Today's conference call is being recorded. I'll now turn the call over to your host, Xin Wang, IR Manager of the company. Please go ahead, Xin. Thank you very much. Hello everyone and welcome to 36Kr Holdings' second half and the fiscal year 2024 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, Mr. Xiang Li. Mr. Feng will start the call by providing an overview of the company and the performance highlights for the second half and the full year in Chinese, followed by an English interpretation. Mr. Li 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 US Private Security Litigation Reform Act of 1995, forward-looking statements involving here the risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding risks and uncertainties is included in the company's perspectives and other public filings as filed with US SEC. The company does not assume any obligation to update any forward-looking statements except as required under actual law. Please note that 36Kr's earnings press release in this conference call includes discussion of unaudited 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, and please note that all amounts are in RMB. I will now turn the call over to our Co-Chairman and CEO, Mr. Dagang Feng. Pell, please go ahead. 谢谢，大家好。感谢大家参加我们2024年财务财年下半年及全年的业绩谈话会议。 Thank you. Hello everyone. Thank you for joining our second half and the fiscal year 2024 earnings conference call. 2024年对财政部来说是全面改善经营效率的一年，尤其是下半年我们的毛利率保持50%的高位的同时，我们的经营费用同比下降50%，经营费用率同比下降17%。下半年经营亏损大幅收窄，现金储备基本保持稳定，为公司未来长期稳健运营打下坚实基础。 2024 marked a year of comprehensive operating efficiency improvements for 36Kr. Notably, our operating expenses in the second half of 2024 decreased by 50% compared to the same period of 2023. Our total operating expenses as a percentage of the total revenues decreased by 17% in the second half of 2024 compared to the second half of 2023, while our gross profit margin remained about 50% for the second half of 2024. As a result, we vastly narrowed our operating losses while cash results remained essentially stable, establishing a resilient framework to support the company's long-term solid business operations. 以上我们今天的成果主要得益于2024年我们不断优化业务结构，提高人员效率。2024年我们继续夯实内容生态建设，凭借优质的内容原创能力以及全方位的营销服务，保持公司广告业务运营优化的同时，不断拓展媒体的边界。我们拥抱出海新趋势，持续深耕AGI技术的前瞻性应用，进一步加速应用场景落地，在出海及人工智能应用方面取得显著业务进展。 Those operational achievements were primarily driven by our business structure and workforce efficiency improvements throughout the year. We also consistently fortified our content ecosystem in 2024, leveraging our peerless content creation prowess in comprehensive marketing offerings. We continued to optimize our advertising operations while broadening our media reach. We embraced the emerging global expansion trends and remained focused on AGI innovation, further accelerating our implementation of AI across real-world scenarios. This effort showed significant progress in both our global expansion and AI application. 接下来我将从我们存量保存档两个方面跟各位来同步公司的经营进展。首先在存量业务方面，我将公司的内容影响力及商业化方面的进展跟大家同步。 Let's take a closer look at the company's development from two key perspectives. First, our existing business, and second, our growth initiatives. For our existing business, I will start with an update on our content influence in commercialization. 在内容生态方面，36Kr在保持既有内容矩阵的同时，多维度持续创造优质内容。公司在36Kr、36Kr Pro等旗舰型矩阵号的基础上，加速布局垂类领域。在智能影片、36Kr汽车、未来消费、36Kr游戏、暗影Waves、36Kr财经等优质内容工号上持续发力，进攻内容的覆盖广度以及在细分领域的积累深度，带领用户洞察行业趋势与商业热点。与此同时，公司持续打造面向年轻用户的专属内容，推出后浪研究所、潮声等年轻菜子媒体，通过图文测评、调慢、定制视频等多形态矩阵，触达更多的年轻群体。2024年8月正式上线了36Kr游戏内容矩阵，围绕与游戏有关的产品技术商业价值和人文故事，通过图文直播视频等形式，为大家展现游戏产业的发展浪潮。其实目前公司矩阵号已全面覆盖智能制造、数字化、双碳、ESG、硬科技、专精特新、消费生活等多个领域，建立起扎实的内容生态护城河。2024年36Kr编辑部矩阵号一共发布了8,090篇文章，其中原创文章2,465篇，浏览量超过2.2亿次，超过21万21.24.1万条留言，525次、525万次分享，其中36Kr公众号阅读量10万加的文章数达到757篇。 In terms of our content ecosystem development, we continue to create high-quality content on multiple fronts while maintaining our existing content metrics. Building our flagship channels, including 36Kr and 36Kr Pro, we broadened our reach in sub-verticals, actively expanding high-quality content-specific accounts like the emergence of Intelligence, 36Kr Auto, Future Consumption, 36Kr Games, Waves, and 36Kr Finance, among others. These accounts made our metrics more comprehensive by adding both broad content coverage and deep expertise in specialized domains to provide users with invaluable insights into industry trends and evolving business dynamics. At the same time, we continued to tailor content experiences for younger generations by launching our Waves and Tides sub-vertical medium channels, featuring a broad content matrix of text and graphics, comics, and customized videos. These channels successfully engage the younger audiences, greatly extending our content's reach. In August 2024, we officially launched a new content-specific account, 36Kr