Ladies and gentlemen, thank you for standing by, and welcome to the Zhihu Inc. First Quarter 2022 Financial Results Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a Q&A session. Today's conference is being recorded. At this time, I would like to turn the conference over to Ms. Jingjing Du, Head of Investor Relations. Please go ahead, ma'am. Thank you, operator. Hello, everyone. Welcome to our first quarter 2022 financial results conference call. Joining us today are Mr. Zhou Yuan, our Chairman and CEO of Zhihu, and Mr. Sun Wei, our CFO. Before we start, we would like to remind you that today's discussion may contain forward-looking statements which involve a number of risks and uncertainties. Actual results and outcomes may differ materially from those mentioned in today's announcement and this discussion. The company does not undertake any obligation to update this forward-looking information except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only. For definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see our earnings release issued earlier today. In addition, a webcast replay of this conference call will be available on our website at ir.zhihu.com. I will now turn the call over to Mr. Sun Wei, our CFO. Okay. Thank you, Jingjing. I'm pleased to deliver today's opening remarks on behalf of Mr. Zhou Yuan, founder and CEO of Zhihu. Thank you for joining Zhihu's first quarter 2022 earnings call. In April, we successfully completed our dual primary listing on the Hong Kong Stock Exchange, marking another key milestone following our listing on the NYSE last year. Our dual primary listing further cements our solid foundation for the sustainable and the long-term growth of the company. In the first quarter, aligned with our community ecosystem comes first strategy, we continue to cultivate fulfilling content in various verticals. Our sense of fulfillment approach and algorithm, combined with refined analysis of the needs and the characteristics of our core user groups, has continued to enhance our understanding of users and help us more precisely meet their needs. At the same time, our iterative tools, creator operations, and the support helps further encourage content creation. The combined effects of the above effectively work to boost the sustained vitality and the rational prosperity of our community ecosystem. During the first quarter, our average MAUs grew by 19.4% year-over-year to 101.6 million, with over 96% being mobile MAUs. Backed by our strategy of creating a better community ecosystem, starting from January, we have continued to improve user experience by optimizing recommendation algorithms. We have also actively implemented initiatives to better manage content, which is incompatible with our sense of fulfillment content standards, including content that is biased, irrelevant, unfriendly, and spammy content. As a result, and as anticipated, we saw a slight pullback in overall user growth in the first quarter compared with peak levels in previous quarters. However, at the same time, we witnessed notable growth in user engagement and the retention due to the enhanced user experience on our platform. Our high-quality content and unique content-centric business model have enabled Zhihu to achieve increasing brand value and a strong financial performance despite the significant macro headwinds. Our total revenue recorded year-over-year growth of 55.4%, reaching RMB 743 million in the first quarter, beyond the high end of our revenue guidance. Our revenue base was further diversified, evidenced by content-commerce solutions and advertising business, together contributing 59.8% to total revenue, with CCS growing to be the largest revenue contributor in the quarter. We believe these achievements also rely on the joint efforts of all parties in Zhihu community and the support of our shareholders who share the same vision. The board is confident about the company's continued growth in the future, and announces that we have proposed to obtain a shareholder's approval for a share repurchase program of up to $100 million available for the coming 12 months. Now, allow me to further elaborate on our business from content, users, and monetization perspective. One, content. Zhihu has continued to cultivate various content verticals since last year by introducing sense of fulfillment as the content assessment standard and upgrading our multimedia format. We were able to better address users' deep consumption needs for high-quality content. By the end of first quarter, the cumulative pieces of content in Zhihu community had reached 520 million, including 440 million questions and answers, representing a year-over-year increase of 36% and 30%, respectively. Along with the execution of our strategy, we are delighted to see more and more fulfilling content coming from high-ranking creators. High-ranking creators earn their status by continued contributions to the community, measured by an activity level at least 40% higher than the same period last year. Among this group of high-ranking creators, their daily content creations have increased by over 125% year-over-year. This increasing activity and high-quality content creation have enriched the Zhihu content library with new and sustainable vitality. During the first quarter, we cultivated fulfilling content in various verticals using a scenario-oriented approach with a focus on our users in the 18-36 years old demographic, or we call it the second 18 years of life. Content verticals such as campus life and education, career development, business and internet, science and psychology are highly popular among these users. To better meet their personalized depersonalized demands and answer common scenario-oriented questions, we further refined the algorithm to better identify our creators' interests and expertise in topics of high interest and encourage them to create more fulfilling content in these areas. Additional popular verticals include postgraduate exam preparation, economics, HR profession, and scientific research. For example, to fulfill users' curiosity about artificial intelligence and encourage those who want to join in this field, in April, we invited Andrew Ng, a noted expert in the field, to answer questions such as how to systematically learn in machine learning. Andrew's time of sharing his thoughts, experience, and insights inspired hundreds of comments in multiple dimensions and won more than thousands of upvotes just within a couple of hours. With these efforts, we were pleased to see the monthly content creation in the science vertical increase by 61.3% in March, compared with January. The number of average daily active