We announced our quarterly financial results for Tencent Music before the U.S. market opened. The earnings release is now available on our website and via investor services. During today's call, you will hear from Mr. Cussion Pang, our Executive Chairman, and Mr. Ross Liang, our CEO, who will share an overview of the company's strategies and business updates. Then Ms. Shirley will ask both to discuss our financial results before we open the floor for questions. Before we continue, I refer you to the safe harbor statement in our earnings release, which applies to this call as well as the following statements. Please note that we discuss non-IFRS measures today, which are not thoroughly explained and reconciled to the most comparable measures reported under IFRS in our earnings release and filings with the SEC. All participants are mute at this time. After management's remarks, there will be a Q&A session, and please be advised that today's call is being recorded. With that, I am pleased to turn the call over to Cussion, Executive Chairman of Tencent Music. Cussion, please. Thank you, Madison. Hello, everyone, and thank you for joining our call today. In the second quarter, we delivered resilient performance while navigating a complex and evolving market. Our second growth engine continued to strengthen. Revenue from marketing and consumption service achieved another quarter of solid growth as we further expanded the value of music IP through live concerts, merchandise, and other IP-driven experiences. The addition of Ximalaya marks another important step in our content and platform strategy. By bringing music and audio together, we are enriching our content offering, reaching users across more listening occasions, and giving them more ways to discover, enjoy, and engage with great content. Our strategy is clear. We are strengthening our content ecosystem by deepening strategic partnerships, developing more proprietary IP, and extending premium content across a wider range of use experiences. First, premium content remains at the heart of this strategy, and the recent momentum we are seeing with classic catalogs is a perfect example. Hits variety shows and concert tools have amplified the reach of this work, making loyal fans more engaged while drawing in new generation of listeners. This has led to continuous growth in their streaming share. Second, we continue to expand our partnerships beyond traditional content licensing. Recently, we deepened our partnerships with [inaudible]. In addition to securing digital-first releases for its top artists, we expanded our collaboration into new areas, including content co-creation, physical offerings, and offline experiences. At the same time, we partnered with Huace Film & TV, Ruyi Film Entertainment, and Zhejiang Satellite TV to bring original soundtracks and popular music variety shows to our platform, creating a more immersive connection between music and visual entertainment. These deeper partnerships allow us to work more closely with creators and rights holders across the whole music value chain, enabling us to create more value from premium IP. Third, another key focus is developing more high-quality proprietary content, which is becoming an increasingly important differentiator for TME and giving users more reasons to engage with our platform. Examples include Zhou Shen's Blaze into Bloom [Non-English content] the theme song for the 2026 Jiangsu Football City League, Liu Yuning's Borrow a Little Light from Ordinary Days [Non-English content] Kugou Music's new brand anthem, and the theme song and insert song for the hit animated theme, All Wishes Come True! [Non-English content] all of which recorded strong streaming performance since their release. Fourth, Ximalaya further strengthens our content advantage with its premium audiobooks and podcasts. By adding popular categories like online novels, history, kids content, and education, we can reach users across many other more listening occasions, ultimately enhancing user time spent and engagement within our ecosystem. What really stands out is Ximalaya's ability to create its own hits. Its original productions have consistently driven strong engagement and paid conversion. In fact, nine of its top 10 new online novel titles this year were produced in-house, underscoring both the strength and scalability of its original content capabilities. Just as importantly, owning these hits also means better economics. With the strength of our content and platform ecosystem, deep user insights, expansive services, and a strong commitment to upholding copyright protection, a growing number of artists are turning to us as we expand talent development and artist management. This is a natural extension of our ecosystem that creates value for artists we are uniquely positioned to deliver. This is exciting as it empowers us to be more entrepreneurial and innovative in bringing more premium content and IP-driven immersive music experiences to music lovers. First, take rapper Zhou Yan, for instance. As his strategic partner, we have supported him across content promotion, IP development, and concert planning, helping him expand into new markets and formats and grow from arena shows to stadium concerts. Following the success of his Evolution Tour in Asia, we launched the Wu Ji, the