ZH

Thank you, Amber. Hello, everyone. Welcome to Zhihu's first quarter 2026 results conference call. Joining me today on the call from the Senior Management team are Mr. Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Mr. Wang Han, Chief Financial Officer, and Mr. Zhang Rongle, our Chief Operating 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 Securities Litigation Reform Act of 1995. These statements involve inherent risks and uncertainties. As such, actual results may be materially different from 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 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, the discussion today will include both GAAP and non-GAAP financial measures for comparison purpose 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. In addition, a webcast replay of this conference call will be available on our IR website at ir.zhihu.com. Today, Victor Zhou, an AI agent representing Mr. Zhou Yuan, will deliver prepared remarks in English on his behalf. As Victor is still being refined, we appreciate your understanding. Victor, please go ahead.

Thank you, Yolanda. Hello, everyone, and thank you for joining Zhihu's first quarter 2026 earnings call. I am Victor Zhou, and I am pleased to deliver today's opening remarks on behalf of Mr. Zhou Yuan, our founder, chairman, and CEO. The first quarter of 2026 marked a strong start to the year. As we advanced our high-quality growth strategy, our community ecosystem continued to thrive, fueled by a more dynamic user base, deeper social connections, and stronger engagement. Average daily time spent per DAU reached nearly 42 minutes. Our content creators remain highly active and expanded across AI and other specialized domains, further strengthening our trusted expert network. This quarter, professional, authentic, and in-depth content from real people continued to flourish across our community. Its influence extended beyond our platform and reinforced our unique competitive mode in the AI era.

We also accelerated the integration of AI capabilities across our platform and business operations, with social interactions significantly enhanced across multiple use cases. Building on this solid foundation, Zhihu has continued to gain momentum along its recovery trajectory. In the first quarter, our total revenues achieved positive sequential growth, and the year-over-year decline narrowed substantially, reflecting our healthier business ecosystem and more efficient monetization. Our core businesses are showing encouraging signs of recovery, while our new initiatives continue to gain momentum and deliver steady growth. Specifically, marketing services saw a meaningful narrowing of the year-over-year decline, signaling near-term stabilization. Revenue from IP operations delivered robust growth. Capitalizing on our premium IP library, we have significantly elevated both the production capacity and the quality of our short drama and comic drama adaptations. Multiple short dramas and comic dramas garnered billions of views and consistently topped popularity charts.

This success serves as a strong validation of the commercial potential of our high-quality IPs. Our expert data solutions have started to gain traction among key clients, with early-stage monetization opportunities gradually taking shape. Our vibrant community fosters genuine connections and deep user trust, assets that are increasingly valuable in the age of AI. This has directly fueled continued growth in user engagement on our platform. In 1Q 2026, average daily time spent per DAU reached approximately 42 minutes, increasing on both year-over-year and quarter-over-quarter basis. The daily active user coverage of positive interactions also grew year-over-year. Underpinning this momentum, our content ecosystem is scaling at a healthy pace. As of the end of the first quarter, cumulative content volume reached 972 million entries, and cumulative topics grew to 4.38 million, up 8.8% and 15.7%, respectively, from the same period last year. High-quality content creation continued to gain momentum.

This quarter, daily creation of high-quality content rose 18% year-over-year, with professional AI-related content growing over 30% year-over-year. Against the backdrop of rapid AI evolution, Zhihu's professional ecosystem and high-quality creator network continue to offer distinct differentiated value. As a hub for frontline developers, researchers, and tech professionals, Zhihu remains the premier platform where cutting-edge industry trends are first discussed, rigorously analyzed and professionally evaluated. In the first quarter, we saw heightened engagement from subject matter experts across top universities, leading internet companies, and AI labs. They actively participated in deep discussions on topics such as AI self-evolution, next generation large model development, video generation, model iteration, and open source ecosystems. From computer science scholars at institutions like Tsinghua University, to R&D leaders at tech giants and leading AI startups like Alibaba, ByteDance, and Moonshot AI, Kimi.

A growing number of professionals are sharing their frontline insights, technical reproductions, and in-depth analysis on Zhihu. A substantial cohort of core experts from top-tier labs has joined the platform and remains highly active. In addition, updates to mainstream AI products consistently spark systematic technical interpretations and professional evaluations within our community. Notably, this quarter saw substantial in-depth discussions surrounding DeepSeek's Expert Mode, Alibaba's new video model, HappyHorse, and developments related to Google's Gemma 4. This high-quality content ecosystem, continuously enriched by frontline practitioners, not only enhances Zhihu's professional credibility, but also further solidifies our core competitive mode in the AI era. Professional creators are the core engine that powers the vitality, trustworthiness, and uniqueness of our expert network. In the first quarter, the number of verified honored creators on Zhihu grew over 10% year-over-year, reflecting our continued commitment to amplifying their industry influence.

Momentum in AI-related creator activity remains strong. We have aggregated over 19 million AI-focused creators who not only fuel our community's high-quality content ecosystem, but also represent a robust pipeline of potential B2B service providers. We also saw a notable influx of top research teams, institutional executives, and core developers in fields like commercial aerospace and frontier technology. Their active participation has further solidified Zhihu's standing as a hub for professional discourse on advanced tech. At the same time, in the film, entertainment, and cultural verticals, we deepened our reach and engagement among upstream IP holders, co-production teams, and dedicated enthusiasts. In May, we hosted the 12th Zhihu Xinzhi Youth Conference, Xinzhi Qingnian Dahui in Beijing. This year's event placed a strong focus on the value of human creativity in the AI era, exploring the irreplaceable worth and core strengths of authentic creators amid rapid technological advancements.

Overall, sustained engagement of high-quality creators across diverse verticals not only strengthens our foundation of professional, trustworthy content, but also enhances the strategic value of our content assets. This ecosystem directly accelerates our AI-driven commercialization and reinforces the unique competitive advantages of our trusted expert network. Alongside deeper professional engagement, our ecosystem is also becoming increasingly social and interactive. In the first quarter, we optimized both the creation and the consumption experiences for our short-form Ideas product. This initiative effectively lowered barriers to entry while significantly boosting community vitality. Looking ahead, we will focus on deepening the synergies between Ideas and our community-based Circle product. By implementing more refined operations and expanding distribution scenarios, we aim to drive further positive momentum in core user retention and total time spent. Ultimately, this will unlock and expand a wider range of native commercial monetization opportunities.

