Hello, ladies and gentlemen. Thank you for standing by for 36KR Holding Inc.'s second half and fiscal year 2025 earnings conference call. At this time, all participants are in listen-only mode. After management's remarks, there will be a question and answer session. Today's conference call is being recorded. I will now turn the call over to your host, Jin Wang, IR manager of the company. Please go ahead, Jin.

Thank you very much. Hello, everyone, and welcome to 36KR holding the second half in the fiscal year 2025 earnings conference call. The company's financial and operational results were released earlier today and have been made available online. You can also view the earnings price release by visiting the IR section of our website at ir.36kr.com. Participants on today's call will include our Chairman and CEO, Mr. Da Gang Fung, and our Chief Financial Officer, Mr. Xiang Li. Mr. Fung will start the call by providing an overview of the company and the performance highlights of the second half and fiscal year 2025 in Chinese, followed by an English interpretation. Mr. Li will then provide details on the company's financial results before opening the call for your questions. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Security Litigation Reform Act of 1995. Forward-looking statements involving inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Fuller information regarding this and other risks and uncertainties is included in the company's perspectives and other public filings as filed with the U.S. SEC. The company does not assume many obligations to update any forward-looking statements except as required under applicable law. Please note that 36KR's earnings press release in this conference call includes discussions of unaudited gap financial measures as well as unaudited non-gap financial measures. 36KR's earnings press release contains a reconciliation of the unaudited non-gap measures to the audited debt measures. Please note that all amount numbers are in RMB. I will now turn the call over to our Chairman and CEO Mr. Da Gong Fung. Taiwo, please go ahead.

Thank you.

Hello everyone. Thank you for joining our second half in the fiscal year 2025 earnings conference call. Over the past two years, 36KR has consistently focused has done improving operating efficiency and optimizing financial structure. We have continuously upgraded our organizational structure, optimized expenses, and strengthened our core capabilities. In 2025, while maintaining solid revenue performance, we achieved a major operational breakthrough by turning profitable. At the same time, our cash reserves remain stable, paving the way for the company's long-term financial health in the sustainable innovation-driven growth. For the full year of 2025, our gross profit margin reached 57.7% and increase of a nine percentage points year-over-year. Operating expenses decreased by almost 70 million from the same period last year. Our total operating expenses as a percentage of the total revenues decreased to 53%. Notably, the company recorded a net profit of 11 million for the year. These achievements were driven by our continued integration of content innovation, commercialization breakthroughs, and technological applications into the company's business operations, which together optimized our organizational structure and improved workforce efficiency. We consistently fortified our content ecosystem in 2025, leveraging our PLS content creation proudness to steadily extend our influence in terms of our content of dissemination network we expanded our footprints across diverse channels crafting a comprehensive circulation matrix encompassing major new major new medium platforms like wei boi xiao hong shu to yiao jiu who believe me so in in question among others broad channel exposure has brought us wider overall dissemination and higher visibility for our premium content our consistent the production of high-quality content also diversified our user demographics, elevating user engagement and stickiness. At the end of 2025, we had over 36.8 million followers, marking 19 consecutive quarters of user growth. 公司在三十六克三十六克pro等旗舰型巨人号的基础上 在智能涌现三十六克汽车未来消费三十六克游戏 爱用waves三十六克财经后浪研究所朝生tide等优质锤内容功耗不断积累 兼顾内容的覆盖广度以及在细分领域的积累深度

带领用户洞察行业趋势与商业热点 2025年年初我们首发三十六克未来产业作为公司关注城市创新和前沿科技 布局未来产业影响力的全新内容频道 这将加上创新药业 产业培育 单篇报道收获7万家公众号阅读 全平台曝光超10万 截至目前 公司矩阵号与全面涵盖人工智能 出海 智能制造 硬科技 消费生活 投资行业等多个领域 建立起扎实的内容生态活成盒 2025 全年 三六个公众号阅读量10万家的文章数达698篇 二永维沃斯实现同比54% 关注者增长 We explored a growing area of content formats throughout 2025, including text, graphics, short and long-form videos, audio and live streaming, enriching our content offering with a greater diversity of styles.

