Phoenix New Media Limited

Good day and thank you for standing by. Welcome to Phoenix New Media First Quarter 2026 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 the session, you need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised, today's conference is being recorded. I would now like to turn the conference over to our first speaker today, Mu Zi Gu from Investor Relations. Please go ahead.

Thank you, operator. Welcome to CNET New Media's earnings conference call for the first quarter of 2026. 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.ifone.com. Before we continue, please note the Faith Harper statement in our earnings press release, which applies to any forward-looking statement made during this call. Unless otherwise stated, all figures mentioned are in RMB. Joining me here today are our CEO, Mr. Yu Chengsun, 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.

Thank you all for attending today's call. This year's first quarter, we will continue to focus on core energy construction, surrounding domestic and foreign major events to enhance the impact and implementation of the platform. Whether it is the rapid use of international initial news, and the systematization of the focus program have all demonstrated a more stable execution ability and content competitiveness. At the same time, we continue to promote technology and content integration, and enhance the overall operating efficiency. From the business results, the company's income has increased, and the operating losses have increased.