We continue to integrate core AI capabilities across content creation, discovery, consumption, and community interactions. Through our Open Platform, API [Non-English content], and offline events like the AI Hackathon, we empowered developers and creators to explore AI-native content and interaction formats, further extending the practical application of AI technologies across the Zhihu community. As we embrace AI as a tool for creative efficiency, we further refined our AI-generated content governance framework to rigorously filter out low-quality machine-generated spam. Since the start of 2026, we have removed over 250,000 pieces of low-quality AI-generated content and have penalized more than 11,000 violating accounts. These efforts have meaningfully safeguarded Zhihu's authentic atmosphere and significantly enhanced the experience for our creators and users. Now, turning to commercialization. In the first quarter, total revenues grew sequentially, and the year-over-year decline narrowed significantly, signaling a clear recovery.

Underpinned by a healthier commercial ecosystem. Our monetization efficiency continues to improve, with new growth momentum steadily materializing. Let's take a closer look at our performance by segment. First, paid content and IP operations. Starting from the first quarter of 2026, we combined IP-related revenue previously included in other revenues with our existing paid membership revenue into paid content and IP operations revenue. This change more accurately reflects the commercialization potential of our Yanyan Story franchise. This quarter, revenue from paid content and IP operations reached CNY 402.3 million, increasing 15.8% sequentially, driven primarily by the rapid growth of our IP operations, which reflected strong momentum in unlocking the commercial value of our original content IP. Average monthly subscribing members reached 13.1 million, up 7.9% sequentially, with structural optimization.

This growth was primarily driven by seasonal content consumption during the Chinese New Year holiday and improved customer acquisition efficiency with Zhihu's premium short-form paid content continuing to play a key role in attracting and retaining users. We maintain disciplined high ROI standards by proactively optimizing inefficient acquisition channels to drive high-quality growth in our subscriber base. Meanwhile, synergies between our AI-powered comic dramas and paid membership businesses are gradually emerging. By distributing Zhihu's high-quality IP and adapted content beyond our community, we effectively attract new users to in-community consumption scenarios, creating a strong connection with membership benefits. This strategy expands the reach of our IP while driving conversion among potential members, improving overall acquisition efficiency, and enabling us to continuously optimize returns on our marketing spend. Revenue from IP operations delivered strong growth momentum this quarter.

The number of our IP partnerships grew more than five-fold year-over-year and more than doubled sequentially. Several of our top titles sold both film and gaming rights, and we signed additional licensing deals in verticals like science fiction. Together, these deals further validate both the depth of our IP monetization capabilities and the pricing power of our IP assets. Supported by our IP library, both the production capacity and the content quality of our short drama and comic drama adaptations remained stable in the first quarter. Multiple short dramas and comic titles achieved billions of views, consistently ranking at the top of various major platforms. Looking ahead, leveraging our strong IP pipeline, we will continue to pursue end-to-end multidimensional commercialization and further extend the life cycle of each individual IP. Moving to marketing services.

In the first quarter, marketing services revenue was CNY 191.4 million, broadly in line with the same period last year. Our disciplined execution across client mix optimization and product upgrades continued to deliver results. On client mix, ARPU rose sharply both year-over-year and sequentially in core verticals like gaming and automotive. Our industry mix also continued to improve, with commercial efficiency improving notably across gaming, travel, and transportation. This was supported by the ongoing consumption recovery and a wave of new game launches during the quarter. On commercial products, in March, we launched our technology-themed IP Tech Bytes, Tech[Non-English content], at this year's Appliance & Electronics World Expo, with a focus on the home appliance and consumer electronics sector. At the on-site immersive exhibition zone, Zhihu creators hosted guided walkthroughs to answer consumer questions with professional technical insights.

They also shared the latest trends in home appliances and consumer electronics. At the same time, Zhihu [audio distortion] hosted an online discussion forum, helping decode industry jargon and highlight the real value behind product innovation. Turning to other revenues. In the first quarter, other revenues were CNY 57.8 million. As I mentioned earlier, we have reclassified IP-related revenue into our new paid content and IP operations segment, which better reflects how each business is developing. Within other revenues, our expert data solutions business won recognition from leading enterprise clients and began generating revenue this quarter. As a pioneer in defining and delivering high-value data solutions, we are now translating our expertise into tangible value for our clients. Our differentiated value has been firmly validated by the top-tier AI labs.

Looking ahead through the rest of 2026, we remain committed to deepening our services for key clients while expanding our footprint into new industries. To wrap up, the first quarter gave us a solid start to the year. As we move through 2026, our priorities remain clear. We will continue to strengthen operational profitability while leveraging our unique strength in the AI era to drive higher quality, accelerated growth. We believe the combined power of high quality content times extra network times AI capabilities will further set Zhihu apart in this new era. Over the next three quarters, we will continue to execute on our strategy with discipline. We expect our core businesses to show an accelerated recovery. In parallel, our AI-related new initiatives should continue to gain traction and contribute meaningfully to growth.

With that, I will hand the call over to our CFO, Wang Han, whose remarks will be delivered through his AI voice agent. Han, please go ahead.

I will now go over our first quarter 2026 financials. For a complete overview of our results, please refer to our press release issued earlier today. The first quarter marked a strong start to the year, with our operations and financial performance both improving. Building on the full-year non-GAAP profitability achieved in 2025, we delivered a strong sequential return to profitability in the first quarter, supported by continued gross margin recovery, disciplined cost management, and focused resource allocation. These results reflect the cumulative impact of our multi-quarter structural optimization and provide a strong foundation for continued growth as we move through 2026. Now turning to the financial highlights of first quarter 2026.

At the non-GAAP level, we are pleased to report that adjusted net profit turned positive in the first quarter of 2026, reaching CNY 17.2 million, compared with an adjusted net loss of CNY 39.4 million in the fourth quarter of 2025. Our total revenue for the quarter reached CNY 651.6 million, compared with CNY 729.7 million in the same period of 2025. The year-over-year decline reflects our continued efforts to optimize revenue mix and to prioritize high-quality services. More importantly, revenue grew on a sequential basis, driven by strong revenue contribution from our paid content and IP operations segment. Our marketing services revenue for the quarter was CNY 191.4 million, compared with CNY 197 million in the same period of 2025. The stabilization in marketing services reflects our proactive and ongoing refinement of service offerings, with a notably improving sequential trend.

