Thank you for standing by and welcome to the 36KR Holdings Inc. 2026 first half earnings conference call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to management to begin please go ahead thank you very much hello everyone and welcome to 36kr holding first half 2026 earning conference call the company's financial and operational results were released earlier today and have been made available online you can also leave the earning press released by visiting the ir session of our website, ir.36kr.com. Participants of today's call will include our Chairman and CEO, Mr. Da Gangfeng, and our Chief Financial Officer, Mr Xiang Li. Mr. Feng will start the call by providing an overall of companies and the performance highlights of first half in Chinese, followed by English interactions. 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 this discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Security Litigation Reform Act of 1995. Forward-looking statement involve inherent risk and uncertainties. As such, the company result may be materially different from the views expressed today. Further information regarding those and other risks and uncertainties is included in company's prospectus and other public filings as filed with the U.S. FEC. The company does not assume any obligation to update any forward-looking statement except as required under the applicable law. Please note that 36K are earning plus released, and this conference call includes discussion of unaudited GAAP financial measures, as well as unauditive non-GAAP financial matters. 36K earning plus release the content of cancellations of un-audited non-GAP measures to the un- audited GAAP measures. And please note that all amount numbers are in RMBs. I will now turn the call over to our Chairman and CEO, Mr. Da Gangfeng. Da, please go ahead. Thank you. Hello, everyone. Thank you for joining 36KR's first half 2026 Earnings Conference Call. In the first half of 2026, in the continued microeconomic uncertainties, the company sustained its profitability trend and maintained solid results across all operating metrics. The key takeaway from this period's results is that our profitability is not a product of short-term financial adjustment, but sustainable commercial value built on the interplay of three strengths, content influence, industrial service capabilities, and technological application prowess. Total revenue was 124 million RMB in the first half of 2026, up 33.7% year-over-year. Gross profit was 82.68 million RMB, up 33.1% year-over-year, with a gross profit margin of 66.4%. Net income was 15.37 million RMD, while cash reserve continued to increase, providing ample liquidity to support ongoing operations and strategic investment. Thank you. Those operating results stem from our long-standing strategy of being the peaks and the stover player in the technology industry. Rather than going all in on a single technology or industry cycle, we draw a sharp step into technology and innovation trends backed by years of expertise and robust assets to consistently capitalize on opportunities unlocked by successive waves of industry transformations from artificial intelligence and embodied intelligence to emerging industries such as nuclear fusions, quantum computing, and brain-computer interface. Whatever the next wave of technological innovation emerges, 36KR leverages visionary content layout and commercial service capabilities to engage with the business, capital, technology, and local industrial stakeholders across the value chain. The 36 Industry Future Initiative is a primary example of this capability. By consistently providing forward-looking insights into the latest technology trends, we stress down the competitive barriers around our content ecosystem, enhance our operating reliance across technology cycles, and deliver long-term sustainable growth in the commercial value in the waves of technological evolution. Let's take a closer look at our major business process for the period in the three areas, content ecosystem, commercialization and industrial service, technology and product. First, content ecosystem. We consistently strengthen our content ecosystem during the period, maintaining statistics key as content influence across China's new economic and technology innovation sectors. We continue to expand our footprint across various channels, crafting a comprehensive circulation matrix, encompassing major new media platforms like Weibo, Xiaohongshu, TouTiao, Zhihu, Bilibili, Douyin, and KuaiShou, among others. Broad-channel exposure brought us wider overall distribution and higher visibility of our premium content. At the end of June 2026, we had approximately 36.52 million followers. The most recent movements of major AI companies, such as Alipay and Qianwen, The account uses the content mode of exclusive information acquisition plus in-depth interview, which has formed a good industry influence in the field of AI industry reporting. Ink focuses on the industry chain of smart intelligence reporting, and uses the differentiated content mode with financing initialization plus in depth interview of the founder. The fan service is about 27%. The scope of the report covers the key parts of the industry chains such as large-capacity chips, touch sensors, body manufacturing, and end-to-end computing. delivering high cyber work, while maintaining the influence of our flagship channels, including 36KR and 36KRPRO, we ramped up our efforts to spotlight the emergency of intelligence. Our AI-focused account, covering the latest developments from AI industry giants, including the ByteDance State Team, DeepSeek, Tencent Huanyuan, and Alibaba's Tongyi Qianwen, built an