For text and graphics, we continue to create high-quality content on multiple fronts while maintaining our existing content metrics. Building our flagship channels, including 36KR and 36KR Pro, we continuously broadened our reach in sub-verticals, actively expanding high-quality content-specific accounts like the emergence of intelligence, 36KR auto, future consumption, 36KR gains, waves, 36KR finance, all youth and ties, among others. This account enriched our metrics with both broad content coverage and deep expertise in specialized domains, providing users with invaluable insights into industry trends and involving business dynamics at the start of 2025 we rolled out 36 care industry future and all new content channel spotlighting the urban innovation in a state-of-the-art technologies building our influence in emerging industries a notable feature on the innovative of pharmaceutical sector in josham to a young province garnered over 70,000 page views our official featured account and in more than 100,000 total exposures. To date, our accounts cover artificial intelligence, global expansion, and once the manufacturing, hardcore technology, consumer lifestyle, investment, and much more, comprising a thriving content ecosystem. For the full year of 2025, on the 36K official account alone, 698 of our articles achieved over 100,000 page views. Meanwhile, waves of followers expanded by 54% year-over-year. In terms of a short video, Our exceptional content creation capabilities earned us widespread visibility and rave reviews from users. Our video followers expanded to 9.5 million as of the end of 2025, with WeChat channels of followers surging by 67% year-over-year. Following the debut of our brand-new 36KR Tech account on Douyin in the second half of 2025, we released a broad-faster video such as AI Confidence and AI Creator, attracting attracting over 130,000 followers to date. In addition, our video undercover multi-hosted live garnered over 10 million views on 小红书, 抖音, 微茶 channels, and Bilibili.

2025 年7月 举办了世界人工主张大会 三六克以特别支持媒体的身份 达到了集大会全程报道 大咖精彩对话 前沿技术探讨 未来趋势预测 科技新品入透于一体的超级直播间 三六克总报告量5020万 三六克矩正直播总观看数 112.7万 此外 2025 年AWE 与三六克合作 首个机器人特色展区 三六克携手五家机器人企业 达到未来家机器人特色展区 深度展现机器人智能

In last streaming this year, we optimized our resources with a streamlined team and fully leveraged WeChat channels to cultivate an area of content-specific accounts, including the big deal, global expansion, golden shovel, and the 36KR CEO tips. We also unveiled AI Insider, a program targeting AI entrepreneurs and independent developers. During this year's World Artificial Intelligence Conference in July, 36KR served as a special supporting medium partner and offered a super live streaming channel that combined full conference reporting, expert panels, cutting-edge technology insights, future-trained forecasts, in the tech product scoops, garnering 50.2 million total views and engaging 1.1 to 7 million viewers across the 36KR live stream metrics. Moreover, at the Applies and Electronics World Expo 2025, 36KR launched its first robot-themed exhibition, Future Plus, in partnership with five robotics companies, showcasing the immense potential upside of embodied artificial intelligence in home appliances in the home settings. With this exhibition, the 36KR WeChat channel's livestream garnered over 1.04 million views in total, racking up over 80 million views across diverse platforms.

Thank you very much.

