Hello, ladies and gentlemen. Thank you for standing by for 36Kr Holdings Inc.'s second half and fiscal year 2025 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, Zhen Wang, IR Manager of the company. Please go ahead, Zhen. Thank you very much. Hello, everyone, and welcome to 36Kr Holdings Inc.'s second half annual fiscal year 2025 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 Chairman and CEO, Mr. Dagang Feng, and our Chief Financial Officer, Mr. Xiang Li. Mr. Feng will s tart the call by providing an overview of the company and the performance highlights of the second half and the fiscal year 2025 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 U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve 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 include discussions 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. Please note that all amount numbers are in RMB. I will now turn the call over to our Chairman and CEO, Mr. Dagang Feng. Dagang, please go ahead. Thank you. Hello, everyone. Thank you for joining our second half and the fiscal year 2025 earnings conference call. Over the past two years, 36Kr has consistently focused on improving operating efficiency and optimizing financial structure. We have continuously upgraded our organizational structure, optimized the expenses, and strengthened our core capabilities. In 2025, while maintaining solid revenue performance, we achieved a major operational breakthrough by turning profitable. At the same time, our cash reserves remain stable, paving the way for the company's long-term financial health and the sustainable innovation-driven growth. For the full year of 2025, our gross profit margin reached 57.7%, an increase of 9 percentage points year-over-year. Operating expenses decreased by almost RMB 70 million from the same period last year. Our total operating expenses as a percentage of the total revenues decreased to 53%. Notably, the company recorded a net profit of RMB 11 million for the year. These achievements were driven by our continued integration of content innovation, commercialization breakthroughs and the technological applications into the company's business operations, which together optimized our organizational structure and improved workforce efficiency. We consistently fortified our content ecosystem in 2025, leveraging our peerless content creation promise to steadily extend our influence. In terms of our content dissemination network, we expanded our footprints across diverse channels, crafting a comprehensive circulation metrics encompassing major new medium platforms like Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, and Kuaishou, among others. Broad channel exposure has brought us wider overall dissemination and higher visibility for our premium content. Our consistent production of high quality content also diversified our users demographics, elevating user engagement and stickiness. At the end of 2025, we had over 36.8 million followers, marking 19 consecutive quarters of user growth. 在内容体裁方面，我们通过图文、长短视频、音频、直播等逐步丰富内容表达形式。在图文方面，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，在智能涌现、36Kr汽车、未来消费、36Kr游戏、暗涌Waves、36Kr财经、后浪研究所、潮生Tide等优质垂类内容账号不断积累，兼顾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。2025年年初，我们首发36Kr未来产业，作为公司关注城市创新和前沿科技，布局未来产业影响力的全新内容频道。浙江嘉善创新药业产业培育，单篇报道收获7万家公众号阅读，全平台曝光超10万。截至目前，公司矩阵号已全面涵盖人工智能、出海、智能制造、硬科技、消费生活、投资行业等多个领域，建立起扎实的内容生态完整和。2025全年，36Kr公众号阅读量10万加的文章数达698篇。暗涌Waves实现同比54%的关注者增长。 