Thank you for standing by. Welcome to the iQIYI fourth quarter and fiscal year 2025 earnings conference call. All participants are in a listen-only mode. There will be a presentation, followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Ms. Chang Yu, IR Director of the company. Please go ahead. Thank you, operator. Hello, everyone, and thank you for joining iQIYI's fourth quarter and fiscal year 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; Ms. Ying Zeng, our interim CFO; Mr. Xiaohui Wang, our Chief Content Officer; Mr. Youqiao Duan, Senior Vice President of our Membership Business; Mr. Xianghua Yang, Senior Vice President of International and Online Game Business; Mr. Gang Wu, Senior Vice President of Brand Advertising Business. Mr. Gong will give a brief overview of the company's business operations and highlights, followed by Ying, 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 made 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 statements except as required under applicable law. I will now pass on to Mr. Gong. Please go ahead. Hello, everyone. Thank you for joining us today. In 2025, we focused on strengthening our core business to renew growth while achieving advancements in emerging businesses. These efforts drove a solid year-end performance, with total revenue in Q4 returned to growth both annually and sequentially. Notably, our long-form dramas secured number one in viewership market share on nLighten annual rankings, with five titles exceeding 10,000 for the iQIYI Heat Index. More importantly, we have made remarkable breakthroughs in IP franchise development, moving beyond making individual hit titles to building evergreen IP that drive growth across diverse formats. Strange Tales of Tang Dynasty stand as a stellar example. As a flagship IP with four consecutive blockbuster seasons, its influence has expanded from long to short and micro-dramas, as well as offline experience. Emerging businesses continue to demonstrate strong growth potential. Our overseas business has evolved into a sustainable and scalable second growth engine, powered by accelerated organic momentum. In 2025, membership services revenue increased by over 30% year-over-year, with growth accelerating to 40% in the second half of the year. The subscriber base reached an all-time high. At the same time, our experience business has entered a critical stage of development. For IP-based consumer products, we have built a dedicated in-house team and upgraded from a licensing-only approach to a dual-track model, combining self-operated mechanism, merchandise with licensing. This strategic shift strengthening our control over IP operation and amplifies monetization efficiency. On the offline experience front, we launched our first iQIYI LAND in Yangzhou on February 8, 2026, receiving positive initial reception. Two additional parks are scheduled to open later this year. 2026 marks a key step towards scaled development as we build the experience business into a new engine for long-term value creation. Now, let's dive into the details of our business performance in Q4. Starting with content, the cornerstone of our business. For long-form dramas, we secured the number one viewership market share for nLighten Data, driven by a robust slate of premium content and breakthroughs in serialized IP that boost engagement and commercial results. Strange Tales of Tang Dynasty 3: To Changan marked our first title with two seasons exceeding a popularity score of 10,000. Among 2025 new releases, ranked at number one in ad revenue and number two in membership revenue. Following this momentum, the crime drama, The Punishment 2, became the first title of 2026 to surpass 10,000 for the popularity score. It is also our second franchise with two seasons achieving this milestone. Shifting to movies, we maintained a diverse lineup with broad demographic appeal. For iQIYI originals, the theatrical article hit, The Shadow's Edge, Feng Juying, extending its offline success to the online domain. It not only topped all Q4 film releases by peak iQIYI Heat Index score, but also became the highest-rated domestic action crime film of the past decade on Douban. Additionally, our original online film, The Sixth Robber, set a new all-time high for the popularity score within its category. For movies broadcasted on our platform, we retained the number one viewership market share for 16 consecutive quarters. In Q4, we rolled out diversified titles, including The Warm Seat, That Two Lives, The Animated Feature, Nobody, The fantasy comedy, The Adventure, and the female-oriented feature, Flew Away. Furthermore, our innovative revenue sharing model designed to optimize returns for films with limited theatrical box office performance gained further traction. The return of The Name Herald generated CNY 36 million in shared revenue, ranking first among all titles under this model. Turning to variety show, our dual focus on long-running franchises and fresh, innovative