Paid contents and IP operations revenue was CNY 402.3 million, compared with CNY 420.9 million in the same period of 2025. Average monthly subscribing members were 13.1 million, an increase of 7.9% on a quarterly basis. We continue to focus our resources on strengthening user engagement and monetization opportunities. In addition, revenue growth from our IP operations served as an earnings driver, supported by expanding IP initiatives. Other revenues were CNY 57.8 million, compared with CNY 111.8 million in the same period of 2025. The decrease was primarily due to strategic refinements of our vocational training business. Our gross profit for the quarter was CNY 388.3 million, compared with CNY 451.1 million in the same period of 2025. Gross margin was 59.6%, compared with 61.8% in the same period of 2025. Notably, gross margin improved sequentially from 53.6% in the fourth quarter of 2025.

This improvement was attributable to prudent cost controls across content and cloud operations. Our total operating expenses decreased by 10.4% year-over-year to CNY 451.2 million in the first quarter of 2026, compared with CNY 503.7 million in the same period of 2025. The decrease in total operating expenses was in line with revenue. Supported by management's careful cost controls, R&D expenses fell by 22.4% year-over-year, while selling and marketing expenses also decreased by 11.1% year-over-year. Selling and marketing expenses decreased by 11.1% year-over-year to CNY 285.1 million, from CNY 320.6 million in the same period of 2025. The decrease was primarily due to more disciplined marketing spending and a decrease in personnel-related expenses. Research and development expenses decreased 22.4% year-over-year to CNY 110.1 million from CNY 141.9 million in the same period of 2025. The decrease was primarily driven by ongoing improvements in our research and development efficiency.

General and administrative expenses were CNY 56 million, compared with CNY 41.2 million in the same period of 2025. The increase was primarily attributable to an increase in the allowance for expected credit losses on trade receivables. Our net loss narrowed by 15.6% to CNY 8.5 million, from CNY 10.1 million in the same period of 2025. On a non-GAAP basis, adjusted net income increased by 147.2% year-over-year to CNY 17.2 million, from CNY 6.9 million in the same period of 2025. As of the 31st of March, 2026, the company had CNY 4.5 billion in cash and cash equivalents, term deposits, restricted cash and short-term investments. As of the 31st of March 2026, the company has repurchased 34.8 million Class A ordinary shares on the open market for an aggregate value of $70.7 million on both the New York Stock Exchange and the Stock Exchange of Hong Kong.

During the first quarter of 2026, the company repurchased 3.7 million Class A ordinary shares for a total consideration of $4.2 million. The share repurchase program continues to deliver value back to our shareholders. Building on the solid momentum achieved in the first quarter, we expect 2026 to be a year of high-quality growth. We remain focused on strengthening operational profitability and improving execution efficiency, while further leveraging the unique advantages from our high-quality content, expert network and AI capabilities. As these three pillars continue to evolve in unison, they will further highlight our distinctive value in the AI era. Looking ahead, we will continue to execute our established strategy with discipline and focus, driving sustainable growth and long-term shareholder value. This concludes my prepared remarks on our financial performance for this quarter. Let's turn the call over to the operator for the Q&A session.

Thank you. We will now begin the question-and-answer session. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. In the interest of time, please ask one question each time. If you have any follow-up questions, please go back to the queue. We will now take our first question. Our first question comes from the line of Xueqing Zhang of CICC. Please ask your question Xueqing, your line is open.

[Non-English content] Thanks management for taking my question. My question is about AI. Could management share some of the latest strategic thinking and roadmap around AI? For example, in terms of integrating AI with the Zhihu community, what is our latest plan and progress? Thank you.

[Non-English content]

Thank you for the question, Xueqing. I believe the relationship between the community is not AI plus or plus AI. As I mentioned earlier, average daily time spent per DAU increased. I reckon it mainly stems from our position core strategy over the past period, which centers on building a high-quality, trustworthy community. In other words, the interpersonal connections are becoming more active, and this vibrancy will still occur even without AI. What users truly need is not the AI itself, but rather cognitive enhancement, experience sharing and real connections. Building a high-quality, trustworthy community is what Zhihu has been doing since day one. Whether navigating the internet era or today's AI era, our underlying mission has never changed. Therefore, rather than viewing the community as an AI application scenario, we focus on how to leverage technology to better serve people.

[Non-English content]

Take the Xinzhi Conference as an example. This year, on-site attendance exceeds 80,000, which set a historical record. We have over 100 partners on site featuring numerous workshops and coffee chats related to AI. There's also non-AI activities such as handicraft workshops, fitness areas, and food markets. Ultimately, people gather together for the engagement.

The meaning of Xinzhi does not merely represent the new knowledge, but the new cognition and the new connections. This is precisely the core value of Zhihu's community. We have always believed that Zhihu's community ecosystem is not built to serve shallow attention, and the increasing time spent corresponds not to a concept of everyone, but to the active growth of a mid to high attention user cohort. Our core priority is to continuously build Zhihu into a positive feedback system that helps people elevate the cognition and establish connections. To achieve this, we have executed four initiatives over the past two years. The first one would be the sustained investment in the community operations. Second would be the simplification of the product experience. Third one would be the long-term investment in the underlying technical infrastructure. Last one would be the advancement in AI innovation and efficiency.

[Non-English content]

Regarding AI, we have one principle: AI is not the end goal, but people are. In phase 1, for Zhihu Zhida, we aim to integrate AI search with our trustworthy community content, ensuring answers are not just generated from the models, but could be tracked back to real people and experiences. The phase 2, which is our current stage, we are advancing in two areas. Firstly, we are building on a data platform. We're getting the high quality, long-term community data that have been cleaned and credibly ranked. It's open to develops via MCP or Skills. Secondly, we are building an open platform, which is our community APIs, and we hosted our first open platform-based hackathon. Now it's currently project-based, and we're turning to product as in the long-term open platform to enable the engineers and AI creators to continuously innovate. Therefore, integrating the community and AI is not simply dropping into, it's about to leverage open platform to empower more creators to generate new value.

[Non-English content]

Our exploration extends further. If the open platform unlocks creativity, AI short dramas or the comics unlock the value of our IP. Our paid content in story and today's AI dramas are all organic extensions of our authentic discussions. This exemplifies our strategy of starting from and extending beyond the community. A community create content and content generate IP, which leverages the new technologies to reach broader users. As the AI drama industry shifts from the volume growth to quality, we believe the value of our IP will further unlocked.