Games, dedicated to exploring gaming products, technology, business value, and cultural stories. We utilize a vibrant mix of text, graphics, live streaming, and video formats to capture the vigorous development of the gaming sector and engage its dynamic audience. To date, our accounts cover advanced manufacturing, digitalization, dual carbon, and ESG, hardcore technology, highly specialized in innovative enterprises, consumer lifestyles, and much more, fostering a thriving content ecosystem. In 2024, our editorial team published 8,090 articles through content-specific accounts, of which 2,465 were original, garnering over 220 million page views, more than 241,000 comments, and 5,253 million shares. Notably, on the 36Kr official account alone, 757 of our articles achieved over 100,000 page views. 在分发渠道方面，我们持续推进全网分发布局，通过微博、小红书、头条、知乎、B站、抖音、快手等新媒体分发渠道，实现对优质内容的全面分发覆盖，帮助优质内容获得更广泛的曝光和传播。持续且高质量的内容输出，也为我们带来更加多元的用户生态，用户粘性进一步提升。截至2024年底，36Kr全网粉丝数突破3,590万，实现连续16个季度的增长。 Moving on to our content dissemination network, we steadily expanded our footprint across diverse channels, crafting a comprehensive circulation matrix encompassing major new media platforms like Weibo, Red Note, Toutiao, Zhipu AI, Bili, Douyin, and Kuaishou, among others. Broad channel exposure brings us wider overall dissemination and higher visibility for our premium content. Our consistent production of high-quality content expanded and diversified our user demographics, further elevating user engagement and stickiness. As of the end of 2024, we had over 35.9 million followers, marking 16 consecutive quarters of growth. 在内容代替方面，我们通过图文长短视频、音频直播等逐步丰富内容形式带来。在短视频方面，我们凭借优秀的内容原创能力，获得用户的广泛关注和认可。全平台视频粉丝数超过931万，其中B站粉丝数已经突破247万，实现同比增长10%。视频号粉丝数量实现同比增长58%。短视频业务继续表现亮眼，占广告收入的占比不断提升。 We explore the growing areas for content formats throughout 2024, including text, graphics, short and long-form reviews, audio and live streaming, enriching our content offerings with a greater diversity of styles. In terms of short review, our exceptional content creation capabilities earn us widespread visibility and rave reviews from users. Our followers exceeded 9.31 million by the end of 2024, including a significant 2.47 million on Bilibili alone, up by 10% year- over- year. Our WeChat channel followers surged by 58% year-over-year. Our short video business continued to excel with its contribution to advertising revenue consistently on the rise. 在长视频领域，我们的高端访谈节目《看见2034》于二季度全新上线，与国民级短视频平台抖音强强联手，在内容创作和传播渠道上实现了多重突破。首期节目邀请了未来创始人李斌共同探讨新能源汽车在未来的变革，受到广泛关注。该节目的全网曝光量累计超过8,400万。 In the long-form video segment, we collaborated with popular short-form video platform Douyin to launch a new season of our elite talk show series Foreseeing 2034 in the Q2. We made notable strides in content creation and channel distribution through this robust partnership. The debut episode of Foreseeing 2034, featuring NIO founder Li Bin, delves into upcoming shifts in the new energy vehicle sector, garnering widespread interest and racking up over 84 million views across various platforms. 在直播方面，2024年我们用较少的人力积极整合现有资源，充分利用微信视频号培养出一系列微信矩阵号，包括36Kr家出海、金山产、36Kr CEO锦囊等。不管是直播内容影响力还是商单转化，低客单价产品的补充方面都有显著进展。2024年我们共进行了272场直播，涵盖AI大模型、中国品牌出海等热门话题。此外，我们在2024年底尝试了进行了第一次直播带货。本次直播带货共38个科技产品，直播间总曝光量超过163万，共有28.9万人来到直播间。36Kr直播间登上了同时段抖音平台智能首页搒第一名。2024年直播收入同比增长68.5%。未来我们将持续探索新的直播形式及场景，为用户和客户搭建更加丰富的内容场景和服务模式。 For live streaming this year, we optimized our resources with a streamlined team and fully leveraged WeChat channels to cultivate an area for content-specific accounts, including 36Kr Pro Plus, Global Expansion Golden Shovel, and 36Kr CEO Tips. This effort not only significantly elevated our live streaming content's influence, but also drove commercial convergence and supplemented our low-output offerings. We hosted 272 live streaming sessions in 2024, addressing a diverse spectrum of training topics, including AI large models and Chinese brands global expansion. Additionally, we launched our first e-commerce live streaming in late 2024. Our debut episode featured 38 tech products and garnered over 1.63 million views with a live audience of 289,000. Notably, the 36Kr live streaming channel ranked number one on Douyin's smart device category leader board during the same time period as live streaming. What's more, for the full year, our live streaming revenue surged by 68.5% year-over-year. Moving forward, we will continue to explore new live stream formats and scenarios, delighting both our users and clients with richer content scenarios and more diverse service models. "WISE 2024" 继续下沉全球分论坛，深圳以及 "WEST 2024" 云里常在未来消费大会北京两大分会场。邀请了云里常务CEO、创新工厂董事长李开复博士、强本集团合伙人总裁罗伟冰、联想集团高级副总裁戴伟、微弱品牌副总裁贾静东、华大集团CEO尹烨、智普AI CEO张鹏等200家、200多名来自于千行百业的中国商业领袖与精英们参与大会，分享了对中国商业发展的前瞻观点。"WEST 2024" 的商业职场大会总曝光量超过8.5亿次。 