Q4 2023 36Kr Holdings Inc Earnings Call

Unknown Executive: Lin Wei, Unknown Executive, Rui Yin, Jianan Ding, Jiajun Hong, Shan Jiao, 36kr Hello, ladies and gentlemen. Thank you for standing by for 36kr Holdings Inc.'s 4th Quarter and Fiscal Year 2023 Earnings Conference Call. At this time, all participants are in listen-only mode.

Hello, Ladies and gentlemen, thank you for standing by for 30, 6K, our holdings fourth quarter and fiscal year 2020 be earnings conference call.

At this time all participants are in listen only mode. After management's remarks, there will be a question and answer session. Today's conference call is being recorded.

Unknown Executive: After management's remarks, there will be a question and answer session. Today's conference call is being recorded. I will now turn the call over to your host, Jianan Ding, IR Manager of the company. Please go ahead, Jianan. Thank you very much.

None: I'll now turn the call over to your host.

None: Yeah.

None: <unk> manager of the company. Please go ahead Shannon.

Shannon: Thank you very much Hello, everyone and welcome to city is expand our holdings fourth quarter and fiscal year 'twenty. It on this way earnings conference call. The Companys financial and operational results were released earlier today and have been made available online you'll kind of also the all of the earnings press release by visiting the IR section of our website at <unk>.

Jianan Ding: Hello everyone, and welcome to 36kr Holdings' fourth quarter and fiscal year 2023 earnings conference call. The company's financial and operational results were released earlier today and have been made available online. You can also view the earnings press release by visiting the IR section of our website at ir.36kr.com. Participants on today's call will include our co-chairman and CEO, Mr. Zha Gangfeng, and our chief financial officer, Ms. Ling Wei. Mr. Feng will start the call by providing an overview of the company and performance highlights of the call routine, followed by an English interpretation. Ms. Wei will then provide details on the company's financial results before opening the call to your questions. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Risk Act of 1995.

Shannon: So they just cannot dot com participants on today's call will include our co chairman and CEO, Mr. Doug on phone and our Chief Financial Officer, Mr. Kang with B cell phone will start our call by providing an overview of the company and performance highlights of the call.

Shannon: By not English interpretation is the way. It will then provide details on the company's financial results before opening the call for your questions. Before we continue. Please note that today's discussion will contain forward looking statements made under the safe Harbor provisions of the U S. Private Security Litigation Reform Act of 1995 full.

Jianan Ding: Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the company's prospectus and other public filings as filed with the U.S. SEC. The company does not assume any obligation to update any forward-looking statements except as required under applicable law.

Shannon: They're looking statements involve inherent risks and uncertainties as such the company's results may be materially different from the views expressed today further information regarding these and other risks and uncertainties is included in the company's prospectus and other public filings as filed with the U S. After you see the comps.

Shannon: <unk> does not assume any obligation to update any forward looking statements, except as required under applicable law. Please know that does what it does pay off earnings press release under this conference with discussions of Oh did the GAAP financial measures as well as Oh I didn't know that the financial measures. So does this past earnings press release.

Jianan Ding: Please note that 36KR's earnings press release and this conference call include discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. 36KR's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. And please note that all amounts and numbers are in RMB. I will now turn the call over to our Co-Chairman and CEO, Mr. Da Gangfeng. Paul, please go ahead.

Shannon: Its contents a reconciliation of all non-GAAP measures to the audio and the GAAP measures. Please note that all amounts numbers are in RMB, Oh, now I will turn the call over to our co chairman and CEO. Mr. Golfo. Paul. Please go ahead.

Dagang Feng: Thank you. Hello everyone. Thank you for joining our 4th World and Fiscal Year 2023 Earnings Conference Call. 2023 is an extraordinary year for 36kr Holdings. We are constantly developing new content, and we are using our high-quality content creation capabilities and all-round marketing services to effectively drive the growth of users and commercialization. The total annual revenue is 3.4 billion yuan, which is 5.5% higher than the previous year. The net profit continues to maintain a 54% high.

None: Uh huh.

Golfo Paul: No not at the same time, the NDA sagittal each and then yes definitely thank you Hello, everyone. Thank you for joining our fourth quarter and physical year 'twenty earnings Conference call.

Golfo Paul: Oh no.

Paul: Okay. So I'll sure I'll, let you do it well.

Golfo Paul: Uh huh.

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Dagang Feng: At the same time, 2023 is also the year when Shengsheng City AI breaks out. We actively embrace the sea of innovation in the industrial revolution, continue to deepen the front-end application of AGI technology, and further accelerate the landing of the application scene. Next, I will introduce in detail the progress we have made in 2023 in terms of the comprehensive application of AI technology and the rich 2D products in the content ecosystem. 2023 was an extraordinary year for 36kr as we continuously strengthened our content ecosystem, leveraging our peerless content creation power and comprehensive marketing offerings, we effectively drove growth in both our user base and monetization. As a result, our annual revenue reached RMB340 million, up 5% year-over-year, and we maintained our high gross profit margin of 54%.

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None: 20 ton this way it was an extraordinary year for Sunday six tier as we're continuously strengthen our content ecosystem.

None: That region I'm curious content creation policies on a comprehensive marketing offering wakes up clearly dropped girls in both on the user base and the monetization as a result of our annual revenue reached RMB 340 million up 5% year over year I wish to spin off a high gross profit margin of 30.

None: 4% plenty of choice. We also marked the abra a year off Expulsive girls in AI G C, but actively embracing the vast opportunities brought by this industry transformation, where we're able to dive deeper into visionary AG applications, a star rating AJ Oh, the auction you real work now.

Dagang Feng: 2023 also marked the inaugural year of explosive growth for AIGC. By actively embracing the vast opportunities brought by this industry transformation, we are able to dive deeper into visionary AGI applications, accelerating AGI adoption in real-world scenarios. Let me share some additional details of our progress across three core areas. The enrichment of our content ecosystem, IT product development, and a comprehensive AI application First of all, in terms of content generation, 36kr has further enriched its content array and has continued to create high-quality content in multiple dimensions. In 2024, based on the flagship array, such as 36kr and 36kr Pro, the company accelerated the deployment of smart wireless, 36kr cars, future consumption, 36kr carbon, hard core, and other high-quality content to ensure the coverage of content and the depth of accumulation in the subdivision field and to lead users to focus on the trends in the industry and business.

None: Let me share some additional details of our 'twenty 'twenty superclass across three core areas. The enrichment of our content ecosystem I T poll document oven and comprehensive applications.

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Dagang Feng: At the same time, the company continues to create exclusive content for young users and to promote young media such as Holon Research Institute, Chaosheng, TIDE, and other young media to reach more young audiences through graphic reviews, slow-motion, customized videos, etc. So far, the company has a total of about 40 competitors, covering a wide range of fields such as smart manufacturing, digitalization, dual-band ESG, hard technology, specialization, consumer life, Now, I will start with our content ecosystem.

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None: I'll start with our content ecosystem, Huawei further English and diversified our content matrix continuously creating high quality content on multiple fronts in 'twenty. It on this rate will build upon our flagship channels, including so this is clear and so does is careful about accelerating our reach in some vertical.

Dagang Feng: While we further enriched and diversified our content matrix, continuously creating high-quality content on multiple fronts. In 2023, we built upon our flagship channels, including 36kr and 36kr Pro, by accelerating our reach in subverticals. We rolled out high-quality content-specific accounts like Emergency Intelligence, 36kr Auto, Future Consumption, KR Carbon, and Hardcore KR, among others.

None: The load out high quality coffee businesses like the emergency off intelligence. So does this payout I'll talk future consumption.

None: Our carbon and the hard coke here among others.

Dagang Feng: These accounts make our matrix more comprehensive, bringing both broad content coverage and a great depth of expertise in specialized domains to provide users with invaluable insights into industry trends and evolving business dynamics. At the same time, we continue to tailor content experiences for younger generations by launching our OUs and tied subvertical media channels. Featuring a broad content matrix of text and graphics, comics, and customized videos, this channel successfully engaged younger audiences, greatly extending our content reach, with approximately 40 accounts so far covering advanced manufacturing, digitalization, dual carbon, and ESG hardcore technology, highly specialized and innovative enterprises, consumer lifestyles, and much more. We have successfully introduced and fostered a solid content ecosystem. At the same time, we continue to promote the distribution of content on the Internet.

None: <unk> made our matrix more comprehensive premium both broth compound courage and a great depth of expert in specialized adult men to provide users with invaluable insight into industry trends and evolving business dynamics at the same time, we continue to attain our content experiences for younger generations by long.

None: Oh use and tied to the vertical media channels.

None: Between our broad content matrix of tax on the graphics comics on the minds of videos. These channels successfully engage younger audiences greatly expanding our real continental age weighs approximately 40, all com, so far covering advanced the manufacturing digitization do or carbon and yesterday.