[Non-English content]

Finally, Zhihu believes in long term. Our current progress is not driven by scale focus tactics. Our core strategy remains unchanged. Deeply cultivate the community and focus on people, and leverage AI innovation to better serve and empower people, and continuously drive the positive cycle of starting from the community and extending beyond it. Such transition cannot materialize within a single quarter or even a full year. Our current results stem from consistent execution over the past two years, while our ongoing efforts are laying groundwork for structural improvements in the next three years. Thank you.

Thank you.

Thank you.

We will now proceed to take our next question from the line of Vicky Wei of Citi. Please ask your question, Vicky. Your line is now open.

[Non-English content]

So thanks management for taking my question. We noticed that starting from the first quarter, the company merged the original paid membership revenue with membership related copyright licensing and IP derivative revenue into a single category. Does this change reflect a new strategic rethink by management regarding the market potential and growth drivers of this business? Furthermore, how should we think of Zhihu's advantages and opportunities within this newly defined market space? Thank you.

[Non-English content]

Thank you for the question, Vicky. This is from Zhihu COO Zhang Rongle. This revenue reclassification indeed reflects a strategic upgrade in how we view our paid content and IP operations. Previously, the market saw our paid content as just membership revenue. As China's top premium short-form original platform, the growth of Yanyan Story has unlocked far broader value beyond the subscriptions. Our IPs now monetize through short dramas, comics, film or TV shows, and games. Creators are already becoming writers and producers. Effective since the first quarter of 2026, the reclassification aims to better showcase the full life cycle value of our content and IP.

[Non-English content]

This means it's upgrade from a single subscription model to the full chain IP operation and development. It remains as a crucial foundation, helping us validate the content creation, the user willingness to pay, and IP potential. Building on this, content could unleash commercial value through the IP partnerships, script adaptations, short dramas, and etc. We aim to form a complete closed loop from the content to consumption, and to the IP screening and multi-format monetization.

[Non-English content]

In this new market landscape, we believe Zhihu has four competitive advantages. Our Yanyan Story is the leading player in the short story track. It has accumulated a vast library of premium short stories over time. Short stories naturally feature concentrated plots, clear character relationships, and high-density conflicts, making them highly suitable for adaptation into new content. Compared to incubating content from scratch, adapting the existing IPs delivers high efficiency in both content screening and monetization conversion.

[Non-English content]

We continue to strengthen our creator ecosystem. Through the incentive mechanism, we discover the mid-tier creators and extend their life cycle by enabling the transition from novel writing to script adaptation. Meanwhile, our creators are showing high potential in utilizing AI for content inspiration and video gen models. In first quarter, total creator earnings surged 5.6x year-over-year, further demonstrating the IP monetization.

[Non-English content]

AI short dramas are really speeding up our IP monetization. In the first quarter, our total IP partnerships surged like 564% year-over-year and 248% quarter-over-quarter, fully validating the commercial depth and the premium pricing power of Zhihu's content assets. Competition will ultimately return to the quality of the content. As the industry evolves, the lifetime value of individual IPs will be further unlocked.

[Non-English content]

AI has increased the production capacity. Our short-form IPs offer a natural high yield advantages for adaptation. As we deepen our participation at leveraging AI for storyboarding, image generation, scripting, and distribution, we anticipate the lower cost and higher margin. Ultimately, AI doesn't just increase output, it empowers creators.

[Non-English content]

Therefore, the revenue reclassification isn't just an accounting adjustment, it reflects how we redefine the commercial potential of Yanyan Story and our original IPs. Going forward, we will drive deeper synergies across paid content, IP licensing, short dramas, AI comics, and other formats. This allows us to maximize the LTV of each IP, and turning the paid content and IP operation into a growth driver.

[Non-English content]

Thank you.

Thank you. We will now proceed to take our next question from the line of Luqing Zhou of Goldman Sachs. Please ask your question, Luqing, your line is open.

[Non-English content]

Thanks management for the opportunity. My question is regarding the AI investment. Can management elaborate more on the specific areas of allocation of your AI investment? How do you plan to balance those new investments with the group's long-term overall profitability goals? Thank you.

[Non-English content]

Thank you for the question, Luqing. This is from Zhihu CFO Han Wang. We are certainly integrating AI into all aspects of our operations. However, I understand that the market is likely most concerned about when AI-driven revenue will accelerate our growth. We maintain our previous strategic focus, specifically targeting two fields: the AI short dramas, comic dramas, and the expert data solution. The former represents the AI-generated content that users are most willing to pay for, while the latter serves as the selling water and shovels to the AI industry. Therefore, regarding how we balance new business investments with profitability, these two selections represent some of the healthiest cash flow profiles among all AI verticals, and Zhihu holds a distinct competitive advantage here.

[Non-English content]

Of course, there's challenges ranging from industry competition to the macro environment, which require a medium to long-term perspective. However, we will not pursue a strategy of burning cash to chase growth. Our investments will focus on building core long-term capabilities to deliver fundamentally superior products. Thank you.

Thank you. We will now proceed to take our next question from the line of Daisy Chen of Haitong International. Please ask your question, Daisy, your line is open.

[Non-English content] Thanks, management for taking my question. Zhihu's profit has shown a significant improvement in Q1. Does management have any update to the shareholder return plan, such as the methods, and the payout scale? Thank you.

[Non-English content]

Thank you for the question, Daisy. We remain firmly committed to our share repurchase. We believe Zhihu has been one of the most active Chinese ADRs in terms of buyback intensity over the past two years. Since 2022, the company has repurchased a cumulative 63.5 million Class A ordinary shares in the open market with a total cost of $130 million. Year-to-date in 2026, the company has repurchased 4.61 million shares for over the cost of $5.06 million, representing 1.74% of total shares outstanding. Shares repurchased during the first quarter of 2026 have all been fully canceled. Thank you.

Thank you. That concludes today's question-and-answer session. At this time, I'll turn the conference back to Yolanda for any additional or closing remarks.

Thank you once again for joining us today. If you have any further questions, please contact our IR team directly or Christensen Advisory. Thank you. Thank you all.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Ladies and gentlemen, thank you for standing by, and welcome to the Zhihu Inc. Fourth Quarter and Full Year 2025 Financial Results Conference Call. [Operator Instructions] Today's conference is being recorded and webcasted. At this time, I would like to turn the conference over to you, Yolanda Liu, Head of IR and Capital Markets. Please go ahead, madam.