Now let's turn to enterprise value-added services. In 2024, we achieved a substantial success with the launch of a major event IP at the Wanted Productivity AI Partner Summit. In collaboration with industry giants like Alibaba, Baidu, Lenovo, and Intel, we delved into the latest trends in AI application, sharing insights on both opportunities and challenges gleaned from day-to-day business operations. This summit attracted an impressive 100 million-plus views, sparking extensive industry buzz. Additionally, we held our highly anticipated signature IP event, the "WEST 2024 Business Kings Conference," in November 2024. The summit focused on 11 trending industry verticals and featured two regional sub-forums: the "WEST 2024 Continue to Think" globalization sub-forum Shenzhen and the "WEST 2024 Always With You Future Consumption Conference Beijing." The event brought together more than 200 Chinese business leaders and elites representing a wide area of industries, including Li Kaifu, CEO of Innovation Works and the chairman of Sinovation Ventures, Lu Weibing, partner and president of Xiaomi Group, Dai Wei, Senior Vice President of Lenovo Group, Jiaxing Dong, Vice President of Weibo, Yin Ye, CEO of BGI Group, and Zhang Peng, CEO of Zhihu, sharing visionary insights into the future of China's business advancement. Our "WEST 2024 Business Kings Conference" attracted over 850 million total views. 除了线上活动咨询等企业增值服务方面也持续发力。36Kr研究院基于政策引导、资金热度、市场需求等多个维度，从产业链结构、竞争格局、企业模式和发展趋势等视角，深度剖析了2024年实现突破式发展且未来可期的重点产业，比如出海、具身智能、低空经济、人工智能等。2024年36Kr研究院粉丝数增长率超11%，人效比显著提升。商业化方面，不仅守住了行业研究和产业规划的基准盘，也进一步增加了心调、品牌咨询等业务。 In addition to offline events, we continued to make strides in our consulting services and other enterprise value-added service offerings this year. For instance, 36Kr Research Institute delved into key sectors poised for disruptive growth with significant upside potential, such as global expansion, embodied artificial intelligence, low altitude economy, and artificial intelligence, among others. Their in-depth analysis considered factors like policy guidance, funding activity, market demand, industry chain structure, competitive landscape, business model, and development trends. In 2024, followers of 36Kr Research Institute increased by over 11%, while workforce productivity ratio significantly improved. On the commercialization front, we strengthened our foundation in industry research and strategic market planning, while expanding into due diligence, branding consulting, and other services. 客户结构优化方面，基于上述丰富的内容生态以及多元的分发渠道，让我们不断拓宽服务及产品类型，使我们的商业化能力和持续性不断增强。因此，公司能够进一步加大新车、汽车、奢侈品消费等新兴领域客户的拓展力度，并积极开发更多服装、食品等大型传统行业客户。 The various efforts I just described have also contributed to client structure optimization. Our enriched content ecosystem and diverse content distribution channels empowered us to consistently expand our portfolio of services and products this year, enhancing our commercialization capabilities. This has enabled us to expand our outreach to clients in emerging sectors like new energy vehicles and luxury goods consumption, while actively broadening partnerships with legacy brands in traditional industries like apparel and food. 以上举措让我们的存量业务人效提升，业务及客户结构优化，收入可持续性更强。同时，我们也在不断拓展媒体边界，探索出海新产品以及业务模式，以提高业务收入，持续深耕AGI技术的前端和应用，进一步提升我们的内容生产和商业化效率。 These coordinated initiatives have meaningfully benefited our existing business through improved productivity, optimized business and client structures, and enhanced the sustainability of revenue streams. Going forward, we will continue to expand the boundaries of the median, explore new products and business models for global expansion to drive revenue growth, and advance AGI applications to further optimize content production and commercialization efficiency. 首先，2024年出海成为中国公司不能错过的命题。内容端，我们报道了民创用品、宁京智能、远景智能、移动科技、新麦创新、36Kr集团成功出海案例，持续关注中国企业出海动态。此前，36Kr已经落地了日本、36Kr Japan、东南亚、Kr ASIA，近36Kr海外本地团队多年深耕，以深度链接了海外政府、大企业、初创企业、资本核心圈，积累了大量企业出海服务案例及经验。我们持续多年为中国企业在海外提供媒体服务、市场推广服务。同时，我们的海外团队也帮助海外的机构、企业接触中国的商业机会。 Turning now to our growth initiatives. In 2024, global expansion emerged as a crucial opportunity that no Chinese company could afford to miss, and 36Kr is no exception. 36Kr has already established a solid presence in Japan through 36Kr Japan and in Southeast Asia, while, crucially, building on years of extensive efforts by its overseas teams, 36Kr has cultivated significant ties with foreign governments, major industry players, startups, and capital ecosystems, amassing a wealth of success stories and experiences in facilitating global business expansion. For years, we have been providing media services and marketing support to Chinese companies overseas, while our international teams have been helping foreign institutions and enterprises tap into business opportunities in China. On the content front, we have extensively covered globalization success stories of leading Chinese companies such as Miniso Novel, Anker, E-Propulsion, Nationality Digital, and Meritch, keeping a close eye on the global expansion dynamics of Chinese enterprises. 