accountant model combining exclusive access to information with in-depth interviews. The channel has established a strong industry footprint in AI coverage. In addition, Hubcore KR sharpener is focused on embedded intelligence value chain differentiating itself through first-to-report coverage on stand-up funding and in-deep founder interviews. Its followers increased by approximately 27%, attracted by coverage spanning key segments across the value chain, including bring chips, tackle sensors, robust body manufacturing, and on-device computing power. Its half-cooked TR conversation series offered in-depth perspective from founders and their technology roadmap and strategic choices, building a differentiated content mode in hardcore technology coverage of other high-quality, vertical-specific accounts like 36KR Auto, Future Construction, 36KM Games, 36kR Finance, and 36K industrial futures also continued to build momentum, balancing board coverage with tips of experts in specific life to provide users with valuable insights into industry trends and evolving business dynamics. Beyond graphic and text content, we also continue to develop a wide range of content Beyond graphic and text content, we continue to diversify our content formats, delivering premium content across short and long-form videos, audio, live streaming, and short plays. In short, videos our exceptional content creation capabilities earned us wide speed of visibility and wave review from users our radio follower reached 9.63 million in the first half of 2027 six we produced a total of 75 short videos including a blockbuster on douyin that garnered over 8.4 million views. Another video platform will consistently create in-depth pieces that generate more than one million views each. On the commercial video side, we continue to produce high-quality content, working closely with companies in support of clients' digital and intelligence transformations. including a notable $230 million total exposure with a single breakout video. For live streaming, We made full use of our existing contents for specific account assets to actively develop live streaming products and explore new avenues for growth and innovation. At China Appliance and Electronic World Expo 2026, held from March 12 and 15, 36KR launched the Anthony AI Live Steam, conducting live on-site coverage from eight of the most popular brand provisions and the profiling 10 leading brands in depth, giving audience a first-hand look at the latest real-world application of AI technologies, broadcast simultaneously across device platforms. The live stream garnered 1.358 million total views and racked up over 80 million impressions network-wide. During this year's World Artificial Intelligence Conference in July, 36K are served as ecosystem partners and special supporting media partners, joined hands with the organizing committee to launch the KR Talk Futurely Studio. The live team convened expert panels, live exhibition coverage, video highlights, and in-depth interviews with companies, gathering 51.8 million total views and engaging 61,000 across the 36K RLIFTEAM metrics. I don't know what you're talking about. I don' t know what I'm talking about I don t know. I don¡¯t know. I don ´t know I don´t know I don´t know I don I don I don I I I In terms of event IT, we future evaluated 36KR's role from that the need of the of industry chance to facilitator of for industry cooperations on may 19 to 20 2026 we hosted the 2026 ai partners meet in basing yi zhuang seemed to take ai to the front line the smith focused on shifting ai from technical discussion to practical implementations featuring a main forum and an AI-plus industry matchmaking meeting that connected technology providers with business holding real industry demand. Over the two-day event, they facilitated more than 100 rounds of in-depth, closed-door matchmaking seasons, helping companies identify potential areas of cooperation around a specific scenario. Our 2026 AI Partners Meet gathered approximately 120 million waves and attracted over 1,000 on-seat attendees. In addition, from June 16 to 17, 2026, we hosted waves 2026 in Tanyu, Guangdong, themed this Mid-Summer. This summit gathered a great generation of investors, industry leaders, scientists, and emerging entrepreneurs for 15 in-depth roundtable discussions and dozens of talks covering core topics such as AI, hardcore technology, embodied intelligence, going global, healthcare, and youth innovation. The event also featured the Challenge for Intelligent Use and the National AI Plus Scenario Application Competition Finals. It focused on three trackers, AI agents, embodied intelligent hardware, and lightweight one-person entrepreneurship, providing young innovators and their project with a platform for exposure, evaluation and feedback, and industry connections. Wave 2026 garnered 118 million waves and attracted more than 2,000 on-site attendees. Harnessing our robust content influence and extensive content distribution channels, 36ks has developed a highly effective customer service system this has enabled us to achieve commercialization breakthrough in this unprecedented wave of technological innovation In the first half of 2026, thanks to our consistent investment in our content ecosystem and our early positioning in key sectors such as AI and hardcore technology, our customer base grew significantly. New customers working with 36KR for the first time accounted for approximately one-third of our total customer base in the period. AI on the foundation models, robotic and embodied intelligence was the primary source of our new customers. We also acquired the new customers in the consumer goods, health