Hello, ladies and gentlemen. Thank you for standing by for 36Kr Holdings Inc.'s fourth quarter and fiscal year 2023 earnings conference call. At this time, all participants are in listen-only mode. After management's remarks, there will be a question and answer session. Today's conference call is being recorded. I will now turn the call over to your host, Jianan Bing, IR Manager of the company. Please go ahead, Jianan. Thank you very much. Hello, everyone, and welcome to 36Kr Holdings' fourth quarter and fiscal year 2023 earnings conference call. The company's financial and operational results were released earlier today and have been made available online. You can also view the earnings press release by visiting the IR section of our website at ir.36kr.com. Participants on today's call will include our Co-chairman and CEO, Mr. Dagang Feng, and our Chief Financial Officer, Ms. Ling Wei. Mr. Feng will start the call by providing an overview of the company and performance highlights of the quarter's change, followed by an English interpretation. Ms. Wei will then provide details on the company's financial results before opening the call for your questions. Before we continue, please note that today's discussion 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 involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the company's prospectus and other public filings as filed with the U.S. SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Please note that 36Kr's earnings press release and this conference call will discuss audited GAAP financial measures, as well as unaudited non-GAAP financial measures. 36Kr's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. Please note that all amount numbers are in RMB. I will now turn the call over to our Co-chairman and CEO, Mr. Dagang Feng. Paul, please go ahead. Thank you. Hello, everyone. Thank you for joining our fourth quarter and fiscal year 2023 earnings conference call. 2023 was an extraordinary year for 36Kr as we continuously strengthened our content ecosystem. Leveraging our peerless content creation prowess and comprehensive marketing offerings, we effectively drove growth in both our user base and monetization. As a result, our annual revenue reached CNY 340 million, up 5% year-over-year, and we sustained our high gross profit margin of 54%. 2023 also marked the inaugural year of explosive growth in AIGC. By actively embracing the vast opportunities brought by this industry transformation, we were able to dive deeper into visionary AGI applications, accelerating AGI adoption in real-world scenarios. Let me share some additional details of our 2023 progress across three core areas: the enrichment of our content ecosystem, IT product development, and its comprehensive AI applications. I will start with our content ecosystem, where we further enriched and diversified our content matrix, continuously creating high-quality content on multiple fronts. In 2023, we built upon our flagship channels, including 36Kr and 36Kr Pro, by accelerating our reach in subvertical. We rolled out high-quality content-specific accounts like The Emergence of Intelligence, 36Kr Auto, Future Consumption, 36Kr Carbon, and the Hardcore KR, among others. These accounts made our matrix more comprehensive, bringing both broad content coverage and a great depth of expert in specialized domains to provide users with invaluable insights into industry trends and evolving business dynamics. At the same time, we continue to tailor content experiences for younger generations by launching our own youth and TIDE subvertical media channels, featuring a broad content matrix of text and graphics, comics, and customized videos. This channel successfully engaged younger audiences, greatly expanding our content reach. With approximately 40 accounts so far, covering advanced manufacturing, digitalization, dual carbon, and ESG hard core technology, highly specialized and innovative enterprises, consumer lifestyles, and much more. We have successfully introduced and fostered a solid content ecosystem. We also expanded our footprint across various channels, crafting a comprehensive circulation machine encompassing major new media platforms like Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, Kuaishou, et cetera. Both channel exposure brings us wider overall dissemination and higher visibility for our primary content. With blockbuster articles emerging back to back throughout 2023, 740 of our articles achieved over 100,000 page views. We also made Weibo's trending topics list with 23 hot search topics and over 100 hotly debated topics, thanks to our continuous stream of fresh perspectives. Our consistent production of high quality content expanded and diversified our user demographics, further elevating user engagement and