在全球化布局方面，2024年我们上线了36Kr欧洲总站。现阶段，欧洲总站的内容主要以36Kr站内初创公司报道、8.1Kr等原创内容为主，为海外用户及时提供丰富的中国商业相关的丰富资讯信息。欧洲与国内可同步获得资讯。36Kr欧洲总站应用AIGC技术赋能内容生态，大幅提高生产效率，降低内容生产成本。目前可支持英文、德文、中文浏览，未来将支持其他语种浏览，并陆续开通欧洲各国频道。 To advance our global expansion, we launched the 36Kr European Central Station in 2024. Currently, 36Kr Europe mainly features new corporate startups from the 36Kr ecosystem, along with our regional content such as a quarter package, equipping overseas stakeholders with timely and comprehensive information on Chinese businesses. This initiative enables 36Kr Europe users to access the same information at the same time as those in China. Additionally, 36Kr Europe leverages AIGC technology to empower its content ecosystem, notably improving productivity while lowering content creation costs. It currently supports browsing in English, German, and Chinese, with plans to add more languages in country-specific channels. 在国内资源方面，在北京世贸峰会的指导下，由36Kr作为倡议发起单位，共同发起设立的北京国际商会出海服务专业委员会，于2024年12月30日正式启动。北京国际商会出海服务专业委员会吸纳了包括领英中国、中国移动国际、毕马威、蚂蚁金服等机构在内的26家会员单位，汇聚北京市出海领域知名的产业服务商和专业服务商，致力于帮助首都企业拓展海外市场，逐渐提升北京企业国际竞争力。 To maximize the synergy of domestic resources, in December 2024, 36Kr initiated and launched the Beijing International Chamber of Commerce Global Expansion Service Committee under the guidance of China Council for the Promotion of International Trade Beijing Subcouncil. Twenty-six leading institutions have joined the committee, including LinkedIn China, China Mobile International, KPMG, and Ant Financial. The committee brings together Beijing's top industry and professional service providers specializing in global expansion-related solutions to help local businesses expand into global markets, aiming to gradually enhance the international competitiveness of Beijing-based companies. 在商业化方面，2025年1月，36Kr与杭州钱塘新区建设投资集团有限公司关于中国企业国际服务中心运营服务项目达成合作关系，并顺利完成签约。双方合作主要的目的是通过引入36Kr的专业化、组织运营能力、高质量内容线上传播能力以及广泛的出海资源，帮助钱塘区构建具备自身特色的企业出海服务生态和运作体系，达到钱塘区出海品牌，提升出海影响力。 Moving on to commercialization. At the beginning of 2025, 36Kr signed an agreement to enter a strategic partnership with Hangzhou Qian Tang New Area Construction and Investment Group for the Chinese Enterprise International Service Center Operations Project. This collaboration will leverage our expertise in organizational operations in online content distribution, as well as our vast network of global expansion resources, to support Qian Tang New Area in building a unique service ecosystem and operational framework for cooperative global expansion. This initiative seeks to create a powerful brand for Qian Tang New Area and amplify its international influence to empower Chinese enterprises to expand globally. 后续36Kr持续致力于拓展整合合作资源，广泛链接海内外生态合作伙伴，更好地为中国企业机构提供出海服务，助力中国企业国际化发展的同时，推动自身业务进一步增长。 Moving forward, 36Kr will remain committed to expanding and integrating cooperative resources, fostering synergy within an extensive global partnership ecosystem. This will enable us to better serve Chinese businesses and institutions in their international ventures, empowering Chinese businesses' global expansion while driving 36Kr's revenue growth. 此外，除了出海产品的探索以外，我们也在持续关注人工智能领域，并深耕AGI技术的潜在性应用，进一步提升我们的内容生产和商业化效率。 In addition to exploring global expansion offerings, we continue to focus on artificial intelligence, deepening our innovative AGI applications to further optimize content production and commercialization efficiency. 2024年也是36Kr对国内AI领域高密度输出信息的一年。36Kr是全球唯一一家两次最佳专访DeepSeek创始人的科技媒体。不论是行业里首家报道AI六小龙多家逐线放弃预训练、智算中心GPU租赁困局，还是对阿里、字节、小米等巨头的AI动向及时捕捉，足以说明我们在中国AI圈子里的报道之深、链接之广。 We also provided intensive coverage for China's AI ecosystem throughout 2024. We are the only tech media outlet worldwide to have exclusively interviewed DeepSeek's founder twice. While first in the industry reports on topics like six AI tigers faced the exit from pre-training and the GPU leasing dilemma for AI computing centers, to tracking and swiftly capturing the latest AI developments of tech giants like Alibaba, ByteDance, and Xiaomi, our coverage of China's AI community is both broad and deep, amplified by our network's extensive reach. 除了内容端的敏锐视角，36Kr积极将AIGC技术与自身内容生态相融合。我们在2024年上线了AI文生图、AI实验室、AI财报解读等多个基于AI技术提高内部工作效率的工具。同时在下半年上线了AI寻求报道，开门底层充分结合利用大模型技术及AI算法，包括AI机器人采访、报道内容生成等。底层已接入多个厂商大模型，包括豆包、同意、千问等。我们在2025年2月已经接入DeepSeek，通过最新的AI寻求报道来报道最新项目或融资的企业，已达到330多家。 