Hello everyone and thank you for joining iQIYI Second Quarter 2025 Earnings Conference Call. The Company's results were released earlier today and are available on the Company's investor relations website at ir.iqiyi.com. On the call today are Mr. Yu Gong, our Founder, Director and CEO, Mr. Jun Wang, our CFO, Mr. Xiaohui Wang, our CCO, Chief Content Officer, Mr. Youqiao Duan, Senior Vice President of our Membership Business, and Mr. Xianghua Yang, Senior Vice President of Movies and Overseas Business. Mr. Gong will give a brief overview of the Company's business operations and highlights, followed by Jun who will go through the financials. After the prepared remarks, the management team will participate in the Q&A session. Before we proceed, please note that the discussion today will contain forward-looking statements under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC. iQIYI does not undertake any obligation to update any forward-looking statement except as required under equitable law. I will now hand over to Mr. Gong. Please go ahead. Hello everyone and thank you for joining us today. Throughout the second quarter and the summer season, we delivered on a vibrant, diverse lineup of content, securing our leadership in total drama leadership market share according to Enlight. Our rebuilt offerings were headlined by three original blockbuster dramas that iQIYI Popularity Index scores of over 10,000, namely FEUD [Foreign language], Coroner’s Diary [Foreign language], and The Thriving Land [Foreign language]. A mong them FEUD and Coroner’s Diary resonated especially well with female viewers, while The Thriving Land captures the hearts of audiences of all ages and genders. These blockbusters further solidified our dominance in both the female and realistic categories. The performance of our variety shows was equally impressive in the summer season. iQIYI accounted for four of the top five spots in Enlight’s total viewership list. The highly anticipated return of our flagship IP, The King of Stand Up Comedy Season 2 [Foreign language], and the wrap of China 2025 [Foreign language] generated impressive viewership, with The King of Stand Up Comedy Season 2 commanding the industry’s highest viewership market share in its category in the summer. The strong performance of our premium content drove up key operating metrics in the summer, reflecting our commitment to delivering high- quality, diverse stories while continuing to evaluate the user experience across our platform. Building on the strong momentum of our content ecosystem, we are proactively exploring new opportunities to foster sustainable long- term value creation and achieve meaningful progress in our Experience Business and Overseas Business. Let me begin with our Experience Business, where, we are focusing on two key areas, IP-based consumer products and offline experiences. We are leveraging our extensive and unique IP collection to enhance our competitive edge and tap into the booming IP merchandising market. In the first half of the year, our self-operated collectible trading cards achieved over RMB 100 million in GMV, with popular IPs such as Love in Pavilion [Foreign language] setting new sales records. We also bring our IPs to offline experiences like iQIYI Land and immersive shelters, following an asset-light strategy. Currently, two iQIYI Land sites in Yangzhou and Kaifeng are in development, with over 50 immersive shelters already operating in around 30 cities nationwide. Our business outside Mainland China continues to show strong growth momentum. In the second quarter, both the subscriber base and revenue from the membership services reached record highs. We have now established four major operating regions: Southeast Asia, North America, Japan and Korea, and the Middle East and North Africa. We have meaningfully enhanced our brand influence and expanded our global recognition by combining premium C-Pop content with targeted localized operations, unlocking exciting opportunities for further growth. Now let's dive into the details of our business performance in Q2, with content which serves as the foundation of our business. We maintained our leadership of the core long-form drama category, securing the top spot in total viewership market share for four consecutive quarters according to Enlight Data. Our performance in the second quarter was driven by our diverse content offering, highlighted by an enhanced lineup for female-oriented dramas. Notably, FEUD achieved iQIYI Popularity Index score of over 10,000, topping the Enlight list. Original series Demon Hunter's Romance [Foreign language] is an in-house production that achieved a iQIYI Popularity Index score of over 9,800 thanks to its perfect blend of traditional Chinese tales and arts. Other standout titles include A Dream with a Dream Within a Dream [Foreign language] and Love in Pavillion from a romance-themed, Heartbeat Theater [Foreign Language] which scored over 9,600 and 8,900 for popularity index respectively. We also broadened our appeal with multiple suspense and realistic scenarios, including The