users who consume content in this vertical has increased by almost 30%. In-depth discussions on timely content continue to be highly popular among Zhihu users and help drive organic user growth and engagement. At Zhihu, we promote rational optimism. As a social platform and content community, we believe that we have a social responsibility to promote rational, optimistic, and constructive discussions on timely content. During the first quarter, when the pandemic resurfaced in Shanghai, Zhihu users expressed their emotional and psychological distress and rationally discussed the disruption caused and potential solutions. Some programmers even shared mini program tools they wrote to help with grocery shopping. Similarly, you know, rational discussions were carried out during the tragic loss of the China Eastern Airlines flight 5735 in April. As of the end of the first quarter, the DAUs who consume the timely content remained about 40% among all DAUs in our community, and the average PV per user for timely content consumption among all MAUs also retained its growth momentum. Since last year, we have been continually iterating our multimedia strategy in the community, allowing users and creators to consume, create, and interact across multiple content formats. Video is an indispensable part of our ecosystem and a popular content format. The ratio of DAUs who consume videos remained stable at about 45% in Q1. On the supply side, we have firmly cracked down on the improper videos in our community and significantly reduced the traffic of the videos, which didn't meet our fulfilling content standard in the first quarter. By doing so, we made Zhihu videos dynamically better integrated to the entire community ecosystem and have received very positive feedback in our regular user experience survey. While content shared in the formats of questions and answers and videos are currently the most frequently consumed on our platform, we are also working to broaden and upgrade format options available to users and creators to include short format thoughts and the longer formats such as live streaming. Expanding the content creation formats available to our creators will further unlock their creativity and continue to diversify our vast content library. A thriving content community like ours needs not only growing, fulfilling content, but also continuously improved content, improve community governance and culture. We are relentless in working to uphold good community compliance and governance that promotes a healthy community culture. Towards this end, in the first quarter, we began publicizing weekly reports in the community that transparently detail our ongoing progress in dealing with low quality and non-compliant content, as well as our measures to protect against cyber crimes and attacks. Thanks to our constantly iterating technical and operational capabilities. Our community is able to maintain a healthy and a long-term prosperity, underpinned by its culture of sincerity, expertise and respect. Now, let's move to user section. On the user front, in the first quarter of 2022, the average MAUs of the Zhihu community reached 101.6 million, increasing by 19.4% year-over-year. Among all MAUs, the percentage of MAU from the Zhihu app continued to increase, exceeding 96%. Along with the execution of our community ecosystem comes first strategy, our users are becoming more interactive with each other. By the end of March, our average monthly engagements per MAUs increased by over 18% since the end of last year. Our user base has also become more balanced. As of the end of first quarter, among all our MAUs, users from second tier and the lower cities accounted for over 50%. Users under the age of 30 accounted for 73% of the MAUs in the first quarter, and the number of users aged 30 and above continue to grow fast. User growth among these aged 30 and above is largely driven by the increasing amount of timely content provided in the Zhihu community. The percentage of female users stayed relatively flat at 47%. Female users show a strong preference for lifestyle-related content and the premium membership content. Now, let's talk about creators, who have always been a unique user group in the Zhihu community, acting as an important pillar of our ecosystem. With all of these initiatives we have implemented to effectively improve creators' experience, there has been a notable increase in stickiness among high-ranking creators on verticals such as science and technology and the career. The number of DAUs within this group of creators increased by more than 45% at the end of the quarter compared to the beginning of the quarter. For the same period of comparison, the number of DAUs among creators in the verticals of business increased by 37%. To build on our strong momentum, we recently released the creators support scheme, namely Haiyan Plan 4.0 recently. Our focus is on encouraging creators to go deeper into the verticals in which they have deep knowledge or interest. In particular, we are targeting creators who could be researchers with extensive subject matter knowledge, practitioners with valuable experience and expertise, or even avid hobbyists with deep love and interest in the area. We have upgraded our creator sorting system and the matching algorithm to empower creators with clear direction how to increase their ranking and channel more traffic towards their content. In addition, we refined a more comprehensive monetization scheme to better reward creators financially. Talented creators who may have already earned income through our Cheese Platform and paid membership program can now also be rewarded for their continuous contribution of non-commercial but fulfilling content through our, you know, Zhizhi Plan. This name literally means salute knowledge. We target to make available a total of RMB 100 million to creators who provide fulfilling content through Cheese Platform and the Zhizhi Plan. Last year, we had over 30 creators who earned income exceeding RMB 1 million from the paid membership program. This year, we are determined to identify over 100 creators who can earn over RMB 1 million under the creator support scheme. What's even more gratifying is that the total income earned by Zhihu creators through multiple channels for the first quarter of 2022 increased by over 70% compared to the same period of last year. This again proves that our content-centric business model provides benefits to participants throughout the ecosystem. Meanwhile, we will continue to improve creators' experience to further enhance product, creator operations, and support services. Now, let's go to commercialization. Turning to