We explored a growing array of content formats throughout 2025, including text, graphics, short and long-form videos, audio and live streaming, enriching our content offering with a greater diversity of styles. For text and graphics, 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 continuously broaden our reach in sub-verticals, actively expanding high quality content-specific accounts like The Emergence of Intelligence, 36Kr Auto, Future Consumption, 36Kr Games, Waves, 36Kr Finance, Oh! Youth, and Tide, among others. These accounts enriched our metrics with both broad content coverage and deep expertise in specialized domains, providing users with invaluable insights into industry trends and evolving business dynamics. At the start of 2025, we rolled out 36Kr Industry Future, an all-new content channel spotlighting urban innovation and state-of-the-art technologies, building our influence in emerging industries. A notable feature on the innovative pharmaceutical sector in Jiaxing, Zhejiang Province, garnered over 70,000 page views on our official WeChat account and more than 100,000 total exposures. To date, our accounts cover artificial intelligence, Global Expansion, advanced manufacturing, hardcore technology, consumer lifestyle, investment and much more, comprising a thriving content ecosystem. For the full year of 2025, on the 36Kr official account alone, 698 of our articles achieved over 100,000 page views. Meanwhile, Waves followers expanded by 54% year-over-year. 在短视频方面，我们凭借优秀的内容原创能力，获得了用户的广泛关注和认可。全平台视频粉丝数超950万，其中视频号粉丝数量实现同比增长67%。2025年下半年，抖音氪科技新号首发后，便打造AI交心、AI造物主等爆款视频，已经实现超过13万关注者。此外，卧底传播在小红书、抖音、视频号、B站实现超千万播放。 In terms of a short video, our exceptional content creation capabilities earned us widespread visibility and rave reviews from users. Our video followers expanded to 9.5 million as of the end of 2025, with WeChat Channels followers surging by 67% year-over-year. Following the debut of our brand new 36Kr Tech account on Douyin in the second half of 2025, we released blockbuster videos such as AI Confidence and AI Creator, attracting over 130,000 followers to date. In addition, our video undercover multi-host live garnered over 10 million views on Xiaohongshu, Douyin, WeChat Channels, and Bilibili. 在直播方面，2025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，培养一系列矩阵号，包括搞点大事、出海金铲铲、三十六氪CEO锦囊等。同时我们首发面向AI创业者及独立开发者的AI局内人栏目。2025年七月举办的世界人工智能大会，三十六氪以特别支持媒体的身份，打造了集大会全程报道、大咖精彩对话、前沿技术探讨、未来趋势预测、科技新品路透于一体的超级直播间。三十六氪总曝光量5,020万，三十六氪矩阵直播总观看数112.7万。此外，2025年AWE与三十六氪合作，首个机器人特色展区，三十六氪携手五家机器人企业打造未来家机器人特色展区，深度展现机器人智能在家电行业、家居场景的优势，挖掘其市场潜力。此次展会，三十六氪视频号直播观看量104万+，全网总曝光量8,000万+。 In live streaming this year, we optimized our resources with a streamlined team and fully leveraged the WeChat channels to cultivate an array of content-specific accounts, including The Big Deal, Global Expansion, Golden Shovel, and the 36Kr CEO Tips. We also unveiled AI Insider, a program targeting AI entrepreneurs and independent developers. During this year's World Artificial Intelligence Conference in July, 36Kr served as a special supporting media partner and offered a super live streaming channel that combined full conference reporting, expert panels, cutting-edge technology insights, future trend forecasts, and tech product scoops, garnering 50.8 million total views and engaging 1.17 million viewers across the 36Kr live stream metrics. Moreover, at Appliance & Electronics World Expo 2025, 36Kr launched its first robot-themed exhibition, Future Plus, in partnership with five robotics companies, showcasing the immense potential upside of embodied artificial intelligence in home appliances in home settings. With this exhibition, the 36Kr WeChat channel's livestream garnered over 1.04 million views in total, racking up over 80 million views across diverse platforms. 在IP支付会方面，2025年举办了聚焦投资行业的WAVES大会。本次大会聚焦科技创投新纪元，新锐企业创始人、年轻科学家与顶级投资人汇聚，共同探讨AI技术核心、全球化浪潮与价值成功等前沿议题。本次WAVES大会全网总曝光量超过1.5亿。此外，聚焦AI赛道的2025 AI Partners大会，以"最后APP来了"为主题，聚焦AI超级应用对千行百业的颠覆性变革。本次大会实现全网超过1.3亿曝光。下半年我们举办了WISE 2025商业智库大会，作为公司最大的年度峰会，2025年WISE大会实现总曝光超过5亿，直播观看量超过80万。 In terms of event IP, we hosted our signature investment-focused conference WAVES in 2025, centered on the new era of venture capital. Founders of the emerging companies and innovative young scientists gathered with top-tier investors to discuss leading-edge topics including AI breakthroughs, globalization, and value media assessments. This year's WAVES event amassed over 150 million views. In addition, our 2025 AI Partners Summit focused on the AI sector und er the theme Here Comes the Super App, highlighted the disruptive impact of AI super applications across diverse industries, garnering over 130 million views. In the second half of the year, we hosted the WISE 2025 Business Kings Conference as the company's largest annual flagship conference. WISE 2025 Business Kings garnered an impressive 500 million-plus views across diverse platforms, with its live stream racking up more than 800,000 views. 