IPs, show market-leading performance in 2025. According to nLighten Data, three of our multi-season titles ranked in the top 10 most-watched multi-season variety shows, and two new releases ranked in the top three most-watched new shows. Our originals continued to set benchmark. The Rap of China ranked its ninth season this year, cementing its position as China's longest-running online variety IP. Additionally, Hi, Young Farmers Three, a spin-off of the beloved Become a Farmer franchise, featuring the boy group, reached an all-time high in its popularity score this season. Among brand new originals, Wander Together, Yu Zhou Shan Shuo Qing Zhu Yi, exceeded 8,300 for popularity score. We also expanded IP values from merchandise partnerships with brands for Hi, Young Farmers Three, The Blooming Journey Two, and Wander Together, unlocking new revenue potential. Turning to micro-dramas, we have expanded free content to over 70% of our 20,000 title library to broaden engagement. Our original portfolio is scaling to over 150 titles today, filling record high membership and distribution revenues in Q4 from these offerings. Spin-off from Strange Tales of Tang Dynasty, The Chinese Detective, Tang Gui Qi Tan Zhi Chang An Xian Wei, and The Night Tale Library, Tang Gui Qi Tan Zhi Jiu Chong Long, both hit new highs for popularity score. Notably, over 70% of their debut week viewers also watched the long-form scenarios, helping to extend the IP's lifespan. These releases not only boosted membership viewers, but also attracted top-tier brand partnership, moving well beyond the conventional performance ad model. Building on the momentum of the premium micro-dramas, we are venturing into micro animations and a business model centered on free content. With a pipeline of over 10,000 titles in place, micro animation viewership and the time spent are growing rapidly. Beyond content, we further amplified our IP values from flagship marketing events. In December 2025... We hosted the annual iQIYI Scream Night, alongside a two-day iQIYI Scream Carnival in Macau, to honor the year's standout productions and talents. The event drew over 200 million on-site attendees and live stream viewers, and brought together around 300 celebrities and industry partners. Next, let's dive into our 2026 content strategy and the exciting Q1 lineup. Starting with dramas, our Q1 slate includes Love Between Lives, Da Xi, Swords into Plowshares, Tai Ping Nian, Born to Be Alive, Sheng Ming Shu, How Dare You, Cheng He Ti Tong, The Devil Between Us, Chu E, Our Dazzling Days, Sui Yue You Qing Shi, Pursuit of Jade, Zhu Yu, and Love After You Yang, Zhong Qi Chu Nai. For movies, we will meet audience demand with our diverse slate, spanning top theatrical releases on- and online movies. Q1 lineup features original online movies such as Northeastern Brother Season 3, Dong Bei Yong Ge, and The Sing City, Shao E, alongside licensed titles such as Ge Zhi Tang, De Xian Ji Zhi. For variety shows, we are enhancing the long-term operation of multi-season IPs, while exploring fresh and innovative new IPs such as Wonders Gather, and Tonight Comedy Show, Jin Ye Xi You Xiu. Key Q1 releases include Five Hearts Season 6, Wu Xi, Hit Song Season 2, You Ge, as well as new IPs such as Wonders Gather, and Tonight Comedy Show, Jin Ye Xi You Xiu. For micro-dramas, we will focus on creating original content with quality and innovation, while enhancing operations, commercializations, and deepening integration of AI. Q1 key titles include Return to a Better Tomorrow, Xin Ying Xiong Ben Se, The Address of a False Noble Woman, Jia Gui Nv Jin Jie Lu, and The Amber Hour, Wu Li Tong. For animations, we will meaningfully expand our lineup of original Chinese animation compared with previous years. In Q1, our slate features original long-running series such as The Great Ruler, Da Zhu Zai, and Against the Gods, Ni Tian Xie Shen, as well as popular IP, including How Dare You Season 2, and Waves of Crisis, Ze Xian Ji. For children's content, we will secure top-tier SSIPs scale and original productions, and extend our AI-driven portfolio. In Q1, key offerings include a brand new original title, Detective Baboo, Xiao Xiong Mao Da Shen Tan Da Zhan Ba Ba La, alongside the licensed show such as PAW Patrol Season 11, Wang Wang Dui Li Da Gong, and the latest season of Pleasant Goat and Big Big Wolf, Xiang Yang Yu Wei Tang. Moving on to the membership services. Over the past few quarters, our membership services revenue has shown consistent year-over-year recovery, driven by diverse premium offerings. In Q4, members enjoyed the popular titles such as Strange Tales of Tang Dynasty 3: To Changan, Silent Honor, Chen Mo De Rong Yao, Fated Hearts, Yi Xiao Sui Ge, Legend of the Magnate, Da Sheng Yi Ren, and Sword and Beloved, Chen Li Jian Xin. We will vitalize our membership business through a range of operational initiatives. For example, we boosted new subscription and upgrades to the Standard VIP plan by offering inclusive