36Kr Holdings Inc.

Thank you for standing by and welcome to the 36 Kr 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 Holdings' first half 2026 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 released by visiting the IR section of our website, ir.36kr.com. Participants on today's call will include our Chairman and CEO, Mr. Dagang Feng, and our Chief Financial Officer, Mr. Xiang Li. Mr. Feng will start the call by providing an overview of companies and the performance highlights of first half in Chinese, followed by English interruptions. 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 involve inherent risks and uncertainties. As such, the company results may be materially different from the views expressed today. Further information regarding those and the other risks and uncertainties is included in company's prospectus and not the public selling itself with the U.S. FEC. The company does not assume any obligation to update any forward-looking statement except required under the applicable law. Please note that 36KR's earning class released and this conference call includes discussion of audited GAAP financial measures Thank you. Hello everyone.

Thank you for attending the 30th anniversary and the first half of 2026.

Thank you. Hello, everyone. Thank you for joining 36KR's first half of 2026 Earnings Conference Call.

In the first half of 2026, the company continued to be profitable in an uncertain environment. The core of this industry is to verify a judgment. The company's profitability is not a short-term financial transition result.

In the first half of 2026, in the continued microeconomic uncertainty, 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-influenced, industrial service capabilities, and technological application prowess.

In the first half of 2020, the company's actual revenue was 1.24 billion yuan, which increased by 33.7%. The net profit was 8,268,000 yuan, which increased by 61.1%. The net profit was 66.4%. The net profit was 1,537,000 yuan. The company's cash reserves continued to grow, providing sufficient liquidity protection for ongoing operations and strategic investment.

Total revenue was 124 million RMB in the first half of 2026, up 33.7% year-over-year. Growth profit was 82.68 million RMB, up 33.1% year-over-year, with a growth profit margin of 66.4%. Net income was 15.37 million RMB, while cash reserve continued to increase, providing ample liquidity to support ongoing operations and strategic investment.

This series of economic results is due to the company's insistence on being a salesperson in the technology industry. We will not rely on a certain technology or a certain single industry cycle, but rely on the fine-tuning and long-term accumulation of new trends in technology to continue to grasp the development opportunities brought about by one round after another of industrial changes. From artificial intelligence,巨神智能, to nuclear transformation, quantum computing, brain interface, and other future industries, In the next wave of technology, where will the next wave of technology come from? Xiangliu Ke will be able to reach and serve enterprises, capital, technology, and local industrial resources in a timely manner through a comprehensive content layout and commercial service capabilities. Xiangliu Ke's future industry is the central reflection of this ability. Through continuous output of potential content, we will further improve the competitiveness of content ecology, strengthen the business integrity of the single-use technology cycle, and achieve long-term and continuous growth in the long-term development of commercial value in the long-term technology wave.

Those operating results stem from our long-standing strategy of being the picks and the stover player in the technology industry. Rather than going all in on a single technology or industry cycle, we draw on sharp insights into technology and innovation trends backed by years of expertise and robust assets to consistently capitalize on opportunities unlocked by success waves of industry transformations from artificial intelligence and embodied intelligence to emerging industries such as nuclear fusion, quantum computing, and brain-computer interface. Whatever the next wave of technological innovation emerged, 36kr leveraged its 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 wave 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, where consistently strengthened

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 Both China exposure brought us wider overall discussions and higher visibility of our premium content. At the end of June 2026, we had approximately 36.52 million followers.

At the same time, we also adhered to the trend and insisted on improving the content quality and continuing to produce high-quality content. On the basis of the influence of 36g, 36g Pro, etc., the smart limit is located in the artificial intelligence industry report. The content covers the latest movements of AI companies such as Z-Team, DeepSake, and Tencent. The account uses the content mode of exclusive information acquisition plus in-depth interview. It has formed a good environmental influence in the area of AI industry reporting. It is used to focus on the smart industry chain reporting. It uses the differentiated content mode of financing initialization plus the in-depth interview of the founder. The fan service is about 27%. The coverage range covers large-capacity chips, touch sensors, body manufacturing, and end-to-end computing and other key parts of the industry chain. We stayed attuned to trends and remain focused on enhancing content quality.

consistently delivering high cyber work while maintaining the influence of our flagship channels, including 36kr and 36kr Pro. 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 on a content 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 sharpened its focus on embedded intelligence value chains differentiating itself through first-to-report coverage on stand-up funding and in-depth founder interviews. Its followers increased by approximately 27%, attracted by coverage spanning key segments across the value chain, including brain chips, tacho sensors, robust body manufacturing, and on-device computing power. Its hardcore KR conversation series offered in-depth perspectives 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, 36KR Games, 36KR Finance, and 36KR Industry Futures also continued to build momentum. Building, balancing board coverage with tips of experts. Experts in specific life to provide user with valuable insight into industry trend and evolving business dynamics.