care, travel and mobility, education and training sectors. This offers for strategic care of leadership in new economic communication and our outstanding customer service capabilities. In terms of commercialization of online results, we generated 104 million RMB in revenue from online advertising service in the first half of 2026, up approximately 40% year-over-year. Our flagship channels, including 36KR and 36KRPRO, maintained industry-leading commercial values. At the same time, the influence of our sub-vertical media channels, such as the Emergency of Intelligence, Hardcore KR, 36KR Auto, Future Consumptions, Tide, and OU continue to expand, emerging as another key driver of our revenue growth. Short Radio also achieved a commercialization breakthrough in the first half of 2026, with revenue approximately doubling year-over-year. years. Furthermore, we launched the 36KR Pro, a new WeChat channel content offering that meaningfully enriched our product line and enabled more differentiated pricing. This broader range of product options helped propel the continued growth in our revenue from online advertising service. In institutional and entrepreneur service, we continue to optimize our business structures, Establishing a dual-engine growth model, driving by our submit and ranking alongside content communications. As the primary market gradually recovered, institutional demands for communication service started. With content focused on institutional funding raising and the portfolio company financing growth rapidly driving revenue to nearly double year-over-year we fully leverage the vertical accounts such as waves and the 36k our industry futures to connect the content enterprise capital technology and local industries that we saw for the other for the unlocking their commercial value that I have In terms of commercialization, in addition to the large-scale activities in the key areas, we are also continuing to promote long-term industrial services. The three-year strategic cooperation project of Hangzhou's front-end new area on the service project of the Inter-China International Service Center and the AI-oriented community service project is still steadily advancing in 2026. The above also points out that the core regions such as front-run smart industrialists are exposed to the brand, resources are connected, and enterprise services are the core. There are many different types of operations in the field, which effectively enhance the influence of the region and the industry, and provide important support for the business and industrial service. In terms of industrial service commercialization, in addition to hosting large-scale events in key regions, we continue to advancing recurring day-to-day industrial service. Our three-year strategic operations project with Hangzhou Tiantang New Area, including the Chinese Enterprise International Service Center Operation Project and the AI Phenomena Community Operation Service Project, continued to progress steadily during this period. In the first half of the year, we focused primarily on key industrial parks, including the Qiantang Embedded Intelligence Industrial Park, delivering a diverse range of operational activities built around brand exposures, resource connections, and enterprise service. This initiative effectively enhanced the park's industrial profile, supporting investment inflows and the industrial service building on this project we continue to deepen our industrial service capabilities in the yangtze river deltas lying the foundation of replication across the region furthermore at this year's wave event we showcase the young river delta industrial resource for great bay area entrepreneurs and investors continues to bridge technological innovation and real-world industry applications our industry service and the pro progressively shifting from one of events towards ongoing operation and deeper customer partnership in applying ai technologies we continue to pursue a dual track strategy improving internal efficiency while productive product using our ai capabilities for common stakeholders In the first half of 2026, we hosted the KR-Star AI Application Challenge internally to deepen adoption of AI tools across our operations. The initiative focused on identifying practical, replicable, and high-value use cases for improving productivity with AI. demonstrating a culture where everyone knows how to use AI, AI can be applied everywhere, and AI is consistently used to improve efficiency. The competition brought improvement across customer sales process, video and image optimizations, internal process management, and more, while cultivating a company-wide atmosphere of learning and knowledge sharing. 同时,公司持续优化三成客项目推荐产品,利用大模型技术,实现了在线AI机器人采访,深入挖掘项目前细节,并根据采訪内容自动生成项推荏。 二十年上半年,帮助创业者报道和对接项 1117项,同比转化率提升了接近80%。 We also continue to optimize our 36KR project recommendations product. Using foundation model technology, we enable online AI conducted interviews to dig deeper into project and automatically generate project recommendations based on the interview content. In the first half of 2026, our 66KR project recommendations product helped entrepreneurs secure coverage and connection for 1,117 projects, increasing the conversion rate by nearly 80% year-over-year. On the product side, 36KR and Sofitus jointly launched the 36KROperate on Intelligence, which chat mini-programs aimed at retiree investors. It's daily sentiment and analysis reports for public companies and experts that help users make more informed decisions in stock market and other investment markets. cumulative users have reached 55,200, including more than 10,000 subscribers, up 50.8 percent and 61.7 percent respectively