None: Hot core technology, highly specialized and innovative unimpressive consumer lifestyles and much more we have successfully introduced on the forced her assaulted content ecosystem.

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Dagang Feng: Through the distribution channels of new media such as Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, Kuaishou, etc., we achieve a comprehensive distribution of high-quality content, which helps high-quality content to be more widely exposed and spread. In 2013, we published hundreds of articles, more than 740 articles with more than 100,000 views, and produced more than 100 hot We also expanded our footprint across various channels, crafting a comprehensive circulation machine, encompassing major new media platforms like Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, Kuaishou, etc. Broad channel exposure brings us wider overall dissemination and higher visibility for our primary content. With blockbuster articles emerging back-to-back throughout 2023, 740 of our articles achieved over We also made Weibo's trending topics list with 23 hot search topics and over 100 hotly debated topics thanks to our continuous stream of fresh perspectives.

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None: We also expanded our footprint across the various channels crafting more comprehensive correlation income something major new media platforms like Weibo social totaled two who need immediate do you I shall conduct trial, but China, it's cultural brings us wider overall determination and the higher visibility.

None: Pharma permit content, let's talk Buster articles the margin back to back through all of 2023 740 of our articles achieved over hang on to solve and pick those also meant weibo's trusting topics to lose the was 22 eight hop search topics in over 100 hotly debated topics south to our continuous stream of.

None: Fresh perspectives, our consistent production of high quality content expanded and diversified our user demographics farther out of 18 user engagement and stickiness as off the end of 'twenty three we had over $32 7 million hard marking 11 consecutive call herself girls.

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Dagang Feng: Our consistent production of high-quality content expanded and diversified our user demographics, further elevating user engagement and stickiness. As of the end of 2023, we had over 32.7 million followers, marking 11 consecutive quarters of growth. In addition, we use images, long and short videos, audio, live broadcasts, etc. to gradually enrich the content and make it more diverse. In terms of short videos, we have gained wide attention and recognition from users for our excellent content originality. The number of fans of the entire platform exceeds 9 million, and the number of fans of the closed platform has exceeded 2.2 million.

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None: So when you have official talks about what she won't be that that you can pull that out of hotshot. Moreover, our Ola mill content ecosystem is now a more comprehensive and diverse wakes, Florida growing array of content formats, including tax graphics, and short and long form videos as well as audio in the lifestyle.

Meaning in terms of short video our exceptional content creation capabilities aren't as a widespread visibility I lived the wheels from users shop. They don't fall. Our stated 9 million by the end of 2023 including a significant 2.2 Amelia on Binney BD alone.

Dagang Feng: Moreover, our overview of the content ecosystem is now more comprehensive and diverse. We explore the growing array of content formats, including text, graphics, and short and long-form videos, as well as audio and live streaming. In terms of short videos, our exceptional content creation capabilities earn us widespread visibility and rave reviews from users. Our short video followers exceeded 9 million by the end of 2023, including a significant 2.2 million on Bilibili alone. In terms of long-term vision, we launched our first interview program, See2033. In the form of high-end guests and serious content that is currently scarce in the market, it was quickly welcomed by the audience. The program has been broadcast for two seasons.

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None: In one bundle hobby horse.

None: Going onto long form video in 'twenty to 'twenty three we unveiled our first along they do talk show serious foreseeing 2033, Oh into Israel start off distinguished guests an in depth discussion around here within the industry. Our show rapidly captured audience attention on a migration so far.

Dagang Feng: In the program, I, as an assistant and business leader in various industries, such as AI industry leaders, car new and old forces, dual-tier industry experts, capital market observers, etc., open up new economic areas to pursue forward-looking dialogue. At the same time, the broadcast of the program on Youku and Beijing Broadcasting TV is also marked outside social media. We have completed the distribution layout of the long-term vision platform and TV broadcast channels, forming a larger content map and a closed loop. Now, moving on to long-form video. In 2023, we unveiled our first long video talk show series, foreseeing 2033. Owing to its roster of distinguished guests and in-depth discussion, a reality within the industry, our show rapidly captured audience attention and admiration. So far, we have aired two productive seasons of the show.

None: We have Eric talk productive citizens off the show at the host I discussed I explored exciting aspects of the new economy with a vision to raise from various industries, including AI Triple lasers traditional automotive manufacturing vitamins leaders in the book draining electric vehicle sector.

None: Carbon you're trying to tell the industry luminaries and capital market experts lapsed dreaming foreseeing Twentyish 33 of Youku in Beijing radio and TV.

None: <unk> also marked a pivotal milestone for us and it extended our reach beyond social mediums successfully reaching out into long video platforms on television networks and fostering abroad, our content portfolio and closed loop ecosystem.

Dagang Feng: As a host, I discussed and explored exciting aspects of the new economy with visionaries from various industries, including AI triple lasers, traditional automotive manufacturing vitamins, leaders in the Virginia electric vehicle sector, the carbon neutrality industry, luminaries, and capital market experts. Live streaming foreseeing 2033 at Youku and Beijing radio and television stations also marked a pivotal milestone for us. It extended our reach beyond social media, successfully breaking out into long video platforms and television networks, and fostering a broader content portfolio and a closed-loop ecosystem. In terms of live-streaming, we integrated our resources and maximized the utilization of live-streaming services. In terms of live-streaming, we integrated our resources and maximized the utilization of WeChat channels to launch our live-streaming IP. We live from KR Star, primarily centered on two programs, Youth Watch and CEO Tips.

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None: Oh, I think monopoly for them they won't have a formal share in <unk>.

None: Terms of live streaming we integrated our resources and maximize the utilization of wechat channels to launch in live streaming IP leave from T. R Star primarily centered on two programs use wash and so youll tips in talk to it on this way, we're hosting 95 less streaming sessions.

None: Addressing a diverse spectrum of training topics, including perspectives on employment, our internet giant industrial know how such as I as you know in cooperate cost reduction and efficiency Hoffman, our global expansion of Chinese brand. That's coordinated initiatives are aimed at bringing more in depth content.

Dagang Feng: In 2023, we're hosting 95 live-streaming sessions addressing a diverse spectrum of training topics, including perspectives on employment at Internet giants, industry know-how such as AI's role in corporate cost reduction and efficiency enhancement, and global expansion of Chinese brands. These coordinated initiatives are aimed at bringing more in-depth content, services, and service models to our users and clients alike. In terms of audio, 36kr Audio Channel has become a high-quality broadcaster on the Himalaya platform, covering 8.1K, Kexin Master Sword, and commercial intelligence bureaus.

None: Rogers and the services models to our users and clients alike.

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None: Oh man San Jose, even even though you didn't tell me you see my last time, you had a noticeable.

None: I know you called because you're not just yeah, you're trying to do you want do you tend to talk actually don't torture when using vantage without changing the booklet table showing that people put out on the internet anyone MTA Oakland.

None: All right. So this is payoffs audio channel has emerged as a top tier streamer on platforms like him a liar delighting our listeners with a varied a slate of initiatives such as 815 more impulse major moments and business intelligence hop God I mean massive a claim we also further deepen.

Dagang Feng: At the same time, we launched a new broadcast program this year, which has been a great success and further expands our audio content products and functions. In the audio realm, 36kr's audio channel has emerged as a top-tier streamer on platforms like Himalaya, delighting listeners with a varied slate of initiatives, such as 8.15 Morning Post, Major Moments, and Business Intelligence Hub, garnering massive acclaim. We will also further deepen our commitment to expanding our audio content portfolio and functionality in 2023 with the launch of our live podcast, Get Off Work, Have Fun. The second point is the creation of IP products. 36kr continues to create its own media value, and advantageous content is the core of the media platform. In 2023, we will create content IPs and save a lot of content. For example, we mentioned before the Kanji2033 series and the Houlang series.

None: Our commitment to expanding our audio content portfolio and our functionality in 'twenty two 'twenty three with a launch of ours like pulp cost I'll get off work have fun.

None: Sure I presume that that's all kind of hope it doesn't turn out to Germany gotcha.

And they only go.

None: So maybe if you can have it be that I don't understand yet although someone new IP that has all even if it doesn't you don't you Chad.

None: You haven't seen all the contaminants essentially hold onto that though without any IPO vintage went all the way on how to win those it'd be eligible people. So that they only economy. He said Oh sure although I'd hate to transform it sounded like she got have you had this huge drop I'll wait until there's some debate about Chinese drawn that way. So we usually don't forget all change how are you.

None: So that's what I thought okay. That's very helpful. Sure everybody know if you want to talk around that 10 years ago. So I wouldn't pick them up because even if only IV where it was this year.

None: Exactly.

And I have no doubt what you see there you won't you don't see that somehow what's your holdco.

None: Our second area of progress is he IP product development, we have consistently reinforced our medium volume by consolidating our medium platform's competitive barriers with high quality content offerings in 'twenty. It on this way we're continuously augmented our contact matrix of trading and the nutrient our content I T.