Secret Path, [Foreign language] and two dramas from our Suspense Theater [Foreign language] Breaking the Shadow [Foreign language] and A Life for A Life [Foreign language] The Secret Path and Breaking the Shadow were especially is well received by large screen viewers, ranking among the top 5 most watched titles on TVs. Our premium content has won high recognition from the industry. At the latest Magnolia Award, one of the most prestigious honors of Chinese dramas, 13 titles produced by or broadcasted on iQIYI received an impressive total of 29 nominations, with 4 titles winning a combined 8 awards. Notably, our original drama To the Wonder from our Microcosm Theater [Foreign language] received the highest honor, the Best TV Series award, along with the International Communication Award and Best Cinematography award. Additionally, City of the City [Foreign language] won the Special Award and We Are Criminal Police [Foreign language] received both the Grand Prix and Best Original Screenplay Award. Moving on, full micro dramas available complement to our content ecosystem. More people are turning into iQIYI to watch micro dramas in the second quarter, both average daily viewing time and unique visitors have double-digit sequential growth. Our library boasts a diverse collection of about 15,000 titles, forming a strong portfolio of micro dramas. Since the second quarter, we have shifted all strategy focus on consistently delivering premium micro dramas through original production and licensing, aiming to drive user growth and accelerate revenue expansion. Internal data indicates that premium micro dramas can systemically outperform across key metrics including subscriber conversion, viewing time, user engagement, and retention. Developing premium content is our core strength built upon years of experience producing long-term video blockbusters. Our expertise in content production and advanced technology can be seamlessly applied to premium micro dramas. Additionally, our expansive IP collection provides us with a unique result for successful IP adaptation. In Q2, we made great strides with original micro dramas and launched multiple titles that performed exceptionally well with audiences including Inesc apable Scorching Love [Foreign language], How Dare You? [Foreign language], For My Dearest [Foreign language]. Notably, How Dare You!?, our first IP-adapted micro drama, hit a new milestone by reaching iQIYI Popularity Index score of 5,500, a historical high for our platform, and even outperformed the latest hit My Sweet Home in both average daily unique visitors and revenue from new subscriptions in the first week of release. Its success extended beyond numbers. It brought the typical micro drama audience, attracting a younger and more diverse demographic. It's a great example of how we are successfully developing IP across multiple formats. The strong reception of this micro drama tripled reservations for the long-form drama vision, and the second season of the animation based on the same IP. It also increased the watch of the animation's first season, showing the power of strategic IP development to drive engagement across formats. Turning to movies, we have dominated this category in viewership market share for 14 consecutive quarters according to Enlight Data. In the second quarter, we launched over 10 major titles catering to a diverse range of audiences with a variety of genres, including crime, female, realistic, martial arts, comedy, and action. Standout titles included the licensed movie Detective Cannot 1900 [Foreign language] and our original movie The Old Way [Foreign language]. We have been actively innovating our movie business model to drive long-term industry growth. This quarter, we were the first in the industry to use the revenue- sharing model typically seen with online films for newly released theatrical movies. This approach improves revenue potential for titles with limited box office performance. A great example is our pilot product Trapped [Foreign language], which generated over RMB 28 million in revenue sharing income on our platform, the highest for any movie title this year. Remarkably, this amount even surpassed its box office revenue, showcasing the potential of this model to amplify returns. For variety shows our focus on delivering top titles has yielded great results. According to Enlight data, iQIYI released 5 S-plus rated variety shows in the first half of the year, the highest among all long-form video platforms, with4 of them being original productions of flagship IP. 5 [guess-Hearts] Season 5 made a strong comeback with a record high iQIYI Popularity score, surpassing member revenue expansion and securing its status as a nationally renowned IP. Additionally, the competition formats in the latest season of The Rap of China 2025 strongly connected with the audience, driving the popularity index score to over 9,500 and setting a new record for the show. For animations w e continue to improve our original production capabilities. Revenue from Over the Divine Realms [Foreign language] has consistently