Thank you, Hadi. Hello, everyone. Welcome to Zhihu's 2025 Fourth Quarter and Full Year Financial Results Conference Call. Joining me today on the call from 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 Securities Litigation 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 these and other risks and uncertainties is included in our public filings with the U.S. Securities 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, the discussion today will include both GAAP and non-GAAP financial results for comparison purpose 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. In addition, a webcast replay of this conference call will be available on our IR website at ir.zhihu.com. Today, Victor Zhou, an AI agent, representing Mr. Zhou Yuan, will deliver prepared remarks in English on his behalf. As Victor is still being refined, we appreciate your understanding. Victor, please go ahead.

Thank you, Yolanda. Hello, everyone, and thank you for joining Zhihu's fourth quarter and full year 2025 earnings call. I am Victor Zhou, and I'm pleased to deliver today's opening remarks on behalf of Mr. Zhou Yuan, Founder, Chairman and CEO. In 2025, we achieved our first ever full year non-GAAP profit. This historic milestone validates our strategic transformation and underscores the structural durability of our operational leverage. Full year 2025, adjusted net income reached RMB 37.9 million, on a substantial turnaround from the adjusted net loss of RMB 96.3 million in 2024. Our community engagement continues to thrive. In Q4, average daily time spent per user increased to over 41 minutes on the platform. Our ecosystem of trusted creators remains vibrant, consistently delivering authentic and high-quality content across diverse fields. At the same time, we accelerated AI integration within our community. The synergistic evolution of our high-quality content times the expert network times AI capabilities continuously strengthened Zhihu's competitive mode in the AI era. In 2025, we successfully optimized our business structure. With a healthier commercial ecosystem, total revenue trend improved meaningfully in the fourth quarter, driven by a double-digit sequential increase in marketing services. Entering 2026, amid the surging AI adoption, we are leveraging Zhihu's unique advantages to scale AI-driven commercialization, including rapidly building industry-leading export data solutions and deploying AI productivity tools to accelerate IP monetization of our Yan'an Stories franchise. These initiatives will unlock new commercial opportunities for Zhihu. These efforts are anchored by a robust self-sustaining ecosystem. The powerful synergies between high-quality content, our expert network and expanding AI capabilities have created a positive feedback loop, driving heightened community, activity and interaction. In the fourth quarter, our data engagement metrics strengthened significantly. Average daily time spent per user increased sharply both year-over-year and sequentially to over 41 minutes. Substantial year-over-year growth in positive user interactions also drove notable improvements in both short- and long-term new user intention. High-quality content on our platform continues to surge. In Q4, daily creation of high-quality content rose by over 20% year-over-year, contributing to over 31% growth for the full year. Notably, professional AI-related content increased by over 30% year-over-year. As the global AI landscape has shifted from capability races to architectural innovation and system integration, Zhihu remains a leading forum for prominent researchers and frontline engineers to share insights, unpack complex topics and debate key issues. At the vanguard of the AI revolution, our community hosted extensive high-level discussions on key topics such as DeepSeek's Engram architecture, Qwen's new RIF's winning mechanisms, and the continuous iterations of Kimi and Zhipu. The conversation has moved from stronger models to effective system deployment, emphasizing tiered agent architectures and workflow redesign in products like Open Cloud and Cloud Co-Work. The debut of Unitree Robots at the Spring Festival Gala, together with Tesla and the figures progress towards a mass-producing humanoid robots have filled a critical analysis of embodied AI road maps as founders and the employees from leading AI enterprises personally engaged on Zhihu to answer questions and address concerns. Our platform remains attractive space where AI innovations are first explained, validated and responsibly disseminated. We continue to leverage AI to upgrade our community governance and content mechanism. By replacing many operations with algorithm-driven automated workflows, we enhanced community governance ,efficiency and precision. We introduced new metrics for trustworthy contents recognition and promotion ,while integrating user feedback into our evaluation framework. These measures effectively reduce system noise, dynamically suppressing low-quality content and elevating the overall user experience. Professional creators remain the backbone of Zhihu's expert network. In the fourth quarter, daily active high-tier creators grew by double digit year-over-year. A number of verified honored creators rose by nearly 30% as we continue to strengthen incentives for top-tier creators while supporting their efforts to expand industry influence. Our Zhihu 2025 annual review highlighted exceptionally robust high-tier creator engagement. In AI and technology, leading AI companies, including DeepSeek, Moonshot, Tongyi Qianwen, ByteDance Seed, Zhipu and StepFun actively engaged on our platform through their official accounts. Creators with frontline industry and R&D backgrounds consistently shared cutting-edge insights on our platform, contributing to major industry discussions. For the full year, AI-focused creators grew by approximately 16%. In fundamental sciences such as astronomy and chemistry, high-profile creators actively joined our flagship online and offline science programs. Their authoritative content sparked a widespread discussion beyond our community, driving higher search interest for related topics. On the product side, Ideas remains the primary channel for high-frequency knowledge sharing by professional creators, while Circle facilitates engagement around common interest. For the full year, average daily content volume on Ideas grew 73.5%, and the average daily interactions doubled. This momentum persisted in the fourth quarter with double-digit sequential growth across both metrics. We also increased support for mid-tier creators during the quarter, fostering a dynamic growth-oriented ecosystem. Leveraging AI agents, we significantly improved our efficiency in identifying and nurturing talent. In Circles AI-powered proms and standardized tools lowered creation variants and enhanced content distribution. As a result, average daily content creation in Circles surged over 100% sequentially with daily views up 72%. Beyond the AI-driven efficiency gains in content operations, creator support and ecosystem management, Q4 also saw accelerated advances in our foundational AI capabilities enhancing experiences for both creators and the users. In search, creation and consumption, we continue to deepen the integration of AI into the Zhihu community experience. In search, we completed an AI upgrade to our integrated search in December, introducing cross topic content aggregation and hot trend summarization to create a new entry point for high-quality content discovery. We also tailored the answer formats to different query types, which drove a double-digit increase in click-through rates for our AI direct answer cards and meaningfully increased average AI search interactions per user through more multi-turn conversations. In creation, AI is increasingly becoming a practical tool for creators on Zhihu. Since the fourth quarter, we have rolled out features such as content publishing and one-click enhancement powered by intelligent editing, automated formatting and image pairing capabilities. These tools lower the barrier to creation, improve readability and distribution efficiency and help creators turn ideas into shareable content more efficiently. We are also introducing multimodal capabilities such as AI-generated illustrations and image summarization to make long-form content more visually engaging and improve user conversion in the feed. In consumption and circulation, AI is helping Zhihu content transcend