Dagang Feng: Around these IPs, we have launched a variety of pictures, short videos, and live broadcasts to further expand the impact of content. At the same time, in terms of innovation in active IPs, the 36kr flagship IP, WISE New Generation Network Conference, has been officially upgraded to WISE Commercial Network Conference, which covers all areas of commerce. In addition to enriching the diversity of the conference, it also provides a more comprehensive industrial perspective to the audience.

None: It was programming like those I, just mentioned foreseen 2033, and our use of serious we also launched a diverse range of initiatives supporting Avenue, our IP, including tax demographics, salt radios and livestream programs for reinforcing our content influence in terms of event I T.

Dagang Feng: In addition, we have launched a new branch IP, WISE New Generation Network Conference, and the culture and leisure IP, the Unexpected Series and the Great Series, to successfully promote the growth of end-users and enterprise customers. Our second main area of progress is in IP product development. We consistently reinforce our media value by consolidating our media platform's competitive barriers with high-quality content offerings.

None: Innovation broadened the scope of our annual flagship Wise conference to encompass all business them in completing its evolution from the last King of the you New economy conference choose a wife's king of the business conference. Mr. T. J graduation in racing events that diversity, while all.

Dagang Feng: In 2023, we continuously augment our content matrix by creating and nurturing our content IP with programming like those I just mentioned, foreseeing 2033 and our youth series. We also launched a diverse range of initiatives supporting our newer IP, including text and graphics, short videos, and live streaming programs, further reinforcing our content influence. In terms of event IP innovation, we broadened the scope of our annual flagship WISE Conference to encompass all business domains, culminating its evolution from the WISE King of the New Economy Conference to the WISE King of the Business Conference. This strategic graduation enriched the event's diversity, while also providing its audience with broader industry perspectives. We also unveiled a brand new summit, WAVES, as well as two culture and leisure IP series, Surprise and The Incredible, successfully driving growth in our to-see business and facilitating enterprise client acquisition.

None: So providing this audience was broader industry perspectives. We also unveiled a brand new some age waves as well as to cultural foundation of IP Sue is surprised and the incredible successfully driving growth in our to see business and fascinating enterprise client acquisition.

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None: You're trying to teach him because he is talking to you as you're trying to find out in Australia, and you towards human and I'm sure you watch at home even officially rolled forward you see a cohort do you won't tell you. If you don't have to do for at least how you didn't go what kind of hint you only have a chapter of India, who don't have fallen more sort of fixed pay our emphasize is I P oriented upgrades when the harvest branded saw theirs.

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None: <unk> hundred three as a keen observer and interpretations of industry and market trends. So that takes care of research Institute has maintained its focus on conducting thorough research all stayed off the off apologies I didn't know what type of trends in the business of advancement.

Dagang Feng: 36kr attaches great importance to the IPization of service-based products. In 2023, 36kr Research Institute, as an industry observer and trend observer, will be focused on the deep study of cutting-edge technology, innovative trends, and commercial development. Through accurate data excavation and sharp analysis, we provide professional customized consulting services to governments and business customers and provide valuable insights and insights for industrial transformation and innovation. Furthermore, 36kr emphasizes IP-oriented upgrades to enhance its branded service offerings.

None: All high precision data mining and actual the amethyst with support of government and corporate clients with Taylor to consulting services offering invaluable perspectives and insights to drive industry transformation and innovation.

None: Central or something like that so that's how you can get to you, though since you guys usually give them both of them had a cool sort of what she has to have all of them play out how to pronounce your share with me. How can you can you give me your card you can either yeah. That's already here. She always you can question in Eugene nausea Pavel.

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Dagang Feng: In 2023, as a keen observer and interpreter of industry and market trends, 36kr Research Institute has maintained its focus on conducting thorough research on state-of-the-art technologies, innovative trends, and business advancement. Through high-precision data mining and accurate analysis, we support governments and corporate clients with tailored consulting services, offering invaluable perspectives and insights to drive industrial transformation and innovation. At the same time, 36kr Holdings is a rising star in the field of business education. It provides a variety of courses, including open courses, board meetings, and corporate interviews.

None: But that's it on the as you know we show will be but youre not you shimada here, the only outage will change outs and I'm trying to ask him he will take over and I'm wondering how your departure.

None: The sound out which ones you don't actuation does any of you that don't know Shanghai patient IP, but it just got here to talk to you Yeah, I guess when you draw when we essentially though passengers you're fine pomegranate Ginger you don't handle China Shaanxi. Additionally, as a rising star in the opinion of training field. So the 6K, our business school offers a diverse array of.

Courses, including opening lectures explosive fireside chats with C level executives, probably site visits and interviews. We also advanced our development of the grip is the programs for senior executives in the new economy sector in China pick me up with globally estimate institutions, such as all for it.

Dagang Feng: We have also created a series of academic courses for senior management personnel in the field of economic and financial management. In addition, in order to meet the ever-increasing demand for AI, we have jointly launched an international sales project with world-famous universities such as Queen Mary University in the UK. In addition, in order to meet the ever-increasing demand for AI, we have jointly launched a global smart entrepreneur project with Beijing University and Tsinghua University to promote the development of the artificial intelligence industry. Thus far, 36kr Holdings has become a comprehensive commercial training platform in the field of the new economy. It provides a one-stop training solution for new people in the workplace, entrepreneurs in the workplace, and entrepreneurs in the AI industry and helps them take the lead in the new economy. Additionally, as a rising star in the business training field, 36kr Business School offers a diverse array of courses, including open lectures, exclusive fireside chats with C-level executives, corporate site visits, and interviews.

None: University, usually ask isn't the schools in France, I'm, Queen Mary University of London, among others to jointly deliver world class master's and doctoral programs or your response to the escalating need for AI applications, we're trying to forces with top tier institutions, including Peking University unchanged.

None: My University to all deals are global intelligent entrepreneurial initiative for propel to advancement as a result, so to just pay up as many schools IP has gradually emerged as a permanent play our user training sector, enabling recently graduated Sydney light as well as AI professionals.

None: With all your wife and your solution empowering them to anticipate and amplify the new economy girls trends.

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None: Uh huh.

None: As usual I suppose how about in pool.

None: If we didn't counter county, Tim who you can talk to them about torture. So yeah. Once again when times are trying as you go into a home. So how are you going to able to pass on that.

Dagang Feng: We have also advanced our development of degree-based programs for senior executives in the new economy sector in China, teaming up with globally-recognized institutions such as Oxford University, INSEAD Business School in France, and Queen Mary University of London, among others, to jointly deliver world-class master's and doctoral programs. Moreover, in response to the escalating need for AI applications, we joined forces with top-tier institutions, including Peking University and Tsinghua University, to unveil the Global Intelligent Entrepreneurial Initiative for Propelling AI Advancement. As a result, 36kr Business School's IP has gradually emerged as a prominent player in the training sector, enabling recent graduates, business elites, as well as AI professionals with all-in-one training solutions, empowering them to anticipate and amplify the new economy's growth trends. The third is the application of AI technology in innovative scenarios. A wave of large-scale models is emerging.

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None: He or she is that sometimes you can get and tell them you know what I mean, the Toyota totaling 25 to what he is from P. J.

None: People, who will touch on them because they lose any household.

None: His opinion and he says I think it was I'm trying to Oh Gee of who they're trying to you're trying to Hudson.

None: The third and final aspect I want to highlight today is how it happened the bonds our applications innovative scenarios.

None: The new opportunities with the emergency off large languish mall right strategically suddenly hit a L. L. L techs.

None: Technologies throughout our content ecosystem and the pioneer the use of AI technology and opening at top all star this significantly improve the efficiency of store operations, while reducing rather than Pos during in the Asian games, well you know they tend to once again, creating an AI driven anchor a game ball garage.

Dagang Feng: 36kr actively integrates AIGC technology with its own content ecology. For example, we use large-scale model technology to develop Taobao stores, which greatly improves the efficiency of store operations and reduces store operating costs. At the same time, during AIHON, we re-invented the creation of Xiaohongshu and the AI strategy blog and achieved cooperation with AI to unify large models. We further verified 36kr's potential, sensitivity, and execution of AI technology.

None: Oh, sure and teaming up with Alibaba Tanya Am Aldo. This is John initiative marked a significant content creation milestone class well also underscoring. So does this chaos faucet acumen and outstanding execution capabilities and applications in 'twenty two 'twenty three it by virtue of our outstanding proficiency.

None: Creating pawn business and postponed those content well one of the first batch of companies invited to partner with Baidu chat G. P. D cell army about ecosystem. This cooperation has since evolved into a more in depth strategic partnership with Baidu on their lunch, where it starts to really advance innovation on the commercials.