ranked as a top-performing Chinese animation during the same period on our platform. Moving on to our content strategy and pipeline for long-form dramas, we focus on crafting top-notch premium stories that balance high commercial value with innovation and artistic excellence. At the same time, we are committed to delivering a steady, diverse slate of content that resonates with our broad audience. To elevate engagement, we are also reducing episode counts for a tighter, more compelling viewer experience. For the summer season, we introduced female-oriented key titles such as Coroner’s Diary and The Wanted Detective [Foreign language]. Among them, Coroner’s Diary stood out as another in-house produced original that delivered exceptional performance, iQIYI Popularity Index score of 10,000. Its attractive plots generated a strong word- of- mouth buzz, further cementing its success. In addition, we also prepared a variety of new titles and drama theater brands. N otably The Thriving Land, a realistic theme drama from our Masterpiece Theater [Foreign language], which exceeded iQIYI Popularity Index score of 10,000 within just 4 days of its release, driven by its compelling storyline that resonated with a broader audience. Its popularity also extended beyond our platform, topping both the industry's Enlight Data and traditional TV station charts. Other highlights from our Suspense Theater include Justifiable Defense [Foreign language], and Dead End [Foreign language]. In the upcoming fourth quarter, we are excited about our lineup of anticipated titles including Eight Thousand Miles of Clouds and Moon [Foreign language], Legend of the Magnet [Foreign language], Born with Luck [Foreign language], Fox Spirit Matchmaker, Sword and Beloved [Foreign language], Strange Tales of Tang Dynasty III: To Chang'an [Foreign language], and Speed and Love [Foreign language]. For micro dramas, we focus on premium titles. We released 2-3 premium titles each week during the summer season including Story of Ruo Xi [Foreign language], A Moment of Romance [Foreign language], Bestiary of Spirits, [Foreign Language], Albums The Thorned Revenge, [Foreign Language] Story of Zhao Yue and others. Shifting to movies, we are aiming to build a vibrant ecosystem for original production with 3 key projects. First, our Blockbuster Project where we team up with top filmmakers to deliver and standout theatrical hits [Foreign language]. Second, the Sleeper Hit Projects [Foreign language] where we partner with rising directors to create bold theatrical films that blend commercial appeal with fresh ideas. And third the Emerging Film Projects [Foreign language] is an innovative collaborative post for original online movie and the Minimum Guarantee and Revenue Sharing model designed to spark creativity. Looking ahead, our original production pipeline features several titles for theatrical release including crime action movie The Shadow's Edge, action comedy Enough is Enough [Foreign language], The Shadow's Edge [Foreign language], and The Skin [Foreign language]. Notably, The Shadow's Edge [Foreign language] recently premiered in theatres, achieving an impressive initial box office of over RMB 300 million within just 5 days. For online original productions, we launched Ultimate Mission and Never a Thief with upcoming titles such as Irrevocable Bladesman [Foreign Language], Wings of Dread [Foreign Language], and others. Additionally, we have enriched our lineup by bringing licensed theatrical movies to our platform as the Second Window, such as the Mega Hit Ne Zha 2 and highly anticipated upcoming titles like Malice [Foreign Language] and She's Got No Name [Foreign Language] and The Lychee Road [Foreign Language]. Notably, Ne Zha 2 has extended its success from theaters to the online domain, becoming the first movie to exceed a popularity index score of 10,000 on our platform. For variety shows, we are committed to delivering top-tier content, enhancing the value of our multiple-season IPs. In the summer season, our eagerly awaited show, The Rap of China 2024, and The King of Stand-Up Comedy Season 2, made a strong return. In addition, our new observation reality show, Her Prime [Foreign Language], resonated positively with audiences. Entering the fourth quarter, we are thrilled to bring forth new seasons of our acclaimed IPs, such as The Blooming Journey Season 2 [Foreign Language], and Hi! Young Farmers Season 3 [Foreign Language], along with the captivating new IP Wander Together [Foreign Language]. For animations, we are committed to elevating our original production. K ey original animations launched during summer include Over The Divine Realms [Foreign Language], Embers [Foreign Language], Celestial Bonds [Foreign Language], and Demon's Ascension [Foreign Language], o ur highly acclaimed original production, Love Between Fairy and Devil [Foreign Language] has returned with a second season in July and received positive feedback. For children's content, we are dedicated to turning beloved IPs into a fully immersive ecosystem, delivering experiences that grow with families