In addition to our broad content reach and the key insights, we have actively integrated AIGC technology into our content ecosystem to enhance efficiency company-wide. In 2024, we launched an area of AI-powered tools, including AI text-to-image, AI web, and AI financial report interpretation, as well as AI meeting coverage, which fully leverages large-scale AI model technologies and AI algorithms to produce AI-powered interviews and generate content. The underlying system currently incorporates multiple developers' large AI models, such as Doubao and Tongyi Qianwen among others, and we integrated DeepSeek in February 2025. AI meeting coverage has covered over 330 companies since its launch, highlighting their latest initiatives worth raising ventures. 此外，36Kr企业执行报已于2024年10月上线，面向超过用户提供上市公司交易日的舆情事件分析报告，已支持7800多家A股和港股上市公司订阅。用户可搜索、筛选订阅感兴趣的上市公司，实现个性化订阅推送日报及分析内容。开门底层舆情数据由36Kr与博彦科技全资子公司红麦资讯合作，目前订阅公司日报总量已达到3024天，累计用户数已超过6000个。 In addition, we launched the 36Kr corporate omni-intelligence in October 2024, targeting stock market investors by providing daily sentiment analysis reports for public companies. The service currently covers over 7,800 public companies listed in mainland China and Hong Kong. Users can search, filter, and subscribe to reports on their preferred companies, receiving daily analysis in a personalized content format. The product's underlying sentiment data is a collaboration between 36Kr and BeyondSoft, a fully owned subsidiary of BeyondSoft. Currently, subscriptions for this daily report total 324, with a cumulative user base of more than 600. AI产品和工具的尝试进一步验证了36Kr对AI科技应用的前瞻性、敏感性和执行力。在2024年，凭借AIGC技术与内容生产行业的提升契合性，我们充分发挥AIGC技术在信息识别、文字处理和图片生成等内容创造方面的优势，实现了降本增效。此外，我们不断拓展业务边界，积极推动AI技术在多元场景的应用，与商办科技合作推出AI财报解读等业务。这些AI产品的推出提升了我们对客户群的覆盖和可理度，使那些过去由于贷款和人力而无法触达的大量公司和企业也成为我们的客户。 Our exploration of AI products and tools further underscores 36Kr's foresight, achievement, and outstanding execution capabilities in AI, leveraging the inherent synergies between AIGC technology and the content production industry. We maximize AIGC technology utilization in our content production activities this year, including information identification, text processing, and image generation. Moreover, we continue to broaden our business scope by actively promoting AI applications across diverse business scenarios. For example, we partnered with SenseTime to jointly launch AI financial report interpretation services. By introducing diverse AI products, we broadened 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. 综上所述，36Kr在2024年实现了全面的经营效率提升，这得益于我们优质的内容流通能力、深厚的IP积累、活跃的用户群体、优化的客户结构以及多元化的产品和服务。展望2025年，作为新经济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技术赋能新经济企业的高质量发展。 In summary, 36Kr comprehensively improved its operating efficiency throughout 2024, thanks to our peerless content creation prowess, robust IP assets, deeply engaged users, refined customer structure, and the diversified product and service lineup. Looking ahead to 2025 as a prominent brand and a pioneering platform supporting new economy enterprises, 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. I will now turn the call over to our CFO, Mr. Xiang Li, who will discuss our key financial results. It's all right, Xiang. Thank you. Thank you for joining our today's conference call. We will now review the second half of 2024 and the full year financial performance. Please note that all amounts are in RMB, unless otherwise stated. The company's total revenue was RMB 128.7 million in the second half of 2024. Compared to RMB 200.3 million in the same period of 2023, the total revenue for the full year of 2024 was RMB 231.1 million compared to RMB 340.2 million in the previous year. Online advertising services revenue was RMB 100.2 million in the second half of 2024, compared to RMB 139.8 million in the same period of 2023. For the full year of 2024, our online advertising services revenue was RMB 180.6 million compared to RMB 238.7 million in the previous year. The decrease was primarily due to the reduction in advertising spending by advertisers from certain industries and the ongoing elimination of underperforming customers as a proactive measure to reduce credit risk. Enterprise value-added services revenue was RMB 19.4 million in the second half of 2024, compared to RMB 40.5 million in the same period of 2023. For the full year of 2024, our enterprise value-added services revenue was RMB 32.8 million compared to RMB 67.3 million in the previous year. The decrease was mainly due to strategically refocusing on the core high-margin business through the optimization of underperforming regional operations. Subscription services revenue was RMB 9 million in the second half of 2024, compared to RMB 20 million in the same period of 2023. For the full year of 2024, our subscription services revenue was RMB 17.6 million compared to RMB 34.2 million in the previous year. The decrease was mainly due to the strategically transitioned business model for training services. Cost of revenue was RMB 61.8 million in the second half of 2024, compared to RMB 88.1 million in the same period