Dagang Feng: In 2023, we used our outstanding creative ability in the original content of Fanxiangye and Fancaixing to become the first batch of ecological partners of Baidu WeChat Speech and reached a deeper strategic cooperation with Baidu. The third and final aspect I want to highlight today is how we have advanced our AI applications in innovative scenarios, seizing new opportunities with the help of large language models. We strategically implemented LLM technology throughout our content ecosystem and pioneered the use of AI technology in opening a Taobao store. This significantly improved the efficiency of store operations while reducing relevant costs.

None: Oh, Yeah technology and content production in enterprise services.

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None: As usual he should be initially to patients on them you don't have a hobby in Yorkshire. She can't tell me Louis L. Arginine. He actually when he was a person who can do that and we kind of view on the shooting intuition, but Furthermore, leveraging the new heritage synergies between Yeah do you see the technology and the content production industry, we maximize that.

Dagang Feng: During the Asian Games, we innovated once again, creating an AI-driven Asian game blogger on Xiaohongshu and teaming up with Alibaba's Tony AI model. This joint initiative marked a significant content creation milestone for us while also underscoring 36kr's foresight, acumen, and outstanding execution capabilities in AI applications. In 2023, by virtue of our outstanding proficiency in creating pan-business and pan-finance content, we were one of the first batch of companies invited to partner with Baidu's chat-JPG-style early-bought ecosystem. This cooperation has since evolved into a more in-depth strategic partnership with Baidu. At the same time, thanks to the natural fit of AIGC technology and the content production industry, we have fully utilized the advantages of AIGC In recent years, the continuous supply of AI video tools has further reduced the cost of video production. Furthermore, leveraging the inherited synergies between AIGC technology and the content production industry will maximize the utilization of AIGC technology across content production activities, including information identification, text processing, and image generation. These upgrades effectively reduce costs while enhancing efficiency.

None: Utilization of Yeah G C technology across content production activities, including inflammation identification tags progressing and in major generation. This upgrades in fact have they reduced cost while enhancing efficiency ongoing updates and interpretations of AI powered video tools will also low.

None: Are the costs associated with the video production going forward.

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None: Or a continued broadening of our business, though but after the promotion of applications across diverse business scenarios. Our AI powered solutions will financial Reportings mutation jointly launch there was a first time and power to customers with unparalleled insight into quarterly financials by harnessing AI Tech.

None: <unk> I'm trying our subscribers received a superior level of service.

Dagang Feng: Ongoing updates and interrelations of AI-powered video tools will also lower the costs associated with video production going forward. In addition, we continue to expand the business frontier and continue to promote the application of AI technology in diversified scenarios. In cooperation with Shangdang Technology, we launched the AI financial analysis business. Through AI technology, we generate financial analysis reports for companies and provide higher quality subscription services to customers. At the same time, we also plan to launch a series of new AI-driven products this year, such as company dailies and search reports. Furthermore, we continue to broaden our business goals by actively promoting AI applications across diverse business scenarios. Our AI Power solution for financial reporting, jointly launched with SenseTime, empowers customers with unparalleled insight into corporate financials by harnessing AI technology, ensuring our subscribers receive a superior level of service and value.

None: Additionally, we plan to unveil a re off H AI driven products in 'twenty 'twenty, four such as coffee briefings and media spotlight CCAR among others, they're all of the strategic deployment of AI technologies, we broadened the position and the position of our customer outrage initiatives you have that.

None: Timberlake connecting with a diverse spectrum of enterprises and organizations previously be Irish deal too resource intensive workloads and the manpower limitation.

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None: So the union for now should open at the same time, the only people downtown he was supposed to hit them and getting them down which is exactly what we are talking about how many cheetos and John in short through our English content ecosystem growing matrix of services and products and expensive AI empowerment, we have continuously.

None: Trends in our commercialization capabilities, resulting in solid revenue growth now I'd like to take a closer look at our commercialization progress we made in each segment in 'twenty to 'twenty. Three so again auto was telling me hung up on July one.

Dagang Feng: Additionally, we plan to unveil an array of AI-driven products in 2024, such as Corporate Briefings and Medium Spotlight Seekers, among others. Through the strategic deployment of AI technologies, we have broadened the purview and position of our customer outreach initiatives, effectively connecting with a diverse spectrum of enterprises and organizations previously beyond reach due to resource-intensive workloads and demand power limitations. In short, through our enriched content ecosystem, growing matrix of services and products, and extensive AI empowerment, we have continuously strengthened our commercialization capabilities, resulting in solid revenue growth. Now, I'd like to take a closer look at the commercialization progress we made in each segment in 2023. We have gradually expanded the diversified marketing service of pictures, long videos, audio, and live broadcasts to help customers achieve the marketing demand of quality, efficiency, and unity. As a result of our continuous service innovation, the average customer price has increased by 17%.

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None: Starting with advertising revenue increased by 8% year over year, we continue to crop that you know that have content marketing strategies and expand it into diverse marketing formats like tax graphics short and long form videos audio in a live streaming to fulfill clients' holistic branding. This.

None: Our ongoing service innovation drove a pool, a palm by seven 2% year over year to expand our industrial footprint, they ramped up advertising initiatives in emerging sectors, such as energy vehicles and luxury goods consumption. While also broadening partnerships. It was the legacy brands in.

Dagang Feng: In terms of industry expansion, the company further strengthens the expansion of new fields such as new design cars, luxury goods consumption, and actively develops more clothing, food, and other large-scale traditional industry customers. At the same time, we continue to expand advertising commercialization channels. In addition to the 36kr website, the 36kr app, WeChat, and Weibo, we are also expanding the range of channels such as Bilibili, Xiaohongshu, Zhihu, and WeChat video accounts.

None: Traditional industries like apparel and food.

None: Also continue to diversify our advertising commercialization channels beyond revenue growth across all of our flagship platforms that are sort of just pay our website. So does this per app wechat and weibo when made significant headway in monetize platforms like BT, BT, social Drupal and <unk>.

None: Channels among others.

Dagang Feng: Starting with advertising, revenue increased by 8% year-over-year. We continued to craft innovative content marketing strategies and expanded into diverse marketing formats, like text, graphics, short and long-form videos, audio, and live streaming to fulfill clients' holistic branding needs. Our ongoing service innovation drove a pull-upon by 17% year-over-year. To expand our industry footprint, we ramped up advertising initiatives in emerging sectors such as new energy vehicles and luxury goods consumption, while also broadening partnerships with legacy brands in traditional industries like apparel and food. We also continued to diversify our advertising commercialization channels. Beyond revenue growth across our flagship platforms, like the 36kr website, the 36kr app, WeChat, and Weibo, we made significant headway on monetized platforms like Bilibili, Xiaohongshu, Zhihu, and WeChat channels, among others.

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None: Well, we have a short video of a shop video business continues to excel with his contribution as a percentage of advertising revenue and consistently on the rise our shop. They do attract has a large following was high quantity of content positioning us as a standout among cooperate account across the various platforms.

None: Bully other short video team covering the automotive sector has gone or what spread claims within the industry for its top notch content. This drove ongoing expansion off of its fall our base as well as partnerships was F teams also brands, including B M. W. Mercedes Benz Danza energy.

Dagang Feng: Our short video business continues to perform well, and the profit and income ratio is constantly improving. 30 short videos with high-quality content attract the attention of a large number of users and become the best sellers on all platforms. It is particularly worth mentioning that our short video car group has gained general praise in the industry with its high-quality content.

None: Yet this accomplishment highlights our competitive edge in the short video sector and layout robots a foundation for our future expansion.

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Dagang Feng: The number of fans continues to rise and successfully cooperate with well-known car companies such as BMW, Benz, Tencent, Jiyue, etc. Not only does it show our competitive strength in the short video field but also sets a solid foundation for future business development. Moving on to short videos

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Dagang Feng: Our short video business continued to excel, with its contribution as a percentage of advertising revenue consistently on the rise. Our short videos attracted a large following with high-quality content, positioning us as a standout among corporate accounts across various platforms. Notably, our short video team covering the automotive sector garnered widespread acclaim within the industry for its top-notch content. This drove ongoing expansion of its followers base as well as partnerships with esteemed auto brands including BMW, Mercedes-Benz, Danza, and Jiyue.

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None: Let's turn to the enterprise value added services throughout 'twenty to 'twenty three so this ex carry men are committed to vertical such as new technology, new energy and new consumption.

None: Approximately 20 industry summit tomorrow directly and inefficient they empower enterprises, we extended our reach to younger demographics with Oh and you also made waves integrity from venture capital and technology culture and music seems to zero in on young business Fathers I know investors. This celebrity.

Dagang Feng: These accomplishments highlight our competitive edge in the short video sector and lay a robust foundation for our future expansion. Next, let's talk about corporate service. In 2023, 36kr continues to focus on the field of new technology, new energy, and new consumption. It has held about 20 industry summits to bring a more direct and efficient customer experience to the company. The company continues to strengthen its approach to young users. For example, it has proposed a new wave of the Vive 4 Summit IP. [inaudible] The total exposure to the Internet is more than 83 million.

