Zhihu Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the Juhu Inc. Second Quarter 2025 Financial Results Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a Q&A session. Today's conference is being recorded and webcasted. At this time, I would like to turn the conference over to Yolanda Liu, Director of Investor Relations. Please go ahead, ma'am.

Thank you, Sarah. Hello, everyone. Welcome to Zhihu's 2025 Second Quarter Financial Results Conference Call. Joining me today on the call from the Senior Management Team are Mr. Zhou Yuan, Founder, Chairman, and Chief Executive Officer, and Mr. Wang Han, Chief Financial Officer. Before we begin, I'd like to remind you that today's discussion will include forward-looking statements. made under the Safe Harbor provisions of the U.S. Private Security Legitimacy Reform Act of 1995. These statements involve inherent risks and uncertainties. As such, the actual results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in our public filings with the U.S. Securities and Exchange Commission and Hong Kong Stock Exchange. The company does not assume any obligation to update any forward-looking statements except as required under X law. Additionally, the discussion today will include both GAAP and non-GAAP financial measures for consideration purpose only. For reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to our earnings release issued earlier today. In addition, a webcast replay of this conference call will be available on our IR website at ir.zhuo.com. Today, Zhou Yuan, our founder and CEO, and Wang Han, our CFO, will have their prepared remarks delivered in English through their representative AI voice agents. The content is prepared by them, while the agents serve only as a voice interface. As the agents are still learning, We appreciate your understanding. First, let's hear from Zhou Yuan's agent, Victor.

Victor, please go ahead.