and offer something special for every stage of the parent-child journey. For the second half of the year, we will launch a number of key original productions, including a new season of classical IPs Deer Squad Season 4 [Foreign Language], and a brand new IP, Carmen and Bert's Food Truck [Foreign Language]. Moving on to Membership Services, we focused on building a membership experience that connects with a broad audience powered by a vibrant content ecosystem and best-in-class services. By constantly enhancing the depth and variety of what we offer, we are delivering even more value to our members. One notable highlight is our family-oriented S- Diamond Plan, which integrates Express Package that grant early access to show finals as part of its inclusive privilege. This approach has proven to be a key catalyst in driving new subscriptions and upgrades to this premium tier. In Q2, 78% of new Star Diamond subscription revenues come from upgrades. Additionally, our ad-supported basic membership plan provided an attractive option for price-sensitive viewers. To further enhance the member experience, we have launched over 10 bundled membership plans foster stronger connection within the member community while supporting revenue growth. Looking ahead, we are focused on expanding these bundled membership initiatives to reach even more audiences. We also made meaningful strides in improving perceived membership value. A highlight of the quarter is our Courtesy Experience Programs. This program enables content lovers, brand advertisers, and more to gift virtual seats, essentially granting membership access for binge-watching content. This feature has driven higher engagement and amplified the popularity of key titles on our platform. So far in 2025, seed purchases have already tripled the total from 2024, with show levels accounting for the majority. Beyond that, we made membership even more rewarding this quarter by letting members gift, the Express Package to friends, and launching a dedicated channel for members to redeem points for projects. On top of that, we hosted 12 VIP-only events, including fan meetups, advanced screenings, and live variety show recordings. Moving on to advertising business, in the second quarter, brand ad benefited from enhancing the premium variety shows offering, and season melody on flagship content continued to be highly attractive to advertisers during the first half of the year of premium variety shows in the industry. In both the total and average number of advertisers attracted in Q4 and then year front, key advertisers delivered double-digit growth annually and sequentially. Notably, several key industries are showing a positive recovering trend, with food and beverage and communication services achieving double-digit annual and sequential growth in Q2. Looking ahead, we will sharpen our focus on maximizing ad sales from premium variety shows, dramas, and all drama seltzer brands. We see exciting potential in multiple-season variety shows. For example, ad revenue from The King of Stand-up Comedy Season 2 doubled compared to its first season. Additionally, we are capitalizing on new budgets for micro and short dramas, micro shows, and customized programs. Early sales of micro shows are encouraging, opening new marketing opportunities. We have also introduced product placements within micro dramas and are preparing to launch dedicated products for our Micro Drama Theater. Additionally, we are boosting monetization on smart TVs and expanding inventory with innovative formats. For performance ads, strengthening relationships with existing clients while capturing budgets from high-growth sectors are our focus. In internet services w e expanded our advertiser base by bringing in new partners for e-commerce. We utilized programmatic advertising to maximize opportunities during the June 18 shopping festival. In the education sector, we expanded our advertiser base to include wellness management services and other industries, driving a year-over-year doubling in value. Moving forward, we will harness AI to optimize both advertising materials and placement strategies, unlocking even greater budget opportunities. In fact, AI-powered video ads drove a 20% increase in click-through rates compared to those created without AI. Moving on to technology and products, we are committed to harnessing AI to transform entertainment experiences, amplifying company value and enhancing user engagement. In the second quarter, we introduced the industry's first AI-powered iJump Talkout feature, redefining viewer engagement with long-form video by offering faster-paced, micro drama-like experiences. With a simple swipe up, all done on a mobile phone, users can effortlessly skip between key plots without missing any types of captivating moments. This feature is now available for over 2,300 dramas and variety shows on our main iQIYI mobile app and has quickly become a popular feature for binge-watching and re-watching favorite shows, clearly boosting user engagement. Another pioneering example is Taodou World [Foreign Language], launched