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 perspectives and other public filings as filed with the USSEC. 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-GAAP measures to the unaudited GAAP measures. Please note that all amount numbers are in RMB. I will now turn the call

over to our Chairman and CEO Mr. Da Gong Fung. Tell please go ahead. Thank you. Hello everyone,

Thank you for joining our second half in the physical year 2025 for earnings conference call. For the past two years, 36KR has consistently focused on 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 9% year-over-year. Operating expenses decreased by almost $70 million from the same period last year. Our total operating expenses as a percentage of 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 the dissemination network we expanded our footprints across diverse channels crafting a comprehensive circulation metrics encompassing major new major new medium platforms like weibo so in in question among others broad channel exposure has brought us wider overall dissemination and higher visibility for our premium content. Our consistent production of high-quality content also diversified our users' demographics, elevating user engagement and stickiness. At the end of 2025, we had over 36.8 million followers, marking 19 consecutive quarters of user growth.

ду文方面,306K在保持既有内容矩阵的同时,多维度持续创造优质内容。 公司在306K,306K Pro等旗舰型矩阵号的基础上,在智能永远,306K汽车,蔚来消费,306K游戏, Elos,306K财经,后浪研究所,潮生TID的优质,垂类内容功耗不断积累, 兼功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 年初,我们首发3600 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,公司去证号 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3600 公众号阅读量

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 broaden our reach in sub-verticals, actively expanding high-quality content-specific accounts like the emergence of intelligence, 36KR Auto, Future Consumption, 36KR Games, Waves, 36KR Finance, OU's Intide, 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 evolving business dynamics. At the start of 2025, we rolled out 36Care Industry Future, an all-new content channel spotlighting urban innovation and state-of-the-art technologies, building our influence in emerging industries. A notable feature on the innovative pharmaceutical sector in Zhejiang province garnered over 70,000 page views on our official VChat account and more than 100,000 total exposures. To date, our accounts cover artificial intelligence, global expansion, and once manufacturing, hardcore technology, consumer lifestyle, investment, and much more, comprising a thriving content ecosystem for the full year of 2025 on the 36 kr official account alone 698 of our articles achieved over 100 000 page views meanwhile waves of followers expanded by 54 percent year-over-year

in the video In terms of a short video,

Our exceptional content creation capabilities earned us widespread visibility and rave reviews from users. Our video followers expanded to 9.5 million as of the end of 2025, with WeChat channels' followers surging by 67% year-over-year. Following the debut of our brand-new 36KR Tech account on Douyin in the second half of 2025, We released a broad faster video such as AI Confidence and the AI Creator, attracting over 130,000 followers to date. In addition, our video under cover multi-hosted live garnered over 10 million views on Xiaohongshu, Douyin, WeChat channels, and Bilibili.

同时我们首发面向AI创业者及独立开发者的AI决定人栏目。 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,达到了极大会全程报道,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,三六克总曝光量5020万,三六克矩正直播总观看数112.7万。 In last streaming this year, we optimized our resources with a streamlined team and fully leveraged the 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 the AI insider a program targeting AI entrepreneurs and independent independent developers during this year the world's artificial intelligence conference in July 36KR served as a special supporting medium partner and offered a super live streaming channel that combines full-conference reporting, expert panels, cutting-edge technology insights, future-trained forecasts, and 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 Applied and Electronics World Expo 2025, 36KR launched its first robot-themed the exhibition FuturePlus 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 36KRV chat channels live stream garnered over 1.04 million views in total racking up over 80 million views across diverse platforms.

Thanks for joining us.

In terms of event IT, we hosted our signature investment-focused conference waves in 2025, centered on the new area 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 assessment. This year's WAITS event amassed over 150 million views. In addition, our 2025 AI Partner Summit focused on the AI sector under the theme Here Comes the super app highlighted the disruptive impact of AI super applications across diverse industries garnering over 130 million views in the second half of the year we hosted the wise 2025 of business King conference at the company's the largest annual flagship conference why is 2025 a business Kings are garnered an impressive of 500 million plus views across diverse platforms with its

live stream racking up more than 800,000 views. 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 medium 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 system 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. the number of clients across model, application, and hardware layers is steadily expanding. Regarding the commercialization of the sub-verical median channels for younger audiences, revenue from channels like OU and Tide increased by over 50% year-over-year, with core clients continuously making repeats of purchases, reflecting and sustaining the client's recognition of our juicy content.