stickiness. As of the end of 2023, we had over 32.7 million followers, marking 11 consecutive quarters of growth. Moreover, our overview content ecosystem is now more comprehensive and diverse. We explored a growing array of content formats, including text, graphics, and short and long-form videos, as well as audio and live streaming. In terms of short video, our exceptional content creation capabilities earn us widespread visibility and rave reviews from users. Our short video followers exceeded 9 million by the end of 2023, including a significant 2.2 million on Bilibili alone. Moving on to long-form video. In 2023, we unveiled our first long video talk show series, Foreseeing 2033. Owing to its roster of distinguished guests and in-depth discussion, a rarity within the industry, our show rapidly captured audience attention and admiration. So far, we have aired 2 productive seasons of the show. As the host, I discussed and explored exciting aspects of the new economy with visionaries from various industries, including AI trailblazers, traditional automotive manufacturing veterans, leaders in the burgeoning electric vehicle sector, carbon neutrality industry luminaries, and capital market experts. Live streaming Foreseeing 2033 at Youku and Beijing Radio and Television Station also marked a pivotal milestone for us. It extended our reach beyond social media, successfully branching out into long video platforms and television networks, and fostering a broader content portfolio and a closed-loop ecosystem. In terms of live streaming, we integrated our resources and maximize the utilization of WeChat Channels to launch in live streaming IP live from KRStar, primarily centered on two programs, Youth Watch and CEO Tips. In 2023, we hosted 95 live streaming sessions, addressing a diverse spectrum of trending topics, including perspectives on employment at internet giants, industry know-how, such as AI's role in corporate cost reduction and efficiency enhancement, and global expansion of Chinese brands. These coordinated initiatives are aimed at bringing more in-depth content, services, and services models to our users and clients alike. In the audio realm, 36Kr's audio channel has emerged as a top-tier streamer on platforms like Ximalaya, delighting listeners with a varied slate of initiatives such as Eight Fifteen Morning Pulse, Major Moments, and Business Intelligence Hub, garnering massive acclaim. We also further deepened our commitment to expanding our audio content portfolio and functionality in 2023 with the launch of our light podcast, Get Off Work, Have Fun! Our second main area of progress is in IP product development. We consistently reinforce our medium value by consolidating our medium platform's competitive barriers with high quality content offerings. In 2023, we continuously augmented our content matrix by creating and nurturing our content IP with programming like those I just mentioned, Foreseeing 2033 and our Youth Series. We also launched a diverse range of initiatives supporting our newer IP, including text and graphics, short videos, and live streaming programs, further reinforcing our content influence. In terms of event IP innovation, we broadened the scope of our annual flagship WISE Conference to encompass all business domains, culminating its evolution from the WISE King of the New Economy Conference to the WISE King of the Business Conference. This strategic graduation enriched the event's diversity, while also providing its audience with broader industry perspectives. We also unveiled a brand new summit, WAVES, as well as two culture and leisure IP series: Surprise and The Incredible, successfully driving growth in our To C business and facilitating enterprise client acquisition. Furthermore, 36Kr emphasizes IP-oriented upgrades to enhance its branded service offerings. In 2023, as a keen observer and interpreter of industry and market trends, 36Kr Research Institute has maintained its focus on conducting thorough research on state-of-the-art technologies, innovative trends, and business advancements. Through high precision data mining and accurate analysis, we support government and corporate clients with tailored consulting services, offering invaluable perspectives and insights to drive industry transformation and innovation. Additionally, as a rising star in the business training field, 36Kr Business School offers a diverse array of courses, including open lectures, exclusive fireside chats with C-level executives, corporate site visits, and interviews. We also advanced our development of degree-based programs for senior executives in the new economy sector in China, teaming up with globally esteemed institutions such as Oxford University, INSEAD Business Schools in France, and Queen Mary University of London, among others, to jointly deliver world-class master's and doctoral programs. Moreover, in response to the escalating needs for AI applications, we joined forces with top-tier institutions, including Peking University and Tsinghua University, to unveil the Global Intelligent Entrepreneurial Initiative, further propelling AI advancement. As a result, 36Kr Business School's IP has gradually emerged as a permanent player in the training sector, enabling recent graduates, business elites, as well as AI professionals, with all-in-one training solutions, empowering them to anticipate and amplify the new economy's growth trends. 