二零二五年，上述内容IP方面的沉淀和创新，让我们在商业化端不断取得突破，包括客户结构优化，年轻态自媒体商业化突破，直播视频业务商业化突破，产业服务商业化突破。 In 2025, our deep expertise in innovation in content and IP sparked continuous commercialization breakthroughs including client structure optimization, stronger commercialization of sub-vertical media channels for younger audiences, new momentum in live streaming and video revenue, and meaningful progress in industrial services commercialization. 在客户结构优化方面，基于上述丰富的内容生态以及多元的出发渠道，让我们不断拓宽服务及产品类型，使得我们的商业化能力和持续性不断增强。后浪客户中，人工智能相关收入持续上升，其中模型层、应用层及硬件客户数量持续增加。 In terms of client structure optimization, our enriched content ecosystem and diverse content distribution channels empowered us to consistently expand our portfolio of services and products, constantly enhancing our commercialization capabilities. Within our internet client portfolio, revenue from AI-related services continued to grow, with the number of clients across model application and hardware layers steadily expanding. 在年轻态自媒体商业化方面，后浪、潮生等年轻态自媒体商业化收入实现同比增长超15%。核心客户持续复购，导致我们的突击内容已获客户持续认可。 Regarding the commercialization of sub-vertical media channels for younger audiences, revenue from channels like Oh! Youth and Tide increased by over 50% year-over-year, with core clients continuously making repeat purchases, reflecting sustained client recognition of our ToC content. 在直播和视频业务商业化方面，短视频和直播下单客户持续增加，新客比例超过50%。2025年直播相关收入同比增长接近40%。基于2025年科技展会如AWE、WAIC，我们也加大了对于展会类直播产品的开发。我们针对丰富的市场需求，开辟了低客单价产品线，作为原有高客单价精品商业化传播内容的有力补充。以此为纽带，我们为更多客户，尤其是正处于起步期的创业公司，提供了更多视频化直播产品，帮助他们触达更多潜在用户。凭借着出海赛道的持续深耕与直播内容创新，我们首次实现广交会客户突破，完成重要的商业合作。直播内容也得到主办方高度认可。在杭州举办的第四届全球数贸会上，我们携手杭州文化广播电视集团，打造了全程不间断直播矩阵。展会五天内，线上观展人数累计超过270万次，累规模达到现场观展人数的十倍以上。2025年，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。 As for live streaming and video commercialization, the number of clients placing short videos in the live streaming orders continued to grow, with new clients exceeding 50% of the total. For the full year of 2025, our live streaming revenue surged by nearly 40% year over year. Leveraging major technology exhibition in 2025, including AWE and WAIC, we stepped up our development of live streaming offerings tailored for event coverage. To address diverse market needs, we launched a low ARPU product line effectively our existing high ARPU premium commercialization content offerings. This expanded appeal of our video and live streaming offerings to more clients, particularly early-stage startups, enabling them to reach more potential users. Furthermore, thanks to our sustained efforts in the global expansion segment in the live streaming content innovation, we achieved a breakthrough with 10 fair clients, forging important commercial partnerships and earning high recognition from the organizers with our live streaming content. At the fourth Global Digital Trade Expo, held in Hangzhou, we partnered with Hangzhou Cultural Radio and Television Group on a full event uninterrupted live streaming matrix across the five-day event. Total online attendance exceeded 2.7 million, more than 10 times the number of on-site visitors. Looking ahead, we will continue to explore new live stream formats and scenarios, building richer content scenarios in more diverse service models for users and the clients. 在产业服务商业化方面，2025年36氪与杭州钱塘新区建设投资集团有限公司关于中企国际服务中心运营服务项目及AI外向社区运营服务项目达成为期三年的合作关系，并顺利完成签约。双方合作的主要目的是通过引入36氪的专业化运营组织能力、高质量内容线上传播能力以及广泛的产业资源，帮助钱塘区构建具备自身特色的企业服务生态和运作体系，提升区域影响力。另一方面，基于36氪未来产业OpenTalk产业带计划的影响力不断扩大，我们紧扣低空经济、商业航天、先进制造、新能源、新材料等城市产业转型、未来产业落地的重点领域，吸引上下游超过200家产业内项目及政府深度建联，并形成商业合作。 