first Chinese language rap stadium tour in China. More than 30,000 fans attended his opening show in Xi'an. Tia Ray is another good example. Her Once Upon a Moon tour wrapped up with two consecutive sold-out arena shows in Hangzhou and is now reaching international markets, showcasing her rising profile and growing fan base. We are also helping artists expand into new opportunities. For renowned actor and singer Steven Zhang, we produced his debut arena tour, New Journey, and his opening show in Shenzhen sold out quickly during pre-sales. Second, recently, we invested in The Black Label to deepen our collaboration on a broader range of IP-related initiatives, including artist promotion and merchandise development, helping leading artists to build deeper connections with their audience in China. This strategic partnership reflects our commitment to exploring cross-border opportunities and deepening the fan-based economy. By integrating content creation, music streaming, artist development, live experiences, merchandise, and fans engagement, we are able to create more value from premium IP, truly bringing the IP to life. We are already seeing encouraging results. IP-related consumption services, particularly live events and artist merchandise, continue to deliver strong double-digit year-over-year growth during the quarter. First, in live entertainment, we hosted three fan meetings in Macau for SM Entertainment's trainee group, SMTR25. The event attracted tens of thousands of fans and generated strong merchandise sales. TIMA, our proprietary flagship concert IP for International Music Awards, is becoming a larger and more influential brand in just its second year. Building on last year's success, we scaled up the venue to Kai Tak Sports Stadium in Hong Kong, including audience capacity by more than three-folds, capturing music lovers' growing enthusiasm. Second, artist merchandise also continued to gain momentum. By bringing together our capabilities in IP development, product design, merchandising, and distribution, we are creating more meaningful connections between artists and their fans. During the quarter, we produced Chosen's physical albums in both CD and vinyl formats, complemented by a range of collectibles merchandise that generated strong fan demand. Physical album releases from Cai Xukun, Chen Chusheng, and Pu Yi Xing also delivered impressive results. Protecting copyright is fundamental to preserving the long-term value of premium IP. During the quarter, we continued to strengthen our copyright protection efforts through proactive screening and takedown, legal action, and closer collaboration across the industry. As AI continues to evolve, we are stepping up our engagement with regulators, music labels, artists, and other industry partners to strengthen copyright protection in the new era. By working together across the industry, we believe we can foster a healthier environment for creators, reinforce the long-term value of premium IP, and support the sustainable development of the music industry. We remain committed to providing a safe and enjoyable music experience for users of all ages. During the second quarter, with comprehensive upgrades to Youth Mode across our core products, we created a dedicated library of age-appropriate music, helping younger users discover and enjoy music in a safer and more trusted environment. To conclude, while challenges remain, we believe we are still in the early innings of unlocking the full potential of premium IP. We are excited about the opportunities ahead and remain confident in our ability to deliver sustainable long-term growth. With that, I will turn the call over to Ross. Thank you, Cussion. Hello, everyone. While the competitive landscape continues to evolve, our commitment has not changed, delivering the best music and audio experiences for all users. Every user listens differently. That's why we continue to innovate our products, broaden our user reach, and enrich our membership offering. In the second quarter, our focus on user experience translated into stronger engagement, with average daily time spend continuing to improve, supporting standing growth in membership revenue. Product innovation remains at the heart of everything we do to serve our users. This quarter, we created a more seamless discovery-to-playback journey through improvements in content discovery and audio quality. Enhanced content discovery features such as swipe tabs and video feeds help users explore more relevant content in a more engaging way. Newly introduced [inaudible] also allowed free premium users to experience premium sound quality from their very first listen. Thought of application of AI also made music discovery more intuitive and personalized. We upgraded our AI agents across QQ Music and Kugou, enabling them to better understand nuanced user intents. Acting as personal DJs, these AI agents can now instantly create personalized playlists tailored to users' listening needs in the moment. Together, these improvements helped users discover more content, boosted their time spent on our platform, and increased the share of recommendation-driven streams. While delivering great services is the foundation, reaching more users is equally important. That's why we are continuing to deepen our integration with the Tencent ecosystem