perks such as free Member Express Packages, which provided early access to finales at no extra cost. In 2025, Member Express Packages were available for over 40 dramas. Additionally, we are strengthening member retention by emphasizing annual memberships during holiday promotions, e-commerce festivals, and a bundled partnership offers. To further increase the value of memberships, we introduced additional exclusive benefits, including five VIP events in the first quarter, featuring participation in offline show recordings, advanced screenings, and the exciting iQIYI Scream Night. In particular, iQIYI Scream Night event was highly praised for exclusive perks like red carpet viewing privilege and a live feed featuring their favorite celebrities. Moving on to advertising business. In Q4, brand advertising revenue growth both annually and sequentially, ad revenues from variety shows and our dramas both delivered double-digit annually growth, while core ad verticals such as food and beverage, internet services, and e-commerce, and telecom services all recorded double-digit annual growth. Beyond long form videos, our micro- dramas and micro variety shows are gaining considerable attention from brand advertisers. For micro-dramas, we have successfully engaged several renowned brands in 2025 through tailored content on those sales that integrates product placements with theater branding and a string of collaborations. Likewise, our micro variety shows have received a strong market recognition, fostering long-term partnerships with multiple clients and driving impressive revenue growth. For commerce ads, we regained sequential revenue growth in Q4, driven by a healthier and more balanced advertiser portfolio. Revenue from small and medium-sized advertisers grew both annually and sequentially. By vertical, internet services, e-commerce, and financial services lead growth. Additionally, we have deployed a proprietary large AI model for scaled ad delivery, leveraging deep semantic understanding that has boosted commercial rates. Moving on to technology, we introduced Nado Pro of proprietary AI agent platform designed to revolutionized professional content creation by integrating leading global large models with iQIYI deep expertise in professional content production. Nado Pro effectively streamlines the production pipeline from script evaluation to final generation. Currently, in its closed beta phase, Nado Pro is empowering our internal teams and select partners in a wide variety of professional content, such as feature films, dramas, animation. In addition, total work on pioneering AI agent-based NPC platform continues to redefine entertainment experience. Users can now engage with over 1,700 NPC agents from our popular titles, Song, Dialogue, Fan Fiction, and Virtual Social Interaction. The platform creates powerful synergies with key content, delivers immersive emotion, connection with fans, and enhance the long-term value of our IP. Strong user adoption is translating into commercial success and revenue from Total War rising sharply year-over-year in 2025. In addition to pushing the boundaries of AI applications, we are leading the industry with cutting-edge virtual production technology. Our in-house-developed IQ Stage system has meaningfully enhanced the efficiency of vehicle scene shots for the theatrical hit, Pegasus 3, featuring Sun. These achievements delivered unparalleled result with zero frame drops and zero aliasing, representing the highest standard for virtual production in car scenes in China. iQIYI innovation is at the core of everything we do. With a portfolio of over 12,000 patent applications, we are proud to rank number 72 among the top 100 Chinese enterprises for valid invention patents. In 2025 alone, we filed nearly 1,000 new patent applications, most of them driving achievements in AI across content development, production, broadcasting, and offline experiences. Moving on to the business performance in regions outside of Mainland China. In Q4, we continued to deliver robust growth, with membership revenue increasing by 14% annually. Markets such as Brazil, Mexico, and Indonesia shown exceptional performance, with membership revenue surging by over 80% annually. Our strong performance is driven by the growing popularity of our C-dramas, which have shown substantial annual revenue growth. Notably, Speed and Love, Shuang Gui, was a standout hit in 2025, emerging as the best performing C-drama during the peak viewing period, and topping popularity charts in 14 markets on our international platform. It performed exceptionally well in key regions like Thailand, Malaysia, and Singapore, where it leads its category on Google Trends. Its success extended further with the spin-off variety show, Thai Sweet, which became one of the most popular Chinese variety shows on our overseas platform this year. We are also ramping up production of local original content with strong user reception. The original Ops, I'm in