commercialization, in the first quarter of 2022, our total revenue reached CNY 743 million, representing year-over-year growth of 55.4% amid a challenging macroeconomy. At the beginning of this year, we restructured our sales team by industries to better understand and serve the needs of brands and merchants. This has enabled us to effectively expand the customer base in certain industries and increase their spending by providing a more comprehensive product offering. We have already seen notable results coming from our IT and 3C industry, where both the number of customers and the average customer spending have increased. Since March, the COVID-19 resurgence in China has caused multiple supply chain disruptions and reduced business activities across most industries. Online vocational training, internet services, and gaming are among those less affected, whereas e-commerce, FMCG, and other physical goods industries have been more adversely impacted. While the short-term headwinds are expected, we are committed to strengthening commercialization capabilities in our ecosystem and investing for long-term growth. New infrastructure improvements such as Cheese Platform and tools like Toast and Youshu are an example of this and are all upgraded on a regular basis to support our brands and merchants. In the first quarter, the number of commercial content creators who contributed to CCS and generated financial income increased by 96.5% compared to the same period of last year. Let's now move to our membership and vocational training services. By offering abundant high-quality content and effectively improving the user experience, we have been able to significantly raise our brand awareness among the users and establish closed-loop monetization capabilities. On the supply side, with premium content, we continue to search for talented creators and inspire them with our knowledge of users' needs and the fast-growing financial rewards opportunities. Total pieces of premium content exceeded 3.9 million as of the end of Q1 2022. The high-quality premium content attracted more paying members and in return, provided more financial rewards to the creators. As mentioned in the Haiyan Plan, we had over 30 creators whose income exceeded RMB 1 million last year, and many more creators in the future will be able to join benefits derived from our paid membership services. On the development side, pertaining to our vocational training services, we are pleased to see that revenues contribution exceeded 5% in the first quarter, representing a 12-fold increase compared to the same period last year. The course offering formed by two core product lines, examination and workplace skills improvement, have been curated to address the needs of user groups aged between 18-36 by improving their professional skills and enhancing their competitiveness. Vocational training is very important to expand our services to users and diversify the commercialization of our ecosystem. We plan to continue to enhance our technical capabilities and further expand vocational training course offering by utilizing our strong brand awareness, strengthening our internal operation, and carefully evaluating, you know, M&A opportunities. We have already taken meaningful steps in this regard. In 2021, we completed the acquisition of a vocational training brand specializing in CFA and CPA qualification exams, and a well-known brand focusing on English training. In doing so, we added valuable content to better meet our users' needs, grew our user base, and further broadened our CRM capabilities. In the future, we aim to develop an independent vocational training brand that will be aligned with Zhihu's core values, and can operate as a natural complement to our operations and extension of our mission. In terms of user experience, our monthly renewal rate remained steady in the first quarter at 65%. We closely monitor this, you know, metric and believe it serves as a working proxy of overall user experience satisfaction. Moving forward, we will continue to further enhance our infrastructure, including the sales management system and the service delivery, to continually improve our user experience and consumption satisfaction. In closing, I firmly believe that on top of the strong business value we provide, Zhihu as a leading social and community-based content platform, also provides important social value to our users and the greater communities we serve. Perhaps now in a time with so many unprecedented challenges and uncertainties, I am convinced of this more than ever. I am proud of the role Zhihu can play in the lives of people at this time. We will continue to stay true to our founding beliefs and are committed to helping more people to find their answers, and in doing so, also help relieve anxiety and reduce fear. This concludes Mr. Zhou Yuan's remarks. I will now walk you through our Q1 financial performance in a little more detail. We are delighted to report another solid quarter of performance in Q1 2022, with total revenue up 55.4% year-over-year, reaching RMB 743 million. Continuing to benefit from our dynamic community ecosystem and increasing content creation, our revenue structure was further optimized and diversified in the first quarter. Our content-commerce solutions have become our most powerful growth engine and contributed 30.5% of total revenues, closely followed by paid membership and advertising revenues, which contributed 29.8% and 29.2% to the total revenue, respectively. Vocational training, one of our new initiatives in diversifying commercialization capabilities, has now demonstrated a promising growth trajectory, with this quarterly revenue contribution exceeding 5% for the first time. During the first quarter, CCS continued to gain market shares by providing highly efficient marketing solutions. The total revenues of CCS reached RMB 226.8 million, up by 87.7% year-over-year. This benefited from both an increased customer base and additional spending by each customer. The revenues generated from categories such as vocational training, FMCG, IT and 3C products, and internet services were more resilient and among the top in terms of revenue contribution. Meanwhile, our advertising business recorded CNY 217.3 million in revenue, representing a 1.7% year-over-year increase despite a soft demand caused by the resurgence of COVID-19. Our IT and 3C brand advertising revenue achieved over 100% increase year-over-year, while top advertisers from FMCG e-commerce remained resilient with a double-digit growth. However, as the supply chain disruptions began to expand beginning in late March, we are anticipating a potential slowdown in our