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None: The investors, including Kaifu D, Yeah, Tim John and Tim Glenn joined Us at over a year and a flagship summit. There was 22 when this ray Kim's health business the events of vibrant discussion sparkling new ideas and innovation. We also enhance this year's conference was searching assumption, though upgrades to.

None: It's not working potential and to foster even more social engagement among users.

Dagang Feng: At the same time, at the end of the year, the flagship IP activities, the WISE Business King Conference, we invited Li Kaifu, Zhang Yaqin, Guan Qingyou and more than 300 well-known experts, scholars, entrepreneurs, and investors from the field of business and economy to participate in the conference and give a speech. And in terms of functionality, a new upgrade has been introduced, which is a link to the social functionality value of the first Forwarding Conference. Now, let's turn to enterprise value-added services. Throughout 2023, 36kr remained committed to verticals such as new technology, new energy, and new consumption, organizing approximately 20 industry summits to more directly and efficiently empower enterprises. We extended our reach to younger demographics with our all-new summit, WAVES, integrating venture capital and technology. This celebration of youthful entrepreneurship amassed over 83 million views. Meanwhile, more than 300 distinguished commercial and economic experts, scholars, business allies, and investors, including Kai-Fu Li, Ya-Ting Zhang, and You-Qing Guan, joined us at our year-end flagship summit, the WISE 2023 Kings of Business. The event's vibrant discussion sparked new ideas and innovation.

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None: Before I can show you. In addition to offline initiatives, we continue to make strides in all of our consulting services and other enterprise service offerings through our 'twenty to 'twenty. Three we continue to have 45 40 6K, a research Institute expertise industry research regularly issuing top notch research report.

None: With valuable insights, including industrial exports, an array of topics like new energy global expansion automation smart agriculture, and enterprise, that's exactly well forging and depth alliances with leading companies like Lenovo Alibaba cloud Baidu DAU in and not these.

None: Cloud music among others. Furthermore, this year, we are opposed to further deepen our engagement with the government on the public service. This time, drawing upon I'm, a comprehensive graph of government structures at different levels and our wealth of service expertise will offer customers what is integral to the suite.

Dagang Feng: We also enhanced this year's conference with certain functional upgrades to amplify its networking potential and foster even more social engagement among users. In addition to Tiananhao Holdings, Consultation and other corporate services are also continuing to develop. In 2023, 36kr Holdings continues to enhance its industry research and observation capabilities. It published reports on the industry in many fields, including new energy, offshore, automation, smart agriculture, enterprise SaaS, etc., and has established a deep cooperation relationship with companies such as Lianxiang, Aliyun, Baidu, Douyin, NetEase Music, etc. At the same time, we continue to deepen our end-to-end service system this year. Thanks to our in-depth understanding of the government at all levels and rich service experience, we can provide our customers with comprehensive services such as industry connections and recruitment.

None: All services, including facilitating industry specific policies and the investment inflows addressing the varied needs of was position.

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I talked with him about torture or something like that so what I'm gonna lesion with yourself next up for subscription services continue to refine our membership system and a subscription product offerings, achieving significantly year over year annual revenue growth of 21%. One. Good example is our optimization all statistics.

None: Our business school services as part of our aforementioned initiatives to craft a permanent business training IP. Yeah addition to accomplish in the refining of our premium training courses, including funding our salaries and comp, but also dive deeply into the development of international degree days the program.

Dagang Feng: In addition to offline initiatives, we continue to make strides in our consulting services and other enterprise service offerings. Throughout 2023, we will continue to fortify 36kr Research Institute's expertise in industry research, regularly issuing top-notch research reports with valuable insights, including industry exports on an array of topics like new energy, global expansion, automation, smart agriculture, and enterprise SaaS, etc., while forging in-depth alliances with leading companies like Lenovo, Alibaba Cloud, Baidu, Douyin, and NetEase Cloud Music, among Furthermore, this year, we are poised to further deepen our engagement with the governmental and public service system.

None: This now feature is that for lectures by distinguish the dealership scholars and professors covering an array of exciting topics as a result, our subscription services a pool of searches to over RMB 140000, reflecting a notable improvement in all of our holistic commercialization.

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Dagang Feng: Drawing upon our comprehensive grasp of government structures at different levels and our wealth of service expertise, we offer customers an integrated suite of services, including facilitating industry-specific partnerships and investment inflows, addressing their varied needs with precision. In terms of subscription services, we are constantly improving the membership system and subscription products, which has greatly increased our income scale and increased by 21%. In particular, in terms of the optimization of businessmen's businesses, this is the creation of the business training IP mentioned earlier. In addition to continuously upgrading traditional course services such as financing, we are also constantly developing in-depth international academic courses. We invite senior leaders, scholars, and professors to bring different topics to the school.

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Short statistics can sustain its solid schools trajectory throughout 'twenty to 'twenty three we achieved our full year revenue of RMB 340 million up 5% year over year. Thanks to our peerless content creation Pommies robust IP assets actively engaged users and a diversified product.

Dagang Feng: The average course price has increased significantly, breaking the 140,000 yuan mark, and the comprehensive commercialization ability has been significantly improved. Next up, for subscription services, we continue to refine our membership system and subscription product offerings, achieving a significant year-over-year annual revenue growth of 21%. One good example is our optimization of 36kr business school services. As part of our aforementioned initiatives to craft a permanent business training IP, in addition to consistently refining our premium training courses, including funding acceleration camp, we also dive deeper into the development of international degree-based programs. These now feature insightful lectures by distinguished leadership scholars and professors covering an array of exciting topics.

None: And our services are not as of the end of 'twenty. Two 'twenty three we had over $32 7 million followers, a search a 14% year over year that marked our 11th consecutive quarter of growth plenty of 23 also ushered in the era of AI G. C. Large language models are reshaping underrate defining year.

None: Every sector of the economy compound production included driving a new wave of technological transformation such as care has actively embracing AI boom for optimizing content production and commercialization efficiency through a visionary applications.

None: <unk> to 'twenty to 'twenty four as a provider enforced today is her off but ivanka productivity well posed to home our competitive edge in content creation broaden the reach of our product and service offerings and for the harness AI technology to empower high quantitative settlement among newly economies stakeholders.

Dagang Feng: As a result, our subscription services approach surged to over R&D 140,000, reflecting a notable improvement in our holistic commercialization capabilities. To sum up, 36kr continues to grow steadily in 2023. The annual total revenue has reached 3.4 billion yuan, which is 5.5% higher than the previous year.

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None: Just I'll tell I mean after I got here was that I will now turn the call over to Aricept phone right well discuss our financial results. Please go ahead.

Dagang Feng: Thanks to our high-quality content creation capabilities, deep IP accumulation, active user groups, and diversified products and services, by the end of 2023, our overall fan base will have broken through 32.7 million, which is 14% higher than the previous year and achieved a series of 11-year growth. 2023 is the year of AI. The big language model is repeating itself, including the various economic fields in the content production industry, leading to a new round of technological revolution. 36kr actively embraces the wave of artificial intelligence development and further improves its content production and commercialization efficiency through the front-end applications of AI technology. In 2024, as the leading service providers and rich people of new-generation production, we will continue to enhance the original advantages of content, expand products and services, and further use AI technology to promote the high-quality development of rich and new-generation enterprises.

Aricept: Thank you, Paul and I'll I'd like to walk you through more details of our fourth quarter and the fiscal year 2023 financial results. Please note all of my numbers I RMB unless otherwise stated total revenues were 100 and the three plus 3 million in the fourth quarter of 2023% to 7% increase from $96 6 million in the same.

Aricept: So out of last year total revenues for the full year of 2023 were $340 2 million a year over year inquiries, all 515%, although I would tell you in services revenue was $68 6 million in the fourth quarter of 2020 sweep on inquiries of 10% compared to the same period of last year.

Aricept: Well for year 2023 our online advertising services grew by 8% year over year to $238 7 million. The inquiries were primarily attributable to a more innovative marketing solutions, we provided to our customers as well as proactive so strategies, we adopted during the year the average revenue per online advertising.

Aricept: Customer in 2023, or 489000% to 17% increase year over year.

Dagang Feng: In short, 36kr sustains a solid growth trajectory throughout 2023; we achieved a full-year revenue of RMB340 million, up 5% year-over-year, thanks to our peerless content creation policies, robust IP assets, actively engaged users, and a diversified product and service lineup. As of the end of 2023, we had over 32.7 million followers, a surge of 14% year-over-year, that marked our 11th 2023 also ushered in the era of AIGC.