In terms of event IT, we hosted our signature investment-focused conference WAPES in 2025, centered on the new era of venture capital. Founders of emerging companies and innovative young scientists gathered to top-tier investors to discuss leading-edge topics, including AI breakthroughs, globalization, and value reassessments. This year's WAVE's event amassed over 150 million views. In addition, our 2025 AI Partner Summit focused on the AI sector under the theme Here Comes Super App, highlighted the disruptive impact of AI super applications across diverse industries, garnering over 130 million views. In the second half of the year, we hosted the WISE 2025 Business King Conference at the company's largest annual flagship conference why is 2025 business kings garnered an impressive 500 million plus views across diverse platforms with its live stream racking up more than 800 thousand views in 2025 In 2025, our deep expertise in the innovation in content and IP sparked continuous commercialization breakthroughs, including client structure optimization, stronger commercialization of sub-vertical median channels for younger audiences, new momentum in live streaming and video revenue, and meaningful progress in industrial services commercialization. In terms of client structure optimization, our enriched content ecosystem and diverse content distribution channels empowered us to consistently expand our portfolio of services and products, Constantly enhancing our commercialization capabilities within our Internet client portfolio, revenue from AI-related services continues to grow, with the number of clients across model, application, and hardware layers steadily expanding. 导致我们的2C内容,以获客户持续认可。 Regarding the commercialization of the sub vertical median channels for younger audiences, revenue from channels like OU and Tide increased by over 50% year over year, with the core clients continuously making repeats of purchases, reflecting and sustaining the client's recognition of our juicy content. 更多视频化,直播产品,帮助他们触达更多简单用户。

评件在出海赛道的持续深耕与直播内容创新,我们首次实现广交会客户突破,完成重要的商业合作。 直播内容也得到主观方高度认可。 在杭州举办的第四届全球数据会上,我们携手杭州文化广播电视集团,达到了全程不间断直播剧阵。 展会五天内,线上观战人数累计超过270万次,规模达到线上观战人数的10倍以上。 As for live streaming and video commercialization, the number of clients placing short videos in the live streaming orders continued to grow, with new clients exceeding 50% of the total.

For the full year of 2025, our live streaming revenue surged by nearly 40% year-over-year. Leveraging major technology exhibitions in 2025, including AWE and WAIC, we stepped up our development of live streaming offerings, tailored for event coverage. To address diverse market needs, we launched a low ARPU product line effectively are existing by our premium commercialization content offerings. This expanded the appeal of our video and live streaming offerings to more clients, particularly out-stage startups, enabling them to reach more potential users. Furthermore, thanks to our sustained efforts in the global expansion segment in the live streaming content innovation, we achieved a breakthrough with content fair clients forging important commercial partnerships and earning high recognition from the organizers with our live streaming content at the fourth global digital tweet expo held in Hangzhou we partnered with Hangzhou culture with you television group on a full events uninterrupted live streaming metrics across a five-day event total online attendance exceeded 2.7 million well then ten times the number of on-site visitors looking ahead we will continue to explore new live stream formats in the scenarios, building richer content scenarios and more diverse service models for users and clients. Regarding industry Natural service commercialization in 2025, 36KR reached a three-year strategic partnership agreement with Hangzhou, Tiantang-Yu, Air Reconstruction and the Investment Group Company for the Chinese Enterprise International Services Center Operations Project and the AI Panorama Community Operations Project. This collaboration will leverage our expertise in organizational operations in online content distribution as well as our vast network of industry resources to support Chiantang new area in building a unique service ecosystem and operational framework for corporate empowerment amplifying its original influence furthermore building on the growing influence of the 36 kr our industry future open talk in the 36 care industrial belt project we focused on key sectors driving urban industrial transformation in the future industry development including low altitude economy commercial aerospace advanced manufacturing and new energy and materials this initiative attracted more than 200 upstream in downstream industry projects in the government entities fostering deep collaborations in the commercial partnerships Beyond these advancements across content and commercialization, we continue to expand the boundaries of the meeting in 2025, consistently driving cutting-edge AGI applications to further optimize content production and commercialization efficiency.