to expand our presence across more user touch points. First, we deepened our cooperation with Weixin video accounts by bringing leading labels, top artists, and independent musicians into its ecosystem. We are creating a more seamless journey from music discovery to full track listing on TME. Collaborations with Weixin Pay also helped our lightweight products such as Bodian Music and the Kugou Concept attract users looking for simple music experience and deepen their engagement. Furthermore, we recently integrated with Weixin's AI agent, Xiaowei. We are pleased that by tapping into Weixin's massive user base, more users can now discover songs, generate playlists, stream music with easy commands, and instantly share favorite tracks with friends. Together, these initiatives are expanding our user reach, improving conversion and engagement, as well as enhancing content distribution across the Tencent ecosystem. Second, we are also extending our user reach beyond mobile and PC into cross-device listening scenarios. During the quarter, we broadened our smart vehicle coverage through deeper collaborations with leading automakers, including Changan, Li Auto, and XPeng, and introduced the LLM pod search to deliver a smarter in-car experience. We are also among the first music platform to integrate with HarmonyOS, expanding our reach within its fast-growing ecosystem. Such a move has strengthened our presence among HarmonyOS users and positioned us to capture new opportunities for further monetization. We are excited to welcome Ximalaya to the TME family. Music and audio naturally complement each other. They broaden our content offering and create more listening occasions throughout the day. This helps us strengthen our position as a comprehensive music and audio platform. We are still in the early stages of unlocking the full potential of this combination, and we are seeing significant opportunities ahead. By bringing together our complementary strengths, we can deliver compelling content to a much broader audience. We are starting to enrich our SVIP offering with premium audio content to create richer listening experiences. Over time, we also see opportunities to strengthen our advertising business and improve efficiency, leveraging our shared technology and infrastructure. We believe these efforts will create lasting value for our users, creators, partners, and shareholders. Finally, we are further elevating the SVIP value proposition by transforming it into multi-dimensional experience centered on IP engagement. Premium music remains at its core, now complemented by premium audio and a growing portfolio of IP-driven member benefits. This quarter, digital albums and the tailored SVIP package continue to drive stronger member adoption and user engagement. Packages for Ren Jun, Huang Renjun, Lay Zhang Yixing, aespa, and the rest featured popular member benefits such as photo cards and NFC cards. We also expanded our Starlight Card lineup by adding artists from The Black Label, including Taeyang, Somi, [inaudible], and the ALLDAY PROJECT. Meanwhile, collaborations with popular gaming IPs such as Wuthering Waves, Ming Chao, and Light and Night, Guang Yu Ye Zhi Lian, brought new themed decorations to SVIP users, generating stronger user engagement and conversion. Together, these offerings contribute to highest growth in our SVIP user base, ARPPU, time spend, retention, as well as consumption of other premium ancillary experiences. They reinforce our value proposition of one membership, richer experiences. To conclude, our journey reflects how we have evolved from a gateway for content into a strategic platform that actively shapes the music and audio entertainment landscape. Our focus remains steadfast: creating deeper and more meaningful connections between creators, content, and audiences. We are uniquely positioned and are confident that we can translate these deep connections into long-term structural value across music and audio. With that, I would like to turn the call over to Shirley, our CFO, for a deep dive into our financials. Thank you, Ross, and greetings, everyone. Let me now turn to our financial results and an evolving competitive industry landscape. We delivered steady financial results in the second quarter of 2026 with 6% year-on-year revenue growth. Total revenues were RMB 8.9 billion, up by 6% year-on-year, primarily driven by strong growth in revenues from music-related services. The consolidation of Ximalaya contributed approximately RMB 0.4 billion to our overall revenues in the second quarter of 2026. Revenues from music-related services grew 11% year-on-year, driven by solid growth in revenues from membership services and offline performance-related services. Revenues from membership services were RMB 4.8 billion, up by 8% year-on-year. In the second quarter of 2026, our VIP membership program continues to expand. Our diversified VIP privileges, such as artist membership, sales, photo cards, and the Starlight Pass, continued to drive VIP user adoption and revenue growth. This quarter, we collaborated with our VIP ambassadors to offer special packages and improve our VIP offering. The consolidation of Ximalaya also contributed to revenue growth in membership services. Within marketing and consumption services, offline performance-related service