Regarding industrial service commercialization in 2025, 36Kr reached a three-year strategic partnership agreement with Hangzhou Qiantang New District Construction and Investment Group Company for the Chinese Enterprise International Services Center Operations Project and the AI Panorama Community Operations Project. This collaboration will leverage our expertise in organizational operations and online content distribution, as well as our vast network of industry resources, to support Qiantang New District in building a unique service ecosystem and operational framework for corporate empowerment, amplifying its regional influence. Furthermore, building on the growing influence of 36Kr Industry Future OpenTalk in the 36Kr Industrial Belt project, we focused on key sectors driving urban industrial transformation and future industry development, including low altitude economy, commercial aerospace, advanced manufacturing, and new energy and materials. This initiative attracted more than 200 upstream and downstream industry projects and government entities, fostering deep collaborations in commercial partnerships. 除上述内容创新沉淀以及商业化突破外，二零二五年我们也在不断拓展媒体边界，持续深耕AGI基础的前端应用，进一步提升我们的内容生产和商业化效率。 Beyond these advancements across content and commercialization, we continue to expand the boundaries of media in 2025, consistently driving cutting-edge AGI applications to further optimize content production and commercialization efficiency. 在内容端，2025年也是36氪对国内AI领域高密度输出信息的一年。2025年年初，DeepSeek在国内外引起轰动。36氪是全球唯一一家两次独家专访DeepSeek创始人的科技媒体。除智能涌现、AI图谱等深度垂直图文号账号外，2025年我们发布了AI图谱、氪科技等视频账号，关注ToC端AI的人物访谈公众号未来人物实验室，青年化的科技产品线上发布会栏目X计划，与AI领域前哨人物深谈和实测的直播栏目AI局内人，聚焦AGI时代新生产力的系列研究报告。此外，我们结合WAIC等大会进行多场直播，获得行业内外关注及认可。 On the content side, we provided intensive coverage of China's AI ecosystem in 2025. At the beginning of 2025, 36Kr made headlines at home and abroad as the only tech media outlet worldwide to have exclusively interviewed DeepSeek founder twice. In addition to our deep vertical text and graphic accounts like The Emergence of Intelligence and Waves, we launched video channels such as AI Map and 36Kr Tech in 2025. The Future Human Laboratory official account focused on AI interviews for consumers. The lightweight online tech products launch series Project X, and the live streaming series AI Insider, featuring in-depth conversations and real-world testing with leading voices at the forefront of AI. We also released a series of research reports on advanced productivity in the AGI era. Additionally, we hosted multiple live streaming sessions around major events such as WAIC, drawing strong engagement and recognition from within the industry and beyond. 除了内容端的敏锐触角，三十六氪积极将AIGC技术与自身内容生态相融合。我们在2024年下半年上线的AI新闻报道，产品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。底层已接入多个大厂商大模型，包括豆包、通义千问等。2025年3月接入DeepSeek，通过最新的AI新闻报道来报道最新项目或融资企业已达到1308家。AI新闻报道帮我们提高了内容员工的效率，极大地改善了过去我们人手短缺的问题，进一步帮我们提升了我们对初创公司的覆盖度。 In addition to AI-focused content, we have actively integrated AIGC technology into our content ecosystem to enhance efficiency company-wide. Our AI meeting coverage product launched in the second half of 2024 leverages large-scale AI model technologies in the AI algorithm to produce AI-powered interviews and generate content. The underlying system incorporates multiple developers of large AI models such as Doubao and Tongyi Qianwen, among others. We also integrated DeepSeek in March 2025. In 2025, AI meeting coverage covered 1,308 companies, highlighting their latest initiatives or fundraising ventures. AI meeting coverage has meaningfully improved our content team's efficiency, substantially easing previous manpower limitations and enhancing our coverage of startups. 36氪企业资讯报于2024年10月上线，面向二级市场用户提供上市公司交易日的舆情分析事件、舆情事件分析报告，已支持七千八百多家A股和港股的上市公司订阅。用户可搜索、筛选、订阅感兴趣的上市公司，实现个性化订阅，推送日报分析内容。产品底层舆情数据由36氪与博彦科技全资子公司鸿脉聚信合作，目前累计用户数已达3.66万个，订阅用户达6,187人，并沉淀了500位核心用户社区。 We also launched the 36Kr Corporate Omni-Intelligence in October 2024, targeting investors in the secondary market by providing AI-powered 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 鸿脉聚信, a fully-owned subsidiary of Beyondsoft. Having nurtured a community of several hundred core users, currently we have a cumulative user base of 36,600, including 6,187 subscribers. 