Thank you. As for live streaming and the 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 that effectively commercialization content offerings. This expanded the appeal of our video and live streaming offerings to more clients, particularly out-of-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 radio television group on a full event uninterrupted live streaming matrix. Across a five-day event, total online attendance exceeded 2.7 million, more than 10 times the number of on-site visitors. Looking ahead, we will continue to explore new live stream formats and scenarios, building richer content scenarios and more diverse service models for users and clients.

Thank you very much. regarding industrial service commercialization in 2025, 36KR reached a three-year strategic

partnership agreement with Hangzhou Tiantang New Area Construction and the Investment Group company for the Chinese Enterprise International Services Center Operations Project and 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 Chiantong 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 build 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 and downstream industry projects in the government entities, fostering deep collaborations in the commercial partnerships. Beyond this, the once-mints 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.

On the content side,

We provided intensive coverage of China's AI ecosystem in 2025. At the beginning of 2025, 36KR made headlines at home and abroad as the only tech media outlets worldwide to have exclusively interviewed DeepSeek'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 36KRS 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 leading voices at the forefront of AI we also released an an area of research reports on advanced productivity in the AGI area. Additionally, we hosted multiple live streaming sessions around the major events such as WAIC, drawing 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 the efficiency company-wide. Our AI median coverage product launched in the second half of 2024 leverages the large-scale AI model technologies in the AI algorithm to produce AI-powered interviews and generate content. The underlying system incorporates multiple developers' large AI models such as Doubao and 27, among others. We also integrated DeepSeek in March 2025. In 2025, AI meeting coverage covered 1,308 companies, highlighting their latest initiatives for fundraising ventures. AI meeting coverage has meaningfully improved our content team's efficiencies, essentially easing previous manpower limitations and enhancing our coverage of startups.

Thank you.

They also launched the 36KR corporate Omni Intelligence in October 2024, targeting investors in the secondary market by providing AI-powered daily sentiment analysis reports for public companies. The service currently covers over 7,800 public companies listed in mainland China and Hong Kong. Users can search, filter, and subscribe to reports on their preferred companies, receiving daily analysis in a personalized content format. The product's underlying sentiment data is a collaboration between 36KR and Softin, a fully-owned subsidiary of BeyondSoft. Having nurtured a community of several hundred core users, currently we have a cumulative user base of 36,600, including 6,187 subscribers.

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 user 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 that have been posted in total with content appeal and the user engagement steadily rising Our advancement of AI products and tools further underscores 36 tiers of foresight, human, and outstanding execution capabilities in AI. Leveraging the inherent synergies between AIGC technology and the content production industry, We've maximized 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. in summary as we turn the profit boy in 2025 what the company reached a milestone achievement after two years of sustained operational optimization and the innovative development, marking the start of a long-term commitment to financial health. Looking ahead, we will consistently place the financial health as a foundational core of our development, constantly optimizing cost structure and improving operating efficiency to maintain stable cash flow and the 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 by actively expanding AI applications across industries. We will deeply integrate technological innovation with our valuable content assets and the industrial services to empower high quality of growth for technology enterprises, ensuring that financial health and innovative development reinforce each other and drive growth over the long term. With that, I will now turn the call over to our CFO, Mr. Xiang Li, who will discuss our key financial results. Please go ahead, Xiang.

Thank you. Thank you, everyone. 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 by 4.7% to 134.8 million in the second half of 2025 from 128.7 million in the same period of 2024. Total revenues for the full year of 2024 or $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 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, For 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 secreted by 40 point 14.2 million percent to 50.1 million from from 17.6 million in the previous year. The decrease was mainly attributable to a strategy shift in training services and a continued focus on refining this segment's customer base. Cost of revenues decreased by 12.6% to 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 fiscal year 2025, from 118.7 million in the previous year. The decrease was primarily attributable to companies' street cost control measures. Growth 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 8 percentage points to 60% from 52% over the same period of 2024. For the full year 2025, our gross profit increased by 17.1% to $131.5 million in fiscal year 2025, from $112.3 million in the previous year. 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, our operating expenses decreased by 36.1 percent 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, 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 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 percent from $5.6 million in the same period of 2024. For the full year 2025, our R&D expenses decreased by 11.8 percent to $12.7 million from 14.5 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 the discretional bonuses for the R&D team this year. Share-based compensation gain recognized in cost of revenues, sales and marketing expenses, and research and development expenses, as well as general and admin expenses, totaled 76.2 thousand in the second half of 2025. compared to share-based compensation gain $220,000 in the same period of 2024. For the full year 2025, the total amount of share-based compensation gain were $13.4,000 compared to $180,000 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, other income were $1.4 million 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. Night income attributable to 36KR holding inks ordinary shareholders 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 years. Basic and diluted net income per ADS were both 7.616 in the second half of 2025 compared compared to basic and diluted net loss per ADS of 19.999 in the same period of 2024. For the full year of 2025, basic and diluted net income per ADS were 5.274 and 5.266 respectively 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% from 92.5 million as of December 31st, 2024. Well, this concludes all our prepared remarks today. We will now open the call to questions. Operator, please go ahead.