Jail, stood out as the top Taiwanese drama on our platform in 2025. Our Thai original variety show, Ready Men Thailand, launched in February 2026, has secured exceptional brand advertising partnerships. Apart from long-form content, micro-dramas, captivated increased engagement among overseas audiences in Q4. Membership revenue from micro drama hit a new high, driven by originals such as Spring in the Palace and Wild Scene, and licensed hits from China, like Midsummer's Wonderland. Our efforts in creating local original micro-dramas have also started to show results, with 5 titles premiered in December 2025, featuring local content for South Korea, Thailand, the U.K., and Indonesia. Among these, the Korean micro drama, Loving: Is It All A Coincidence? The Thai micro drama, Catch Me If You Love Me, have outperformed, gaining notable popularity across and beyond our platform. In addition to content, in Q4, we held four major offline marketing events in Thailand, Indonesia, Malaysia, and Singapore, featuring Chinese celebrities. These events amplified the influence of our content and the commercial value of our platform, forged stronger partnerships, and propelled the global reach of Chinese content. Moving on to enterprise business, which, moving on to experience business, we are focusing on two core areas: IP-based consumer products and IP Land. By leveraging our extensive IP assets, we aim to build a new engine for sustainable long-term growth. For IP-based consumer products, our self-operated merchandise demonstrated solid progress, highlighted by top-selling collectible cards from premium dramas like The Journey of Legend. For IP licensing, Strange Tales of Tang Dynasty 3: To Changan secured strong partnerships across food and beverage, beauty, and outdoors, and Sword and Beloved set new sales records during its broadcast period. Looking ahead to 2023, we plan to grow our IP licensing business and expand our self-operated merchandise beyond collectible cards to more categories. For IP Land, we adopt a light asset model by combining AI and XR technology with IPs. We create immersive experiences that are more efficient, flexible, and require less space and investment than traditional theme park. Our first IP Land was successfully opened in Yangzhou on February eighth. Our Kaifeng and Beijing location are set to open later this year, each incorporating unique local elements to deliver tailored experiences. Revenue will primarily come from ticket sales and on-site spending. Looking ahead, we aim to position IP Land as a key sales channel for IP-based consumer products and a vital platform for maximizing the long-term value of our IP portfolio. In summary, in 2026, we will focus on three key strategic goals. First, we were stressing our domestic core by enhancing the quality of original content, stressing membership and advertising businesses. Second, we will aim to sustain strong growth in our overseas and experienced business, building more request engines for long-term expansion. Over the past several months, rapid advancements in AI large models worldwide have revealed a clear insight. The content production industry will be revolutionized within the next one to three years. This transformation will significantly cut production costs, lower barriers to professional content creation, and boost both the quality and the quality content. This exciting changes will greatly benefit media platform, especially iQIYI. To seize this opportunity, we are dedicated to building a dynamic AIGC ecosystem and transitioning our platform from a centralized to a decentralized model. We look forward to showing detailed initiatives at our upcoming iQIYI World Conference on April. Let me hand it over to Ying Zeng for the financials. Thanks, Mr. Gong, and hello, everyone. Let me walk you through the key numbers for Q4. Total revenues for Q4 were RMB 6.8 billion, up 2% sequentially. Membership services revenue reached RMB 4.1 billion, down 3% sequentially due to seasonality. Online advertising revenue was RMB 1.4 billion, up 9% sequentially, primarily driven by the streaming content and e-commerce Double 11 campaigns. Content distribution revenue reached RMB 787.7 million, up 22% sequentially, primarily driven by the increase in cash transactions. Other revenues were RMB 547.9 million, down 6% sequentially. Moving on to costs and expenses. Content cost was RMB 3.8 billion, down 5% sequentially, as we adopt a more curated content acquisition strategy centered on quality. Total operating expenses were RMB 1.4 billion, up 2% sequentially. Turning to profits and cash balance. Non-GAAP operating income was RMB 143.5 million. Non-GAAP operating income margin was 2%. As of the end of Q4, we had cash equivalents, restricted cash, short-term investments, and long-term restricted cash, including prepayments and other assets, at a total of RMB 4.7 billion. At quarter end, the company had a loan of $636.6 million to PAG, recorded under the line item of prepayments