2025年底，公司上线了AI测评网，是集AI工具导航加真实用户测评内容的社区平台，主要服务于AI工具选择需求的个人及企业用户。AI测评新品板块凭借专业内容输出与优质测评服务，实现口碑与数据双提升。累计上线AI测评内容516篇，内容吸引力与用户关注度稳步攀升。 At the end of 2025, we launched our AI review hub, 36AI Dianping.com, a community platform integrating AI tool discovery and authentic user reviews. Primarily serving individual and enterprise users seeking guidance in selecting AI tools. Backed by professional content output and high-quality review services, the platform's new product AI review section gained traction in both reputation and performance. 516 AI review articles have been posted in total, with conte nt appeal and user engagement steadily rising. AI产品和工具的尝试，进一步验证了36氪对AI科技应用的前瞻性、敏感性和执行力。在2025年，凭借AIGC技术与内容生产行业的天然契合性，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，实现降本增效。此外，我们不断拓宽业务边界，积极推动AI技术在多元化场景的应用。这些AI产品的推出，提升了我们对客户群的覆盖度和颗粒度，使那些过去由于带宽以及人力而无法触达到的大量公司和企业也能成为我们的客户。 Our investment of AI products and tools further underscores 36Kr's foresight, human and outstanding execution capabilities in AI. Leveraging the inherent synergies between AIGC technology and the content production industry, we maximize the 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. The launch of these AI products has enhanced the coverage and precision of our customer outreach initiatives, connecting with a diverse spectrum of enterprises and organizations previously beyond reach due to bandwidth and manpower limitations and turning them into clients. 综上，2025年公司实现扭亏为盈，是过去两年坚持经营优化、创新发展的阶段性成果，更是我们坚守长期财务健康底线的重要开端。未来，36氪将始终把财务健康作为公司发展的核心前提，持续优化费用结构，提升经营效率，保持现金流与盈利水平的稳定。同时，我们将继续立足内容核心优势，深化内容生态建设，推动商业化多维度突破，并持续深耕AI技术的产业应用，不断拓展业务边界，将技术创新与内容价值、产业服务深度结合，赋能科技企业高质量发展，实现财务健康与创新发展的双向赋能，长效发展。 In summary, as we turned profitabl e in 2025, the company reached a milestone achievement after two years of sustained operational optimization and innovative development, marking the start of a long-term commitment to financial health. Looking ahead, we will consistently place financial health as a foundational core of our development, constantly optimizing cost structure and improving operating efficiency to maintain stable cash flow and profitability. Moreover, building on our core content strength, we will continue to fortify our content ecosystem by driving commercialization breakthroughs on diverse fronts and broaden our business scope by actively expanding AI applications across industries. We will deeply integrate technological innovation with our valuable content assets in the industrial services to empower high quality of growth for technology enterprises, ensuring that financial health and innovative development reinforce each other and drive growth over the long term. With that, I will now turn the call over to our CFO, Mr. Xiang Li, who will discuss our key financial results. Please go ahead, Xiang. Thank you. Thank you, everyone, and thank you for joining today's presentation. We will now review the second half of 2025 and the full year financial performance. Please note, all the amounts are in RMB unless otherwise stated. Our total revenue increased by 4.7% to RMB 134.8 million in the second half of 2025, from RMB 128.7 million in the same period of 2024. Total revenues for the full year of 2024 were RMB 327.9 million, compared to RMB 331.1 million in the previous year. Online advertising services revenues increased by 5% to RMB 105.2 million in the second half of 2025, from RMB 100.2 million in the same period of 2024. The increase was primarily attributable to strong advertising demand from AI and high tech companies, which 36Kr captured through its focus on the tech vertical. For the full year of 2025, our online advertising services revenue were RMB 179.7 million, compared to RMB 180.6 million in the previous year, relatively slight year-over-year. Enterprise value-added services revenue increased by 7.7% to RMB 20.9 million in the second half of 2025, from RMB 19.4 million in the same period of 2024. For the full year of 2025, our enterprise value-added services