advertising revenue in the short term. We will continue our investment in advertising infrastructures to improve the efficiency and the effectiveness of our products and ultimately deliver greater value. Thanks to the continuous efforts in diversifying revenue structures, our revenues generated from other content-centric business lines are more resilient against softer consumer demand. Our revenue from paid membership service was RMB 220.7 million and achieved a year-over-year increase of 75.1%. Average monthly paying members in the first quarter reached 6.89 million with a 6.8% paying ratio to average MAU. Our vocational training business continued its robust growth momentum in Q1, with revenue increased twelvefold year-over-year and contributing over 5% of total revenue for the first time. Vocational training is a business growing from natural expansion of our users' needs. With the acquisition of two companies that's valuable in their respective fields, we have collectively created greater synergy. Going forward, we will continue to expand the coverage and enhance the quality of course offerings through both self operations and M&A, and further enhance our infrastructure to improve sales and CRM management capabilities. While our content-centric ecosystem and business model have been testified by strong revenue growth, we believe a balance between investment for future growth and a well-managed cost control practice is also vital for the long-term development. As we maintain high-end diverse revenue growth, our gross profit margin for the quarter was 45%, remaining at a high level relatively to the wider industry. Following our remarks in the last quarter's conference call in late March, we have continued to review our costs and are making improvements in our operating efficiency. As a result, we have controlled the non-GAAP operating expenses for daily business and reduced it by around 2% since Q4 last year. However, in the first quarter, we incurred one-off listing expenses of over CNY 30 million and some G&A related SBC expenses in association with the Hong Kong IPO. Consequently, our total operating expenses for Q1 were CNY 984 million and non-GAAP operating expenses were CNY 743 million. Going forward, we will continue seeking ways to further improve our operating efficiency. As a result of all the above, our adjusted net loss, which primarily excludes share-based compensation expenses, was CNY 367 million in Q1. As of March of 2021, the company had cash and cash equivalents, term deposits, restricted cash, and short-term investments of CNY 7.1 billion. Lastly, as mentioned by Zhou Yuan, on April 22nd, we successfully listed on the main board of Hong Kong Stock Exchange under the stock code 2390, with a global offering of 26 million Class A ordinary shares. In compliance with the local regulations and following the common practice adopted by public companies in the Hong Kong market, we will no longer provide financial guidance on net revenues going forward. We remain deeply committed to delivering sustainable growth for business and the community, and driving shareholder value in the long term. This concludes my remarks on our financial performance. Operators, we are ready for Q&A session. Thank you. Thank you. We will now begin the question- and- answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speaker phone, we ask that you please pick up your handset before pressing the keys. To withdraw your question, please press star then two. Today's first question comes from Xueqing Zhang with CICC. Please go ahead. 谢谢管理层接受我的提问。第一个问题还是想请教一下用户的增长，因为在知乎今年就是生态第一的战略背景下，我们看到一季度用户其实环比是有小幅下滑的，但是考虑到一季度有比较多的一些社会热点话题，然后疫情之家其实对用户的活跃度会有一些帮助。那能不能请管理层帮我们分享更多用户增长的细节，包括可能的获客和回流方面的一些情况。然后我们怎么看待二季度的用户增长的趋势，以及说全年是否有更新的用户增长的目标。And I will translate myself. Thanks management for taking my question. My question is about the user growth. With the community ecosystem comes first strategy, we saw a slight pullback in average MAU in the first quarter. We think in the first quarter the COVID lockdown and more social hot topics may positively boost our user activity. Could management share more color on user growth momentum, such as new user acquisition and retargeting? How does the management think of the user growth trend in the second quarter? What's the annual target in terms of the full year of 2022? Thank you. 好的，我是知乎的CEO周源，感谢你的提问。这关于增长和今年战略，以及我们Q二下半年的整体的情况，我来简单介绍一下。那么今年的这个工作呢，核心呢还是围绕我们生态第一的战略展开的。在过去的一个季度呢，其实很多这个预期之内的收益呢，我们都拿到了结果。我先来说一下这个创作者生态方面的工作。OK。 Hi, thank you for the question. I'm the CEO of the company. My name is Zhou Yuan. Let me talk about the question or the aspect of growth strategy for the whole year, as well as for the second quarter and the second half of the year. Now, in terms of our adjustment in order to fulfill our ecosystem first strategy, we've done a lot of adjustment, and we were able to actually achieve a lot of our growth targets for the first quarter. 那么首先呢是这个创作生态，包括创作者的体验，在一季度，也包括已经进展的二季度，我们呢是把这个工作的重点放在了社区里面高等级的创作者的体验的改善上。从结果上来看的话，我们的这个工作呢还是比较有成绩的。高等级的创作者呢，在一季度，从结果上来看，活跃呢是持续地有提升，我们这个季度平均的高等级创作者的日活跃数，同比呢是增长了40%，那对应呢他的日均的内容的创作量呢，同比增长也超过了125%。 In terms of our ecosystem first strategy, we mainly focus on adjusting the user experience as well as the whole ecosystem for our high-ranking creators in their use of the community. As a result, we are able to actually achieve quite a lot for Q1 and also the beginning of Q2. Just to give you some idea, the active level of our high-ranking creators has increased significantly, and the quarterly DAU of our high-ranking creators has increased by 40% YoY, and also their daily content creation has increased by over 125% YoY as well. 刚才我们的CFO也介绍了一下，就是我们其实是在上周刚刚发布了我们就是2022年就是最新的海盐计划，也就是这个海盐计划的4.0，它包含了这个在创作体系、这个流量倾斜、资金收益，就是很多方面的一些措施吧。在这里呢，这个因为有公开发布的信息，我就不展开讲了，但是必须要讲，就是想跟大家说一点，就是海盐计划4.0呢，它是延续了社区这个聚焦创作者的一个传统，同时呢，它也基于我们在一季度的这个比较有成效的在高等级创作者上的这个工作和经验进行了这个升级和调整。OK。 Also, as was mentioned by our CFO earlier in the prepared remarks, we just launched our 4.0 version of the Haiyan Plan for the whole year last week. Based on the public information, you can actually check more details for the Haiyan Plan. We mainly focus on the adjustment and upgrading of the creator system as well as different monetization channels or ways for our content creators. This is part of our tradition of creating a more robust ecosystem for our young creators as well as following up on our successful upgrade of our high-ranking content creators ecosystem following in Q1. 这是什么意思呢？这其实也就是说我们会通过海盐计划的推进，把这个创作者生态的工作，基于我们在一季度高等级创作者的这些经验，在二季度和三季度逐步地推广到中腰部的创作者群体上，这样呢，这个规模和工作就推广开了。OK。 