes both our question- and- answer session and today's conference. Thank you for attending today's presentation. You may now disconnect. Thank you. Bye bye. Thank you.