Phoenix New Media Limited

You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, Mu Zi Guo from Investor Relations. Please go ahead.

Thank you, Operator. Welcome to Phoenix New Media's earnings conference call for the first quarter of 2025. Today's call will begin with an overview of our quarterly results, followed by a Q&A session. Our quarterly financial results and the webcast of this conference call are available on our website at ir.ifone.com. Before we continue, please note the safe harbor statement in our earnings press release, which applies to any forward-looking statements made during this call. Unless otherwise stated, all figures mentioned are in RMB. Joining me here today are our CEO, Mr. Yusheng Sun, and our CFO, Mr. Edward Liu. I will now pass the call to Mr. Sun for his opening remarks. I will provide translation as needed. Mr. Sun, please speak.

Good morning, investors. This is the first quarter of 2025. in the face of the complex global and regional hot spots. We have always provided comprehensive reports at the top speed and depth, showing professional insight, and consolidating the leading position in the industry. We continue to promote content innovation, using high-quality content production and broadcast capability to create value for users and advertising customers, successfully drive new business cooperation, Hello everyone and welcome.