delivered robust results as we successfully staged several concerts for our strategically collaborated artists, including Silence Wang and [inaudible]. Sales of digital albums also achieved solid performance, primarily driven by the launch of Jeff Chang's album, "Children of the Sun." We continue to prioritize our IP-related offerings and build deeper collaborations with strategic artists across music promotion, offline performances, artist merchandise, and digital albums. In a challenging macro environment and a competitive market, our advertising business, especially the ad-supported model, are experiencing some headwinds, but continue to take actions to improve ad exposure, enhance entry rate, and eCPM, and offer more engaging interactive products for users. We are also deepening collaboration with the Tencent ecosystem to reach more users. The consolidation of Ximalaya contributed to revenue growth in advertising positively, and we see growth potential in this area through leveraging our expanded contents and shared resources and technologies. Our gross margin in Q2 2026 was 44.2%, compared with 44.4% in the same period of last year. Revenue mix impacts our gross margin. Offline performance-related services continue to grow. We are happy to see continued cost efficiency improvement for offline performances-related services. The consolidation of Ximalaya, after considering the amortization of intangible assets recorded on the purchase accounting, had an favorable impact on our gross margin this quarter. We are confident that our gross margin will remain competitive in the industry over time. Moving on to operating expenses, they amounted to only RMB 1.3 billion, representing 14.5% of our total revenues in 2026, compared with 13.7% in the same period of last year. This quarter, we adjust our channel spending strategies by reducing channel spending and deepening collaborations with the Tencent ecosystem. For example, we strengthened our cooperation with WeChat video account for content distribution and user conversion and collaborated with WeChat Xiaowei to drive traffic to our lightweight APIs. The consolidation of Ximalaya, including the amortization of intangible assets recorded on the purchase accounting, drive the increase in operating expenses. Going forward, we expect to dynamically adjust our channel spending strategies for all our business according to evolving market conditions with our requirements. Our net profit attributable to equity holders was RMB 2.5 billion, compared with RMB 2.4 billion in the same period of 2025. Diluted earnings per ADS this quarter were RMB 1.57. For Q2 2026, our adjusted EBITDA was RMB 3.3 billion, up by 5% year-on-year. Non-GAAP net profit attributable to equity holders of the company was RMB 2.7 billion, up by 4% year-on-year. As of June 30, 2026, our combined balance of cash equivalents, term deposits, and short-term investments was RMB 44.2 billion as compared to RMB 41 billion as of March 31st, 2026. This combined balance was affected by changes in exchange rate of RMB to USD at different balance sheet dates. In addition to our strong operating cash flow, we maintain diversified finance options to meet our strategic expenditure requirements. Under the share repurchase program announced in March 2025, we have repurchased 43.5 million ADSs from the open market for total cash consideration of $ 400 million in the second quarter of 2026. As part of our long-term commitment to shareholder returns, we remain on track to complete the 2025 stock repurchase program on file. Looking ahead, we will continue to focus on the development of SVIP membership, creating more innovative products, and providing more diversified benefits and privileges to our users. We also keep investing in quality content and IP development to build a comprehensive content ecosystem. Additionally, we will continue to deepen collaboration with Tencent ecosystem. The combination of Ximalaya brings exciting opportunities for us as our company enters a new and broader platform. All these factors pave the way for long-term health growth of our business. This concludes our prepared remarks. We are now ready to open the call for questions. Thank you, Shirley. If you are joining by phone, please press five to ask a question and then six to unmute yourself. If you are accessing the call from the Tencent Meeting or GoToMeeting application, please click the Raise Hand button at the bottom left. For the benefit of all participants on today's call, please limit yourself to one question. If you have more than one, please re-enter. If you are asking questions in Chinese, please ask them to repeat in English. The first question comes from Alex Liu from Bank of America. Alex, your line is open now. Hi, thanks for this opportunity for asking questions. Congrats on very strong results. My question is, there are two questions. The first question is on IP-related business. IP has been a key driver for our revenue in the first half of 2026. I was wondering how will the IP-related business drive the revenue growth for the rest of this year? How is the momentum and outlook looks like there? The second question is really on Ximalaya consolidation. Now that Ximalaya is already part of the TME group, how should we think about the financial outlook after Ximalaya's consolidations