Aricept: Enterprise value added services revenues were 26 3 million in the fourth quarter of Upselling twice, we have a 4% increase from the same period of last year, hopefully year 2023 our enterprise value added services revenue was 67 3 million compared to $72 6 million in the previous year. The 7% decrease was primarily due.

Aricept: The transition of our integrated marketing services, partially offset by the growth of our either in the press about it other services in 2023.

Aricept: So I'm Gonna Pest services revenues were $8 4 million in the fourth quarter appetite was weak compared to $8 9 million. The same period of last year. The slight decrease was primarily attributable to the structural changes to our institutional clients in China, partially outside about the inquiries in individuals' subscription services.

Jianan Ding: Large-language models are reshaping and redefining nearly every sector of the economy, content production included, driving a new wave of technological transformation. 36kr has actively embraced the AI boom, further optimizing content production and commercialization efficiency through visionary AI applications. Stepping into 2024, as a provider and facilitator of advanced productivity, we are poised to hone our competitive edge in content creation, broaden the reach of our product and service offerings, and further harness AI technology to empower high-quality development among new economy stakeholders. I will now turn the call over to our CFO, Wei Li, who will discuss our key financial results. Please go ahead, Dean.

Aricept: Full year 2023 our subscription services revenue was $34 2 million, representing an increase of 21% year over year. The increase was primarily attributable to our continuous efforts to offer high quality subscription products to all subscribers, especially India video subscribers.

Aricept: Cost of revenues was $45 8 million in the fourth quarter of 'twenty twice, a week compared to 47 6 million in the same period of last year. The decrease was primarily attributable to the optimization of personnel related costs.

Aricept: Full year 2023, all cost of revenues was $158 2 million compared to $137 8 million in the previous year. The increase was primarily attributable to higher content cost and fulfillment costs.

Lin Wei: Thank you, Paul. Now, I'd like to walk you through more details of our fourth quarter and fiscal year 2023 financial results. Please note all amounts are in RMB unless otherwise stated. For the full year of 2023, our online advertising services grew by 8% year-over-year to $238.7 million. The increase was primarily attributable to more innovative marketing solutions we provided to our customers, as well as proactive sales strategies we adopted during the year. The average revenue per online advertising customer in 2023 was $489,000, a 17% increase year-over-year.

Aricept: Gross profit was 57 6 million in the fourth quarter of oxide suite, increasing by 18% from the same period of last year gross profit margin was 56% in the fourth quarter of 2023.

Aricept: Five percentage points from 51% in the same period of last year for the full year of 2020 sway our gross profit rate was a 182 million compared to $184 6 million in the previous year gross profit margin for full year, 2023 was 54% compared to 57% in the previous.

Lin Wei: Enterprise Value-Added Services revenues were $26.3 million in the fourth quarter of 2023, a 4% increase from the same period of last year. For full year 2023, our Enterprise Value-Added Services revenue was 67.3 million compared to 72.6 million in the previous year. The 7% decrease was primarily due to the transition of our integrated marketing services, partially offset by the growth of our other Enterprise Value-Added Services in 2023. Subscription services revenues were $8.4 million in the fourth quarter of 2023, compared to $8.9 million in the same period of last year. The slight decrease was primarily attributable to structural changes to our institutional clients in China, partially offset by an increase in individual subscription services.

Aricept: Yeah.

Aricept: Operating expenses were 17 million in the fourth quarter of 2023 compared to 69. Many in the same period of last year for full year 2023, operating expenses were $276 2 million compared with $229 2 million in the previous year.

Aricept: Sales and marketing expenses was $30 3 million in the fourth quarter of 2023, a decrease of 8% from the same period of last year.

Aricept: This is primarily attributable to the decrease in payroll related expenses, partially offset by the increase in marketing expenses for full year 'twenty 'twenty suite sales and marketing expenses were $127 5 million compared to $122 1 million in the previous year.

Aricept: This increase was primarily attributable to the increase in marketing expenses and promotion fees during the year.

Aricept: G&A expenses was 35 plus remaining in the fourth quarter of 2023 compared to $21 7 million in the same period of last year. The increase was primarily attributable to the increase in the laws crowded losses before year 2023, G&A expenses were 107 million compared to 52 point.

Lin Wei: For full year 2023, our subscription services revenue was $34.2 million, representing an increase of 21% year-over-year. The increase was primarily attributable to our continuous efforts to offer high-quality subscription products to our subscribers, especially individual subscribers. Cost of revenues was 45.8 million in the fourth quarter of 2023 compared to 47.6 million in the same period of last year. The decrease was primarily attributable to the optimization of personnel-related costs

Aricept: 1 million in the previous year. The increase was mainly attributable to the increase in allowance for credit losses, as well as certain one off expenses, including severance payments as we optimized our organization and office lease termination fees as we moved our headquarters office in fiscal year 2023.

Aricept: Research and development expenses were $4 4 million in the fourth quarter of 2023% to 70% reduction compared to $14 5 million in the same period of last year for full year 'twenty 'twenty sleep, all research and development expenses were $41 7 million, 24% down from 55 million previous year.

Lin Wei: For full year 2023, our cost of revenues was 158.2 million, compared to 137.8 million in the previous year. The increase was primarily attributable to higher content costs and fulfillment costs. Gross profit was 57.6 million in the fourth quarter of 2023, increasing by 18% from the same period of last year. Gross profit margin was 56% in the fourth quarter of 2023, up 5% from 51% in the same period of last year. For the full year of 2023, our gross profit was 182 million, compared to 184.6 million in the previous year. Gross profit margin for the full year of 2023 was 54%, compared to 57% in the previous year. Operating expenses were 70 million in the first quarter of 2023, compared to 69 million in the same period last year.

Aricept: As we proactively embrace AI technology, and the streamlined our research and development teams, resulting in a decrease in payroll related expenses.

Aricept: Share based compensation income recognized in cost of revenue selling and marketing expenses research and development, sometimes it's as long as the G&A expenses totaled zero point for me in the fourth quarter, Oh 2023, compared to SBC expenses of $4 6 million in the same period of last year. The fluctuation was primarily due to the <unk>.

Aricept: Reversal of share based compensation expenses related to four faithful in Q4 'twenty suite.

Aricept: For the full year of 2023, the total amount of share based compensation expenses were $4 7 million compared to $13 9 million in the previous year. Other expenses were $5 1 million in the fourth quarter of 2020 suite compared to other expense of $1 2 million in the same period of last year.

Lin Wei: For full year 2023, operating expenses were 276.2 million, compared to 229.2 million in the previous year. Sales and marketing expenses were $30.3 million in the fourth quarter of 2023, a decrease of 8% from the same period of last year. This is primarily attributable to the decrease in payroll-related expenses, partially offset by the increase in marketing expenses.

Aricept: Before year 2023, other income was $4 9 million compared to other income of $67 5 million in the previous year. The decrease was primarily because the company recognized so that it's meeting gain on disposal of subsidiaries and the 16 million of long term investment income in 2022, but lack.

Aricept: My $8 1 million fair value loss of long term investments in 2020 suites.

Aricept: That loss was $17 7 million in the third in the fourth quarter of 2023.

Lin Wei: For full year 2023, sales and marketing expenses were $127.5 million, compared to $122.1 million in the previous year. The slight increase was primarily attributable to the increase in marketing expenses and promotion fees during the year. G&A expenses were $35.3 million in the fourth quarter of 2023, compared to $21.7 million in the same period of last year. The increase was primarily attributable to the increase in allowance for credit losses.

Aricept: Net loss of $21 5 million in the same period of last year before you're up 2023 on that loss was $89 2 million compared to net income of $22 6 million in the previous year.

Aricept: non-GAAP adjusted net loss was $18 1 million in the fourth quarter of last week compared with non-GAAP. Adjusted net loss of 16 9 million in the same period last year, but full year 'twenty 'twenty suite non-GAAP adjusted net loss was $84 6 million compared to non-GAAP adjusted net income of $6 5 million.

Yes, yes.

Aricept: Net loss attributable to sort of say fix chaos ordinary shareholders was $18 8 million in the fourth quarter of 2023 compared to a net loss attributable to such a six yard ordinary shareholders of 28 million in the same period of last year for full year of 2023 net loss attributable to <unk> six Oh my shareholders.

Lin Wei: For full year 2023, G&A expenses were $107 million, compared to $52.1 million in the previous year. The increase was mainly attributable to an increase in allowance for credit losses, as well as certain one-off expenses, including severance payments as we optimized our organization and office lease termination fees as we moved our headquarters office in fiscal year 2023. Research and development expenses were 4.4 million in the fourth quarter of 2023, a 70% reduction compared to 14.5 million in the same period of last year.

Aricept: Was 19 million compared to net income of 21 9 million in the previous year.

Aricept: Basic and diluted net loss per M D as well both on B 45 cents in the fourth quarter of all the 2023 compared with net loss.

Aricept: Of RMB 50.