三天拥端,2025年也是三十六克对国内AI领域高密度输出信息的一年,2025年年初在国内外引起轰动,三十六克是全球唯一一家两次独家专访DeepSeq创始人的科技媒体,除智能有线,暗永等深度垂直图文号账号之外,2025年我们发布了AI图谱,科科技等视频账号,关注图随端AI的人物访谈公众号,未来人物实验室, On the content side,

we provided the intensive coverage of China's AI ecosystem in 2025. At the beginning of 2025, 36KR made headlines at home and abroad as the only tech media outlets worldwide that you have exclusively interviewed DeepSeq's founder twice. In addition to our deep vertical text in the graphic accounts like the emergence of intelligence and the ways we launched the video channels such as AI Map and 36K RS tech in 2025. The Future Human Laboratory official accounts focused on AI interviews for consumers. The lightweight online tech products launch series Project X and the live streaming series AI Insider featuring in-depth conversations and real-world testing with the invoices at the forefront of AI we also released an area of research reports on that once the productivity in the AGI area additionally we hosted a multiple live streaming sessions are around the major events such as WAIC joining a strong engagement and recognition from within the industry and beyond. In addition to AI-focused content, we have actively integrated AIGC technology into our system to enhance efficiency company-wide. Our AI-medium coverage product launched in the second half of 2024, leverages large-scale AI model technologies in the AI algorithm to produce AI powered interviews in the generated content the underlying system incorporates multiple developers the largest AI models such as Doubao and Tony Chienven among others we also integrated DeepSeek in March 2025 in 2025 AI meeting coverage covered of 1,308 and AIDS companies, highlighting their latest initiatives worth fundraising ventures. AI meeting coverage has meaningfully improved our content team's efficiency, substantially easing previous manpower limitations and enhancing our coverage of startups. We also launched the 36KR corporate Omni Intelligence in October 2024, targeting investors in the secondary market by providing AI-powered daily sentiment analysis reports for public companies the service currently covers over 7,800 public companies listed in mainland China and Hong Kong users can search filter in subscribe to reports on their preferred companies receiving daily analysis in a personalized content format the products underlying sentiment data is a collaboration between 36k and the Soften, a fully-owned subsidiary of BeyondSoft. Having nurtured a community of 700 core users, currently, we have a cumulative user base of 36,600, including 6,187 subscribers. At the end of 2025, we launched our AI Review Hub 36aijianping.com, a community platform integrating AI tool discovery and authentic user reviews. Primarily serving individual and enterprise users seeking guidance in selecting AI tools. Back to my professional content output in the high quality review services. The platform's new product AI review section gained traction in both reputation and performance. 516 AI Review Articles have been posted in total, with content appeal and user engagement steadily rising. Our advancement of AI products and tools further underscores 36KR's foresight, human, and outstanding execution capabilities in AI. Leveraging the inherent synergies between AIGC technology and the content production industry, We maximize the AIGC technology utilization in our content production activities this year, including information identification, text processing, and image generation. Moreover, we continue to broaden our business scope by actively promoting AI applications across diverse business scenarios. The launch of these AI products has enhanced the coverage and the precision of our customer outreach initiatives, connecting with a diverse spectrum of enterprises and organizations previously beyond reach due to bandwidth and manpower limitations and turning them into clients.

保持现金流与盈利水平的稳定 同时,我们将继续立足内容核心优势

并持续深耕AI技术的产业应用 不断拓展业务边界 将技术创新与内容价值产业服务深度结合 富能科技企业高质量发展 实现财务健康与创新发展的双向富能 长项发展

深化内容生态建设 推动商业化多维度突破

In summary, as we turned the profit boy in 2025 for the company reached a milestone achievement after two years of sustained operational optimization and innovative development, marking the start of a long-term commitment to financial health. Looking ahead, we will consistently place financial health as a foundational core of our development, constantly optimizing cost structure and improving operating efficiency to maintain stable cash flow and profitability. Moreover, building on our core content strength, we will continue to fortify our content ecosystem by driving commercialization breakthroughs on diverse fronts and broaden our business scope by actively expanding AI applications across industries. We will deeply integrate technological innovation with our valuable content assets and industrial services to empower high quality growth for technology enterprises, ensuring that financial health and innovative development reinforce each other and drive growth over the long term. With that, I will now turn the call over to our CFO, Mr. Xiang Li, who will discuss our key financial results. Please go ahead, Xiang.