and its impact to the TME financials in the second half of this year? Thank you. [Non-English content] Thank you, Alex, for your questions. The first question is about our IP development. Currently, based on our overall performance in the second quarter, we have achieved very stable growth. This growth is supported by our forward-looking strategies developed over many years. We have built a differentiated platform with both content and offline/online services and products, as well as virtual and non-virtual offerings. This forms a complete music ecosystem that can fully leverage our diversified IPs. You can also see that we have a lot of contribution from marketing and consumption-related services. All of this has contributed a lot to this quarter's result. [Non-English content] For this year competition, we do see some patterns from the competitive area, be it in the membership and ads business. Our IP related services, including concerts and performance, are experiencing steady growth, mainly because of the following reasons. Number one is our IP supply. Apart from our in-house research and development, we are also carrying out a lot of deep collaboration with external suppliers, which help us build high-quality IPs across the board. Second, you can also see that in terms of content collaboration, apart from that on the promotion, distribution, and derivative products, we are also in a very good position. Number three is the diversified monetization. Through our platform, it will not only provide performance, concerts or merchandise, and through our member benefits, it could also contribute more to the increase of our SVIP numbers. All of these have helped us build a very solid competitive mode. [Non-English content] About your second question on Ximalaya. We are very pleased to have Ximalaya to be part of TME family. With Ximalaya on board, we have already built a one-stop music plus audio platform, which help us amplify the user base and also enrich the user profile, and also increase time spent on our platform. Overall, in the medium to long run, we can see that Ximalaya's joining to TME family will also unlock more potential of future growth. This also set a solid base for future growth. Thank you. The next question comes from Lincoln Kong from Goldman Sachs. Lincoln, please. Thank you, management, for taking my question. My question is about the subscription business. Basically, in the first half or in second quarter, if we excluding Ximalaya, we do see some moderation in subscription revenue growth. How should we think about the prospects into the second half of the year? What sort of the growth trend for SVIP or the overall ARPU to contribute to the overall growth? Could management also elaborate a bit more on the latest status in terms of the competition, especially against Xiami? Thank you. [Non-English content] Well, with the competition in hand, we can see that the growth in music-related business is slowing down. [Non-English content] Well, it is mainly some impact on traffic. But as we said, the most important thing is our collaboration with WeChat video app. [Non-English content] We are also very pleased to see that TME is already taking charge of the music business operation under WeChat and Weixin video account. The connection between Weixin video account and QQ app has already been very smooth. [Non-English content] If you look at revenue-wise, our high-value users or SVIP has not been heavily affected. What has been most heavily affected is for those casual or light users. [Non-English content] If you look at our subscribers, we try to stabilize our SVIP base and try to put more benefits into the SVIP package to increase its total number of base. [Non-English content] This includes, like Cussion said, merchandise, performance concerts, and with Ximalaya, we can also provide more high-value long-form audios. [Non-English content] Compared with our peers, our core music business is still having a solid and healthy growth. [Non-English content] To acquire more light users, we also happen to potential from those light small apps, especially like audio music, Kugou Concept, and the Kugou free version, which we released at this quarter. [Non-English content] We believe through our collaboration, a deeper collaboration with the Weixin video account by stabilizing our main business and tapping more potential from high-value users. I believe we can stay in a very good position against the competition. [Non-English content] In terms of competition, TME has never been absent from competition over years. The most important thing for us is to do our own job well. [Non-English content] Compared with our peers, with the consolidation of Ximalaya, we have already finished our transition from a music platform to a music plus audio comprehensive service platform. [Non-English content] Compared with our peers in the future on TME platform, we can provide more enriching content, more channels, and more benefits that cover both online and offline. [Non-English content] No matter what happens in competition, we will stay firm on our own track of development. We also believe that our business will continue to have a stable and steady development. Thank you. The next question comes from Alex Yao from JPMorgan. Alex, please. Thank you management for taking my