traditional community boundaries through external ecosystem partnerships, we are extending our content capabilities into more intelligent assistant scenarios. Within the community users are beginning to use AI in common thrives for fact checking and professional explanation, which supports more authentic interaction and follow-up discussions. Meanwhile, our AI reading panel on PC has improved the efficiency of long-form reading through one-click summarization and terminology explanation and is beginning to generate more valuable interest signals for future recommendation and monetization. Now turning to commercialization. Our efforts to optimize our commercial structure have yielded notable results. With a healthier business ecosystem, total revenue has entered a recovery phase, reaching RMB 643.5 million in the fourth quarter as the pace of sequential decline continued to narrow. This shows a clear top line recovery trajectory. At the same time, we are exploring new scalable AI-powered monetization avenues with an unwavering focus on long-term value and operational excellence. Let's take a closer look at our performance by segment. In the fourth quarter, marketing services revenue reached RMB 234.8 million, up 24% sequentially as our adjustment cycle bottomed out. Disciplined execution in optimizing client mix and upgrading commercial products capitalizes momentum, strengthening our appeal to high-value clients. We elevated the overall client quality, deepened industry penetration and accelerated new customer acquisition. In the fourth quarter, ARPU rose significantly among clients in high-value verticals such as technology and e-commerce. We also reached the new segments in sectors such as automotive and health care. In December, we hosted the Electric Club New Knowledge Technology Conference, which brought together automotive engineers, autonomous driving specialists and leading tech experts from the Zhihu community to explore NEV safety and intelligent upgrades. The event drove 140% year-over-year increase in participating clients enabling industry leaders like BYD, Mitsubishi and Voyah to articulate their technological strength and the safety value through targeted engagement and build trusted content assets. On commercial product upgrades, we leveraged our trusted content and expert network to expand the community-driven monetization and amplify the commercial value of our key IPs such as Zhihu Science Season and Zhihu Reviewers Jewelry. Revenue from IP-related projects increased 21% year-over-year, supported by deeper brand collaborations across our IP portfolio. At the same time, our Idea Plus solution gained strong momentum during the quarter. By offering a lightweight precisely targeted format, Idea Plus extended our native advertising capabilities into short-form content, significantly shortening the path from discovery to purchase, capitalizing on 106% year-over-year increase in daily ideas, interactions. Idea Plus achieved a 62% sequential increase in client numbers and 200% sequential growth in average daily client spend. In 2026, supported by a healthier commercial ecosystem, we aim to drive continued recovery and sustainable long-term growth in marketing services. Next, turning to the business we currently report on the paid membership, which we increasingly see evolving into a broader content and IP operations business. Paid membership remains a revenue contributor of this segment. In the fourth quarter, average monthly paid members reached 12.2 million, generating RMB 333.5 million in revenue. Short-term membership fluctuations aligned with expectations as our structural adjustments prioritize fundamental improvements in service experience and profitability to support a smooth transition during this phase, we are exploring new growth drivers, initiatives to improve member retention and ARPU are yielding results. Q4 average ARPU increased by 1.4% sequentially and overall quarterly renewal rates improved by 2.7 percentage points. Beyond the paid memberships, we are maximizing content IP's value across media adaptations and licensing. IP monetization revenue, which is currently recognized in other revenues grew more than fivefold year-over-year in the fourth quarter and doubled for the full year, underscoring the significant growth potential of this business. The monetization potential of our Yan'an Stories IP continued to translate into tangible results. In December, 2 adapted short dramas Fang and Xia, and The Seventh Year Of Secret Love For My Childhood Friend premiered on Tencent Video, quickly ranking among the platform's top releases. Fang and Xia set all-time popularity record for vertical short dramas on the platform, while Seventh Year Of Secret Love For My Childhood Friend topped the charts and sparked widespread discussion across social media. These results demonstrate our IP's strong adaptation potential and mainstream appeal. During the quarter, we released our short story influence list for the third consecutive year recognizing 62 outstanding works and 20 authors. The selection includes both mature IP already adapted into film and television as well as a pipeline of high-quality titles with strong multi-format development potential. Together, these initiatives highlight our scalable pathway for long-term value creation, cultivating high-quality content, structuring an IP portfolio and extending it across multiple formats to unlock compounding growth. Looking ahead, rapid advances in multimodal AI and the rising industry productivity are expected to further expand monetization opportunities for Yan'an Stories IP creating new growth potential for our content and IP operations business. Building on this, we are exploring a new format for IP development, AI-powered comic dramas and emerging formats driven by demand for lightweight content and improved generative model efficiency. Positioned upstream, Zhihu leverages a dense network of high-quality creators and rich content assets giving us a natural advantage as a stable source of premium IP. Strategically, we will pursue a dual-track approach of IP licensing and in-house incubation. We will also collaborate with platforms and studios to unlock mature IP value, while building in-house AI production capabilities. Turning to other revenues. Beginning in the third quarter to improve profitability, we consolidated our vocational training and the new initiatives into other revenues, which totaled RMB 75.2 million in Q4. We believe 2026 will mark another leap in AI productivity complemented by rapid expansion of real-world applications. Leveraging Zhihu's unique strength we are accelerating exploration of AI-related monetization. We also see growing potential in export data solutions as competition among other ends, increasingly shifts from scale alone to alignment, quality and real-world generalization, high-value, traceable and structured data is now the core driver of model performance. With our long-standing expert network and authentic discussion scenarios, Zhihu is well positioned upstream in the supply of high-quality knowledge and insights and we believe we can be among the earliest platforms in China to systematically define and commercialize high-value data solutions. To support this opportunity, we are developing our export data solution capabilities. At the same time, we are also exploring how to engage experts more deeply in data construction and labeling processing that supports model training and alignment. In summary, achieving full year non-GAAP profitability in 2025 marks a pivotal milestone for Zhihu, validating the resilience of our strategy and the strength of our execution. In 2026, we remain committed to prioritizing disciplined operations, while accelerating AI integration across our community and commercial models. We are sharpening our strategic focus and optimizing resource allocation. In our established businesses, we will continue to prioritize ecosystem health and the user experience, leveraging AI to drive efficiency gains and elevate content quality. At the same time, we are doubling down on AI-driven monetization innovations to cultivate new scalable growth engines. We are confident that 2026 will usher in a new era for high-quality growth for Q4, defined by the further realization of our unique AI capabilities and monetization potential. With that, I will hand the call over to our CFO, Wang Han, whose remarks will be delivered through his AI voice agent. Han, please go ahead.