in early 2024 as the industry first AI agent-based NPC dialogue platform. Realizing a vision of AI-powered human- machine interaction, featuring over 102,000 NPC agents from our most popular content, it engages fans 24/7 in new and exciting ways. A standout is Taodou, an AI agent acting as a personal assistant offering support like video search, recommendation, and plot insights. These innovations are transforming fan engagement and creating new value for our content. Beyond that, our harness AI to upgrade content production. A good example is our application of AI to streamline digital assets and production on the set of The Great Nobody 2 [Foreign language]. AI boosted the efficiency of digital asset generation by over tenfold, cutting costs and shortening production time. For the pre-production for romance dramas w e will achieve the [guess-breakthroughs] in [guess-qualitative] script analysis, now supporting in-depth evaluation of the leading characters, dramatic, romantic relationship, and interactions. In addition to that, AI also helps in identifying unneeded plots. Moving on to our business performance in regions outside of Mainland China. Our overseas business continues its strong growth momentum with membership revenue and membership scale expanding for eight consecutive quarters. In Q2, membership revenue grew by around 35% annually, driven by standout performances in markets like Brazil, Mexico, Indonesia, and 5 Spanish-speaking regions, all reporting annual growth over 80%. Average daily subscribers reached all-time highs during the quarter. The outstanding performance is anchored in our exceptional content lineup, especially as C-drama popularity continues to grow globally. The original C-drama FEUD topped popularity charts in 15 overseas markets o n premiere day. The Vietnamese-dubbed version of A Dream Within A Dream set a new record for the highest daily revenue in its language segment on release day. Coroner’s Diary achieved the highest popularity ranking in 13 overseas markets and led Google Trends in 5 markets within its first week, expanding its domestic success internationally. On top of the long-form video, we have been expanding our offering by introducing micro dramas overseas since March and have gained strong momentum. Membership revenue attributed to micro dramas surged monthly, month by month, during the second quarter. By the end of June, micro dramas ranked as the second largest category, attracting new subscriptions in Indonesia, Korea, and Brazil. Our original macro drama Inescapable Scorching Love garnered widespread international acclaim, expanding the reach and influence of our micro dramas beyond the domestic market. Building on the initial success, we plan to ramp up original micro drama production overseas specific in the second half of the year. Expanding beyond content, we continue to amplify the global influence of C- Pop through offline marketing events such as fan meetings and media conferences that spotlight Chinese celebrities. In the second quarter alone, we hosted three events that drew widespread engagement from users, media partners, and advertisers. Looking ahead, we are gearing up to scale these events internationally, further strengthening the reach of Chinese content globally. In summary, we are committed to building a beloved national brand and strengthening our market leadership with exceptional user experiences and a vibrant content ecosystem. At the same time, we are focusing on innovation and investing in key growth areas such as AI applications, micro dramas, Experience Business, and global expansion, all with the goal of claiming sustainable long-term success. Thanks Mr. Gong and hello everyone. Let me walk you through the key numbers for second quarter. In the second quarter, the total revenues were RMB 6.6 billion. The membership services revenue reached RMB 4.1 billion, down 9% annually primarily due to a lighter content slate c ompared to the same period last year. T he online advertising revenue was RMB 1.3 billion, decreased by 13% annually. During the quarter s ome advertisers adjusted their advertising and promotion strategies in response to macro pressures. The content distribution revenue reached RMB 436.6 million, down 37% annually primarily due to the decrease in barter transactions. Other revenues increased by 6% annually to RMB 829.3 million. Moving on to costs and expenses, we have maintained a disciplined cost expense management. The content cost was RMB 3.8 billion, representing a saving of 8% annually primarily due to a lighter content slate in the quarter, and the total operating expenses were RMB 1.4 billion, representing a saving of 3% annually. Turning to profits and cash flows, the non-GAAP operating income was RMB 58.7 million, the non-GAAP operating income margin was 1%. As of the end of second quarter we had cash, cash equivalent, restricted. Cash, short-term investment, and long-term restricted cash included in fee payments and other assets. The total of RMB 5.1 billion. In addition, the company had a loan of $522.5 million to PHE recorded under amount due from related parties. We continue to improve our capital structure in the second quarter. We repurchase a total principal amount of $85 million of the 2028 Notes for cash, and outstanding default balance remaining for the 2028 Notes is $280 million as of the end of the second quarter. As we continue to optimize our debt structure, our net interest expense decreased by 33% compared to the same period last year. For detailed financial data, please refer to our press release on our IR website. Now we will open the floor for Q& A. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speaker phone, please pick up the handset to ask your question. Your first question comes from Maggie Ye with CLSA. [Foreign language] Regarding the recent change of policy in China's long- form video industry, your mentor, share with us on the potential impact to the company. Thank you. [Foreign language] We'll invite our Chief Content Officer Xiaohui Wang to take this question. [Foreign language] The introduction of the new policies represents a significant positive development for the overall long- form video industry, which we and the entire industry welcome and fully support. These policies bring benefits across multiple aspects. First, the time cycle from content production and review to broadcast can be effectively shortened, allowing content to reach audiences more quickly. This not only improves scheduling stability, but also ensures that the content aligns more closely with current social sentiment and resonates with the audience. Additionally, it also enhances the efficiency of the company's capital utilization. [Foreign language] Second, these policies enhance the flexibility of content creation, providing creators with greater creative freedom. This in turn can significantly boost the content appeal and promote greater content diversity. [Foreign language] Third, the policies could strengthen the synergy between online video platforms and traditional TV networks. More content can benefit from simultaneous online and linear TV broadcasting, expanding distribution channels for quality production, stabilizing content distribution prices, and enhancing the reach and influence of content. This is beneficial for both online video platforms and traditional broadcasters. [Foreign language] Last but not least, the release of these new policies is sending a strong signal. And that signal can attract more talent and capital into the content production, driving the healthy and vigorous development of the entire industry. [Foreign language] Thank you. Your next question comes from Xueqing Zhang with CICC. [Foreign language] Thanks management for taking my question. A great number of hit dramas and variety shows during the summer seasons. In your prepared remarks, we have also noticed that recently all single shows have achieved iQIYI Popularity Index of over 10,000 and received excellent reviews. Could management provide an overall review of the content performance this summer? Additionally, considering the impact of the new regulations, what's your future content strategy? Thank you. [Foreign language] The CEO is taking the first part of the question. He's commenting on the new policies after the release of the policy. I think from the company standpoint will promote innovation in different aspects of the content production. For example, multi season content and also different formats of the innovative dramas can be produced in the future. And then next we'll invite our Chief Content Officer Xiaohui to take the rest. [Foreign language] During this year's summer season, from June to August, we delivered outstanding performances across drama, variety shows, film, and micro dramas. Three of our original drama blockbusters, namely FEUD, Coroner’s Diary, and The Thriving Land, all iQIYI Popularity Index score of over 10,000. For micro drama, How Dare You!? hit a new milestone for iQIYI Popularity Index score. And for variety shows, returning flagship titles such as The King of Stand Up Comedy Season 2 and The Rap of China 2025 led the market. Last but not least, on the film front, the theatrical release The Shadow's Edge recently surpassed RMB 300 million in box office revenues and the third- party market forecast predicts the total box office revenue could exceed RMB 1 billion. And all of these once again demonstrate the audience's affection for premium content that further demonstrated our strength in producing top- tier content. [Foreign language] In the future, benefiting from the new policies for the industry, we aim to strengthen our content strategies across different categories. For the long- form dramas, we will continue to focus on premium productions with high commercial value and like CEO Gong mentioned earlier, that not only will focus on innovations for long- form video dramas and will also to improve our innovative for short dramas as well and also for long form video dramas, we will leverage our five major drama theaters to comprehensively cover key content genres such as suspense, romance, realistic, and comedy. For the production