question. Especially thank you for playing such a soothing music ahead of the conference call. I really enjoy listening to "Borrow a Little Light from Ordinary Days", and also all the best to the business transition. My question is about the integration and synergy with the Weixin Xiaowei, the Weixin agent services. You guys highlighted the Weixin Xiaowei integration and the upgraded AI agents acting as personal DJs in QQ Music and Kugou. What measurable changes have these products produced in discovery, listening time, retention or conversion? What is the intended monetization path? Does management primarily view AI as an engagement and a cost efficiency tool, or can AI become a direct revenue contributor? Thank you. [Non-English content] [Non-English content First of all, Weixin Xiaowei is still under testing. We take it as very important scale. [Non-English content] Well, though it's still at an early testing stage, we're very happy to see that users are already using it to set their own song list, share songs, and they're using it very frequently. [Non-English content] With our app internal upgrading, especially with the integration of HY3 and plus our music AI Agent, we can tell that it does increase the retention, especially for the high value users. [Non-English content] Recently, you can also try some new features on Mac version, especially two new features. One is you can swipe to listen to music. Second is the AI DJ. Basically, you can use it as like a companion DJ station. [Non-English content] With our latest algorithm, the GPT model, we can see that it also increased the engagement recommendation and our recommendation has also been adopted by one of the top tier conferences. [Non-English content] About the monetization of AI Agent, I think the business model is very clear, and we will use that to increase the engagement and activity of our users. So, they will use it more often to share and listen to songs, especially for those paid users that will further drive the growth of subscription. [Non-English content] About AI technology in general, we talked about this topic in a previous quarter's call as well. Well, AI itself compared with others in nature, is also a tool to improve efficiency and cut costs. [Non-English content] However, what is special about us is on the consumer side, we can use AI, especially large language models, to generate music. Over the past couple of years, we've already used that in our app like Kugou AIK and QQ use, also using AI to generate songs. All of these have also generated very good commercial returns. We hope that we can use AI technologies to tap more commercial opportunities and increase our revenue. Thank you. The next question comes from Citigroup. Alicia. Alicia, please. Hello. Can you hear me? Yes, we can. [Non-English content] Wonder management can share your insight, what is the competitive advantage and competitive mode of TME on the music and also the long form audio IP and also the overall IP strategy, thank you. [Non-English content] Well, first of all, about exclusive content, we are not in a specific position to talk about competitive mode, because according to SAMR's rules, we cannot use those exclusively on content. [Non-English content] However, compared with our peers, our competitive advantage is quite clear. First of all, Ximalaya still has a lot of user legacy that covers white collar and female users in Tier 1 and Tier 2 cities. [Non-English content] As you probably can see, our kids business on Ximalaya is still taking considerable market share and especially the story part has also complement with our own business. [Non-English content] Another part is the internet literature, especially the novels, like audio books. We will continue to deepen our collaboration with China Literature, Yuewen, and all the new works will turn into audiobooks and will be efficiently distributed on our platform. [Non-English content] Recently, we're also partnered with China Literature, Yuewen, on comic plays. We also believe that comic plays and audios can also complement with each other. [Non-English content] In addition, we also have a deep collaboration with Tencent Video for some long-form videos like Bai Hua Sha or Renjian, those hit shows. Once we found those hit shows on Tencent Video, especially those S plays, we also spot there is a great consumption scenarios on Ximalaya. [Non-English content] With the Tencent Video, for those hit shows, we can turn those into audiobooks very quickly and turn it online. We can also have some traffic diverted from Tencent Video. For the audio resources on Ximalaya platform, we will also license it to Tencent Video, so that Tencent Video users can also listen to this audio content. [Non-English content] In a nutshell, long-form audio is still IP-centric business, and we will keep a focus on classic kids stories, the internet literature from China Literature Yuewen, and the S level shows from Tencent Video. We believe all of this will have very good commercial outlook. [Non-English content] About music creation, TME has also deployed many forward-looking strategies. [Non-English content] Apart from our collaboration with domestic and international labels, we co-produce a lot of artworks. We also set up some joint ventures, and we also spent lots of efforts in in-house