。 The third and final aspect I want to highlight today is how we have advanced our AI applications in innovative scenarios. Seizing new opportunities with the emergence of large language models, we strategically integrated LLM technologies throughout our content ecosystem and pioneered the use of AI technology in opening a Taobao store. This significantly improved the efficiency of store operations while reducing relevant costs. During the Asian Games, we innovated once again, creating an AI-driven Asian Game blogger on Xiaohongshu and teaming up with Alibaba's Tongyi AI model. This joint initiative marks a significant content creation milestone for us, while also underscoring 36Kr's foresight, acumen, and outstanding execution capabilities in AI applications. In 2023, by virtue of our outstanding proficiency in creating pan business and pan finance content, we were one of the first batch of companies invited to partner with Baidu's ChatGPT-style Ernie Bot ecosystem. This cooperation has since evolved into a more in-depth strategic partnership with Baidu, under which we're actively advancing the innovation and commercialization of AI technology in content production and enterprise services. Furthermore, leveraging the inherited synergies between AIGC technology and the content production industry, we maximize the utilization of AIGC technology across content production activities, including information identification, text processing, and image generation. This upgrade effectively reduce costs while enhancing efficiency. Ongoing updates and interrelations of AI-powered video tools will also lower the costs associated with video production going forward. Moreover, we continue to broaden our business scope by actively promoting AI applications across diverse business scenarios. Our AI power solution for financial reporting interpretation, jointly launched with SenseTime, empowered customers with unparalleled insight into corporate financials by harnessing AI technology, ensuring our subscribers receive a superior level of service and value. Additionally, we plan to unveil an array of AI, AI-driven products in 2024, such as corporate briefings and medium spotlight seekers, among others. Through the strategic deployment of AI technologies, we broaden the purview and the precision of our customer outreach initiatives, effectively connecting with a diverse spectrum of enterprises and organizations previously beyond reach due to resource-intensive workloads and manpower limitations. In short, through our enriched content ecosystem, growing matrix of services and products, and extensive AI empowerment, we have continuously strengthened our commercialization capabilities, resulting in solid revenue growth. Now, I'd like to take a closer look at the commercialization progress we made in each segment in 2023. Starting with advertising, revenue increased by 8% year-over-year. We continue to craft innovative content marketing strategies and expand it into diverse marketing formats like text, graphics, short and long-form videos, audio, and live streaming to fulfill clients' holistic branding needs. Our ongoing service innovation drove our pool up by 17% year-over-year. To expand our industry footprint, we ramped up advertising initiatives in emerging sectors such as new energy vehicles and luxury goods consumption, while also broadening partnerships with legacy brands in traditional industries like apparel and food. We also continue to diversify our advertising commercialization channels. Beyond revenue growth across our flagship platforms, like the 36Kr website, 36Kr App, WeChat, and Weibo, we made significant headway in monetized platforms like Bilibili, Xiaohongshu, Zhihu, and WeChat Channels, among others. 《 speaking in Mandarin » Moving on to short video. Our short video business continued to excel, with its contribution as a percentage of advertising revenue consistently on the rise. Our short videos attracted a large following with high quality content, positioning us as a standout among corporate accounts across various platforms. Notably, our short video team covering the automotive sector has garnered widespread acclaim within the industry for its top-notch content. This drove ongoing expansion of its follower base, as well as partnerships with esteemed auto brands, including BMW, Mercedes-Benz, DENZA, and JIYUE. This accomplishment highlights our competitive edge in the short video sector and lays a robust foundation for our future expansion. 