Thank you. Thank you, everyone. Thank you for joining today's presentation. We will now review the second half of 2025 and the full year financial performance please note all the amount are in RMB unlike otherwise stated or total revenue increased up by 4.7% to 134.8 million in the second half of 2025 from 128.7 million in the same period of a 2024 total revenues for the full year of 2024 were $227.9 million compared to $231.1 million in the previous year. Online advertising services revenues increased by 5% to $105.2 million in the second half of 2025, from $100.2 million in the same period of 2024. The increase was primarily attributable to strong advertising demand from AI and high-tech companies, which 36K are captured through its focus on the tech vertical. For the full year of 2025, our online advertising services revenue were $179.7 million compared compared to 180.6 million in the previous year, relatively flight year-over-year. Enterprise value-added services revenue increased by 7.7% to 20.9 million in the second half of 2025, from 19.4 million in the same period of 2024. For the full year of 2025, our enterprise value-added services revenue increased by 1.2% to $33.2 million from $32.8 million in the previous year. The increase was primarily attributable to more innovative marketing solutions we provide to our customers, as well as proactive sales strategies we adopt and navigate the challenging environment. Subscription services revenue were $8.7 million in the second half of 2025, compared to $9 million in the same period of 2024. For the full year of 2025, decreased by 14.2% to 50.1 million from 17.6 million in the previous year. The decrease was mainly attributable to a strategy shift in training services and a continued would focus on refining this segment's customer base. Cost of revenues decreased by 12.6% to $54 million in the second half of 2025, from $61.8 million in the same period of 2024. For the full year of 2025, our cost of revenue decreased by 18.8% to $96.4 million in the fiscal year 2025, from $118.7 million in the previous year. The decrease was primarily attributable to companies' strict cost control measures. Gross profit increased by 20.8% to $80.8 million in the second half of 2025, from $66.9 million in the same period of 2024. Growth profit margin increased by eight percentage points to 60% from 52% over the same period of 2024. For the full year 2025, our growth profit increased by 17.1% to 131.5 million in fiscal year 2025 from 112.3 million in the previous year. Gross profit margin increased by 9.1 percentage point to 57.7 percent from 48.6 percent over fiscal year 2024. The increase in growth margin were mainly attributable to higher growth margin from brand advertising services offered across 36KR digital platforms, as well as a strong rebound in revenue from these services this year. Operating expenses decreased by 10.3% to $65.6 million in the second half of 2025 from $73.1 million in the same period of 2024. For the full year of 2025, operating expenses decreased by 36.1% to $121.5 million from 190.1 million in the previous year. The decrease was primarily due to this plant operating expenses management. Sales and marketing expenses were 37 million in the second half of 2025, a slight decrease of 0.5% from 37.2 million in the same period of 2024. For the full year 2025, our sales and marketing expenses decreased by 19.6% to 66.4 million from 82.6 million in the previous year. The decrease was primarily attributable to the decrease in payroll-related expenses, expenses, travel and entertainment expenses, and the marketing and promotional expenses. General and admin expenses were 22.4 million in the second half of 2025, a 26.1% decrease compared to 30.3 million in the same period of 2024. For the full year 2025, our general and admin expenses decreased by 54.5% to $42.4 million from 93.1 million in the previous year. The decrease was largely attributable to the decrease in personal related expenses and the provision of allowance for credit losses. Research and development expenses were $6.3 million in the second half of 2025, a decrease of 12.5% from $5.6 million in the same period of 2024. For the full year 2025, our R&D expenses decreased by 11.8% to $12.7 million from $14.4 million in the previous year. The decrease was primarily due to the reduction in R&D high count, folding team restructuring in prior year, partially offside by an increase in salaries and discretional bonuses for the R&D team this year. Shared data compensation gain recognized in cost of revenues, sales and marketing expenses, expenses, and research and development expenses, as well as general and admin expenses, totaled 76.2 thousand in the second half of 2025. Compared to share-based compensation gain, 220 thousand in the same period of 2024. For the full year 2025, the total amount of share-based compensation gain were 13.4 thousand compared to 180 thousand of share-based compensation expenses in the previous year. The change were mainly due to higher reversal of SBC expenses caused by strategy workforce optimization in 2024 compared to 2025. Other income were 1.1 million in the second half of 2025 compared to other expenses of 38.6 million in the same period of 2024. For the full year 2025 or other income were 1.4 million compared compared to 63 million of other expenses in previous year. The change reflected large long-term investment impairment losses recognized in 2024. Income tax expenses were 25,000 in the second half of 2025 compared to 1,000 of income tax credit in the same period of 2024. For the full year 2025, our income tax expenses decreased by 67.2% to 21,000 from 64,000 in the previous year. Net income. Net income was $16.2 million in the second half of 2025 compared to net loss of $44.9 million in the same period of 2024. For the full year 2025, the net income were $11.4 million compared to net loss of $140.8 million in the previous year. The turnaround was primarily driven by the effectiveness of a company's strategic initiatives focused on cost control and the high-margin business, along with the reduction in impairment loss on long-term investment and the lower provision of allowance for credit loss, resulting from improved receivables collection. 90 income attributable to 36KR holding inks ordinary share holders worth 16.1 million in the second half of 2025 compared to net loss attributable to 36KR holding inks ordinary shares of 42.3 million in the same period of 2024. For the full year 2025, net income attributable to 36KR Holdings Inc's ordinary shareholders were 11.2 million in fiscal year 2025 compared to net loss attributable to 36KR Holdings Inc's ordinary shareholders of 136.6 million in the previous year. Basic and diluted net income per ADS were both 7.616 in the second half of 2025, compared to basic and diluted net loss per ADS of 19.999 in the same period of 2015. For the full year of 2025, basic and diluted net income per ADS were 5.274 and 5.266, respectively, compared to basic and diluted net loss per ADS of 64.795 in the previous year. As of December 31, 2025, the company has a cash equivalent, restricted cash, and short-term investment of 116.1 million, an increase of 25.5 percent from 92.5 million as of December 31st, 2024. Well, this concludes our prepared remarks today. We will now open the code to questions. Operator, please go ahead.

Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you're on a speakerphone, please pick up the handset to ask your question for the benefit of all participants on today's call if you wish to ask your question to management in Chinese please immediately repeat your question in English your first question today comes from Lingie Zhao with the SWS research please go management team.

This is Ling Yi Rao from SWS. And my question is, first, congratulations about the very good results. And my question is, first, how do we see the advertising sections, the trends of advertising sections? And the second question is, could you explain and analyze our margins, the growth of margins? Thank you.

Thank you very much. 但是我们自己还是保持一个比较谨慎的客观是因为我们觉得看到了几个关键的点吧 第一我们的老客户保持了非常大的稳定 比如说我们的这个品牌客户我们的互联网客户都保持了比较相对比较稳定的这样的一个态势 尤其是大客户 然后我们的新客户在不断的增加 在过去的2024年2025年我们的新客户增加都对公司的这个收入提升应该说起到了很大的帮助作用 同时我们的这个新产品更加受到在欢迎比如说包括这种视频这种直播 过去的增长都还是蛮好的 去年我们的直播和视频新增客户 新增客户已经超过50% 然后AI的收入在持续增加 这就是新的行业 包括我们的直播收入 其实在这样的一个环境下 我们增长了40% 另外一点就是我们的年轻人群 我们更加我们2C内容 年轻化的内容 更加受到市场的欢迎 包括我们的后浪 潮生 这种年轻子媒体的人群影响力 在不断的提高

