36Kr Holdings Inc.

Gentlemen, thank you for standing by for 36KR Holdings Inc's 2025 First Half 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, Xin Wang, IR Manager of the company. Please go ahead, Xin.

Thank you very much. Hello, everyone, and welcome to 36KR Holdings' first half of 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 press 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 Gangfeng, and our Chief Financial Officer, Mr. Xiang Li. Mr. Feng will start the call by providing an overview of the company and the performance highlights of the first half 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 provisions of the U.S. Private Security Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the company's prospectus and other public findings as filed with . The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Please note that 36KR's earnings press release and this conference call include discussions of unaudited gap financial measures as well as unaudited gap financial measures. 36KR's earnings press release contains a reconciliation of the unaudited and non-gap measures to the unaudited gap measures. And please note that all amount numbers are in RMB. I will now turn the call over to our chairman and the CEO, Mr. Da Gangfeng. Please go ahead.

Thank you.