《 speaking in Mandarin » Now let's turn to enterprise value-added services. Throughout 2023, 36Kr remained committed to verticals such as new technology, new energy, and new consumption, hosting approximately 20 industry summits to more directly and efficiently empower enterprises. We extended our reach to younger demographics with our all-new summit WAVES, integrating venture capital, technology, culture and music scenes to zero in on young business founders and investors. This celebration of youthful entrepreneurship amassed over 83 million views. Meanwhile, more than 300 distinguished commercial and economic experts, scholars, business elites, and investors, including Kaifu Lee, Yaqing Zhang, and Youqing Guan, joined us at our year-end flagship summit, the WISE 2023 King of Business. The event's vibrant discussions sparked new ideas and innovation. We also enhanced this year's conference with certain functional upgrades to amplify its networking potential and foster even more social engagement among users. 《 speaking in Mandarin » In addition to offline initiatives, we continue to make strides in our consulting services and other enterprise service offerings. Throughout 2023, we continued to fortify 36Kr Research Institute's expertise in industry research, regularly issuing top-notch research reports with valuable insights, including industry experts on an array of topics like new energy, global expansion, automation, smart agriculture, and enterprise SaaS, et cetera, while forging in-depth alliances with leading companies like Lenovo, Alibaba Cloud, Baidu, Douyin, and NetEase Cloud Music, among others. Furthermore, this year, we are poised to further deepen our engagement with the government on the public service system. Drawing upon our comprehensive grasp of government structures at different levels and our wealth of service expertise, we'll offer customers with integrated suite of services, including facilitating industry-specific partnerships and investment inflows, addressing their varied needs with precision. 《 speaking in Mandarin » Next up, for subscription services, we continue to refine our membership system and the subscription product offerings, achieving significant year-over-year annual revenue growth of 21%. One good example is our optimization of 36Kr Business School services. As part of our aforementioned initiatives to craft a permanent business training IP, in addition to consistently refining our premium training courses, including founding acceleration camp, we also dived deeply into the development of international degree-based programs. This now features insightful lectures by distinguished leadership scholars and professors, covering an array of exciting topics. As a result, our subscription services overall surged to over CNY 140,000, reflecting a notable improvement in our holistic commercialization capabilities. 综上所述，三十六氪在2023年继续保持稳定的增长态势，全年总营收达到3.4亿元，同比增长5.5%，这得益于我们优质的内容原创能力，深厚的IP积累，活跃的用户群体，以及多样化的产品和服务。截至2023年底，我们的全网粉丝数突破3,270万，同比增长14%，实现11个季度连续增长。2023年是生成式AI的基础元年，大语言模型正在重塑包括内容生产行业在内的各个经济领域，引领新一轮的科技革命。三十六氪积极拥抱人工智能发展浪潮，通过对AI技术的预见性应用，进一步提升我们的内容生产和商业化效率。展望2024年，作为新质生产力企业的领先服务者和赋能者，我们将继续提升内容原创优势，拓展产品和服务半径，同时进一步利用AI技术，赋能新运营企业的高质量发展。 In short, 36Kr sustained a solid growth trajectory throughout 2023. We achieved a full year revenue of CNY 340 million, up 5% year-over-year, thanks to our peerless content creation partners, robust IP assets, actively engaged users, and a diversified product and service lineup. As of the end of 2023, we had over 32.7 million followers, a surge of 14% year-over-year, that marked our eleventh consecutive quarter of growth. 2023 also ushered in the era of AIGC. Large language models are reshaping and redefining nearly every sector of the economy, content production included, driving a new wave of technological transformation. 