revenue increased by 1.2% to RMB 33.2 million, from RMB 32.8 million in the previous year. The increase was primarily attributable to more innovative marketing solutions we provide to our customers, as well as proactive sales strategies we adopt to navigate the challenging environment. Subscription services revenue were RMB 8.7 million in the second half of 2025, compared to RMB 9 million in the same period of 2024. For the full year of 2025, decreased by 14.2% to RMB 50.1 million from RMB 17.6 million in the previous year. The decrease was mainly attributable to a strategy shift in training services and a continued focus on refining this segment's customer base. Cost of revenues decreased by 12.6% to RMB 54 million in the second half of 2025, from RMB 61.8 million in the same period of 2024. For the full year of 2025, our cost of revenue decreased by 18.8% to RMB 96.4 million in fiscal year 2025, from RMB 118.7 million in the previous year. The decrease was primarily attributable to the company's strict cost control measures. Gross profits increased by 20.8% to RMB 88.8 million in the second half of 2025, from RMB 66.9 million in the same period of 2024. Gross profit margin increased by 8 percentage points to 60% from 52% over the same period of 2024. For the full year 2025, our gross profits increased by 17.1% to RMB 131.5 million in fiscal year 2025, from RMB 112.3 million in the previous year. Gross profit margin increased by 9.1 percentage points to 57.7% from 48.6% over fiscal year 2022-24. The increase in gross margin were mainly attributable to higher gross margin from brand advertising services offered across 36Kr digital platforms, as well as a strong rebound in revenue from these services this year. Operating expenses decreased by 10.3% to RMB 65.6 million in the second half of 2025, from RMB 73.1 million in the same period of 2024. For the full year of 2025, our operating expenses decreased by 36.1% to RMB 121.5 million from RMB 190.1 million in the previous year. The decrease was primarily due to disciplined operating expenses management. Sales and marketing expenses were RMB 37 million in the second half of 2025, a slight decrease of 0.5% from RMB 37.2 million in the same period of 2024. For the full year 2025, our sales and the marketing expenses decreased by 19.6% to RMB 66.4 million from RMB 82.6 million in the previous year. The decrease was primarily attributable to the decrease in payroll-related expenses, travel and entertainment expenses, and the marketing and promotional expenses. General and admin expenses were RMB 22.4 million in the second half of 2025. 26.1% decrease compared to RMB 30.3 million in the same period of 2024. For the full year 2025, our general and admin expenses decreased by 54.5% to RMB 42.4 million from RMB 93.1 million in the previous year. The decrease was largely attributable to the decrease in personnel-related expenses and the provision of allowance for credit losses. Research and development expenses were RMB 6.3 million in the second half of 2025, a decrease of 12.5% from RMB 5.6 million in the same period of 2024. For the full year 2025, our R&D expenses decreased by 11.8% to RMB 12.7 million from RMB 14.4 million in the previous year. The decrease was primarily due to the reduction in R&D headcount following a team restructuring in prior year, partially offset by an increase in salaries and discretionary bonuses for the R&D team this year. Share-based compensation gain recognized in cost of revenues, sales and marketing expenses, and research and development expenses, as well as general and administrative expenses totaled RMB 76,200 in the second half of 2025, compared to share-based compensation gain RMB 220,000 in the same period of 2024. For the full year 2025, the total amount of share-based compensation gain were RMB 13,400 compared to RMB 180,000 of share-based compensation expenses in the previous year. The change were mainly due to higher reversal of SBC expenses caused by strategic workforce optimization in 