那我们可以看到它的 比如后浪之类的 这种年轻化的子媒体 It's quite good, it's a little bit better. budgets well despite the marker challenges our overall advertising of revenue remains stable as we maintain the solid partnerships with our internet sector key accounts in the leading brand customers leveraging the audience reach in the influence of our sub vertical median channels for younger audiences such as oh youth and the tide as well as the new live streaming and a video of formats like AI Insider. We continued to develop tailored promotion solutions and the products that gained a strong client approval. In 2025, we added over 50% new clients in our live streaming and video businesses. AI-related demands steadily increased. Live streaming revenue increased by 40%. Outpacing market trends in our subvertical median channels for younger audiences amplified by old youth group by more than 50%. In 2026, we will continue to advance live streaming development, step up our investment in content creation, explore a wider area for programs in formats in live streaming, and continue to build the depth in key content verticals that matter most to our clients, such as AI and global expansion, further enriching our content ecosystem. Meanwhile, as we empower clients across diverse industries with premium content to meet their involving communication needs, we are confident in strengthening the resilience of our advertising business. in Luna. Well for your second question last year our growth profit margin improved substantially mainly because if we are focused on high-margin businesses streamlined low-margin operations and implemented an area of a cost control initiative for the past one year. Together this endeavor significantly significantly increased our growth profit margin. Yeah, thanks for your question.

Thank you. Your next question comes from Rui Yin with Sealand Securities.

Please go ahead. 管理台晚上好,我是国海证券的林瑞。 非常感谢给我提问的一个机会。 那我这边的话想请问一个问题啊, 就是想请教一下公司这个增值服务业务增长的原因是什么? 谢谢。 Well, this is Ng-Ri from C-Lens, and the question is, what are the drivers behind the growth in value-added services?

th众我们跟更多的 知名的峰会 比如说AWE FIC 都取得了非常好的效果 然后我们也跟很多政府主导的 国家级的盛会 做了非常多的深度的合作 其中2025年 我们还跟一些地方政府 比如说杭州 FIC 理由是 το 之中企国际服务中心服务项目 以及AI万象 万象社区 与应用服务项目等 达成了三年的合作关系 然后顺利完成签约 那我们的合作主要目 avoid 是为了通过

Well, the growth was mainly driven by the first factor. The first one is many of our legacy IP events continued to perform well in 2025. Over the second half of the year, we successfully hosted multiple events including WISE WISE and the AI Partner Conference for All Industries, the Industry of Future Conference, and more. Beyond those IP submits we had by ourselves, we also cooperated with AWE, WAIC, those national submits. Well, besides I've already mentioned in 2025, we also restructured our content strategy, business roadmap, and the organizational structure for the industry services businesses. In 2025, 36KR upgraded to a three-year strategic partnership with Hangzhou Chiantang New Area Construction and Investment Group Company for the Chinese Enterprise International Services Center operations project and the AI community operations projects but this collaboration will leverage our expertise in organizational operations in the online content distribution as well as our vast network of industry resources to support Jientang New Area in building a unique service ecosystem in the operational framework for corporate empowerment amplifying its regional influence.

Thank you. and can we continue to look at the market to look at the market?

Well, the second reason, like, well, we've talked a lot. Each time we want to start a new market, we would deploy the new content, the new content accounts. For example, well, our content strategy for industry services began to leave the positive outcome, 36KR industry future. Our all new content channels spotlighting urban innovation, state-of-the-art technologies in our reach across emerging industries has published nearly 90 articles over the past year notably a single feature on the innovative pharmaceutical sector in Joshua province garnered over 70,000 page views our official VChat accounts and more than 100,000 total exposures moreover building on the building on the growing influence for 36k our industry Future Open Talk in 36-year industry-built project. We have connected with over 200 upstream and downstream companies in the local governments and will continue to develop the industry service offerings to better meet client needs.

Well, thank you for the question. Thank you. As there are no further questions, I'd now like to turn the call back over to the company for closing remarks.

Well, thank you once again for joining us today, if you have further questions, please feel free to contact 36K ARG Invest Relations through the contact information provided on our website.

This concludes this conference call. You may now disconnect your line. Thank you.