36Kr has actively embraced the AI boom, further optimizing content production and commercialization efficiency through visionary AI applications. Stepping into 2024, as a provider and facilitator of advanced productivity, we are poised to hone our competitive edge in content creation, broaden the reach of our product and service offerings, and further harness AI technology to empower high quality development among New Economy stakeholders. Next, I will hand the time over to our CFO Lin Wei, who will introduce to us the main performance in the financial aspects. With that, I will now turn the call over to our CFO, Wei, who will discuss our financial results. Please go ahead, Wei. Thank you, Paul. Now, I'd like to walk you through more details of our fourth quarter and fiscal year 2023 financial results. Please note, all amount numbers are in RMB, unless otherwise stated. Total revenues were CNY 103.3 million in the fourth quarter of 2023, a 7% increase from CNY 96.6 million in the same period of last year. Total revenues for the full year of 2023 were CNY 340.2 million, a year-over-year increase of 5.5%. Online advertising services revenue was CNY 68.6 million in the first quarter of 2023, an increase of 10% compared to the same period of last year. For full year of 2023, our online advertising services grew by 8% year-over-year to CNY 238.7 million. The increase was primarily attributable to more innovative marketing solutions we provided to our customers, as well as proactive sales strategies we adopted during the year. The average revenue per online advertising customer in 2023 were CNY 489,000, a 17% increase year-over-year. Enterprise value-added services revenues were CNY 26.3 million in the fourth quarter of 2023, a 4% increase from the same period of last year. For full year 2023, our enterprise value-added services revenue was CNY 67.3 million, compared to CNY 72.6 million in the previous year. The 7% decrease was primarily due to the transition of our integrated marketing services, partially offset by the growth of our other enterprise value-added services in 2023. Subscription services revenues were CNY 8.4 million in the fourth quarter of 2023, compared to CNY 8.9 million in the same period of last year. The slight decrease was primarily attributable to the structural changes to our institutional clients in China, partially offset by the increase in individual subscription services. For full year 2023, our subscription services revenue was CNY 34.2 million, representing an increase of 21% year-over-year. The increase was primarily attributable to our continuous efforts to offer high quality subscription products to our subscribers, especially individual subscribers. Cost of revenues was CNY 45.8 million in the fourth quarter of 2023, compared to CNY 47.6 million in the same period of last year. The decrease was primarily attributable to the optimization of personnel-related costs. For full year 2023, our cost of revenues was CNY 158.2 million, compared to CNY 137.8 million in the previous year. The increase was primarily attributable to higher content costs and fulfillment costs. Gross profit was CNY 57.6 million in the fourth quarter of 2023, increasing by 18% from the same period of last year. Gross profit margin was 56% in the fourth quarter of 2023, up 5 percentage points from 51% in the same period of last year. For the full year of 2023, our gross profit was CNY 182 million, compared to CNY 184.6 million in the previous year. Gross profit margin for full year 2023 was 54%, compared to 57% in the previous year. Operating expenses were CNY 70 million in the first quarter of 2023, compared to CNY 69 million in the same period of last year. For full year 2023, operating expenses were CNY 276.2 million, compared to CNY 229.2 million in the previous year. Sales and marketing expenses were CNY 30.3 million in the fourth quarter of 2023, a decrease of 8% from the same period of last year. This is primarily attributable to the decrease in payroll-related expenses, partially offset by the increase in marketing expenses. For full year 2023, sales and marketing expenses were CNY 127.5 million, compared to CNY 122.1 million in the previous year. The slight increase was primarily attributable to the increase in marketing expenses and promotion fees during the year. G&A expenses was CNY 35.3 million in the fourth quarter of 2023, compared to CNY 21.7 million in the same period of last year. The increase was primarily attributable to the increase in allowance for credit losses. For full year 2023, G&A expenses were CNY 107 million, compared to CNY 52.1 million in the previous year. The increase was mainly attributable to the increase in allowance for credit losses, as well as certain one-off expenses, including severance payments, as we optimized our organization and office lease termination fees, as we moved our headquarters office in fiscal year 2023. Research and development expenses were CNY 4.4 million in the fourth quarter of 2023, a 70% reduction compared to CNY 14.5 million in the same period of last year. For full year 2023, our research and development expenses were CNY 41.7 million, 24% down from CNY 55 million the previous year, as we proactively embraced AI technology and streamlined our research and development teams, resulting in a decrease in payroll-related expenses. Share-based compensation income recognized in cost of revenues, sales and marketing