Phoenix New Media Limited

Good day and thank you for standing by. Welcome to Phoenix New Media 4th Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. And I'd like to turn the conference over to your first speaker today, Muzi Guo from Investor Relations. Please go ahead.

Thank you. Welcome to Phoenix New Media's earnings conference call for the fourth quarter of 2025. Today's call will start 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.iphone.com. Before we continue, I would also like to point to the Safe Harbor Statement in our earnings press release, which also applies to any forward-looking statements made during this call. Unless otherwise stated, all figures mentioned are in RMB. Joining me 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.

孙总,请您讲话。 感谢大家参加今天的电话会议。 过去一个季度,我们持续加大对深度报道、 专业评论和重大议题策划的投入, 提升核心栏目和重点产品的质量与影响力, At the same time, we will optimize our life around key activities and brand projects, and promote the integration and innovation of content and product forms. In the context of information storage and homogenization, professional depth and credible content values will be more prominent. The company will insist on professional positioning and long-term focus, and steadily promote transformation and upgrade under the premise of risk control. At the same time, Thank you all for joining today's call.