side, we'll focus on creating innovative contemporary storylines with a tighter painting and a greater viewer appeal. In terms of content promotion, we'll place a stronger emphasis on creativity, buzzworthiness, emotional resonance, adopting strategies that better engage younger audiences. [Foreign language] For micro drama, our approach towards women-oriented production is expected to attract more users who previously did not watch micro dramas to the content genre. We'll continue to apply our long- form drama development expertise, expand collaborations with top creators, and produce more flagship titles while exploring serialized formats. On the monetization side, beyond our existing membership and free models, we will actively explore opportunities such as content distribution, branded content interpretation, and IP merchandising development. [Foreign language] Beyond dramas, we are also striving for breakthroughs across the different other categories. For variety shows, our focus remains on the flagship multi-season IPs while continuing to explore innovative content formats. For films, we're working on a comprehensive framework to strengthen our original film projects through our three strategic initiatives, namely Blockbuster Project, Sleeper Hit Project, and Immersion Film Project. These efforts will expand our market share in online video and online movie streaming, enhancing our influence in theatrical releases and strengthening synergies between iQIYI's online and offline platforms. And for animation and children's content, we'll continue to improve our original production capabilities, focusing on high- quality domestic animations while enhancing the monetization of children's. Thank You. Your next question comes from Gigi Zhou w ith GF Securities. [Foreign language- Shooting Teacher]. I will transalte the question myself. T his year w e have seen that iQIYI is preparing for the offline theme park at the same time selling related IP products during the broadcasting of some top key dramas. Could you share about these strategies in the future and how would you think of this market size center. [Foreign language] Our CEO Yu Gong is taking this question. For iQIYI's Experience Business, we have two key areas, IP-based consumer product and offline experiences. For IP consumer products, in the past we solely operated in IP licensing. The percentage of GMV is relatively low in the whole market as a whole. So starting this year we're now transitioned to self- operation, building a consumer product system that includes planning and design, manufacturing and sales. [Foreign language] Right now we're starting to test the water, starting from the collectible cards. And then also we're testing the water for different sales channels. So, we will expand that efforts in the future. [Foreign language] For the offline experiences, we overall take an asset-light approach to this strategy. It mainly has two parts, the immersive theaters, which now the license model that we operate with different stores now has over 30 cities, more than 50 stores. And, also for iQIYI Land, we also take the asset-light approach and we support in terms of content management and also technology. Sorry [Foreign language] For iQIYI Land, in addition to the games and also the experiences based on our IPs, we also have the derivative products, IP consumer goods that will be selling in the stores. So, collectively it will create synergy of our overall Experience Business. [Foreign language] Right now we have the Yangzhou and Kaifeng locations are in development and by the end of this year probably we'll have more location to be announced. [Foreign language] Thank you. Our next question comes from Thomas Chong with Jefferies. [Foreign language] Good evening, Management. My question is about our debt management plan. Can Management share more color about this? Thank you. [Foreign language] Thanks. Our CFO Wang Jun is taking this session as you probably mentioned and noted that for our debt we have two parts: overseas U.S. dollars and domestic RMB. [Foreign language] As of end of second quarter, you will notice that the outstanding balance for the 2028 convertible notes is only RMB 208 million. And currently, the company has sufficient cash to meet that allocation if the CP holders decided to provide to us. Number is [Foreign language] In terms of the domestic debt dominated in RMB, you probably will notice in the past few quarters the long-term loan versus short-term loans have significantly improved. Currently, the portion is like 50/50 in terms of our outstanding loans as a whole. And so overall speaking, the capital structure now is pretty healthy enough to support our daily operations and also the long-term development and growth in the future. Thank you. There are no further questions at this time. I'll now hand back to Ms. You for closing remarks. Thank you everyone for joining the call today, and if you have any questions, don't hesitate to contact us. See you next quarter. Thank you. Bye-b ye. Thank you. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.