expenses, research and development expenses, as well as G&A expenses, totaled CNY 0.4 million in the fourth quarter of 2023, compared to SBC expenses of CNY 4.6 million in the same period of last year. This fluctuation was primarily due to the reversal of share-based compensation expenses related to forfeiture in Q4 2023. For the full year of 2023, the total amount of share-based compensation expenses were CNY 4.7 million, compared to CNY 13.9 million in the previous year. Other expenses were CNY 5.1 million in the fourth quarter of 2023, compared to other expense of CNY 1.2 million in the same period of last year. For full year 2023, other income was CNY 4.9 million, compared to other income of CNY 67.5 million in the previous year. The decrease was primarily because the company recognized 38 million gain on disposal of subsidiaries and 16 million of long-term investment income in 2022, but recognized CNY 8.1 million fair value loss of long-term investments in 2023. Net loss was CNY 17.7 million in the fourth quarter of 2023, compared to net loss of CNY 21.5 million in the same period of last year. For full year of 2023, our net loss was CNY 89.2 million, compared to net income of CNY 22.6 million in the previous year. Non-GAAP adjusted net loss was CNY 18.1 million in the fourth quarter of 2023, compared to non-GAAP adjusted net loss of CNY 16.9 million in the same period of last year. For full year 2023, non-GAAP adjusted net loss was CNY 84.6 million, compared to non-GAAP adjusted net income of CNY 36.5 million in the previous year. Net loss attributable to 36Kr's ordinary shareholders was CNY 18.8 million in the fourth quarter of 2023, compared to net loss attributable to 36Kr ordinary shareholders of CNY 20.8 million in the same period of last year. For full year of 2023, net loss attributable to 36Kr ordinary shareholders was CNY 90 million, compared to net income of CNY 21.9 million in the previous year. Basic and diluted net loss per ADS were both CNY 0.45 in the fourth quarter of 2023, compared to net loss per ADS of CNY 0.50 in the same period of last year. For full year 2023, basic and diluted net loss per ADS were both CNY 2.16, compared to basic and diluted net income per ADS of CNY 0.53 in the previous year. As of December 31, 2023, the company had cash, cash equivalents and short-term investments of CNY 117 million, compared to CNY 160 million as of September 30, 2023. ...This concludes all of our prepared remarks today. We will now open the call to questions. Operator, please go ahead. 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 speakerphone, please pick up the handset to ask your question. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. Your first question comes from Shan Zhao with CICC. 哎，大家好，魏总好，恭喜稳健的业绩，也非常感谢接受我的提问。我这边的问题的话，还是关于我们广告业务的，想请管理层帮我们分享一下，我们怎么展望今年一季度以及2024年全年的广告业务趋势。好，我自己来翻译一下。Congratulations to the solid growth in the revenue in 2023, and how does the management view the advertising revenue trends in the first quarter and in 2024? Thank you. 好的，谢谢小陈。二零二三年应该说是在一个不太乐观的这个整体的经济情况下，我们的广告业务还是取得了比较稳定的增长态势。那你可以看出这个数据是8%，这个主要是得益于我们在内容上的一些影响力和行业客户的一些持续的深耕，尤其是在头部客户和或者叫做腰部以上的客户吧，就是相对来说是那种大中型客户，应该说对我们的增长贡献是更大的。所以你可以看出我们的平均客单价增长了是17%。然后我们同时也在探索AI方面的，一些营销效果，包括个性化的广告内容、生成投放以及数字人直播等，然后给我们的客户提供更加智能、更加高效、创新的营销解决方案。对于二零二四年，我们持一个比较谨慎乐观的态度，包括我刚才说的这种大客户领先的趋势，这种AI化的这种效果的趋势，在Q1中也是表现得比较明显的。然后这个，相信随着经济复苏，对我们的业务是有好处的，我们预期在二零二四年会取得一个比较好的广告业务增长。具体而言，尤其是跟AI业务相关的，然后跟大企业相关的，跟传统企业的，尤其是传统企业的科技传播类的需求相关的，我想这几个会是我们的驱动因素。 Thank you. Despite persistent macroeconomic changes in 2023, our advertising business demonstrated solid growth momentum, achieving 8% year-over-year revenue growth. This success is attributable to our unwavering commitment to enhancing content influence and our ongoing client base expansion across diverse industries, particularly among top-tier and mid-sized advertisers. The steady growth trend in ad spending by our advertisers propelled a year-over-year increase in our approval of 17%, a testament to 36Kr's robust business resilience. In addition, we have been actively exploring and harnessing AI technology to enhance marketing effectiveness and craft innovative strategies, including personalized advertising, content generation, advertising placement, and live streaming featuring digital influencers, etc. As such, we are providing our customers with marketing solutions that are smarter, more efficient, and more innovative. We are cautiously optimistic about our advertising growth trajectory for 2024, aimed at the ongoing macroeconomic rebound, sustained stimulus policies, and new development strategies such as advanced productivity. As a leading service provider for, and a facilitator of new economy and advanced productivity stakeholders, we expect robust growth in our advertising business in 2024, particularly in these three sectors, such as growth demand from government business and AI business sectors, as well as the need to market advanced technologies from traditional enterprises. Thank you. Your next question comes from Linyu Zhao with SWS Research. 