of 2023. For the full year of 2024, our cost of revenue was RMB 180.7 million compared to RMB 158.2 million in the previous year. The decrease was primarily attributable to a decrease in operating costs resulting from our improved efficiency. Gross profit was RMB 66.9 million in the second half of 2024, compared to RMB 112.2 million in the same period of 2023. Gross margin was 52% in the second half of 2024, compared to 56% in the same period of 2023. For the full year 2024, our gross profit was RMB 112.3 million compared to RMB 182 million in the previous year. Gross margin for the full year of 2024 was 48.6% compared to 53.5% in the previous year. Operating expenses were RMB 73.1 million in the second half of 2024, compared to RMB 147.5 million in the same period of 2023, representing a decrease of 50% year-over-year. For the full year of 2024, our operating expenses were RMB 119.1 million compared to RMB 276.2 million in the previous year, representing a decrease of 31.2% year-over-year. Sales and marketing expenses were RMB 33.2 million in the second half of 2024, a decrease of 40% from RMB 62.7 million in the same period of 2023. For the full year of 2024, our sales and marketing expenses were RMB 82.6 million, a decrease of 35.2% from RMB 127.5 million in the previous year. The decrease was primarily attributable to the decrease in payroll-related expenses, rental expenses, and marketing and promotional expenses. General and administrative expenses were RMB 30.3 million in the second half of 2024, a 58.8% decrease compared to RMB 72.2 million in the same period of 2023. For the full year 2024, our general and admin expenses were RMB 93.1 million, a 30% decrease compared to RMB 107 million in the previous year. The decrease was largely attributable to the decrease in personnel-related expenses and partially offset by doubtful account loss. Research and development expenses were RMB 5.6 million in the second half of 2024, a decrease of 55.6% from RMB 12.6 million in the same period of 2023. For the full year 2024, our R&D expenses were RMB 14.4 million, a decrease of 65.5% from RMB 41.7 million in the previous year. The decrease was primarily due to the workforce restructuring to enhance R&D efficiency. Share-based compensation gain recognized in cost of revenue, sales and marketing expenses, and R&D expenses, as well as general and admin expenses, totaled RMB 0.22 million in the second half of 2024, compared to the share-based compensation expenses of RMB 0.97 million in the same period of 2023. For the full year 2024, the total amount of share-based compensation gain was RMB 0.18 million compared to RMB 4.7 million of share-based compensation expenses in the previous year. The change was mainly due to the reversal of SBC expenses caused by strategic workforce optimization. Other expenses were RMB 38.6 million in the second half of 2024, compared to RMB 1.1 million of other income in the same period of 2023. For the full year 2024, our other expenses were RMB 63 million compared to RMB 4.9 million of other income in the previous year. The change was primarily driven by the impairment loss of long-term investment. However, the company has a proactive response and is upbeat about its future. Income tax credit was RMB 1,000 in the second half of 2024, compared to RMB 148,000 of income tax expenses in the same period of 2023. For the full year 2024, our income tax expenses were RMB 64,000 compared to RMB 42,000 of income tax credit in the previous year. Net loss was RMB 44.9 million in the second half of 2024, compared to RMB 36.6 million in the same period of 2023. For the full year 2024, net loss was RMB 140.8 million compared to RMB 89.2 million in the previous year. Net loss attributable to 36Kr Holdings ordinary shareholders was RMB 42.3 million in the second half of 2024, compared to RMB 37.7 million in the same period of 2023. For the full year 2024, the number was RMB 136.6 million compared to RMB 19 million in the previous year. Basic and diluted net loss per ADS were both RMB 19.999 in the second half of 2024, compared to RMB 17.977 in the same period of 2023. For the full year 2024, the number was about RMB 64.795 compared to RMB 47.132 in the previous year. As of December 31, 2024, the company has a cash equivalent and short-term investment of RMB 92.5 million. This concludes all 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 Zhang Yanda with SWS Research. Please go ahead. 公司管理层晚上好。我第一个问题就是，今年公司的广告业务整体收入下降，公司如何看待未来广告业务的一个发展趋势？ 好的，谢谢领导。首先，2024年我们主动进行了广告产品及客户的优化，对部分利润率比较低及资金风险比较高的广告业务进行了调整，对应成本费用端实现了更大幅度的下降。因此，整体广告业务的盈利能力在不断增强。 