and other assets. For detailed financial data, please refer to our press release on our IR website. Now I 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 are on a speakerphone, please pick up the handset to ask your question. In the interest of time, we ask that you please limit to one question per person. Your first question comes from Xueqing Zhang with the CICC. Please go ahead. [Non-English content] Thank you, management, for taking my question. With recent upgrades in AI video generation models, like Seedance, which are approaching production-level quality, could management share your view on how these advancements may impact iQIYI's business, particularly in content production and cost, structure? What's your plan on leveraging AI video generation models? Thank you. Oh, 谢 谢 龚 宇 。 我 来 回 答 一 下 。 就 是 这 个 视 频 大 模 型 啊 ， 那 显 然 大 幅 度 地 降 低 了 视 频 制 作 的 成 本 ， 缩 短 了 制 作 时 间 ， 嗯 ， 然 后 而 且 是 降 低 了 创 作 门 槛 ， 让 一 些 新 人 可 以 做 很 好 的 长 视 频 的 内 容 。 呃 ， 所 以 -... 它 的 影 响 是 让 更 多 的 人 进 入 了 长 视 频 的 行 业 ， 那 必 然 导 致 长 视 频 的 数 量 和 质 量 都 大 幅 度 地 提 升 。 作 为 一 个 长 视 频 的 媒 体 平 台 ， 对 爱 奇 艺 来 讲 是 非 常 利 好 的 。 Thank you, 石 青. Our CEO, Mr. Gong is taking this question. Video generation models will substantially reduce the cost of producing long-form videos, shorter production time and lower the barrier to creation. This potentially will attract more new creators to this business, and then ultimately lead to the more creations for the long form video production. This is very much beneficial to long-form video platforms like iQIYI, which means this will lead to increase in both the quantity and quality of long-form video content. 我 再 说 一 下 这 个 不 同 类 别 的 影 响 。 漫 剧 本 身 就 是 AI 时 代 的 原 生 内 容 ， 所 以 它 现 在 已 经 是 AI 生 成 的 了 。 儿 童 动 漫 、 竖 屏 的 这 种 短 剧 ， 现 在 已 经 验 证 是 可 以 由 大 模 型 ， 就 直 接 生 成 了 ， 制 作 成 本 已 经 降 低 到 了 原 来 的 这 个 工 艺 或 者 实 拍 的 这 个 十 分 之 一 或 者 以 下 。 那 么 现 在 网 络 电 影 ， 动 漫 、 纪 录 片 等 等 这 些 ， 也 是 大 量 地 开 始 使 用 AI 主 导 的 方 式 ， 用 AI 主 导 的 方 式 去 做 制 作 。 最 难 的 是 真 人 院 线 电 影 、 真 人 剧 集 ， 还 有 综 艺 节 目 ， 现 在 也 开 始 用 一 些 AI 技 术 降 低 ， 显 著 降 低 了 这 个 这 部 分 环 节 的 成 本 ， 估 计 还 给 用 两 三 年 吧 ， 能 产 生 这 个 AI 直 接 生 成 的 商 业 价 值 。 Let me just discuss on the impact of AI generation content for each content genres. For example, the micro animation is actually an AI-native content created entirely by AI. For children's animation and also micro-dramas, it has been demonstrated that large models can produce these content and reducing the production cost to 1/10 or less compared to traditional methods. For online films, animation and documentary, etc., these are rapidly permitted by AI-led production approaches as well. Among all these long-form video content, the most difficult ones to be produced are the live-action content. For example, the theatrical films, drama series, and variety shows. In fact, these content have in part adopted AI in their production process, which the results have proven that these have significantly reduced the content cost, content production cost. Based on our projections and estimations that we think the AI-led commercial film probably will emerge within the next two to three years. iQIYI 主 要 在 two 方 面 采 取 措 施 吧 。 那 一 方 面 ， 这 个 正 在 研 发 的 Nado Pro， 这 是 一 个 专门 用 于 影 视 专 业 制 作 的 那 个 智 能 体 ， 特 别 适 合 于 这 是 在 大 模 型 之 上 ， 适 合 于 影 视 专 业 这 个 制 作 的 一 个 智 能 体 。 另 一 方 面 ， 就 是 通 过 运 营 的 方 式 构 建 未 来 的 AIGC 的 内 容 生 态 系 统 ， 笼 络 更 多 的 创 作 者 。 For iQIYI, we are actually placing our focuses on two areas to embrace these AI initiatives. On one hand, we have developed Nado Pro, an industry specific AI agent for video content production. On the other hand, we are working to build a new AIGC content e-ecosystem through various operation methods, hopefully that we can attract more creative talents under this new AI era. 哦 ， 谢 谢 。 Thank you. Thank you. Thank you. Your next question comes from Maggie Ye with CLSA. Please go ahead. 诶 ， 晚 上 好 ， 感 谢 管 理 层 的 提 问 机 会 。 想 请 教 一 下 公 司 二 零 二 六 年 整 体 的 内 容 策 略 的 规 划 ， 比 如 我 们 在 剧 集 、 综 艺 、 电 影 、 微 剧 等 主 要 品 类 上 的 重 点 ， 或 者 说 如 何 去 考 量 自 制 与 外 采 内 容 。 can mention what pass through company's content strategy for 2026 in more details. For example, how are we thinking about the key priorities across different genres, including drama, variety shows, film and micro drama, etc? And how are you thinking about the mix of self-produced content versus licensed one? Thank you. Thank you, Maggie. We'll invite our Chief Content Officer, Mr. Xiaohui, to take this question. 好 ， 谢 谢 各 位 ， 我 来 回 答 这 个 问 题 。 呃 ， 因 为 目 前 我 们 在 制 的 戏 剧 数 量 比 较 多 ， 对 于 剧 集 这 一 块 呢 ， 二 零 二 六 年 的 策 略 是 将 小 比 例 地 减 少 我 们 戏 剧 的 开 机 数 量 ， 但 是 更 重 要 的 是 聚 焦 头 部 项 目 的 创 新 和 质 量 。 Given the current volume of in production, dramas, we will slightly reduce the number of dramas to be produced in 2026. Place greater emphasis on top tier titles in terms of their quality. 呃 ， 同 时 现 实 主 义 和 悬 疑 犯 罪 这 类 的 题 材 呢 ， 一 直 是 爱 奇 艺 的 优 势 领 域 ， 我 们 将 继 续 在 这 个 ， 这 两 个 赛 道 上 保 持 创 新 的 这 个 ， 呃 ， 不 停 止 ， 来 保 持 住 我 们 在 这 两 个 赛 道 的 优 势 领 域 。 