戴老师好，林姐好。恭喜公司的业绩啊，也是在去年这样的一个环境当中实现了比较好的增长。那我有两个问题，第一个问题是，我们关于长短视频业务最新的进展情况，然后包括后续，我们对进一步开拓我们的增长潜力有哪些规划？第二个问题是公司在生成式AI方面的布局以及未来发展规划是什么？我来翻译一下。What is the latest progress on both long and short video business? What are the plans for our further exploring growth potential? And what is the company's layout and further development plan in generative AI? 谢谢。 好的，谢谢凌伟。那我先回答第一个问题，关于短视频，长短视频我们的发展规划。首先我们来说一下短视频，短视频应该说相对于其他的图文类的广告形式，是有更广泛的客户接受度和更高的客单价。然后自从我们3年前推出短视频业务以来，短视频业务在我们广告收入中的占比在不断的提高，那么到2023年已经达到了这个数千万的，数千万元 CNY 的收入，然后占公司广告收入的差不多20%。同时我们的这个专业财经内容在，包括年轻人的内容，在B站、抖音、快手上多个平台，应该说受到用户的广泛的喜爱。那所以到了2023年末的时候，我们的全网短视频的粉丝数达到了900万以上，其中B站粉丝数是220万以上。然后长视频方面，今年我作为主理人的一个访谈节目叫做预见2033。... 这个是因为它这个嘉宾比较高端，然后内容又比较稀缺，所以应该说这个流量和口碑和商业化是双丰收的。然后它的第一季和第二季的全网总曝光量目前超过了3.5亿。现在我们正在制作新的一期，看见2034。所以综合来说，2024年我们的长短视频的发展会不断加大我们的原创的能力和定制化服务的能力。那我想包括我们会推出，除了2034以外，会推出新的长视频内容，进一步完善我们的内容生态版图。 Thank you for your question. Well, for your first question, our short video ads both a wider customer acceptance and a higher approval compared to other advertising formats, providing a major driver of the company's overall advertising revenue. In 2023, leveraging our peerless content creation power and a substantial influence across major platforms, commercial partnerships with various leading companies. This generated annual revenue totaling tens of millions CNY, accounting for over 20% of the company's total advertising revenue. At the same time, our engaging content across finance, economics and useful lifestyle garnered a widespread user attention across major platforms that Bilibili, Douyin, and Kuaishou etc. As of the end of 2023, our short video followers reached 9 million, including a significant 2.2 million on Bilibili alone. Regarding long videos, throughout 2023, our long video talk show series, Foreseeing 2033, owing to its roster of distinguished guests and in-depth analysis, a rarity within the industry, our show rapidly captured audience attention and achieved a substantial monetization success, while earning glowing reviews, as two seasons amassed over 350 million views. We are also thrilled about the two programs of our upcoming series, Foreseeing 2034, which is in full swing. In 2024, we will deepen both short and long video development, stepping up our investment in content creation and service customization, and exploring a wider array of formats. We have a handful of long video programs in the pipeline, which will further enhance our ecosystem. 好了，那第二个问题是关于AI方面的一些发展规划和布局，那我想分三个方面来，来回答这个问题。第一个方面是三六氪作为一个媒体机构，那我们在2023年人工智能爆发的元年，我们推出了，全新的公众号智能无限，这个是为了给用户提供持续的AIGC技术方面的优质内容。那第二个层面，我想说，作为一个创意的，服务机构，那我们在去年也利用AI做出了，比如说用AI全行，全程使用AI工具来开设淘宝店，我们是行业中的第一家。然后亚运会期间，我们再次用纯的AI工具来，来成为这个小红书的亚运会攻略博主。我想这些方面，包括跟这个通义，阿里的通义大模型的商业化合作，这都是我们作为一个创意机构方面的一些进展。第三点就是我觉得也是最重要的一点，就是我们作为一个，企业，我们本身在推动AI的发展，其中包括我们近期在跟SenseTime合作，已经推出了这个AI的财报解读，然后以及我们正在打造中的，很快就会推出的公司的日报产品，以及行业报道的产品。这个金融公司日报是跟另外一家这个，上市公司合作的那，然后信息报道是我们自己开发的。那这些技术的应用，AI技术的应用，应该说对我们的，客户群的覆盖和我们的服务能力都，给了很多的增长空间。我，我们的理论是说，我们认为过去有很多的需求是很显著的，但是它并没有被因为，因为它的成本原因，或者因为它的这个效率原因，过去我们无法实现的。在这边通过AI的帮助，我们可以把这些客户覆盖以后，那么这些事情显然对公司的商业化很有帮助。 Well, for your second question, as we all know, 2023 ushered in the era of AIGC. As a new economy content creation platform, 36Kr skillfully leveraged the inherited synergies between content creation and AIGC technology. We rolled out the Emergence of Intelligence, a specialized account focused on providing high caliber AIGC tech content. We also further deepened our interpretation of AIGC with content production, actively harnessing AIGC technology for content creation across the board, from copywriting and text translation to image generation and more, reducing costs and enhancing efficiency. In addition, leveraging our keen acumen and vision for AI technology, we pioneered the process of opening a Taobao store exclusively using AI. During the Asian Games, we innovated once again to create an AI-driven Asian Games blogger on Xiaohongshu. We also teamed up with Alibaba's Tongyi AI model. We have also advanced AI applications across diverse scenarios and unveiled an array of AI-driven prospects this year, such as AI financial report interpretation launched in collaboration with SenseTime, as well as the company Daily Brief and the Medium Coverage Outreach. These offerings empower customers with intelligent information collection, analysis, and reporting services. Through the strategic deployment of AIGC technology, we broadened the purview and precision of our customer outreach initiatives, effectively connecting with a diverse spectrum of enterprises and organizations previously beyond reach due to resource-intensive workloads and manpower limitations. Thank you for your question. Next, please. Your next question comes from Peipei Qu with Industrial Securities. ... 