Now what we mean by the Haiyan Plan is that we want to achieve a goal of optimizing the whole creators ecosystem in general. As we first prioritize the upgrading of the ecosystem for our high-ranking creators, we want to take more experience in gradually expanding the kind of upgraded system and monetization ways for other kind of lower-ranking content creators in the subsequent quarters of the year. 刚才说的呢，是这个创作生态的重点。那么，我来讲讲这个在内容消费和社区氛围上，我们一季度的这个工作重点吧。 Now that was about our ecosystem and how we prioritize it in the first quarter and what we have achieved so far. Coming up, I would like to talk about the membership growth as well as other traffic growth strategies going forward. 那么我们围绕这个获得感内容标准，在一季度呢，我们其实持续地在迭代和升级我们推荐系统。那么看到的结果是什么呢？就是整个社区高流量的内容划分呢，其实是在发生变化的。简单说呢，就是更体现出了用户的长期兴趣，而不是比较短期的这种一次性的消费。Okay。 Now, what we mean by that is that we want to prioritize the sense of fulfillment for our community participants as well as our content creators. We actually upgraded our recommendation system. As a result, we are able to see style changes in our high-quality content on the platform, and that really reflects the long-term interest of our users rather than the short-term interest. 那么获得感的这个内容呢，其实并不是只是一个标准，它也是我们的业务本身，也是我们这个关键的平台算法的能力，是我们这个社区工作呢在一段时间以来非常重要的这个工作。我们呢是比较有信心哈，就随着这项工作的稳步推进，包括其中的比如内容分层啊，还有用户兴趣画像的升级，那么社区呢，在下半年会在这个生态目标和增长目标上都会取得较为显著的进步。 Now when we talk about the content upgrade, we are not really just outlining several guidelines or making new standards. They are actually the content themselves and also the optimization of our algorithm for the whole community, so that we can continue to prioritize the user experience for the whole, you know, the group of users on our platform. As a result, we can gradually upgrade our user profiling as well as to make the algorithm more comprehensive and more capable as well. Going forward, for the second half of the year, we will continue on benefiting the whole ecosystem as a result of this upgrading of our overall content as well as the sense of fulfillment priority. 那么从数据上看，在一季度，我们新用户的这个平均滞留人次是在不断提升的，这达到了最近八个季度的最高的一个水平，这个跟我们在获得感的升级上是直接相关的。那同时，这个另外一个比较重要的工作，也就是我们在社区治理上也建立了对应的生态目标，比如说，这个男女权对立的问题和群体对立的问题，我们现在都是正面解决了，也取得了不错的收益。那么因此，今年一月以来，也就年初以来，我们的这个用户人均的这个互动次数其实也是在稳步提升的。到了一季度末，这个数字已经涨了，已经超——就是它涨幅已经超18%了。 Now you can see all of those improvements from our figures from the first quarter of the year, basically prioritizing the sense of achievement, allowing us to gain actually the highest level of next-month retention rate of our new users, achieving an 8-quarter high. Also we are able to optimize the overall experience with our fine-tuning of the community governance capability in order to fulfill our ecosystem-first strategy and priority. We were able to proactively resolve some of the group conflicts among the community participants as well. Since the beginning of the year, we are able to, well, witness an increase of the average user interaction by 18% for the first quarter. 那么在一季度呢，其实发生了非常多的事儿，无论是哪个层面吧，这个社会也好，还是资本市场也好，国际形势等等。我觉得社会热点呢，在一季度确实带来了很多的流量，也带来了很多的用户回流的这种数据上的体现吧。但是我觉得呢，这个社会热点啊，其实本质上呢，它不能只看流量，尤其是这个疫情以来，坦率地说，这个世界发生的各种事情，我相信对于每个人来说，都是没有那么好受的。很多热点的爆发呢，它随之而来的是人们内心可能会产生的这种恐惧、狭隘和偏见，是这些东西在蔓延生长。 Now, it is true that ever since the beginning of the year, we've experienced a lot of social changes, domestically speaking, as well as internationally speaking, in different kinds of market, including the capital market. As a result, we were able to actually saw an increase in our overall traffic on the platform as well as some returning of our old users as well. However, to be honest, these kind of social topics overall have been very negative, you know, in terms of their impact on people's psychology, in terms of their impact on the whole society. They have been impacting people's mindset a lot to the negative direction, intriguing or triggering a lot of fear, narrow-mindedness, as well as bias in our minds. 所以我想告诉大家，就是当一个事件或者说一个议题成为一个热点，然后出现在知乎热榜之后，如何帮助大家去构建一个理性、乐观的讨论氛围，它的意义其实是比获客、获流更重要的。我们也会为它展开更多的治理工作。OK。 I think our priority right now is really to think about how to help people to discuss a topic in a more positive note, as well as in a more rational manner. As long as any social topic emerge on our top discussion ranks. We believe that that actually matters more than just gaining the traffic as a result of emerging social hot topics by themselves. Going forward, we are going to actually make more effort on our community governance in order to achieve a better result rather than just focusing on customer or traffic acquisition. 那么整体上面讲，就是在这个社区生态第一的战略之下，我们很多工作呢，都是在积极稳步地在推进中的。那么本质上呢，好的生态呢，会带来好的内容，从而驱动高质量的这个用户增长和收入增长。我们对于今年下半年的增长呢，是很有信心的，并始终保持乐观。谢谢。 Under the strategy of ecosystem first, we are continuously and very steadily moving forward with our efforts. We believe that as long as we uphold this strategy of ecosystem first, we should be able to continue to generate high quality contents. As a result, we can gather a lot of user interest as well as traffic on the platform. At the end of the day, we can generate profit from it naturally and organically. We are still very confident about our growth overall for the second half of the year. Okay, operator, we would like to take the next question. Absolutely. Our next question today comes from Steve Xu with Goldman Sachs. Please go ahead. 管理层晚上好。非常感谢接受我的提问。我的问题是关于广告这一块的，就想了解一下，就是目前在疫情管控的背景下，知乎这个二季度广告加上CCS的情况。那么具体分行业来讲，我们几个特别的vertical，包括FMCG、电商、汽车、教育、游戏在二季度的表现，以及五月底，随着可能疫情管控的改善和物流的恢复，广告budget的投放的恢复情况。我自己翻译一下。Uh, thanks management for taking my questions. My question is on advertising. Could management share, regarding current tight COVID-19 situation or restriction, what is our outlook on the second quarter advertising plus the CCS revenue? It would be great if you could provide us more color by verticals, including our top verticals such as FMCG, e-commerce, auto, education, as well as online games, and their performances in the second quarter. Just wondering, given COVID-19 restriction definitely has been, you know, loosening in some of the areas and as well as the recovery of the logistics, have you seen an advertising budget recovery into the end of May? Thank you. 好的，谢谢您。我是知乎的CFO孙伟，我来回答一下这个问题。那个，其实大家也都能看得到，实际上从今年年初以来，疫情在各地还是出现了一个比较大的反复，基本上可能现在各地都采取了相对比较趋紧的防疫措施，这个对供应链和居民消费以及宏观经济的短期变化，我相信大家多多少少都能感受到，我相信现在很多朋友可能还在上海，在居家。对，那我们在业务端也注意到了这些外部变化，从三月中下旬开始已经逐步地影响到了知乎的广告和CCS等等这样的前端的业务。我们看到在一季度广告和CCS整体的年对年的增速是33%，Q1到目前看，疫情也并没有消退，所以目前针对前端收入这部分的压力依然是存在的。OK。 