from 33,600 users and 6,187 subscribers at the end of of 2025 and have more than doubled year over year. The content is attractive and the user's attention is widened at the same time, the ecological attractiveness is further released, and the product of the second industrial enterprise is self-published into the platform. The platform's AI application is widely evaluated in the field of industry positioning and is recognized by the market. The level of assessment is fully expanded, and 260 new assessment officials have been added. We have also launched the campus ambassador program to develop a double-layer evaluation network that covers professional assessment and campus users. and continuous expansion of external transmission. The multi-faceted content ecosystem is gradually improving. The product capability level completes the key upgrade, improving the operating position, the new chain system, platform, product library, and other core models, and the new love evaluation intelligence, supporting the blind test function of the product, turning on the dialogue evaluation pen, and the full chain loop. The commercialization has achieved a symbolic breakthrough, and the deep evaluation content of a team product has successfully obtained a reasonable and fast commercialization paid cooperation, A.I. review hub at ai.36kr.com was launched at the end of the 2025. It is positioned as a点评 of AI Truth, a community platform combining AI Truth discovery and authentic user review. Primary serve individual and enterprise users seeking guidance in selecting AI tools. Anchored in professional review content and powered by product capability upgrades, our AI review segment continues to grow across user scale, ecosystem development, and commercial values. On the content side, we continue to scale volume while improving qualities, publishing accumulative 4,062 AI review articles, nearly 516 articles published as of the end of 2025. Content appeal and user engagement are raising in fact. appeal also continues to stress them, with 42 companies voluntarily listing their products on our AI review hub, reflecting board market recognition of our positioning as the bianping of the AI application segment. We also comprehensively expanded our review network, adding 260 new reviewers and launching our campus ambassador initiative, building a job tracker review network, spanning both professional and student users. Meanwhile, we continue to broaden our external content distribution channels with a diversified content dissemination ecosystem that leads tracking At the product capability levels, we complete a case upgrade to core modules such as promotional placement, new community formwork, leaderboards, and the product database. We also go out and community AI review agents with build testing capabilities, creating an end-to-end AI-powered workflow from conversations to review to content postings. Commercially, we achieved a meaningful breakthrough on the strength of our team in deep product review content. We secured a paid commercialization partnership with Kerlin and Kuaishou AI, validating our a closed-loop model from professional review content to commercial modernization. In short, our AI review segment continues to progress rapidly, made by growing industry influence, gather ecosystem breadth and depth, and the expanding modernization capabilities. To sum up, in the first half of 2026, we maintained a solid financial position. While steadily advancing our content innovation, commercialization, upgrades, and AI industry application, we will continue to build depth and emerging industry and technology verticals, become a trusted authority on value, a catalyst of industry growth, a facilitator of resource connections, and a contributor to sharpening industry standards in the AI era. With that, I will now turn the call over to our CFO, Mr. Xiangli, who will discuss our financial results with all go-ahead yeah thank you thank you for joining today's presentation we will now review the first half of the 2026 financial performance please note that all amount are you are and the allies otherwise stated or companies total revenue increased by thirty three point seven percent to $124.6 million in the first half of 2026, from $93.2 million in the same period last year. Online advertising services revenues increased by 38.9 percent to 103.5 million in the first-half of 2036, from 74.5 million in the same period last year. The increase was primarily attributable to surging demand from the AI sector for all advertising solutions. Enterprise value-added services revenue increased by 25.4 percent to 15.3 million in the first half of 2026 from 12.2 million in that same period last year. The increase was primarily driven by our ongoing refinement of service offerings aimed at margin improvements. Subscription services revenue were $5.8 million in the first half of 2026 compared to $6.4 million in that same period last year, the decrease was primarily due to a strategic shift in the segment's customer composition. Cost of revenues was $41.9 million in the first half of 2026, a slight decrease of 1.4 percent from $42.5 million in that same period last year. The decrease was primarily driven by the company's strict cost control measures. Gross profit increased by 63.1% to $82.7 million in the first half of 2026 from $50.7 million in that same period last year. Profit margin was 66.4% in the first half of 2026, representing an increase of 12 percentage points from 54.4 percent in the same period last year. The increase in gross margin was primarily driven by higher margin from online advertising services within the AI sector and a significant increase in related