好的，大老师，林姐，晚上好！恭喜公司在这么艰难的宏观整个环境取得这么好的业绩。我这边有一个比较细节一点的问题，就是我们注意到，今年我们的这个订阅服务其实增长还是挺快的，有一些超出大家的预期。那么也想问一下这背后具体的原因是什么？以及未来对这一块还会有新的这个增长策略吗？ I will translate my question, the subscription service business is growing faster than expected. What are the main factors behind this? What are the new growth strategies for this segment in the future? Thank you. 好的，谢谢。订阅服务增长比较快的主要原因是，因为，在2023年推出了一系列的学位型的课程，比如说我们刚才讲过，跟这个，英国的名校，法国的名校，这个，一些著名的学校，我们在推出了一系列的这个正规的硕博课程，那这些东西大幅提高了我们的课程价格，我们的课程价格在去年突破了 CNY 14 万，应该说这个是我们，去年增长的一个重要原因。那另外一个重要原因是 因为我们这个注意到行业对 AI 的，极度的好奇心和需求，所以我们也推出了 AI 方面的课程，比如说我们与北京大学、清华大学合作推出的全球智能企业家项目，那这个项目也非常的受欢迎。所以呢，在接下来的时间里面，我们会继续与更多的国际知名院校开展多领域的合作，也会不断丰富我们的服务的课程体系。同时，我们也在尝试向 C 端和 B 端推出 AI 驱动的新的订阅产品，那这个可能会在2024年给我们带来，订阅这个板块的一个新的增长，包括我们刚才提到的这个公司日报，它依托于 AI 技术实现智能化的信息收集，智能化的舆情分析，以及智能化的输出报道等业务。所以这样的一个产品，我想是在媒体行业，据我所知是没有出现过的，但我觉得它会是一个对用户非常有价值的产品，那我希望这样的一个产品的推出，顺便说一下，这是一个产品，是一个，成本很低，价值很高的一个业务，所以我想这个产品的推出可能会对，今年的订阅服务板块会有一个很重要的驱动作用。 Well, the rapid growth in our subscription services were primarily propelled by the launch of our degree-based, like I just mentioned, throughout 2023, as we diligently optimize our premium training courses like venture capital class and founding acceleration camp. We also joined hands with globally esteemed institutions to deliver world-class master's and doctoral programs for corporate executives. Our subscription services are pulled searched to over CNY 140,000. Moreover, in response to the escalating need for AI expertise and applications, we partnered with top-tier institutions, including Peking University and Tsinghua University, to unveil the Global Intelligent Entrepreneurial Initiative, enabling participants to further advance their AI awareness and AI utilization through hands-on training. In 2024, we will continue to diversify our core course offerings and welcome more institutions as partners, continually enriching our portfolio of training options. In addition, we are actively expanding our AI-driven subscription offerings to cater to both to C and to B segments, including AI-powered solutions for financial report interpretation, corporate briefings, and more. By harnessing AI technology for intelligent information collection, analytical intelligence, and reporting, among other things, we ensure our subscribers receive a superior level of service and value, further accelerating the growth in our subscription services. Thank you, and next question, please. Your next question comes from Ricky Lu with Sealand Securities. 好的，各位领导，现场的领导好，然后，因为刚刚大家也问了比较多关于过去一年这个业绩相关的一些问题，所以我来，补充问一个关于咱们未来展望的一个问题，就是，公司2024年这个整体的增长前景如何？然后能给我们分析分析吗？然后我翻译一下我的问题，what are the growth prospects for 2024? Thank you. 好的，谢谢。2024年确实是一个确实是不容易的一年，然后应该说在各种因素影响下，公司取得了一个，收入的5.5%的增长，还是，不容易的。然后，2024年我们的，持一个谨慎的乐观态度，我相信在2024年相比于2023年，我们的收入也会持续维持的增长，然后我们的盈利能力会进一步的提升。那么这里面包括我们刚才提到的，我们推出的，持续推出的新的，产品，尤其是AI系统型的产品，也包括我们对客户服务能力的进一步提升。以及另外一方面就是，跟盈利能力有关的，是我们的这个成本结构的优化，包括我们组织的结构优化，然后，公司会在今天的情况下，进一步实现降本增效的目标，所以实现更高的这个运营效率，然后拉动我们盈利能力的提升。 Well, looking back on 2023, despite macro uncertainties and shifting external dynamics, we delivered solid results with 5.5% year-over-year revenue growth. We are cautiously optimistic of 2024, and we expect to sustain revenue growth and improved profitability. For one thing, we will further enrich our content ecosystem and reinforce our products and services. We will also actively maximize utilization of AIGC technology across content production initiatives and launch additional AI-driven products to engage with a diverse spectrum of enterprises and clients previously beyond reach due to resource intensive workloads and manpower limitations. Moreover, the introduction of the notion of advanced productivity has fostered a strong sense of confidence and assurance across the company. Given our comprehensive offerings that support and empower a diverse spectrum of businesses, we are well positioned to capture greater commercialization opportunities arising from this national strategy. Furthermore, with the optimization of our organizational structure and systematic cutbacks in costs and expenses, we are poised to advance our goals of cost reduction and efficiency enhancements, which will further bolster our operating leverage, driving overall profitability to new heights. Thank you. As there are no further questions, I'd now like to turn the call back over to the company for closing remarks. Thank you once again for joining us today. If you have further questions, please feel free to contact 36Kr's Investor Relations through the contact information provided on our website. This concludes this conference call. You may now disconnect your line. Thank you.