Hi, thank you for your question. I'm the CFO of the company. My name is Sun Wei. Allow me to take your question. Now, since the beginning of 2022, we actually have observed a lot of the resurgence of the pandemic all over the world as well as in China. Different provinces in China has adopted quite a tightened prevention policy in order to prevent the spread of the pandemic and the viruses. As a result of the supply chain as well as overall macro economy and customer and consumer consumption has experienced some short term changes. I believe that we are all part of it. I believe that if you are in Shanghai right now, you might still be negatively impacted by the lockdown policy there. Definitely it affected our business. We have noticed some changes on our business as well ever since the mid to late March of the year. It affected mainly our advertising as well as our CCS business because they were both the To B -side of the business on the platform. Overall, I believe that the Q1 impact to performance is still under the impacts of the pandemic, and we still are facing some restriction and some constraints as a result of the pandemic on our To B -side of the revenue. 好，在我们展望Q2以及Q2之后的广告行业的情况之前，我先简单说一下我们在Q1整个广告行业受到影响的情况。我先讲一下在Q1受到正面影响的几个细分领域。这几个领域主要包括网服、游戏，还有IT和3C，这几个领域是相对来说是正面影响。 Before I go about giving you more expectations about our Q2 growth, I would like to actually talk about the impact from the pandemic on our Q1 results. First of all, I would like to address the positive impact. There are several verticals on our platform that are impacted positively, including the online service, online gaming as well as the IT and 3C electronics. 从这个网服来看，我们看到有几个细分领域表现是不错的，比如说社交类的、求职招聘类的和教培类的，这三个领域是相对来说不错的。社交主要是因为在Q1受春节假期的正面影响，求职招聘呢是因为三月是一个求职招聘的旺季，那教培呢是因为大环境也不太好，用户对自我提升的需求也在不断地提升和增长，所以这几个领域受到的正面影响是比较明显的。 First, about the online service segment, I believe that there are several key segments or sub-segments that are doing quite well that are actually overall performed quite well for the first quarter. They are the social services, job search and recruitment as well as the education and training. Now for social services, because of the Chinese New Year festival, we observed some positive changes and growth. For job search and recruitment, because March typically is the peak season for job recruitment, and for education and training, because people are beginning to actually educate themselves and are looking to improve their overall vocational skills, given the weakening macroeconomic environment. As a result that stimulated the growth of our growth in the segment of education and training. 然后游戏在效果侧的投放也有增长，比如说很多的游戏厂商，他们在春节这个节点上增加了投放预算。那IT和3C这个领域整体涨得也不错，很多的手机厂商通过内容营销的这个认可度的提升，在知乎的投放，通过CCS投放也有比较大的增长。 Now for our online gaming segment, it performed also very well because our game manufacturers or the game platforms are willing to put in more advertisement investment or budgets during the Chinese New Year time, point in time. Also for our IT and 3C electronics, a lot of the cell phone manufacturers are gaining more recognition or giving us more recognition for content oriented or content based marketing solutions. As a result, our CCS were able to grow quite significantly for the segment of IT and 3C electronics. 这是正面影响几个领域，那负面影响呢也有几个领域。第一呢是受到这个疫情的影响，物流和供应链都受到冲击，所以电商的投放是处在一个负增长的状态。那这是第一。第二呢，日化美妆这个领域的预算呢，我们也看到是在缩减的，这个新国货基本就已经进入了这个消费退潮的一个调整期。OK。 There are also several segments that have been impacted negatively. For example, the logistics and supply chain were impacted very significantly because of the pandemic. As a result, the e-commerce vertical has experienced negative growth. In terms of the household personal care as well as the beauty industry, their budget has been shrinking as a result of the pandemic. We believe that the emerging domestic brands are now entering an adjustment period of consumption weakening. 然后这是Q1。那说到Q2呢，我们也看到，从展望角度来看，有几个领域可能受的影响会相对比较大，那包括这个电商以及生活健康类的这样的线下、有线下服务的行业，以及日化美妆，还有汽车。这四个领域我认为在Q2会受到相对比较大的负面影响。OK。 Also that was about our Q1 observation. For Q2, we expect to see some negative impact in the following segments, including e-commerce, life services, healthcare, household and personal care products, as well as autos. 然后从这个相对来说，我们认为有增长机会的行业是包括这个IT和3C、游戏和教培这三个行业。 For industries that we believe still have some growth potential for Q2 will be IT and 3C electronics, online gaming as well as education and training. 那我再简单的说一点细节，就是负面影响这几个行业，像电商，刚才讲到大的电商都受到疫情的影响，它投放力度呢是在减弱的。同时呢，线下的供应链和物流整体都受到比较大的影响。所以我们认为电商依然会有一定的增长，但是可能没有那么快。OK。 Just to give you more color on the above-mentioned. For e-commerce, for example, big e-commerce players were still very cautious about their ad dollars, because of the pandemic, because of the constraint in the supply chain as well as the logistics system. We expect to be able to maintain some growth, but it should be, while we expect it to be impacted by the overall industry development. 然后像刚刚提到生活健康类的，这样有线下服务的这个功能的这样的行业呢，他们因为线下业务门店的营业情况也普遍受到这个疫情的影响，很多都处在关停的状态，导致呢一些客户的这个投放是暂停的状态，所以这个也是会受到比较大的影响。OK。 Now another segment that we just mentioned is expected to be negatively impacted is offline services such as daily life service as well as healthcare service, because the majority of those businesses rely on their operation offline. Because of the lockdown policy here, and because of the pandemic impact, some of the clients will have to pause their advertising and investment. As a result, the overall development for the whole industry going into Q2 is expected to be impacted. 那日化美妆和汽车这两个领域呢，像大的一些日化美妆的品牌，比如说欧莱雅呀、联合利华这些，他们都受到上海疫情的冲击都非常明显，所以这个投放也在缩减。那汽车，因为北京车展这个推迟之后呢，车企整体的新车发布都延期了，所以他们也在做预算的整体的缩减或者延期。尤其是这个十五万以下这样的中低端的车影响会更大。而我们的这个团队因为受这个疫情政策的限制呢，很多时候没法实地的去拜访客户，所以对营销转化也有一定的影响。 Also for the verticals of household and personal care, and as well as the automaking industry, we believe that they will still be negatively impacted going into Q2 by the pandemic. For big companies such as L'Oréal, Unilever, you know, they were seriously and significantly impacted by the Shanghai lockdown policy. As a result, they have reduced their ad budget. For the automaking industry, you know, as a result of the postponement of the Beijing Auto Show, the overall new product launches in this industry were postponed, as well. Also naturally, their ad budget were reduced or postponed. We would see that 100, you know, products that are priced, below 150,000, actually were more impacted by the chip supply shortages. As a result, their ad dollar were reduced as well. Because of the fact that we were not able to actually visit the clients or the customers, face to face offline, and/or on site, we were not able to greatly improve the marketing conversion rate. 那有增长机会的几个领域，我认为就是刚刚提到，一个是IT和3C，一个是游戏，还有一个教培。那IT 3C这个领域呢，这个行业大盘在Q1还保持了一定程度的增长，大的行业延续Q1的势头，到Q2还是有增长。但是呢，因为很多的IT 3C商家呢，他们受到供应链的影响，是没法发货或者是没有货，所以他们更关注这个对短期营销的效果的关注度会有明显提升，对我们也有一定的压力。但总体来说，这是一个存在机会的行业。那游戏呢，受疫情影响不大，版号恢复的利好消息呢也在发挥作用，还需要经历一段时间的周期，它整体来说还是会有增长。教培刚刚也提到了，疫情之下，用户对提升自己的需求是有明显提升的。当然了，这个教育客户他们也是比较关注投放效果的。所以整体来说这三个领域是有机会，同时对我们也有挑战。谢谢。 