Beyond graphic and text content,

We continue to diversify our content formats by delivering premium content across short and long-form videos, audio, live streamings, and short plays.

In terms of short videos, we gained the wide-ranging recognition and attention of users through excellent content originalization capabilities. The number of video fans on the whole platform reached 9.63 million. In the first half of 2026, a total of 75 short videos were released. In short videos, our exceptional content creation capabilities earned us wide-speed visibility and wave review from users.

Our radio follower reached 9.63 million. In the first half of 2026, 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 1 million views. On the commercial video side, we continue to produce high-quality content, working closely with companies in support of clients' digital and intelligence transformations, governing a notable $230 million total exposure with a single breakout video.

In terms of live broadcast, the company fully utilizes media-based resources to develop live broadcast products. Tai Suo Innovative Development New Path In March 2020, the China Home Electronics and Consumer Electronics Conference was held on the 12th to 15th. Xiangliu Ke created an in-person AI live broadcast room. The live broadcasts will be held at the famous eight-brand exhibition halls on the scene, and the ten-brand in-depth interviews will lead the audience to the new multi-format form of remote-access AI technology. Xiangliu Ke's multi-platform live broadcasts have a total broadcast volume of 1,358,000, and the total broadcast volume of the whole network is more than 80 million. In July 2020, the World Intelligent Technology Conference was held. Xiangliu Ke and its ecosystem partners 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 12th and 15th. 36kr launched the Anthony AI Live theme, 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 Future Lead Studio. The live team convened expert panels, live exhibition coverage, video highlights, and in-depth interviews with companies, garnering 51.8 million total views and engaging 61,000 viewers across the 36 Kr Live Team metrics.

On the topic of the event, we will further upgrade 36H from the observer of industry trend to the connector of industrial cooperation. On May 19, 2020, we held a meeting of AI partners in Beijing Yizhuang. This year's meeting is based on the topic of the AI front line, focusing on AI from technical discussion to industrial landing, setting the main forum and AI plus industrial integration meeting, connecting technical partners and real industrial consumers. The two-day meeting completes more than 100 rounds of deep-seated matchmaking, driving companies around the technical scene to find the direction of cooperation. In addition, on June 16, 2026, we held the Wills 2026 New Wave Conference in Guangdong. This year's conference focuses on the new generation of investors, entrepreneurs, scientists, and entrepreneurs. Through the 14-stage deep round table, a number of independent talks on AI, hard technology, giant intelligence, overseas medical, and youth innovation, and other core issues are discussed. In terms of event IT, we future evaluated 36KR's role from that the need of the of industry chance

to facilitators for industry cooperations. On May 19 to 20, 2026, we hosted the 2026 AI Partners Meet in Beijing. Yi Zhuang seemed to take AI to the front line. This meet focused on shifting AI from technical discussion to practical implementations. Featuring a main forum and an AI-plus industry matchmaking meetings that connected technology providers with business holding real industry demand. Over the two days 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 middle 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, health care, and youth innovation. The event also featured the challenge for intelligent youth and the National AI Plus Scenario Application Competition Finals is 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 views and attracted more than 2,000 on-site attendees.

Based on the influence of the rest of the content and the rich format of the content, Xianglianghe has built an efficient customer service system. Therefore, we have achieved a commercial breakthrough in this unprecedented technology battle.

Highly seeing our robust content influence and extensive content distribution channels, 36KR 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 this year, we have seen a significant increase in the number of our customers. In the first half of this year, we have seen a significant increase in the number of our customers. In the first half of this year, we have seen a significant increase in the number of our customers.

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 were 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 honors for 36K 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 Certificate KR and Certificate KR Pro, 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, Tides, and OUs 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. Furthermore, we launched the 36KR Probe, A new WeChat channel content offering that meaningfully enriched our product line and enable more differentiated pricing. This broader range of product options help propel the continued growth in our revenue from online advertising service.