I will now go over our fourth quarter financials for a complete overview of our results, please refer to our press release issued earlier today. 2025 represents a structural upgrade in Zhihu's financial profile. As Victor noted, we achieved our first full year non-GAAP profitability milestone. Financially, this progress was driven by sustained cost discipline, improved operating leverage and tighter expense control, while maintaining healthy gross margins. For the full year, we recorded non-GAAP net income of RMB 37.9 million, and our non-GAAP operating loss narrowed by 33.6% year-over-year. These results reflect the cumulative impact of our multi-quarter structure optimization and provide a strong foundation to build on as we enter 2026. Now turning to the fourth quarter. Our total revenues for the quarter were RMB 643.5 million compared with RMB 859.2 million in the same period of 2024. The year-over-year decrease continue to reflect our ongoing efforts to optimize revenue mix and focus on sustainable, high-quality growth. Notably, the pace of sequential decline continued to narrow, reinforcing a clear top line recovery trajectory. Our marketing services revenue for the quarter was RMB 234.8 million compared with RMB 315.9 million in the same period of 2024, while the year-over-year decline reflects our proactive refinement of service offerings, the sequential trend was notably positive. Marketing services revenue grew 24% sequentially, marking a clear inflection point in our recovery. This momentum was driven by stronger client quality, deeper industry penetration and the successful ramp-up of new commercial products. Paid membership revenue was RMB 333.5 million compared with RMB 422 million in the same period of 2024. Average monthly subscribing members were 12.2 million. The year-over-year decline in membership was expected and reflects our deliberate prioritization of unit economics over scale. That said, we delivered sequential improvements in both ARPPU and renewal rates during the quarter, which we view as early validation that our retention initiatives are gaining traction. Other revenues were RMB 75.2 million compared with RMB 123.1 million in the same period of 2024. The decrease primarily reflected the strategic refinement of our vocational training business, partially offset by growth of revenues generated from our intellectual property derivatives business. Our gross profit for the quarter was RMB 344.8 million, compared with RMB 540.7 million in the same period of 2024. Gross margin was 53.6% compared with 62.9% in the same period of 2024. The decrease in gross margin was primarily due to our ongoing efforts to broaden and enhance content offerings for all users. Our total operating expenses for the quarter were RMB 608.7 million compared with RMB 528.8 million in the same period of 2024. The increase was primarily due to a onetime non-cash goodwill impairment charge of RMB 126.3 million, which was primarily associated with our prior acquisitions, mainly driven by lower valuations amid the current market conditions. Excluding this item, underlying operating expenses continued to decline year-over-year as we further streamline spending across key areas. Selling and marketing expenses decreased by 13% to RMB 275.2 million from RMB 316.2 million in the same period of 2024, driven by more disciplined marketing spend and lower personnel-related expenses. Research and development expenses decreased 16% to RMB 123.1 million from RMB 146.6 million in the same period of 2024. The decrease was primarily driven by ongoing improvements in our research and development efficiency. General and administrative expenses were RMB 84 million compared with RMB 66 million in the same period of 2024, primarily due to higher share-based compensation expenses. Our GAAP net loss for the quarter was RMB 210.8 million compared with RMB 86.4 million in the same period of 2024. On a non-GAAP basis, adjusted net loss was RMB 39.4 million compared with adjusted net income of RMB 97.1 million in the same period of 2024. As of the 31st of December 2025, we held RMB 4.5 billion in cash and cash equivalents, current and non-current term deposits, restricted cash and short-term investments compared with RMB 4.9 billion as of the 31st of December 2024. As of the 31st of December 2025, we repurchased 31.1 million Class A ordinary shares on the open market for an aggregate value of USD 66.5 million. In addition, throughout 2025, we repurchased a total of 16.6 million Class A ordinary shares through the company's trustee for an aggregate value of USD 23.4 million, representing 6.29% of the total issued ordinary shares. Looking ahead, we will further enhance earnings quality and scalability by prioritizing higher-margin, more capital-efficient revenue streams. We will continue to strengthen our monetization capabilities and explore new AI-powered revenue models, while leveraging Zhihu's core strength, high-quality content, a respected expert network and advanced AI capabilities, coupled with disciplined capital allocation, including share repurchases. These actions will reinforce our financial resilience and support sustainable long-term value creation.

[Operator Instructions] We will take our first question. Your first question comes from the line of Xueqing Zhang from CICC.

[Foreign Language] Thanks management for taking my question. And my question about your financial outlook. So firstly, what's the earnings outlook in 2026 and how to balance the investment with the cash flow and the profitability?

[Foreign Language]

[Interpreted] This is from Zhihu CFO, Wang Han. So first, 2025 demonstrated that Zhihu can achieve profitability. But more importantly, we believe, given our unique assets and positioning Zhihu's opportunity set in the AI era is meaningfully larger than what we current scale reflect. So we are not pursuing a single path of delivering profitability this year, more profitability next year. And then turning to dividends. At our current scale, that would not generate a particular meaningful level of returns for our shareholders. So what we want to do instead is stay focused on the opportunities created by AI and invest behind them. At the same time, this does not mean we will abandon the bottom line discipline that we worked hard to achieve or return to the old model of burning significant cash for growth. We will be disciplined in selecting new initiatives concentrating our investments on areas with visible ROI potential and a strong fit with Zhihu's core strength. In other words, we want to deliver growth in new AI-driven revenue stream. At the same time, to keep the overall bottom line on a healthy and responsive track. Thanks for the question.

Thank you. We will take our next question. Your next question comes from the line of Daisy Chen from Haitong International.

[Foreign Language] I'll translate it myself. As of current stage, what is your strategy in terms of our commercialization? And what are the company's core priorities for 2026?