Aricept: The same period of last year.

Aricept: Full year 2023 basic and diluted net loss per ADR were both RMB two six compared with basic and diluted net income per ads of RMB 53 cents in the previous year.

Lin Wei: For full year 2023, our research and development expenses were 41.7 million, 24% down from 55 million in the previous year. As we proactively embraced AI technology and streamlined our research and development teams, resulting in a decrease in payroll-related expenses. Share-based compensation income recognized in the cost of revenues, sales and marketing expenses, research and development expenses, as well as G&A expenses totaled $0.4 million in the fourth quarter of 2023, compared to SBC expenses of $4.6 million in the same period of last year. This fluctuation was primarily due to the reversal of share-based compensation expenses related to forfeiture in Q4 of 2023. For the full year of 2023, the total amount of share-based compensation expenses was $4.7 million, compared to $13.9 million in the previous year.

Aricept: As of December 31st 2023, the company had cash cash equivalents and short term investments of RMB 117 million compared to RMB 160 million as of September 30th 2023.

This concludes all of our prepared remarks today, we will now open the call to questions. Operator. Please go ahead.

None: Thank you if you wish to ask a question. Please press star one on your telephone and wait for your name to Vietnam.

None: You wish to cancel your request. Please press star two if you're on a speakerphone. Please pick up the handset to ask your question.

None: For the benefit of all participants on today's call. If you wish to ask a question to management in Chinese. Please immediately repeat your question in English. Your first question comes from Shan Shan outlets TICC.

Shan Jiao: 8000, Holly, though huh, Oh gosh, she went tender yet, yes, we haven't gotten changes or the Q1 or do they know when do you know how has your Guangzhou among all you would Oh 17.

Lin Wei: Other expenses were $5.1 million in the fourth quarter of 2023 compared to other expenses of $1.2 million in the same period of last year. For full year 2023, other income was $4.9 million compared to other income of $67.5 million in the previous year. The decrease was primarily because the company recognized $38 million gain on disposal of subsidiaries and $16 million of long-term investment income in 2022 but recognized $8.1 million fair value loss of long-term investments in 2023. Man lost was 17.7 million in the fourth quarter of 2023, compared to a net loss of $21.5 million in the same period of last year. For the full year of 2023, our net loss was $89.2 million compared to a net income of $22.6 million in the previous year.

Shan Jiao: 17, guinta inbound within Sally Shankland elements in the John wanting you to do we'd see Archie and Kenyan Doug long all year, which you should all have a digit I face Oh, congratulations to the solid growth in the revenue intend they tend to sway and how does the management view the advertisement.

Shan Jiao: And I have no chance in the fourth quarter and into near term before it. Thank you.

Shan Jiao: Gotcha.

None: I know you guys want to stay in your car put them a little bit I'm going to take a chunk of the Chi Chow Hershey.

Shan Jiao: Hello.

None: Forgive me if I am passionate technology, that's what you should have an spa did you go to Washington.

None: How do you see Henry hub, HEICO, who they get you to the shingle Cobo Hall horizontal yelp, we hung coal jokes I'm going to ask you totally in cohort two.

Lin Wei: Non-GAAP-adjusted net loss was $18.1 million in the fourth quarter of 2023 compared to non-GAAP-adjusted net loss of $16.9 million in the same period of last year. For full year 2023, non-GAAP-adjusted net loss was $84.6 million compared to non-GAAP-adjusted net income of $36.5 million in the previous year. Net loss attributable to 36kr ordinary shareholders was 18.8 million in the fourth quarter of 2023 compared to net loss attributable to 36kr ordinary shareholders of 20.8 million in the same period of last year. For the full year of 2023, net loss attributable to 36kr ordinary shareholders was 90 million compared to net income of 21.9 million in the previous year. Basic and diluted net loss per ADS were both RMB0.45 in the fourth quarter of 2023 compared to net loss per ADS of RMB0.50 in the same period of last year.

None:

None: Okay, and she's going to have them. So you're kind of on the can you kind of know.

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None: You'll have an annual children provides useful there in Chicago.

Cold you won't come back and I'm Gonna Hotel content.

None: Do you have an interesting element sure you're going to be all digital ones.

None: Actually there's room with a whole you can as you sure Joanne.

None: Tricia kind of cause you don't usually got hit anytime you can Oh Jacob.

None: Sure if there's anything from school to Neil will sheet or hot water.

None: She's not here I mean, how would you say you're gonna be a hard Oh. It was on top of just hear in your history you can.

Yeah, Yeah, we I'm going to I'll come back to us unbundle continuing here, though.

None: Okay, and then could you talk about any of the Showtime Linda cause you don't wish all of them, though should we use them.

None: Thank you despite persistent macroeconomic changes in 2020 three I don't housing business demonstrated solid growth momentum achieving 8% year over year revenue growth. This success is a trip as opposed to our ongoing commitment to enhancing content influence and our ongoing client.

Lin Wei: For full year 2023, basic and diluted net losses per ADS were both RMB2.16 compared to basic and diluted net income per ADS of RMB0.53 in the previous year. As of December 31, 2023, the company had cash equivalents and short-term investments of RMB117 million compared to RMB160 million as of September 30, 2023. This concludes all of our prepared remarks today. We will now open the call to questions. Operator, please go ahead. Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2.

None: Phase expansion across diverse industries, particularly among top tier and the mid sized advertisers metastatic realistic trend in your AD spending by advertisers per pound a year over year increase and you have a pool of 17% attachment to such a six chaos basket business resilience.

None: In addition, we have been actively exploring and harnessing AI technology to enhance my opinion to obtain this and across the you know it takes strategies, including personnel.

Advertising content generation advertising placement and the live streaming featuring digital Influencers exact trial as such we are providing our customers with marketing solutions that are smarter more efficient and the more innovative.

Unknown Executive: If you are on a speakerphone, please pick up the handset to ask your question. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. Your first question comes from Shan Jiao with CICC. Hello, everyone. Hello, Mr. Wei.

None: We are cautiously optimistic about advertising growth is your tax rate for 'twenty 'twenty four aimed for the ongoing macroeconomic through bond sustained the stimulus policies and the new development strategies, such as advanced productivity as a leading service provider for and a facilitator of newly econ.

Shan Jiao: Congratulations on the steady performance. Thank you very much for accepting my question. My question is still about our advertising business. I would like to ask Guan Yicun to share with us how we look forward to the first quarter of this year and the advertising business trend for the whole year of 2024. I will translate it myself.

None: To me and advanced the productivity stakeholders wed expect a little but the girls and young for advertising business in 'twenty to 'twenty four mm, particularly industry sectors, such as school demanded from our government business and it happened in these sectors as well as the need to market advanced.

Shan Jiao: Congratulations on the solid growth in revenue in 2023. And how does the management view the advertising revenue trend? Okay, thank you, Shan Jiao. In a not-so-optimistic overall economic situation, Alianz 3.0 has achieved a relatively stable growth pattern. As you can see, the growth rate is 8%.

With technologies pharma traditional eye suppresses. Thank you.

None: Your next question comes from Ming Zhao with Swf's research.

None: Yeah.

Dagang Feng: This is mainly due to some impact on the content and some continuous growth of industry customers. Especially in the case of head-to-head customers or customers above the waist, which are relatively large-scale customers, the contribution to our growth is greater. As a result, you can see that our average customer price has increased by 17%.

Lingyi Zhao: So that's a harbinger hall, that's going to go to the yes, you should that's union jamba, you'll find him down those Schindler did you hold its own job no.

Lingyi Zhao: T O.

Well remember each home to a shipping season to change that quote.

Dagang Feng: We are also exploring some marketing effects in the field of AI, including personalized advertising content, live streaming, and digital people live streaming, to provide our customers with more intelligent, more efficient, and innovative marketing solutions. For 2024, we have a more cautious and optimistic attitude, including the trend of leading large customers and the trend of AI-based effects, which is also more obvious in K21. I believe that economic recovery at any time is good for our business.

Lingyi Zhao: There are a whole bunch of a whole huge oh.

Lingyi Zhao: Women do gene pool pay toll woman, that's undrawn shouldn't be doing it if we want a terrorist event T shirt corpses I showed signs of F. On me and the board you you'd use either project Greenwash the shipments.

Lingyi Zhao: Well that phase yet.

Lingyi Zhao: What is the latest progress on both long and short veto business what are the plans for all the further explore growth potential.

Dagang Feng: We expect to see better growth in our advertising business in 2024. Specifically, I think these will be our driving factors, especially those related to AI business. Large companies and traditional companies, especially those related to the demand for technology dissemination, demonstrated solid growth momentum, achieving 8% year-over-year revenue growth. This success is attributable to our unwavering commitment to enhancing content inference and our ongoing client-based expansion across diverse industries, particularly among top-tier and mid-size advertisers. The steady growth trend in ad spending by our advertisers propels a year-over-year increase in our approval rate of 17%, attesting to 36kr's robust business resilience.