studio in music creation. [Non-English content] In addition, we will also continue to forge a closer collaboration within the Tencent ecosystem with gaming, with Tencent Video, and over the years we have generated many hit songs. [Non-English content] Apart from our music creation, we're also entering deeper into artist or singer generation or nurturing and artist management. For example, we partner with SM Entertainment from Korea, so that it could help us better nurture more talented artists. [Non-English content] With song creation and singer nurturing, we can also help a lot of singers to make their own concerts and we can also organize a lot of the IP based events, and all of this will further contribute to the business growth. With our integrated or one-stop platform, we will further nurture more high-quality IP. If you look at our business performance over the past several years, such rapid growth is already a proven record of the huge potential of this business. [Non-English content] Ultimately, with more benefits, it will further contribute to the growth of our subscription or SVIP growth. Thank you. The next question comes from Maggie from CICC. Maggie. Thanks, management, for taking my question. My first question is related to margin. In the second quarter, sales and marketing increase appeared to be quite modest year-over-year, even taking into consideration of Ximalaya, which was believed to entail higher sales and marketing cost ratio. Could management help us better understand the driver behind that? What is the overall gross margin and net margin outlook in the third quarter and fourth quarter upon a full quarter consolidation of Ximalaya? My second question is related to shareholder return. Our total cash, short-term, long-term deposit reached CNY 44 billion by the end of second quarter, and it is almost 40% of our current market cap. Could management share with us your latest thought on enhancing shareholder return going forward? Thank you. [Non-English content] [Non-English content] Well, first question about the slight decline of our GP margin is mainly due to the following reasons. Number one is our offline business is growing very rapidly, which means that it takes a bigger share of our total revenue. Plus our offline artist brokerage business is also growing very rapidly and also taking a bigger share of our overall revenue. Plus concert and live performance, which also contribute positively to our GP margin. These are why our GP margin is just declining slightly. [Non-English content] Well, if you look at a quarter-over-quarter, the slight decline of GP margin is mostly the seasonal changes of the offline performance business, because the offline performance business in Q2 is greatly higher than Q1. [Non-English content] Considering the amortization of intangible assets of Ximalaya, it has some positive impact over our GP margin. [Non-English content] In the long run, with the consolidation of Ximalaya, we will continue to build our music plus audio platform, to have a more enriching ecosystem, and to provide a more differentiated user experience. With that, we believe we can increase the retention conversion rate. [Non-English content] Our projection into the second half of our revenue expectation, we project that our GP margin will be decreasing slightly year-over-year. [Non-English content] About sales expenses, I would say in Q2 we have controlled the sales expenses because in general, we have changed our channel expenses strategy, which means that we will seek more projects with higher ROI. In addition, we are also strengthening our collaboration within the Tencent ecosystem, including Tencent Video, WeChat Pay, and Tencent Games. As you can see in our collaboration with Tencent Video, has already helped us increase the traffic and conversion. [Non-English content] Well, with the consolidation of Ximalaya, basically the input in June has already extended, but with the technology and platform convergence, we have resumed the expanding for Ximalaya, but with the same ROI standard since July. [Non-English content] We would not just spend broadly in marketing, and we will fine-tune our strategy in marketing and to do more targeted marketing and stay focused on our ecosystem and to try to tap more value from our users. So for the whole year, our sales expenses will go up a little bit and our operating expenses will slightly go up. But considering the loans, our net margin for the whole year will go down slightly and EBITDA will edge up a little bit. [Non-English content] About shareholder return. Currently, we are still under that $1 billion shareholder return program. In Q2 alone, we already completed $400 million USD share buyback. [Non-English content] The management is very confident in the long-term future of the company. So apart from finishing the rest of the previous share buyback program, we are also preparing for another round of share buyback. We will try to use different approach to increase shareholder return. Thank you. In the interest of time, I would like to wrap up today's call. Thank you again for joining us today. If you have any further questions, please feel free to put them in our team and we can close today's call. We look forward to speaking to you next quarter. Thank you and bye. Thank you. Thank you. Thank you.