Thank you for your question. I will translate your question in English. The company's overall advertising revenue declined this year. What's the company's outlook for its advertising business moving forward? First of all, in 2024, we proactively optimized our advertising products in the advertiser customer base, adjusting certain low-margin and high-risk advertising businesses. This strategic move resulted in a greater reduction in relevant costs and expenses, driving continuous improvement in the overall profitability of our advertising business. 虽然产品总收入、广告收入有所下降，都有小幅下降，但是2024年我们的互联网及品牌大客户依然保持稳定。我们不仅保持与阿里、京东、联想、华为等大客户的稳定合作关系，同时基于我们的后浪潮生等微型巨账号的内容影响力，我们也继续拓展优质客户群体，不断满足客户多元化的内容营销需求。2024年公司持续推进，包括食品饮料、餐饮连锁、户外运动、美妆客户及家居家电等优质客户群，并取得了显著进展，获得了苹果、石头鸟、Outburst、肯德基、宝洁等国际客户的合作，新客占比不断提高。 Although our overall advertising revenue declined slightly, our international sector key accounts in the leading brand customers remained stable in 2024. We maintained strong partnerships with key accounts like Alibaba, JD.com, Lenovo, and Huawei. Additionally, leveraging the content influence of our WeChat content-specific accounts, including O Youth and Tide, we continuously accelerated the growth in our high-quality customer base. By consistently meeting our customers' diverse content marketing needs, we continued to attract premium customers across sectors such as food and beverage, restaurant chains, sports and outdoor, beauty and personal care, home appliances, and more. We onboarded various premium global brands as partners, including Apple, Arc'teryx, Hobarts, KFC, and P&G, with the promotion of new customers consistently on the rise. 对于2025年的发展趋势，我们持续秉持乐观的态度。尽管宏观环境严峻，但内容端我们持续在客户最关注的AI、出海等赛道上升，为不同行业客户提供内容赋能，满足他们新的成本需求。我们持续进行产品及客户结构优化，强行我们的广告业务的韧性在不断增强。 We are cautiously optimistic about our advertising growth trajectory for 2025. Despite the microeconomic headwinds, we continue to depend on our expertise in key content verticals that matter most to our clients, such as AI and global expansion, among others. By empowering customers across diverse industries with premium content solutions and constantly optimizing our products in the client structure, we are confident we can strengthen our advertising business resilience. Thank you for your question. Any more? Do you have more questions? 好，我的第二个问题是，想请教一下公司2024年在降本增效方面取得了哪些进展？以上，谢谢。 Throughout 2024, what progress has the company made in reducing costs and improving efficiency? 好，谢谢。首先，通过对成本支出的严格控制和成本结构的优化，我们下半年毛利率重新回到了50%以上水平。 Firstly, through rigorous cost control and the cost structure optimization, our gross margin rebounded to over 50% in the second half of the year. 在费用方面，我们在去年进行了一系列的降本增效措施，包括封闭了我们的办公室，对技术产能部门进行了人员精简，亏损业务进行了调整，主营业务人效提升，组织结构升级等。 Secondly, as for expenses, we implemented an area for cost cutting and the efficiency enhancement initiatives, including relocating to an office building with lower rental costs, streamlining our tech and R&D teams, adjusting unprofitable businesses, improving workforce efficiency in cooperation, and upgrading our organizational structure, etc. 此外，我们正在把AI技术运用到我们业务的各个方面，节约成本，提高效率。 Additionally, we are integrating AI technology and AI tools on all fronts, effectively saving costs and elevating efficiency. 以上措施让我们的经营费用在2024年下半年得到了大幅的下降，相比于2023年同期下降超过50%。同时，经营费用率同比下降17%。我们20年下半年的经营运营亏损金额相比2023年同期大幅收窄。 These initiatives led to a significant reduction in our operating expenses in the second half of 2024, down by over 50% compared to the same period of 2023. Meanwhile, our operating expense ratio declined by 17% year-over-year. As a result, we vastly narrowed our operating losses compared to the same period of 2023. 2025年公司将继续优化产品、客户合作的结构，进一步提高公司的盈利能力。 In 2025, the company will continue to refine its products and customer base in the organizational structure to further enhance overall profitability. That's all for the answers. Thank you for your question. Do you have more questions? Thank you. Your next question comes from Ruyin with Sealand Securities. Please go ahead. 感谢给我这个提问的机会。那个我想请问一下，就是公司全年的这个企业增值服务收入是有所下降的，然后请问一下背后的原因是什么？然后对于今年的这个企业增值服务有哪些预期？谢谢。 Thank you for your question from Sealine. We let the decline in the full year revenue from enterprise value-added services. Can you share the outlook for this year's revenue from enterprise value-added services? 好的，谢谢。公司的企业增值服务主要是以服务中小企业和政府客户居多，这些客户受宏观经济情况的影响比较大。在宏观经济情况不确定的情况下，中小企业可能会减少咨询服务和线下活动的支出，政府也可能会削减一些预算，从而导致企业增值服务需求下降。 Small and medium enterprises and government institutions made up the majority of our enterprise value-added services clients, and they are relatively more affected by macroeconomic dynamics. Uncertainties at the macro level may prompt small and medium enterprises to curtail spending on consulting and offline initiatives, while government institutions may implement budget cuts. These factors collectively contributed to the decline in demand for enterprise value-added services. 另外一个重要原因是，我们在2024年调整了原有的地方站网络，重新优化了低端服务体系及产品，因此导致原有低毛利的亏损的地方政府业务减少，因此企业增值服务收入下降。