revenues, alongside slight payroll-related costs resulting from our strategic workforce management. Operating expenses increased by 6.6% to $59.6 million in the first half of 2026, from $55.9 million in the same period last year. Sales and marketing expenses were $29.2 million in the first half of 2026, remaining flight year-over-year, reflecting or disciplined approach to sales spending. General and administrative expenses were 24.1 million in the first half of 2026, an increase of 20.5% from $20 million in the same period last year. The increase was primarily related to the increase in allowance for thoughtful accounts and the payroll-related expenses. Research and development expenses were $6.4 million in first half 2026. Reflecting slides year-over-year, primarily reflecting or continued focus on R&D efficiency and the strategic programs prioritizations. Share-based compensation expenses recognized in cost of revenue, sales and marketing expenses, and development expenses as well as the general and admin expenses totaled $19.7 million in the first half of 2026 compared to $89.6 million in the same period last year. Other expenses were $7.7 billion in the first-half of 2028 compared to 0.4 million of other income in the same period last year. The change was mainly due to the increase in long-term investment loss. Income tax expenses were $27,000 in the first half of 2026, compared to $4,000 of income tax credit in the period last years. Net income was 15.4 million in the first half of 2026 compared to a net loss of 4.8 million in the same period last year. Non-GAAP-adjusted net loss was 154 million the first of half of the 2026, compared to to a non-GAAP-adjusted net loss of $4.7 million in the same period last year. Net income attributable to 36 KR Holding Inc.'s ordinary shareholders was $15 million in the first half of 2026, compared to a net loss attributable to 36 Kr Holding Inc's ordinary shareholders of $5 million in the same year. Basic and diluted net income per ADS was 7.058 and 7.056, respectively, in the first half of 2026, compared to basic and dilute net loss per ADF of 2.307 in the same period last year. Certain balance sheet items, as of June 30th, 2026, the company had cash and cash equivalents, restricted cash and short-term investments of $124.2 million, an increase of 6.9% from $116.1 million as of December 31st, 2025. The increase was mainly attributable to positive cash inflow from operating activities. 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 then 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star then 2. If you are on a speakerphone, please pick up the handset to ask a question. And the first question will come from Lingyi Zhao with SWS Research. Please go ahead. Hello, Mr. Dan. Good evening, everyone. I'm Zhao Lingyi, a member of the Shenzhen Red Cross. Thank you for giving me this opportunity to ask a question. My question is, first of all, what is the core difference and advantage of 36 grams compared to other media competition in AI content reporting? What is the main reason why advertisers choose 36 grams instead of vertical AI media? This is my first question. 我的第二个问题是,放眼未来,公司认为驱动增长的核心引擎是什么?包括在加大内容和技术投入,以驱動增長与维持盈利和现金流稳健之间,管理从事如何做到平衡? I would like to translate myself good evening good evening management team thank you for giving me this opportunity and my first question is compared with other media outlets what's our sense new courts keep the grand status in AI content coverage why do advertisers choose sensual cook over specialized AI media outlets and my second question is looking ahead what What are the key growth engines for the company, and how does management plan to balance increased investment in content and technology to drive growth with maintaining health profitability and solid cash flow? Thank you. Okay. Thank you, Lingyi. I think this is a very good question. 36% of the AI content is the advantage of the planning. I think the main problem is in three aspects. That's a great question. That's a great question, and the differentiation advantage in AI content coverage comes down to three key areas. . . First, our board-based platform, Reach, our content metrics spans AI, hardcore technology, going global, consumer goods, automotive, gaming, healthcare, and other verticals. We have 36.52 million followers across a diverse range of mainstream media platforms, including Weibo, Xiaohongshu, TouTiao, Zhihu, Bilibili, Douyin, and Kuaishou, among others. This allows advertisers on our platform to reach not only the AI industry audience, but also upstream and downstream business and cross-sector users simultaneously. Something specialized AI media outlets cannot easily deliver. Second, our content model is built on exclusive information access combined with in-depth content output. At 36KR, we hold ourselves to extremely high standards for content quality. We don't simply follow the latest trends. We insist on real deeps. We consistently offer extensive, original perspectives on industry development and sectors as analysts, providing users with invaluable insights into industry trends and evolving business dynamics. So our end-to-end industrial service advertiser to 36K are not only for our professional content, but more importantly, for our comprehensive service capabilities. For example, at this year's AI Partners Meet, we have facilitated more than 100 runs of in DIPs, closed-door matchmaking systems centered on real-world AI-influenced scenarios, effectively connecting technology providers with companies looking for practical solutions. This demonstrated the strong capabilities we build in connecting the full industry value With 36K advertisers get more than brand