In terms of the realistic and the suspense, crime genres, these content categories have been iQIYI's strength, in fact. In these areas, we'll continue to maintain our innovation, to create new content and more creative content. Maintain our advantage in these areas. 同 时 ， 从 二 零 二 五 年 开 始 呢 ， 我 们 特 别 注 意 了 来 加 大 女 性 向 内 容 的 供 给 。 呃 ， 比 如 在 二 零 二 六 ， 呃 ， 二 零 二 六 年 底 和 二 零 二 零 -- 二 零 二 零 ， 二 零 二 五 年 底 和 二 零 二 六 年 初 ， 我 们 就 加 大 了 针 对 年 轻 ， 年 轻 女 性 用 户 的 优 质 内 容 供 给 。 比 如 ， 呃 ， 呃 ， 前 一 段 上 线 的 剧 集 《 成 何 体 统 》， 还 有 综 艺 ， 呃 ，《 宇 宙 闪 烁 请 注 意 》。 Starting in 2025, we have increased the supply of female-oriented content. For example, starting from the end of 2025, we started to roll out a new variety show called Winter Together. This is targeting for the new female users, and also that on the beginning of 2026, we also launched a female-oriented, a young female-oriented drama called How Dare You? 呃 ， 对 于 年 轻 男 性 用 户 的 内 容 呢 ， 今 年 以 来 我 们 在 呃 ， 呃 ， 自 制 动 漫 方 面 啊 进 行 了 发 力 ， 上 线 了 一 些 高 品 质 的 自 制 动 漫 ， 包 括 《 大 主 宰 》 的 连 番 ， 还 有 《 成 何 体 统 》 的 第 二 季 ， 还 有 《 择 天 记 》。 For young male users, we have released multiple original animations this year, including the long-running series, The Great Ruler, How Dare You, Season 2, and Way of Choices. 在 广 泛 新 政 的 支 持 下 ， 我 们 将 加 大 对 中 剧, 网 络 纪 录 片 等 创 新 内 容 的 一 些 探 索 。 With the support of the new regulatory policies, we will step up exploration of innovative content. For example, the short form drama series. 嗯 ， 前 一 段 时 间 我 们 也 发 布 了 分 账 合 作 的 新 规 ， 呃 ， 在 戏 剧 、 电 影 等 八 大 品 类 的 分 账 标 准 上 进 行 了 统 一 的 一 个 规 则 ， 将 制 作 方 的 分 账 收 益 和 内 容 的 收 入 贡 献 更 加 直 接 地 对 应 起 来 。 呃 ， 我 们 的 目 的 还 是 让 优 秀 的 作 品 获 得 更 高 的 回 报 。 We recently introduced a unified revenue sharing policy across eight major content categories, including dramas and films. Under this new framework, production partners return actually will be more directly linked to each title's revenue contribution, and allowing outstanding works to earn higher returns. 呃 ， 同 时 刚 才 龚 宇 也 提 到 了 ， 除 了 在 院 线 大 电 影 和 一 些 头 部 剧 集 方 面 以 外 ， 我 们 现 在 ， 呃 ， 充 分 地 利 用 AI， 在 漫 剧 、 动 漫 、 竖 屏 短 剧 等 类 型 的 内 内 容 制 作 方 面 ， 已 经 逐 步 转 变 为 了 以 AI 生 成 为 主 导 的 制 作 方 式 。 其 他 类 别 的 内 容 制 作 呢 ， 也 充 分 利 用 了 AI 在 各 个 维 度 上 去 降 低 成 本 ， 缩 短 制 作 时 间 ， 提 高 效 率 。 谢 谢 。 Okay. Apart from the content category, for example, like theatrical films and drama series, like Yu Gong mentioned earlier, we are actually gradually adopting and actually very proactively adopting AI led production for categories such as micro animation, and micro-dramas. While we're applying AI across other content categories, to cut costs and also accelerate timelines. Thank you. Thank you. Your next question comes from Lincoln Kong with Goldman Sachs. Please go ahead. 谢谢贵公司接受我提问了。 我想问一下，这个海外业务在2026年，iQIYI这边的一个业务规划和策略是怎样的？ Thank you very much for taking my questions. My question is about overseas business. How's our plan and strategy for 2026? Thank you. Thank you, Lincoln. We'll invite, our Senior Vice President of International Business, Mr. Xianghua Yang, to take this question. Please go ahead. 嗯 ， 大 家 晚 上 好 。 那 个 二 零 二 五 年 海 外 的 会 员 收 入 增 长 超 过 了 百 分 之 三 十 ， 相 当 年 的 收 入 同 比 增 速 提 高 到 了 百 分 之 四 十 ， 是 海 外 业 务 进 入 稳 定 营 收 增 速 最 高 的 一 年 。 嗯 。 In 2025, our membership revenue grew by over 30%, with annual growth rate actually accelerating to 40% in the second half of the year. 2025 marked our highest growth rate, year since the overseas business entered a stable operating, phase. 二 零 二 六 年 ， 海 外 业 务 的 整 体 策 略 是 实 现 收 入 的 继 续 高 比 例 的 增 长 ， 更 快 的 增 长 。 嗯 。 For 2026, our strategy is to sustain high revenue growth rate or even accelerate our growth rate. 嗯 ， 对 ， 第 一 部 分 在 内 容 策 略 方 面 ， 我 们 内 不 同 的 市 场 ， 量 身 打 造 的 这 项 内 容 组 合 已 经 被 验 证 是 行 之 有 效 的 ， 可 以 持 续 吸 引 用 户 。 陆 剧 方 面 ， 陆 剧 的 海 外 影 响 力 在 持 续 地 扩 大 ， 将 继 续 作 为 我 们 海 外 内 容 组 合 的 核 心 ， 特 别 是 呃 ， 古 言 、 现 言 等 易 于 跨 文 化 传 播 的 一 些 内 容 题 材 。 第 二 部 分 ， 在 泰 国 、 马 来 、 印 尼 等 地 方 ， 我 们 加 大 本 土 内 容 的 采 购 与 自 制 。 In terms of the content strategy, our market-tailored content mixes actually have proven effective and continue to attract users. As for C-dramas, they continue to expand their influence overseas, and the C-dramas will remain at the core of our overseas content portfolio, especially genres with strong cross-cultural appeal, such as ancient costume, romance, and contemporary romance. 呃 ， 在 - Oh, I'm sorry, one more thing. Yeah, go ahead. 在 运 营 方 面 ，AI 的 大 模 型 的 进 展 ，AI 的 翻 译 和 配 音 极 大 地 提 高 并 降 低 了 成 本 ， 也 加 快 了 上 线 的 速 度 。 充 分 利 用 社 交 媒 体 渠 道 ， 并 利 用 AI 生 成 的 宣 传 物 料 ， 我 们 在 宣 传 方 面 极 大 地 降 低 了 成 本 ， 提 高 了 效 率 ， 实 现 了 低 成 本 高 效 率 的 内 容 传 播 。 同 时 将 继 续 通 过 线 上 的 广 告 、 线 下 的 广 告 以 及 线 下 活 动 的 方 式 增 加 占 据 的 影 响 力 。 我 们 将 持 续 地 通 过 艺 人 出 海 的 活 动 ， 我 们 在 新 建 计 划 ， 宣 传 陆 剧 内 容 ， 并 增 强 陆 剧 内 容 在 国 际 上 的 影 响 力 ， 提 升 iQIYI 在 国 际 上 的 品 牌 影 响 力 。 