Phoenix New Media Limited

Good day and thank you for standing by. Welcome to Phoenix New Media second quarter 2026 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the 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. I would now like to turn the conference over to your first speaker today, Muzi Guo from Investor Relations. Please go ahead.

Thank you, Operator. Welcome to Phoenix New Media's earnings conference call for the second quarter of 2026. 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.ifrm.com. Before we continue, please note the safe harbor statement included 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 today are our CEO, Li Qi, and our CFO, Edward Liu. I will now pass the call to Mr. Li for his opening remarks. I will provide translation as needed.

Hello, investors, analysts, and friends. Welcome to the second quarter of the Fenghuang Network's business call. I am the new CEO, Li Qi, of Fenghuang Network. I am very happy to be the first to communicate with you as CEO. I also look forward to continuing to communicate with investors in the future. I will continue to focus on the core advantages of Phoenix Net with the management team, professional content, brand influence, and commercialization capabilities, and continue to improve operating efficiency, and continue to improve the long-term value of the company based on business. Next, please let CFO Lu Jing introduce the business progress and management situation of this quarter to everyone. Thank you.