但是这一次调整让我们的产品业务更加优化，可持续和盈利能力变得更强。 Additionally, one more important reason: this year we strategically restructured our existing network of regional outlets and once again optimized our service architecture and offerings for governments in the public service system. As a result, we scaled down low-margin, unprofitable local government projects, leading to a decline in revenue from enterprise value-added services. On the upside, this strategic adjustment has optimized our business in the product portfolio, reinforcing both sustainability and profitability. 2025年我们的很多重点IT活动都会延续，比如针对现在用户的Webs新浪潮大会、年底的旗舰型圣别YS大会，以及我们很多电动化的行业分享论坛，如AI Partners。这些将为企业增值服务的收入奠定基础。 In 2025, we plan to carry on many of our legacy IT events, including WISE, our signature gathering designed for individual customers, and WISE, our flagship year-end summit, along with a variety of industry-specific sharing programs and forums that cater to diverse customer segments like AI Partner. These activities will lay the groundwork for revenue growth in enterprise value-added services. 此外，2025年企业增值业务中，我们将持续开拓出海相关业务，延续2024年出海业务势头。除了东南亚及日本、中东、欧洲外，我们将持续加大全球化的网络布局，并与北京市贸促会、联合华决、北京市出海服务商及出海企业资源。2025年初，我们首次以媒体身份承接地方政府出海服务中心运营业务，与杭州钱塘新区建设投资集团有限公司合作中企国际服务中心运营服务项目。后续战略可将持续致力于拓展整合合作资源，广泛链接海内外生态合作伙伴，为中国企业机构提供出海服务，助力中国企业国际化发展的同时，也推动自身的业务进一步增长。 Moreover, we will continue to expand initiatives related to global expansion within our enterprise value-added services in 2025, sustaining our strong globalization momentum from 2024. In addition to Southeast Asia, Japan, the Middle East, and Europe, we will further strengthen our global network and collaborate with the China Council for the Promotion of International Trade Beijing Subcouncil to tap into additional resources from Beijing-based service providers specializing in global expansion-related solutions and enterprises seeking global expansion. At the beginning of this year, we made our first foray into operating a local government's global expansion service center in our capacity as a media entity, partnering with Hangzhou Qian Tang New Area Construction and Investment Group for the Chinese Enterprise International Service Center operation projects. Moving forward, 36Kr will remain committed to expanding and integrating cooperative resources, fostering synergy within an extensive global partnership ecosystem. This will enable us to serve Chinese businesses and institutions in their international ventures, empowering Chinese businesses for expansion while driving 36Kr's revenue growth. Thank you for your question. Do you have more questions? 非常感谢管理层的解答，非常清楚。然后我这边还有一个问题是关于AI的，然后想请教一下公司在生成式AI方面的一个内容的布局，然后以及产品的布局。谢谢。 How does the company position itself in generative AI across content and product offerings? 好的，感谢提问。在这次DeepSeek出现之前，我们是全球唯一的一家两次独家专访DeepSeek创始人梁文峰的科技媒体。我们也是行业内首次独家报道AI绿潮湖有多家逐步放弃预训练、智算中心、GPU租赁困局等行业最新进展的媒体。2024年我们也举办了极具影响力的AI Partner垂直峰会。我想这些都充分说明我们在中国AI圈子中的报道之深，链接之广。 Thank you for your question. Before DeepSeek gained widespread attention, we were the only tech media that worked wild to have exclusively interviewed DeepSeek's founder Liang Wenfeng twice. We were also the first in the industry to report on key industry developments like six AI tigers faced acid from pre-training, GB leading the Llama for AI computing centers. In 2024, we also hosted the highly influential AI Partner Summit for AI subverticals. These achievements underscored our broad and deep coverage of China's AI community, amplified by our network's extensive reach. 刚才我们也提到，2024年公司布局了几款AI产品，包括AI卫生图、AI实验室、AI财报解读、AI情绪报道、36个企业全情报等等。其中通过AI情绪报道来报道最新项目或融资的企业已达到330多家，并于2月份完成DeepSeek的模型接入。36个企业全情报已支持7800多家A股和港股上市企业订阅。目前订阅公司日报总量已达到3000多篇，累计用户数超过6000个。 As I just mentioned, the company launched an area for AI-powered products in 2024, including AI text-to-image, AI lab, AI financial report interpretation, AI meeting coverage, and 36Kr corporate omni-intelligence, among others. Notably, AI meeting coverage has covered over 330 companies, highlighting their latest initiatives in fundraising ventures. We integrated the DeepSeek model in February 2025. Meanwhile, 36Kr corporate omni-intelligence currently covers over 7,800 public companies listed in mainland China and Hong Kong. Subscriptions for its daily reports have reached more than 3,000, and with a cumulative user base of more than 6,000. 2025年我们将持续深耕AI内容布局，保持前沿报道的态势，持续为用户提供AIGC技术相关的优质内容。同时我们还将进一步深化AIGC技术与内容生产的融合。谢谢。 In 2025, we will continue to develop our AI content ecosystem, maintaining our edge in covering the latest AI trends and consistently delighting users with premium content associated with AIGC technology. We will also further integrate AIGC technology with content production to unlock new avenues for success. Thank you for your question. 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.