[Foreign Language]

[Interpreted] So thanks for your question. I will get started with my answers. This is from Zhihu CFO, Wang Han. So in terms of the priority and the strategy in 2026, these are mainly centered on 2 tracks. First of all, in our core community business, we want to continue using AI to improve efficiency and deliver a better product experience for our users and the content creators. At the same time, to maintain stable revenue and a healthier level of operating profitability. In other words, we want to -- our core business to maintain steady, while becoming increasingly AI-enhanced and financially stronger over time.

[Foreign Language]

[Interpreted] At the same time, we want to fully leverage Zhihu's unique assets to develop new AI businesses. As I mentioned earlier, the new initiatives we choose will not be built around aggressive cash burn. We will focus on areas where we can see a path to a healthy cash flow. Right now, we are mainly focused on 2 areas.

[Foreign Language]

[Interpreted] The first is AI-enabled short-form drama and comic adaption. As text to video and image to video models continue to evolve. The production chain is becoming increasingly streamlined. In that process, the scarce asset is high-quality upstream IP, and that is not something that can be acquired overnight, simply by spending heavily. Zhihu's advantage is not only that we have accumulated a large library of high-quality copyrighted content, but also that we have a highly active creator ecosystem that continue to generate new ideas and new IPs. More importantly, AI-generated short drama and the comic style content have already shown that users are willing to pay for this type of AI content. So we believe this is one of the most promising areas where focused investment could generate meaningful and scalable AI revenue for us.

[Foreign Language]

[Interpreted] The second area is data -- AI data services. At a time when many AI applications are still operating with heavy cash burn, there are only a few categories in the ecosystem that can capture structurally attractive economies. One, of course, is represented by companies like NVIDIA. Another on a relatively smaller but still very attractive scale is high-quality data area. In U.S. companies such as Scale AI, Surge AI and McClure has grown rapidly within just a few years by providing high-quality data services to leading LLM developers, while also demonstrating a healthy cash flow characteristics. So with our strong export network and depending on understanding of high-quality model data, we believe Zhihu is well positioned to provide differentiated data solutions for all of these AI developers. At the same time, our community can continuously service new areas of expertise, emerging knowledge, and involving capabilities that LLMs have not yet fully covered. This gives Zhihu a very differentiated advantage in this field. And we believe this is also a business with a clear opportunity to generate positive cash flow.

[Foreign Language]

[Interpreted] So in a word, what we want to deliver is a stable core business that continue to upgrade through AI with improving product capability and a healthy financial profile. Alongside new AI revenue streams that can grow in a disciplined way. The goal is not to pursue growth through excessive spending, but also -- but to build a new AI business with visible monetization potential and a path to positive cash flow. Thank you for the question.

[Operator Instructions] We will take our next question. The question comes from the line of Vicky Wei from Citi.

[Foreign Language] So could management share some data that will help us better understand the impact of AI on the Zhihu community? And additionally, with regard to product upgrades and user experience enhancement in the coming year, what new initiatives does Zhihu have in place?

[Foreign Language]

[Interpreted] Thanks for your question. I will take this question. This is from Zhihu CEO, Zhou Yuan. So first of all, the impact of AI on our community has not been passive. Over the past few quarters, we have been actively driving this accelerating and deeper integration between AI and the Zhihu community with a clear focus on improving such as content consumption, creator experience and so on. Broadly speaking, the positive changes from AI adoption can be seen across 2 groups: our core retained users and our new users.

[Foreign Language]

[Interpreted] Starting with our core retained user, AI is helping users and creators better understand and connect with each other, which further strength the social nature of a real human interaction on our platform. In 4Q, both the coverage and frequency of the positive user interactions on the platform increased year-over-year. We are also seeing users actively call on AI capabilities, aka Zhida. In the comments section for things like fact checking, explaining professional topics and the following training discussions. Importantly, this is happening without disrupting the community atmosphere. Instead, it is helping drive -- is helping drive more interaction and the follow-on discussion among real users. More recently, we launched AI reading panel on PC, with features such as one-click summaries and explanations of professional terms. It has meaningfully improved the reading efficiency of long-form content and significantly enhance the deep reading experience for our core users.

[Foreign Language]

As we mentioned earlier, daily newly added high-quality content in the community grew by over 20% year-over-year in 4Q. But beyond content volume, while we are more -- what we care more about is a positive shift in user and the creators' behaviors. So through like AI capabilities, such as intelligence editing and multi-model associated creation, we're continuing to lower the barrier. So we can see like in the per user's interaction improved significantly in this quarter.

[Foreign Language]

[Interpreter] For new users entering the community, AI is also lowering the barrier to content discovery, joining discussions and participating in interactions. In 4Q '25, the direct MAUs of Zhihu Zhida continued to grow by more than 260% year-over-year, while next month's retention improved by about 83% year-over-year. In February '26, average daily search queries per DAU increased by more than 16% compared with November '25.

[Foreign Language]

[Interpreter] As we shared previously, we mentioned that we completed another upgrade of AI capability within Zhihu's main search to further integrate Zhida with our broader search experience and making it a new entry point for high-quality content for our users. So we see this happened in December. And after this upgrade, search can present more suitable answer formats based on different types of queries. Since launch, user coverage of a AI Zhida cards have increased meaningfully. CTR, click-through rate saw double-digit improved and average AI searches per user also increased noticeably.

[Foreign Language]

Continue to standby, the conference will resume shortly. [Technical Difficulty]

[Interpreter] Okay. I will continue to deliver answers from our CEO, Zhou Yuan. So for the looking forward perspective, our plans are focused on 2 areas. First, we will continue investing in the experience gains we are already seeing from AI, both in terms of enabling more social interaction and efficiency for core return users and new users. So this direction here is already quite clear, and we have been building toward it step-by-step. On top of that, we are preparing to upgrade the Zhida's core capability from AI search towards an agent-based experience. We believe this could bring broader product experience upgrades to users across community. Although there is still an innovation and execution process ahead of us, and we will continue to work through that rollout. So this is from Zhihu CEO, Zhou Yuan. Thanks for your question again.

Thank you. That concludes today's Q&A session. I will now turn the call back to Yolanda for additional or closing remarks.

Thank you once again for joining us today. If you have any further questions, please contact our IR team directly or Christensen Advisory. Thank you. Thank you all.

This concludes today's conference call. Thank you for participating. You may now disconnect. [Statements in English on this transcript were spoken by an interpreter present on the live call.]