For content, we will actually ramp up original production and local content licensing in Thailand, Malaysia, and Indonesia. In terms of operations, AI-powered translation and dubbing actually have significantly improved efficiency, reduced cost, and accelerated the content release schedule. Going forward, we will fully leverage social media channels and use AI to generate promotional assets, enabling low-cost, high-efficiency content distribution and user reach. Meanwhile, we will continue to online and offline advertising to further amplifying the influence of C-drama. Last but not least, we will continue to promote content and strengthen our brand presence in international markets through initiatives such as celebrity meet-up and also offline events. Thank you. Thank you. Thank you. Your next question comes from Rebecca Xu with Morgan Stanley. Please go ahead. 嗨 ， 感 谢 管 理 层 接 受 我 的 提 问 。 呃 ， 我 的 问 题 是 关 于 爱 奇 艺 乐 园 的 。 呃 ， 请 问 管 理 层 是 不 是 可 以 分 享 杭 州 的... 呃 ， 扬 州 的 爱 奇 艺 乐 园 开 园 以 来 的 这 个 运 营 表 现 ， 呃 ， 以 及 我 们 在 二 零 二 六 年 的 体 验 业 务 的 一 些 具 体 的 规 划 。 Thank you management for taking my question. My question is about IQ, iQIYI LAND. Could management share the operating performance of iQIYI LAND, Yangzhou, since its opening? Also, can you please share the 2026 plan for this business? Thank you. Thank you, Rebecca. We will invite our CEO, Mr. Gong to take this question. 好 ， 谢 谢 啊 ！ 扬 州 乐 园 二 月 八 号 开 业 ， 里 头 包 括 沉 浸 式 的 舞 台 、 全 感 剧 场 ， 还 有 光 影 互 动 等 等 ， 总 共 有 七 种 类 型 的 这 个 板 块 ， 也 就 是 ， 就 是 娱 乐 的 类 型 ， 总 共 有 七 种 。 Our very first iQIYI LAND actually opened in Yangzhou on February 8th, and offers seven core immersive experiences, including stage performances, multi-sensory theaters, interactive light and shadow spaces. 呃 ， 开 业 到 现 在 为 止 ， 呃 ， 不 到 二 十 天 ， 特 别 是 经 历 了 春 节 长 假 ， 整 体 的 这 个 效 果 呃 ， 符 合 预 期 。 呃 ， 用 户 这 个 反 馈 都 比 较 积 极 ， 呃 ， 体 现 在 在 主 要 的 OTA，OTA 平 台 上 ， 评 分 呃 ， 都 在 四 点 八 以 上 ， 今 天 有 - 有 - 有 ， 有 的 平 台 已 经 达 到 四 点 九 了 ， 快 满 分 了 。 The first iQIYI LAND opened about 20 days since its opening, during which also we experienced the Chinese New Year holidays. Actually the performance and the feedback actually are meeting expectations, which can be reflected in the ratings on major OTA platforms. The average points are 4.8 out of 5. Actually recently the latest ratings exceeded reached 4.9 for certain platforms. 嗯 ， 从 开 业 一 直 到 长 假 最 后 一 天 ， 这 个 游 客 人 数 都 在 持 续 攀 升 。 呃 ， 从 这 个 实 际 的 人 群 看 ， 下 到 四 、 五 岁 ， 这 个 大 到 六 、 七 十 岁 的 这 个 ， 呃 ， 呃 ， 游 客 都 能 参 与 到 其 中 。 From the opening until now, the visitor numbers have continued to grow. Based on the actual operations, we observed that, you know, this experience really offered fun for all ages. We see participants ranging from children as young as four to five years old, to seniors in their 60s and 70s. 今 年 的 扬 州 ， 扬 州 比 较 特 殊 ， 它 3, 4 月 份 是 一 个 那 个 旅 游 旺 季 ， 所 以 除 了 3, 4 月 份 以 外 ， 还 有 5/1 小 长 假 ， 7, 8 月 份 的 暑 期 档 ， 11 的 长 假 。 预 估 ， 这 些 ， 这 些 ， 就 这 些 ， 这 个 ， 这 个 旺 季 的 这 个 单 日 收 入 峰 值 可 能 还 能 涨 1-2 倍 。 就 比 过 去 的 这 10+ 年 时 间 。 We are looking at the potential for a 1x- 2x increase in peak single day revenue during the following peak periods. For Yangzhou locations, actually has its special areas for the spring season, especially March and April, is a peak travel season for Yangzhou. Also, upcoming, we have the Labor Holiday in May, the summer months of July and August, and also the National Day holiday in October. All these key holidays and periods could potentially boost the revenue performance compared to the first 20 days. 嗯 ， 这 种 预 估 基 于 两 点 吧 。 第 一 点 是 ， 就 是 这 个 营 销 的 这 个 效 果 ， 呃 ， 覆 盖 的 人 群 跟 深 度 会 继 续 提 升 。 第 二 点 呢 ， 就 是 运 营 效 率 会 提 升 ， 呃 ， 然 后 在 单 位 时 间 里 头 服 务 的 游 客 会 更 多 一 些 。 The expected growth will come probably from two major areas, from a more deeper, you know, operation to a more finer, detailed operation for the entire iQIYI, and also the increased efficiency for iQIYI as well. 嗯 ， 里 面 也 升 ， 乐 园 里 面 也 升 级 了 ， 荷 兰 村 收 了 一 百 元 。 嗯 ， 现 在 这 个 商 品 还 不 够 丰 富 ， 所 以 ， 呃 ， 团 队 下 一 步 会 继 续 丰 富 衍 生 品 ， 然 后 客 单 价 和 购 买 人 数 双 ， 双 向 的 多 增 加 。 Currently, the average transaction value for consumer products at iQIYI LAND is about CNY 100. We think there's potential for growth in the future. We will try to load more products in the future, and also to extend to other content categories as we do a more refined consumer product team operation. 嗯 ， 关 于 衍 生 品 方 面 呢 ， 今 年 会 做 更 多 的 自 营 ， 呃 ， 更 多 品 牌 的 自 营 ， 呃 ， 预 计 会 至 少 百 分 之 一 百 以 上 的 收 入 增 长 率 。 For this year, we will focus more on the self-operated IP consumer products, and the operations will be strengthened this year, and this will lead to a revenue potential growth of 100% this year. 好, 谢谢. Thank you. Thank you. Your next question comes from Gigi Zhou with Guangfa. Please go ahead. 哎 ， 谢 谢 管 理 层 接 受 我 的 提 问 。 对 ， 然 后 我 还 是 比 较 关 注 我 们 在 海 外 的 一 个 发 展 ， 然 后 也 看 到 二 五 年 取 得 了 很 好 的 一 个 成 绩 。 所 以 我 也 想 理 解 一 下 我 们 的 海 外 内 容 的 一 个 分 发 ， 可 能 目 前 看 是 以 国 内 的 这 个 自 制 剧 为 主 的 这 个 翻 译 到 全 球 去 分 发 ， 那 么 我 不 知 道 就 是 该 怎 么 想 我 们 海 外 业 务 的 一 个 利 润 率 和 国 内 的 ， 呃 ， 会 员 业 务 相 比 是 怎 么 样 的 ， 那 有 没 有 一 些 比 如 说 在 海 外 会 员 的 这 个 APP， 还 有 他 们 的 续 费 率 上 的 一 些 ， 呃 ， 趋 势 性 的 一 个 分 享 ， 谢 谢 。 Thank you. We'll invite our international business leader to take this question. 呃 ， 就 两 个 问 题 啊 ， 第 一 个 关 于 内 容 方 面 ， 呃 ， IT 的 策 略 在 海 外 是 做 以 亚 洲 内 容 为 核 心 的 一 个 视 频 平 台 ， 不 仅 仅 是 华 语 内 容 。 