In terms of institution and enterprise service, we constantly optimize our infrastructure and structure, forming a two-wheel drive pattern of sealed orders and internal transmission. Under the background of the e-market industry, the demand for institutional transmission has increased. In institutional and entrepreneurial service, we continue to optimize

our business structures, establishing a dual-engine growth model, driven by our submit and ranking alongside content communications. As the primary market gradually recovered, institutional demands for communication service surged, 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 36KR Industry Futures to connect the content, enterprise, capital, technology, and local industries we solve, further unlocking their commercial value.

In terms of industrial services, in addition to the large-scale activities in the key areas, we are also continuing to promote long-term industrial services. Hangzhou's forward-looking area International Service Center Operating Service Project and AI-oriented Community Operating Service Project Three-year strategic cooperation project is still in progress in 2026 The above is mainly about the core region such as front-end smart industrialists and other core regions to expose the brand, resource connection, and service as the core of multiple different types of operating activities Effectively enhance the influence of the region and the environment, provide important support for business and industrial services With this project, the industry service capability of the company in the long-term and small areas continues to evolve and establish a foundation for subsequent regional recovery In terms of industrial service commercialization, in addition to hosting large-scale events in key regions, we continue to advise recurring day-to-day industrial service.

Our three-year strategic operations project with Hangzhou Qiantang 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 industry profile, supporting investment inflows and the industry service. Building on this project, we continue to deepen our industrial service capabilities in the Yangtze River Delta lying the foundation of replication across the region. Furthermore, at this year's wave event, we showcase the Yangtze 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 progressively shifting from one-off events

towards ongoing operation and deeper customer partnership.

In applying AI technologies, we continue to pursue a dual-trackhold strategy, improving internal efficiency while productizing our AI capabilities for external 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. Frustrating 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.

At the same time, the company continues to optimize the products recommended by our partners. We also continue to optimize our 36KR project recommendations product. Using foundation model technology, we enable online AI

conducted interviews to dig deeper into projects and automatically generate project recommendations based on the interview content. In the first half of 2026, our 66KR project recommendations project helped entrepreneurs secure coverage and connection for 1,117 projects. Increasing the conversion rate by nearly 80% year-over-year On the FedEx side, 36kr and Sofitel jointly launched the 36kr Collaborate on Intelligence, which has many programs aimed at retiree investors. It's daily sentiment analysis report 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% and 61.7% respectively from 33,600 users and 6,187 subscribers at the end of 2025 and have more than doubled year-over-year.

The 225-year-old online AI assessment network is located in the field of AI tools. It is a design platform for AI tool navigation and real user assessment content. It mainly serves AI tools for individual and enterprise users who need it. The AI assessment block uses professional assessment content as the core, and the product capability upgrade as the engine to achieve full-scale integration of scale, ecology, and commercial value. , , , , , , , , . Thank you. Thank you. Our AI review hub at ai.36kr.com was launched at the end of 2025.

It is positioned as a a community platform combining AI truth discovery and authentic user reviews. 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 quality, 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. Ecosystem appeal also continue to stress them with 42 companies voluntarily listing their products on our AI website. 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 shop. At the product capability levels, we complete a case upgrade to core modules such as promotional placement, a new community framework, leader boards, and the product database. We also go out and communicate AI review agent with build testing capabilities, creating an end-to-end AI-powered workflow from conversations to review to content posting. Commercially, we achieved a meaningful breakthrough on the strength of our team in this product review content. We secured a paid commercialization partnership with Kerlin and Kuaishou AI, validating our closed-loop model from professional review content to commercial modernization. In short, our AI review segments continue to progress rapidly, made by growing industry influence, gather ecosystem breadth and depth, and the expanding

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 applications will continue to build depth and emerging industry and technology verticals, become a trusted authority of value, a catalyst of industry growth, a facilitator of resource connections, and a contributor to sharpening industry standards in the AI year.