exposure, they can also access industry resource and business partnership opportunities, and integrity value that specialized media outlets cannot easily provide. Next, I will answer the second question. Regarding the cloud engine, I think there are four directions to recommend. In short, the AI customer increase is the most direct increase. In the previous year, there were 40% of new customers from the AI channel. This trend is still continuing. In the long term, there are three cloud engines. The first is the depth of commercialization of cloud accounts. The number of users, users and other account fans increased significantly. The commercial value has been released. The second is the regularization of AI products. For the second question, regarding building engines, I see four areas gaining traction. In the near term, AI customer growth will be a key driver. Over the first half of the year, approximately 40% of our new customer came from the AI sector, and we continue to see strong momentum in the segment. In the medium term, another area will run in colors. First, we will deepen the commercialization of our sub-vertical content metrics. More content such as the Emergency of Intelligence and HubQuad KR have achieved a significant follower growth, which is now unleashing their commercial values. Second, we will scale the multi-translation of AI products. Our AI review hub, ai.36kr.com, secured a paid commercialization partnership with Colleen and the data and the user base of the 36k are cooperated only intelligence has doubled year over years third we will replicate our industrial service model across regions with the channel model now valid validated we can roll it out in another regions This reflects the company's constant efforts to optimize cost control and customer structure. We put financial health in a very important position, using exchange costs to continuously improve our business. At the same time, we also pay great attention to the investment in content. We must rely on core capabilities to continuously support and manage the security interface. We will not sacrifice profits for the sake of growth. Every investment will have a clear business logic and return. Thank you, Lin Yi. In terms of balancing investment and profitability, our philosophy is clear. we invest where we see a clear path to return. Our financial results over the first half reflected this discipline. Growth profit margin continued to improve due to our ongoing efforts to control costs and optimize our customer mix. We placed a high priority on financial health and our continually improved operating efficiency while keeping our cost-based lean. At the same time, we continue to invest in content. This is the core strength that we continuously build to reinforce the reliance and the sustainability of our business operations. We will never pressure growth on the expense of possibilities. investments must have a clear business rationale and a clear path to return. Thank you, Lindsay. The next question will come from Rui Yin with Sealand Securities. Please go ahead. 看待自身在AI时代的长期战略定位 未来科技媒体平台 与产业服务平台之间的比重 会如何演变 Let me transmit myself What's the company's long-term strategy positioning in the AI era? How do you expect the mix between tech, media outlet, and industrial services platform to evolve in the future? Thank you 好的,谢谢尹锐 方立克在AI時代的战域定位非常明确 Thank you, Yung Wei. Our strategy positioning in AI years is crystal clear. We have always been the peak and strong supplier and evil in technology industries. No matter how technology evolves, enterprise demands for building industry insets and access to industry resources and the connections will remain strong. As AI adoption accelerates, the demand is only increasing. Our content includes industrial service and technological application capabilities, working concerns to form a closed loop. 会有两者比重的演变,内容网号是公司的基准盘和流量入口, 产业服务是增量引擎和利润发达器,两者是费能关系而非替代关系, 内容影响力为产業服劥带来客户信任和资源聚集能力, 亏服反补内容深度和行业洞察,最终就吸引了更多的网网客戶。 As for the mix between the two, content advertising remains our business foundation and our traffic gateway, while industrial services are our growth engine and our driver of matching expansions. The relationship between them is a flywheel, not a substitution. Our content influence builds customer trust and stresses our ability to connect to industry resources. In turn, our industrial services deepen our content and industry insights, ultimately attracting more advertising customers. In terms of how the balance will evolve, we expect the share of industrial service to increase steadily. In the first half of the year, we continue to deepen our three-year strategic cooperation projects with Hangzhou, Tianhe, and Hubei. And our 2026 AI partners meet in Beijing, Yizhuang, also strengthens our ecosystem influence. Our industrial service is gradually evolving from one-off events towards ongoing operations. That said, content advertising will remain foundational to our revenue base. In the first half of these years, our flagship channels contributed nearly half of online advertising revenues, and both short videos and institutional communication revenues doubled year over year. With both growth and gaining momentum, we are confident in our future trajectory. Thank you. There are no further questions at this time. I would now like to hand the call back over to management for any closing remarks. Please go ahead. Okay. Thank you once again for joining us today. If you have further questions, please feel free to contact the Statistics Chaos Investor Relationship through the contact information provided on our website. This does conclude our conference for today. Thank you for your participation. You may now disconnect. Thank you.