嗯 ， 首 先 华 语 内 容 是 我 们 的 根 基 ， 因 为 我 们 在 国 内 已 经 生 产 好 了 ， 不 需 要 额 外 的 制 作 成 本 ， 只 需 要 增 加 一 些 翻 译 和 配 音 的 相 对 低 的 成 本 ， 就 可 以 分 发 到 全 球 ， 这 是 我 们 的 根 基 和 核 心 。 除 了 华 语 的 内 容 以 外 ， 我 们 还 有 日 韩 的 ， 呃 ， 动 漫 和 剧 集 ， 以 及 非 常 local 的 ， 比 如 说 泰 国 的 剧 集 ， 然 后 一 些 只 for local 用 户 的 印 尼 和 马 来 剧 集 ， 我 们 组 成 了 一 个 以 亚 洲 内 容 为 核 心 的 视 频 平 台 ， 以 使 得 我 们 区 别 于 其 他 一 些 国 际 的 主 流 媒 体 平 台 ， 他 们 是 以 西 方 或 者 美 国 的 内 容 为 核 心 ， 啊 ， 这 是 第 一 个 回 答 。 Okay, in terms of our content, our brand, or our slogan, it's beloved Asian content. We focus on not only Chinese content, but also the Asian content as well. Of course, Asian Chinese content, which we call people or C-dramas, it's our foundation because all the content has been already produced for our domestic business, so we only have to increase some of the dubbing and also translation, which is the cost with AI is much more efficient and controllable. In addition to C-dramas and also Chinese content, we also have, for example, Japanese animation, also Korean dramas, and also the local content, for example, for the Thai region, Malaysia, and also Indonesia. This is how we set apart from many of the Western players in overseas. For example, Netflix and other houses, they hold a lot of the Western content, whereas for us, we are a home of the beloved Asian content. ... 嗯 ， 然 后 我 再 补 充 一 下 ， 还 是 关 于 微 剧 方 面 ， 就 是 我 们 竖 屏 的 剧 ， 我 们 在 海 外 从 去 年 开 始 也 逐 步 上 线 了 一 些 竖 屏 的 剧 集 。 呃 ， 目 前 竖 屏 的 剧 集 在 我 们 整 个 的 播 放 品 类 里 边 排 到 第 二 ， 而 且 增 长 的 速 度 非 常 快 。 春 节 期 间 ， 它 的 整 个 的 收 入 和 市 场 就 创 了 新 高 。 呃 ， 这 个 目 前 来 看 也 是 区 别 于 其 他 的 一 些 视 频 平 台 的 非 常 重 要 的 一 个 品 类 。 Okay, also I want to add real quickly in terms of another content channel called micro drama. We actually, this is something we rolled out end of last year, and in terms of the content viewing time contribution, micro drama already brings us number two content categories of the overseas platform and have been growing quickly, and also very recently before the Chinese New Year, it has experienced rapid growth as well, and reached a new high. This is something else, also that set us apart from the Western players in overseas market. 嗯 ， 关 于 第 二 个 问 题 ， 关 于 会 员 的 ARPU 和 留 存 方 面 的 。 呃 ， 这 个 呢 ， 是 每 个 国 家 都 不 太 一 样 ， 呃 ， 我 们 针 对 每 个 国 家 都 或 者 地 区 都 定 了 不 同 的 价 格 ， 我 们 的 价 格 大 概 在 是 一 个 中 间 的 位 置 ， 比 最 贵 的 一 些 视 频 平 台 要 便 宜 一 点 ， 但 是 比 一 些 便 宜 的 要 高 一 点 ， 大 概 在 中 间 的 档 位 。 那 同 样 呢 ， 它 在 不 同 的 国 家 的 定 位 跟 当 地 的 定 价 和 消 费 水 平 都 有 很 大 的 关 系 ， 也 很 不 同 。 那 像 相 对 比 较 西 方 发 达 的 一 些 国 家 ， 或 者 它 的 定 价 会 比 国 内 的 定 价 要 高 ，ARPU 也 要 高 很 多 。 然 后 像 一 些 发 展 中 的 东 南 亚 的 部 分 国 家 ， 它 的 定 价 和 ARPU 会 比 国 内 的 要 低 一 些 。 但 是 从 整 体 来 讲 ， 整 个 的 海 外 ARPU 是 相 对 是 比 国 内 要 高 的 。 In terms of the question regarding ARPU and also membership performance, for ARPU, actually for each region is actually different. Overall speaking, we would think we're at the mid range of the price tier. For each different region, we set a different price sense. For areas more developed, similar to the Western spending powers, the ARPU is a bit higher from the China domestic region. For the developing regions, for example, like Southeast Asia, the average ARPU is a bit lower than the China domestic region. Overall speaking, I will say that the overseas ARPU will be greater or more than the China domestic ARPU. 关 于 留 存 方 面, 其 实 也 跟 这 个 消 费 习 惯 有 很 大 的 关 系, 因 为 我 们 的 商 业 模 式 跟 国 内 一 样, 是 一 种 免 费 的 模 式, 就 是 用 户 免 费 加 收 费 结 合 的 一 种 商 业 模 式. 总 体 来 看 呢, 也 是 相 对 消 费 习 惯 比 较 好 的 一 些 市 场, 它 的 留 存 要 比 国 内 要 好. 在 一 些 比 较, 消 费 水 平 比 较 相 对 低 一 些, 更 愿 意 接 受 免 费 内 容 的 一 些 市 场, 它 的 留 存 或 者 LTV 要 低 一 些. 总 体 来 讲, 平 均 下 来 应 该 跟 国 内 差 不 多. In terms of the membership retention in overseas business, we adopt the premium model, which is the free plus paid content model. In areas such as more developed regions, I will say this is very much similar to their spending habit, and viewing habit, the retention is actually a bit better than domestic areas. In some of the areas such as the developing regions, the retention performance a bit lower. Overall speaking, overall membership retention is similar to domestic levels. OK. Thank you. 我 再 补 充 一 下 ， 刚 才 问 到 一 个 问 题 ， 就 是 财 务 情 况 。 海 外 业 务 整 体 现 在 主 要 是 赚 的 ， 然 后 损 益 表 因 为 涉 及 到 那 个 IP 自 制 内 容 攀 销 的 方 式 问 题 ， 现 在 不 太 好 这 个 披 露 吧 ， 就 不 太 好 说 ， 这 个 等 合 适 时 机 再 披 露 。 In terms of we're adding the performance for the financial aspect, overall speaking, the free cash flow now is positive, but in terms of the P&L performance for operating, you know, income, because there's some financial, you know, accounting treatment that we still have to sort out. Now we haven't disclosed exact numbers, but we will share more insights as we have more clarity. Yeah. OK, thank you. Thank you. Thank you. There are no further questions at this time. I'll now head back to management for closing remarks. Thank you everyone for joining the call today. If you have any further questions, please do not hesitate to contact us. Thank you. Thank you, bye bye. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.