As I mentioned, there are three segments that we believe have a lot of growth potential, including the IT and 3C electronics, online gaming, as well as education and training. Now for IT and 3C electronics, we believe that they were able to maintain some sort of growth for the first quarter of the year. Overall, the industry is expected to still maintain some degree of growth going into Q2. For big players, because of the constraint in the supply chain shortages, they were not able to really release about a lot of the products into the market. Their ad budget, you know, naturally was impacted negatively. With this kind of macro environment, they were actually placing more focus on short term marketing advertisement rather than long term. That definitely posed some challenge to our content based kind of marketing platform and solution. Overall, we believe that the segment of IT and 3C electronics is going to still be able to maintain some degree of growth. Now for the segment of online gaming, we now are seeing the recovery of the market as a result of the ending of the licensing freeze of new games. It will still take some time for the matching of the new product launch and the marketing events. We are expecting to see some growth for this particular segment going into Q2. For the third vertical that we mentioned that will have a lot of growth potential is still the education and training. As I mentioned, because of the pandemic, because of the weakening of the overall economy, people are beginning to turn inwards and focusing on personal growth. Naturally, education and training will receive a lot of growth drivers, and they will actually put in more focus on the short term as well as long term marketing effect. We believe that we can benefit from the overall development of the industry. 整体来说，我们对Q2有一个相对比较谨慎的估计。我们认为广告和CCS在Q2还是会实现一个同比两位数百分比的增长，尤其是自驾，我们认为它还是会保持一个相对比较可观的增长速度。 Overall speaking, our expectation for Q2 for our advertising and CCS solutions will be still quite cautious and reserved. We believe that they will gain about double-digit growth YoY for the second quarter, especially for Content-Commerce Solutions, which will be expected to maintain quite a fast growth momentum. 所以希望这个已经回答了你的问题。谢谢。 All right, I hope I answer your question. Thank you. Thank you. Our next question comes from Ashley Xu with Credit Suisse. Please go ahead. 谢谢关心，感谢我的提问啊。我想问一下周总，我们视频化这边最新的进展，以及用户大概的反馈，然后我们下半年在这方面有什么样的规划，然后我这边很快地翻译一下。Ashley want to check on our latest progress about visualization, how is users feedback, and also what's our plan for second half of, for the rest of the year. Thank you. 好的，这个比较像是一个来自用户的提问。首先呢，我们这个视频呢，它已经成为知乎内容生态一个不可或缺的一部分了。我们现在呢，整个这个视频的渗透率呢，就是这个消费的这个渗透率已经达到45%。这个呢，已经怎么说呢，就是已经相对来说进入一个比较稳定的、正循环的一个阶段，也算是我们在过去一段时间这个视频高速增长工作的一个小小的里程碑吧。OK。 Thank you for the question. Actually, video has become an integral part of Zhihu's content ecosystem. Our consumption rate among the DAU for the first quarter of video has already exceeded 45%. This definitely marks a key developmental milestone on the platform, because it tells us that we have enter a positive cycle of development for our video content. 那我们在一季度呢，在生态第一的这个战略下，我们比较持续的就是围绕这个视频的画风做了很多的调整。我们呢，是更看重这个社区原生的创作生态和原生的创作者。那么现在呢，我们在这个阶段的今天吧，这个视频呢，跟我们的社区呢，其实在公司内部也得到了进一步的更好的一个整合，就更加一体化了。那么在这个意义上来说呢，这个视频呢，是通过跟社区的进一步的整合，得到了更多的赋能，也得到了进一步的强化。OK。 For the first quarter, under the strategy of ecosystem first, we are able to optimize our overall experience of video for the content creators in terms of, including, for example, optimizing the overall style of the videos, as well as encouraging more original content or original high quality videos from our organic content creators. With some simplification of the products, we are able to make the video creation process easier, and also more refined as well. Going forward, we will continue to integrate and basically integrate the video together with other content format on the platform so that we can continue to empower our content creators. 视频的这个，在这个创作端吧，它本身呢，还是在这个内容上。那么在消费上呢，我们是通过这个算法的这个升级，一个持续的这个升级，一方面呢，对这个不同的这个视频的偏好度的用户，我们会做了这个个性化的这个品质的一个调整。另外一方面呢，我们对于不同质量的视频呢，也进行了更好的一个分层，这个比较低质的这些内容呢，我们是进一步比较坚决地去打压的。那么这样来看呢，这其实是一个更加健康、更加区分用户喜好的一个增长方式。那么现在用户呢，也养成了在我们的这个推荐，这个信息流里面去消费视频的一个习惯。我们在过去一段时间我们也调整了这个视频tab的这个功能吧。但这个功能的调整，其实对我们视频的消费呢，其实是没有任何影响的。OK。 Now, what I've mentioned is about the content of videos themselves. It's mainly about content creation. However, on the consumption side, we also have done a lot of adjustment and upgrade as well. For example, we've optimized our algorithm in order to better match our users' preferences and be able to actually make lots of customization or individualized recommendation according to different users' preferences. We also categorize different videos in terms of, you know, by the quality of the videos. We have been very strictly in screening out and cracking down some of the low quality videos as well. As a result, we are able to cultivate a very healthy, sustainable, kind of video consumption habit from our users that can be very sustainable and that is definitely their preference base as well. Right now, a lot of our users are already very used to consuming the videos that we recommend to them based on their preferences. Over the last period of time, we have also optimized the video tab as a function on the platform as well. That didn't really harm or compromise our video consumption. 那么一方面呢，这个视频呢，确实在比较健康地融入社区后增长。另外一方面呢，在今年吧，整个这个视频的，你刚才问到的是一个下一步的策略。就简话说其实核心就是垂直加原生。它其实是在我们整个海盐计划里面是有了一个充分的一个体现的。就我想说的是什么呢？就是知乎社区呢，是一个多媒介的创作生态，我们的这个活跃的呢，就在今天吧，我们的活跃的这个图文打组和视频打组其实重合度非常高。这个呢，其实是我们的一个特点。你会发现今天的这个知乎上的这个创作者呢，他都是比较能文能武的。我们的思路呢，就是我们不用去，就是不用媒介去区分这个创作者，实际上也不是这样的。那我们呢，其实是在工具侧呢，给大家更大的这个赋能，然后我们呢，在这个不同的消费场景里面去做差异化的运营和这个产品的体验上的提升。OK。 As you can see, you know, our video content has become an integral part of our society, of our ecosystem, and has been promoting the development of our ecosystem. Back to your question regarding the future developmental strategy of our video content, I think I can summarize it as two keywords, one is vertical development, the other is original creation, which can be actually reflected in our latest launch, our newly launched Haiyan Plan or Haiyan projects. Going into the second half, I think, again, I just want to emphasize that Zhihu is a multi-format platform that definitely can support the development of the video as well as our original media format, which is text and images. Today, as you can notice, a lot of our content creators are actually very versatile. They are not limited by any format of just, for example, text or image or video in general, and they can do either one or any one of those. We actually do not agree with the categorization of our content creators by format itself, by media format itself. itself. We think what we can do going forward is to integrate everything onto the platform, and so that we can actually continue to empower our content creation. What we can do as the platform is to differentiate different consumption scenario and to better help and empower our content creators using multiple formats. 