Zhihu Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Zhihu Inc. Second Quarter 2026 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. Today's conference is being recorded and webcasted. At this time, I would like to turn the conference over to Demi Leung of Investor Relations. Please go ahead, ma'am.

Thank you, Sharon.

Hello, everyone. Welcome to Zhihu Second Quarter 2026 Financial Results Conference Call. Joining me today from our senior management team are Mr. Zhou Yuan, Founder, Chairman, Security Officer, Mr. Wang Han, Chief Financial Officer, and Mr. Zhang Longle, Chief Offering 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 Legislation Reform Act of 1995. These statements involve inherent risks and uncertainties. As such, actual results may be materially different from the views expressed today. Further information regarding this is included in our public filings with the U.S. Security and Exchange Commission and the Hong Kong Stock Exchange. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Additionally, today's discussion will include both GAAP and non-GAAP financial measures for comparison purposes only. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to our earnings release issued earlier today. of this conference call will be available on our IR website at irdoctorwho.com. And today, Mr. Zhou Yuan will deliver prepared remarks in Chinese and followed by English translation. Please go ahead, sir.