Thank you. If you wish to ask a question, please press star 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 Ling Yizhou with the SWS Research. Please go ahead.

像收入的利润端都出现了非常好的这样的一个表现。 那我的问题是一,就是公司如何看待未来广告收入的趋势。 然后第二个就是可否也请领导给我们拆解一下公司劳力率大幅增长的原因。 Hi, KR Management Team. This is Lin Yirou from SWS. And my question is, first, congratulations about the very good results. 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.

管理层和我们的股东其实都是很开心的 然后这个我回答你的问题 对于2026年的整体的广告趋势 我们还是比较谨慎的这样的一个乐观的态度 广告收入主要还是跟宏观环境有关 宏观环境目前还是比较严峻 然后广告预算应该说并没有整体 整个行业并没有迎来很好的一个增长 但是我们自己还是保持一个比较谨慎的乐观 是因为我们觉得看到了几个关键的点 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 我们互联网客户都保持的相对比较稳定的 这样的一个态势 尤其是大客户 然后我们的新客户在不断地增加 在过去的2024年2025年 我们的新客户增加都对公司的收入提升 应该说起到了很大的帮助作用 同时我们的新产品 更加受到待欢迎 比如说包括这种视频 这种直播 过去的增长都还是蛮好的 去年我们的直播和视频 新增客户已经超过50% 然后AI的收入再持续增加 这就是新的行业,包括我们的直播收入,其实是在这样的一个环境下,我们增长了40%,那另外一点就是我们的年轻人群,我们更加,我们2C内容,年轻化的内容,更加受到市场的欢迎,包括我们的后浪啊,潮生,这种年轻子媒体的人群影响力在不断地提高,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,它增长也是蛮好的,也是双位数的成长。

Lin Yi, thanks for your support for the past several years and we are very happy for the good results we have. Well, for your question, we are cautiously optimistic about our advertising growth trajectory for 2026 and the advertising revenue was largely influenced by macroeconomic headwinds and the client's advertising budgets. Well, despite the market challenges, our overall advertising revenue remained stable as we maintained solid partnerships with our internet sector key accounts in the leading brand customers. Leveraging the audience reach and influence of our sub-vertical media channels for younger audiences such as OU and Tide as well as the new live streaming and video formats like AI Insider. We continue to develop tailored promotion solutions and products that gain 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 sub-vertical median channels for younger audiences amplified

by an 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. Well, for your second question, last year our growth profit margin improved substantially mainly because we are focused on high margin businesses, streamlined low margin operations, and implemented an area of cost control initiative for the past one year. Together, this endeavor significantly increased our growth profit margin. Yeah, thanks for your question.

Thank you. Our next question comes from Rui Yen 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。 也非常恭喜公司的本季度强劲的一个业绩。 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?

Well, this is Inri from Sealand, and the question is, what are the drivers behind the growth in value-added services?

We have done a lot of different groups, such as AWE and WISC, and we have done a lot of good work. We have done a lot of work with many of the state-wide partners. In the meantime, we have done a lot of work with some local governments, such as the Chinese international community, and the AI-wanty-wanty-wanty-wanty-wanty-wanty-wanty-wanty-wanty-wanty-wanty-wanty-wanty-wanty.

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 Industrial 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 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. 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 Qian Tang New Area in building a unique service ecosystem in the operational framework for corporate empowerment, amplifying its regional influence.

另外,就像我们以前经常谈到的,我们每次做一个新的产品,每次做一个新的服务,每次我们进入到一个新的市场,我们总是内容与服务产品去同行的,那我们举一个例子,比如说三星科威产业,作为公司关注城市创新和前沿科技,布局产业未来影响一个全新的这样的一个内容频道,过去一年总共上线了差不多接近90篇稿件,但其中有很多单篇报道收获了非常大的流涨,作为一个信号来说,全网曝光是很大的,

Well, the second reason, like, well, we've talked a lot. Each time we want to start a new market, we will deploy the new content accounts. For example, well, our content strategy for industry services began to leave the positive outcome 36 of KR industry future our all-new content channel 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 VTAD accounts and more than 100,000 total exposures. Moreover, building on the growing influence of 36KR industry future OpenTalk and 36KR 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 your question. Thank you. As there are no further questions, I'd now like to turn the call back over to the company for closing remarks.

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

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