这个视频其实是我们多媒体里面非常重要的一环。我可以再补充一些例子，来介绍一下知乎在多媒体创作和消费方面的变化。比如说我们最近的直播升级，你会看到非常多的原来图文创作者在里面玩得也非常溜。就今天晚上八点半，其实就有一个圆桌的直播。你要知道，知乎圆桌很多年以来，它都是以文字为主，但是在圆桌直播里面，创作者的输出能力也非常的好，它跟通常就是传统意义上的直播，是有非常明显的差异化的。这个圆桌直播它的内容感非常强，然后当它结束以后，创作者还会去补充文字内容进行沉淀，这其实就形成了一个非常好的结合。OK。 Now let me just give you more examples to illustrate how video has become an integral part of our platform. For example, we've done a lot of upgrade on our overall content format, including using a live streaming platform to upgrade the overall user experience. You can see a lot of the original content creators that mainly focus on text and images creation, were also very good at live streaming and doing video live streaming as well. Actually, as we speak tonight at 8:30 p.m. Tonight, we actually have an event that's called round table discussion on our Zhihu platform, and a lot of our content creators were so good at the discussion that they not only were able to focus on the topic adhered to the format of video and live streaming, but also they were able to do a lot of output afterwards in the format of text and images as well, so that they can continue to distill some of the key ideas being discussed during the round table. 谢谢，我希望回答了你的问题。 Thank you. I hope I answered your question. Thank you. Our next question comes from Yiwen Zeng with China Renaissance. Please go ahead. Thanks for taking my question. In prepared remarks you mentioned we wanna like improve operational efficiency. Can you elaborate on the key areas of such optimization? For example, whether that's headcount optimization or certain marketing expense optimization. How should we think about margin trend down the road? Thank you. OK，这个关于降本增效，我尝试能够清晰地让你理解我们在做什么。那么首先呢，我要明确一点啊，就是我们的降本增效呢，它指向的是什么？它指向的是我们的业务升级和我们的管理升级这两个东西。因为就是只有通过真实的这个业务升级和管理升级所带来的这个降本增效的各种数字吧，它才是可持续的。OK。 Thank you for the question. Now about cost reduction and efficiency improvement, I want everyone to understand that the core of doing that, or the final goal of doing that, is to upgrade our business as well as our management. Because only by doing that can we achieve a sustainable way of long term cost reduction and efficiency improvement. 我给你举个例子吧，我们以我们的这个社区业务为例子，我们在一季度包括二季度，简话说可以理解为是三步走。OK。 Let me give you an example in terms of our community development for the first quarter and going into the second quarter, we have taken three steps. 那么首先第一步呢，就是我们在比较早时间呢，我们进行了这个视频跟社区在组织层面上的一个融合。去年呢，我们在视频业务的初期，它是一个，在公司是一个相对比较独立闭环的产品，那么我们在业务上的这个目的呢，是为了通过这样的方式让它跑得更快。到我们今天呢，在这个一季度的时候呢，视频的消费渗透率呢，其实已经达到45%了，已经相对稳定地成为内容体系的一部分。所以呢，我们把它进行一个赋能型的这么一个组合，是比较符合我们的这个预期的。OK。 The first step is to really integrate our video together with the community. Last year when we first launched our video format, it was in a pilot stage of development, and that kind of independent closed development was very beneficial for the fast growth of our video content. Right now for the first quarter, we have already achieved a lot of growth. For example, the consumption penetration rate of video has exceeded 45%, and that shows that video has already become an integral part of our ecosystem. We believe that going into the second quarter of the year and also the rest of the year, then integration of the video content together with the community will be more empowering for all of the content creators. 那么第二步呢，其实是在第一步的技术之上，我们对整个这个社区业务进行了整合，这个就让我们的这个比如说，装潢投放，我们的这个运营，我们的这个推荐产品，基础产品，我们的内容理解，其实也包括我们的这个商业内容运营的这些团队，它的这个工作的路径，沟通路径会变得更短，那么进一步呢，提升了这个沟通效率，也会打通了这个数据的这个效率。OK。 The second step is definitely built on the development of the first step. For the second step, our goal is to further integrate the whole community in different aspects of our daily operation. As a result, we believe that we can greatly enhance the communication efficiency for our operational staff as well as other parts of the business, including different communication between different units. We can actually integrate the data between different units and different parts of our business, so that overall the efficiency of operation and communication can be enhanced. 第三步呢，其实就是在这个组织升级的这个基础之上，我们呢就是升级或者说重构了我们的这个工作方法和流程，总体来说它更偏向于数据和这个产品的驱动，最终呢是会指向一个更好的业务产出。OK。 The last step is also based on the development of our second step, which is the organizational restructuring of our organization. For the third step and the last step, the goal is to better construct or reconstruct our working mechanism so that we can continue to be driven by our data as well as our products in order to achieve a better business. 其实我想跟你说，就是我们其实在这1、2、3这些过程里头，我们呢，是非常严格地对我们的headcount进行了深入的梳理，然后在今天吧，这个数字跟年初我们相比，其实是有比较明显的变化的，我们的这个headcount确实不需要这么多。那么同时在这个过程中呢，我们对每个环节的费用也进行了非常严格的和仔细的这个review，所以呢，这个也会带来结构性的一个调整和缩减。OK。 While implementing these three steps, we are able to really review our headcounts and really streamline some of the headcounts that were unnecessary to our business. Compared to the beginning of the year, definitely our headcount has changed quite significantly. In terms of the expenses that we have been spending on different steps of our business and different parts of our business operation, they have undergone a very stringent review as well. As a result, we are able to achieve a lot of structural upgrades in terms of our overall spending. 其他团队的逻辑呢，跟这个大概相似，我也不展开去介绍了。那么我们对公司在未来一段时间以后，然后取得一个盈利的一个经营性的结果是比较有信心的。那么在管理上呢，就是今年的Q2和下半年，我们呢是会持续地对这个运营费用吧，还有这个成本进行更多的这个管理上的抓手进行这样的监控。那么，降本增效呢，在本年度和这个，其实包括在明年，也是我们的这个核心工作之一。OK。 Other teams and other sort of business unit optimization is very, very similar to this overall logic, so I'm not going to elaborate on those right now. That's why we are very confident that in the near future, we can you know, really upgrade our profitability. Going into the second quarter as well as the second half of the year, we believe that we will continue to monitor very closely our operation in terms of the operational expenses as well as the cost control. The cost reduction as well as efficiency improvement will remain our work priority for the remainder of the year as well as for the year of 2023. 谢谢，希望回答了你的问题。 Thank you. I hope I answer your question. Thank you. Ladies and gentlemen, this concludes today's question and answer session. At this time, I will turn the conference back to Jingjing for any additional or closing remarks. Thank you once again for joining us today. If you have any further questions, please feel free to contact our IR team directly or TPG Investor Relations. Thank you. This concludes today's conference call. We thank you all.