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 for joining today's presentation. We will now review the first half of the 2026 financial performance. Please note that all amounts are in RMB, unlike otherwise stated, or companies Total revenue increased by 33.7% 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% to $103.5 million in the first half of 2026 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% to 15.3 million in the first half of the 2026 from 12.2 million in the 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 the 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% from $42.5 million in the 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 the same period last year. Growth profit margin was 66.4% in the first half of 2026, representing an increase of 12 percentage points from 54.4% in the same period last year. The increase in gross margin was primarily driven by higher margin from our 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 was $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 the first half of 2026. Remaining 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 the marketing expenses research and development expenses as well as 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 million in the first half of 2026 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 same period last year. 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 $15.4 million in the first half of 2026 compared to a non-GAAP adjusted net loss of $4.7 million in the same period last year. Net income attributable to 36 Kr Holdings Inc.'s ordinary shareholders was $15 million in the first half of 2026 compared to a net loss attributable to 36 Kr Holdings Inc.'s ordinary shareholders of $5 million in the same period last year. Basic and diluted net income per ADS was $7.058 respectively in the first half of 2026 compared to basic under diluted net loss per ADS 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 31, 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 from Xiangliang Hongyuan. Thank you for giving me this opportunity to ask a question. My question is, first of all, In the face of the competition of other media, what is the core difference and advantage of 36 grams in AI content reporting? What is the main reason for AI media, including advertisers, to choose 36 grams and not vertical? This is my first question. My second question is, I would like to translate myself. Good evening, Da Laoshi. Good evening, management team. Thank you for giving me this opportunity. And my first question is, compared with other media outlets, What does Cheng Liuke keep the grand status in AI content coverage? Why do advertisers choose Cheng Liuke over specialized AI media outlets? And my second question is, looking ahead, 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.

Thank you, Leng Yi. I think this is a very good question. 36G is an advantage in terms of AI content, and I think it is mainly presented in three aspects.

That's a great question. And the differentiation advantage in AI content coverage comes down to three key areas.

First of all, it's the whole, that is, the whole scene is covered by the platform. Our content is covered by AI, hard technology, overseas, consumption, cars, games, medical, and so on. The total number of fans is 36.52 million. First, our board-based platform, Reach. Our content metrics spans AI, hardcore technology, going global, consumer goods, automotive, gaming, healthcare, and other verticals.

36.52 million followers across a diverse range of mainstreaming 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 analysis. Providing users with invaluable insights into industry trends and evolving business dynamics.

The third is the full chain service capability of our industry services. The wide-ranging selection of 3.6G is not only because of its professionalism, but more importantly, it is the comprehensive service capability. For example, we have completed more than 100 rounds of closed-door matching sessions around AI technology and logic scenarios at the AIPanel conference. We have achieved the best link technology supplier and real-time industry demand. 3.6G has a very strong full chain service capability.

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-depth, closed-door matchmaking thesis centered on real-world AI dimensions scenario, effectively connecting technology providers with companies looking for practical solutions. This demonstrated the strong capabilities we build in connecting the full industry value chains, with 36K advertisers getting more than They can also access industry resource and business partnership opportunities and integrity value prospections that specialized media outlets cannot easily provide.

Xiangli, I will answer the second question. Regarding AI engines, I think there are four directions. In short, AI customer increase is the most direct increase. 40% of new customers come from AI channels. This trend is still continuing. In the medium term, there are three main problems. The first is the deep commercialization of blockchain accounts. The fans of smart connections such as Yingke and other accounts have been significantly boosted. The commercial value has been released. The second is the regularization of AI products. Among them, the AI platform has already obtained the co-operation of Kerlin and Zijie. The business intelligence users are the same group. The third is the regional recovery of industrial services. Our mode in Hangzhou has been successfully verified and can be promoted to other regions.

For the second question, regarding growth in 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 customers 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. Our content, such as the emergency of intelligence and the hub called KR, have achieved a significant follower growth, which is now unleashing their commercial values. Second, we will scale the multidimension of AI products. Our AI review hub, and 36kr.com secured a paid commercialization partnership with Ke Ling and Beidai. And the user base of the 36kr cooperated intelligence has doubled year over year. Third, we will replicate our industrial service model across regions. With the Qiantang model now validated, we can roll it out in another region.

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 margins continue to improve due to our ongoing efforts to control costs and optimize our customer mix. We place 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 a 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. Every investment must have a clear business rationale and a clear path to return. Thank you, Lin.

The next question will come from Rui Yin with Sealand Securities. Please go ahead.

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 outlets, and industrial services platforms to evolve in the future? Thank you.

Thank you, Yanrui. Xiang Li, Dagang Feng, Yang Li, Chengcheng Liu Thank you, Yunrui.

Our strategy positioning in AI years is crystal clear. We have always been the peak and strong supplier in technology industries. No matter how technology evolves, enterprise demands for building Industrial insights and access to industrial 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.

There are two major changes. The content network is the company's basic platform and the source of income. The industry service is an increase in engine and profit generator.

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 the driver of matching expansions. The relationship between them is a flywheel. Our content influence builds customer trust and strengthens our ability to connect to industry resources. In turn, our industrial service deepens 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, Tiananmen Square, and our 2026 AI partners' meeting in Beijing, Yizhang, also strengthened our ecosystem influence, our industrial service, and 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 contribute 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.