2024 compared to 2025. Other income were RMB 1.1 million in the second half of 2025, compared to other expenses of RMB 38.6 million in the same period of 2024. For the full year 2025, our other income were RMB 1.4 million compared to RMB 63 million of other expenses in previous year. The change reflected large long-term investment impairment losses recognized in 2024. Income tax expenses were RMB 25,000 in the second half of 2025, compared to RMB 1,000 of income tax credit in the same period of 2024. For the full year 2025, our income tax expenses decreased by 67.2% to RMB 21,000 from RMB 64,000 in the previous year. Net income. Net income was RMB 16.2 million in the second half of 2025 compared to net loss of RMB 44.9 million in the same period of 2024. For the full year 2025, the net income was RMB 11.4 million compared to net loss of RMB 140.8 million in the previous year. The turnaround was primarily driven by the effectiveness of a company's strategic initiatives focused on cost control and the high margin business, along with the reduction in impairment loss on long-term investments. The lower provision of allowance for credit loss resulting from improved receivables collection. Net income attributable to 36Kr Holdings Inc.'s ordinary shareholders was RMB 16.1 million in the second half of 2025, compared to net loss attributable to 36Kr Holdings Inc.'s ordinary shares of RMB 42.3 million in the same period of 2024. For the full year 2025, net income attributable to 36Kr Holdings Inc.'s ordinary shareholders were RMB 11.2 million in fiscal year 2025, compared to net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders of RMB 136.6 million in the previous years. Basic and diluted net income per ADS were both RMB 7.616 in the second half of 2025, compared to basic and diluted net loss per ADS of $19.999 in the same period of 2024. For the full year of 2025, basic and diluted net income per ADS were $5.274 and $5.266 respectively, compared to basic and diluted net loss per ADS of $64.795 in the previous year. As of December 31st, 2025, the company has cash equivalents, restricted cash and short-term investments of RMB 116.1 million, an increase of 25.5% from RMB 92.5 million as of December 31st, 2024. Well, 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 today comes from Lingyi Zhao with the SWS Research. Please go ahead. 嗨，三十六氪的管理层大家晚上好，大家晚上好。首先非常恭喜公司这次取得了非常优质的业绩，然后包括我们也看到了像收入端、利润端都出现了非常好的这样的一个表现。那我的问题是，一就是公司如何看待未来广告收入的趋势？然后第二个就是可否也请领导给我们拆解一下公司毛利率大幅增长的原因。Hi, 36Kr management team, this is Lingyi Zhao from SWS Research. My question is, first, congratulations about the very good results. My question is, first, how do we see the advertising sections, the trends affect advertising sections? The second question is, could you explain and analyze our margin, the growth of margin? Thank you. 好的，多谢谢你。我们是老朋友了，互相也跟公司很多年，也终于看到这个，我们应该说还是一个蛮振奋的这样的一个财报，也感谢你多年的支持。我们自己团队，我们的团队和管理层和我们的股东其实都是很开心的。然后这个我回答你的问题，对于2026年的整体的广告趋势，我们还是比较谨慎乐观的这样的一个态度。广告收入主要还是跟宏观环境有关，宏观环境目前还是比较严峻，然后广告预算应该说，整个行业并没有迎来很好的一个增长，但是我们自己还是保持一个比较谨慎乐观，是因为我们觉得看到了几个关键点吧。第一，我们的老客户保持了非常大的稳定，比如说我们的品牌客户，我们的互联网客户，都保持了比较相对比较稳定的这样的一个态势，尤其是大客户。然后我们的新客户在不断地增加，在过去的2024年、2025年，我们的新客户增加都对公司的收入提升应该说起到了很大的帮助作用。那同时我们的新产品，更加受到大家欢迎，比如说包括这种视频、这种直播，过去的增长都还是蛮好的。去年我们的直播和视频新增客户已经超过50%，然后AI的收入在持续增加，这是新的行业，包括我们的直播收入，其实在这样的一个环境下，我们增长了40%。那另外一点就是我们的年轻人群，我们突推内容，年轻化内容更加受到市场的欢迎，包括我们的后浪研究所、潮生Tide这种年轻子媒体的人气引力在不断地提高，那我们可以看到比如后浪研究所之类的这种年轻化的子媒体，它增长也是蛮好的，也是双位数的成长。 Old friend, thanks for your support for the past several years, and we are very happy for the good results we have. For your question, we are cautiously optimistic about our advertising growth trajectory for 2026. Advertising revenue was largely influenced by macroeconomic headwinds and declines in advertising budgets. Despite the macro challenges, our overall advertising revenue remained stable as we maintained solid partnerships with our internet sector key accounts and the leading brand customers. Leveraging the audience reach and influence of our subvertical media channels for younger audiences, such as Oh! Youth and Tide, as well as the new live streaming and video formats like AI Insider, we continued to develop the tailored promotion solutions and the products that gained strong client approval. In 2025, we added over 50% new clients in our live streaming and video businesses. AI-related demand steadily increased. Live streaming revenue increased by 40%, outpacing market trends. Our subvertical media channels for younger audiences, amplified by Oh! Youth, grew by more than 50%. In 2026, we will continue to advance the live streaming development, step up our investment in content creation, explore a wider area for programs in the formats in live streaming, and continue to build depth in key content verticals that matter most to our clients, such as AI and global expansion, further enriching our content ecosystem. Meanwhile, as we empower clients across diverse industries with premium content to meet their evolving communication needs, we are confident in strengthening the resilience of our advertising business. Well, for your second question, last year, our gross profit margin improved substantially, mainly because we focused on high-margin businesses, streamlined low-margin operations, and implemented an era of cost control initiative for the past one year. Together, this endeavors have significantly increased our gross profit margin. Yeah. Thanks for your question. Thank you. Your next question comes from Rui Yin with Sealand Securities. Please go ahead. Uh, Well, this is Rui Yin from CLSA, and the question is, what are the drivers behind the growth in value-added services? Well, the growth was mainly driven by the first factor. The first one is many of our legacy IP events continued to perform well in 2025. Over the second half of the year, we successfully hosted multiple events, including the WISE, W-I-S-E, and the AI Partners Conference for all industries, the Industry Future Conference and more. Beyond these IP summits, we had by ourselves, we also cooperated with AWE, WAIC, those national summits. Well, besides, I've already mentioned in 2025, we also restructured our content strategy, business roadmap, and organizational structure for the industry services businesses. In 2025, 36Kr upgraded to a three-year strategic partnership with Hangzhou Qiantang New Era Construction and Investment Group Company for the Chinese Enterprise International Services Center Operations Project and the AI community operations projects. This collaboration will leverage our expertise in organizational operations in the online content distribution, as well as our vast network of industry resources to support Qiantang New Era in building a unique service ecosystem in the operational framework for corporate empowerment employed by institutional influence. The second reason, like, we've talked a lot. Each time we want to start a new market, we will deploy the new content accounts. For example, our content strategy for industry services began to yield a positive outcome. 36Kr Industry Future, our all-new content channel spotlighting urban innovation, state-of-the-art technologies and our reach across emerging industries, has published nearly 90 articles over the past year. Notably, a single feature on the innovative pharmaceutical sector in Jiaxing, Zhejiang Province garnered over 70,000 page views on our official WeChat account and more than 100,000 total exposures. Moreover, building on the growing influence of 36Kr Industry Future OpenTalk in 36Kr industry belt project, we have connected with over 200 upstream and downstream companies in the local government and will continue to develop the industry service offerings to better meet client needs. Well, 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. Well, thank you once again for joining us today. If you have f urther questions, please feel free to contact 36Kr Investor Relations through the contact information provided on our website. This concludes this conference call. You may now disconnect your line. Thank you.