Lingyi Zhao: And what is the company's layout and size of development plan and generate to the AI just yet.

None: Hello, Hey, I don't know yet.

None: Oh, I should get in touch with him and the fact that we have actually only you actually have to hit him talking to you guys well kind of as you'd have a tornado why aren't you sure she'll come off on the Cold you don't do a husband and father Koranda Roth is almost at any point until you would actually you know where you are especially it was held in the bondholders on those type of examples I know if you call them thought here with any of you.

None: I'll, let you go after him on a shorthand my initial dorion tankless water bottle without a chocolate I'm Joshua talked to all of them.

Paul: Okay Paul.

Paul: And here in the near one I'm, sorry, if you haven't or your question I'm going to let him have universal it would've come and find the right now so it's all I honestly didn't want us to hold enough come onto and shifting the fed's initial thoughts you have on your shop shouldn't be San Francisco as you're down in Australia, Asia and I'm not sure if you want.

Dagang Feng: In addition, we have been actively exploring and harnessing AI technology to enhance marketing effectiveness and craft innovative strategies, including personalized advertising content generation, and live streaming featuring digital influencers, etc. As such, we are providing our customers with marketing solutions that are smarter, more efficient, and more innovative. We are cautiously optimistic about our advertising growth trajectory for 2024, aimed at an ongoing macroeconomic rebound, sustained stimulus policies, and new development strategies such as advanced productivity. As a leading service provider for and a facilitator of the new economy and advanced productivity stakeholders, we expect robust growth in our advertising business in 2024, particularly in these three sectors, such as growth demand from government and AI business sectors, as well as the need to market advanced technologies from traditional advertisers. Thank you. Your next question comes from Lingyi Zhao with SWS Research.

None: I think they will do it what are you I know you don't want to give them on which I will come down at that time.

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None: Digital have wouldn't elite, which out of home to sort out exactly right.

None: Those have to be capable of handling any notion of capital.

None: Thank you for your question well for your first question, our short video as opposed to a wider customer acceptance and the higher pool compared to other advertising format, providing a major flattening off the comedies overall advertising revenue in 'twenty, three and leveraging of our purest content creation problem and a substantial year for.

Lingyi Zhao: Hello, Mr. Dai and Ms. Lin. Congratulations to the company for achieving good growth in such an environment last year. I have two questions.

None: So across major platform.

None: Marshall punish nourish the beating companies that's generated.

Lingyi Zhao: The first question is about the latest progress of our long-term video business. What are our plans for further expanding our growth potential? The second question is about the company's plan for AI and future development.

None: Told me he has a lot to be accounting for about 20% of the company's total advertising revenue at the same time, our and engaging content across finance economics, and they use for lifestyle Canada.

Lingyi Zhao: What is the latest progress on both long and short video business? What are the plans for our further exploring growth potential? And what is the company's layout and further development plan in generative AI? Thank you. Thank you, Lingyi. I'll answer the first question first.

None: Tension across major platforms that BD BD, though in quite sure exactly as off the end of 2023 out of shot major followers reached nine median affording significant took on too many on BD BD alone regarding long videos. So all 2023 hour.

Dagang Feng: Our development plan for short videos and long videos. First, let's talk about short videos. Short videos should be said to have wider customer acceptance and higher customer prices than other advertising formats. Since we launched our short video business three years ago, the ratio of short video business in our advertising revenue has constantly been increasing. By 2023, we will have reached revenue of tens of millions of yuan, which accounts for about 20% of the company's advertising revenue. At the same time, our professional content, including content for young people, has been widely loved by users on Bilibili, Tiktok, and Kuaishou. So, by the end of 2023, the number of fans of our full-length short videos will have reached more than 9 million. Among them, the number of Bilibili fans is more than 2.2 million.

Talk show serious foreseen 20th started story towards those trough distinguished yes, and in depth analysis around here within the industry of a show rapidly capture audience attention and achieved a substantial monetization success well, earning glowing reveals its two students a mess overseas.

None: Henry 15 medium views, we also thrilled about the tool programs of our upcoming serious foreseen 2034, which is in full swing in 'twenty to 'twenty four window deepened both short and develop.

Stepping up our investments in content creation, and so there's customization and exploring a wide array of formats. We have a handful of long video programs in the pipeline, which will further enhance.

And stuff.

None: Hello, Okay. What is your what are you actually I mean, they have tried to move her hope would you say cyclical man I've looked at it.

Dagang Feng: Then, in terms of long videos, today, as the host, I have a legal program called See 2033. Because we have a lot of guests and we don't have much content, we should say that traffic, reputation, and commercialization are double-edged. The total exposure volume of the first and second seasons of the show exceeded 3.5 billion.

None: Yeah Sure Center goes away you called me to Eagle now women Okay.

They want to know mahogany implementation will Oh, so you never know how can anyone here.

None: She'll be able to do what he wants to see that as usual the huge needle.

None: My counsel to me and we have short so where are you going to tell you the Fuji call Oh Man Pechiney, Yeah do you have.

Dagang Feng: Now we are working on a new episode, which will be released in 2034. In short, in 2024, the development of long-term video will continue to increase our original ability and the ability to digitalize services. In addition, in 2034, I think we will launch new long-term video content to further improve our content digitalization map. Thank you for your question.

None: So it's a lot of people thought you were changing the way I want to touch on something out here what was your high North Asia.

None: Yeah, Hillman pets, you'll know.

None: I agree with you I graduated particularly almost where we wanted to do we want.

None: Did you want me in bulk in a tweet tweet.

So do not show up until you have a triangle I mean, as you think that there's anything unusual.

Dagang Feng: Well, for your first question, our short video received both wider customer acceptance and higher approval compared to other advertising formats, providing a major share of the company's overall advertising revenue in 2023, leveraging our peerless content creation policies and a substantial influence across major platforms, commercial partnerships with various leading companies. This generated annual revenues totaling tens of millions of RMB, accounting for over 20% of the company's total advertising revenue. At the same time, our engaging content across finance, economics, and useful lifestyle garnered widespread attention across major platforms like Bilibili, Douyin, and Kuaishou, et cetera. As of the end of 2023, our short video followers reached 9 million, including a significant 2.2 million on Bilibili alone. Regarding long videos, throughout 2023, our long video talk show series foreseeing 2033. Owing to its roster of distinguished judges and in-depth analysis, a rarity within the industry, our show rapidly captured audience attention and achieved a substantial monetization success while earning glowing reviews. Its two seasons amassed over 350 million views.

None: He didn't know children's where you go.

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None: This is where the wholesalers you bought champion you she's a longtime view Chico.

None: And what have you watched it anyway is how did you go.

None: So it's almost like a whole series of biological until you come out of it.

None: You can imagine when you do them the coaching offline.

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None: Okay.

None: Tell me what do you mean to you guys. How do you you go you'll know Washington that he didn't tell them that has a bundle when Pete I take over the whole I'm chasing can do most of the time.

None: All hell boundaries.

None: So for your second question as we all know Twentyish ushered in the era of D. C. As a new economy contact information platform. So there's six chaos skillfully elaboration, though you Harley.

None: Synergies between content creation and yeah just technology.

None: No doubt the emergency of intelligence specialize I'll call them to focus on providing high calibre yeah G Z pack content, but also further deepened our interpretation of D. C with content production actively harnessing technology for content creation across the broad from a call writing on taxes.

Dagang Feng: We're also thrilled about the two programs of our upcoming series, Foreseeing 2034, which will be in full swing in 2024. We will deepen both short and long video development, setting up our investment in content creation and service customization, and exploring a wide array of formats. We have a handful of long video programs in the pipeline, which will further enhance our content. The second question is about the development plan and layout for AI. I would like to answer this question on three aspects.

None: Relation to imagine generation anymore, reducing costs and enhancing efficiency. Yeah addition, leveraging our king acumen and a vision for AI technology, we pioneered the process of opening a top I'll start Jose if they're using AI do me the Asia games well you know it is once again to create a yeah driven issue.

None: MS. Blogger also true we also teamed up with Alibaba Tanya am Aldo.

Dagang Feng: The first aspect is that, as a media organization, we launched a new public account, Smart Link, in the year of the AI explosion in 2023. This is to provide users with high-quality content on continuous AI technology. On the second level, I want to say that as a creative service organization, we also used AI last year. For example, we used AI to shoot Taobao stores all the way. We are the first in the industry. During the Asian Games, we used pure AI again to become the protagonist of Xiaohongshu's Asian Games strategy.

None: We have also advanced applications across the adverse scenarios and unveiled a ray of AI driven across Texas.

None: Such as our AI financial recalled interpretation launched in collaboration with downtime as well as our company DNA brief and then medium coverage outrage this offerings and empower our customers with intelligent information collection analysis and reporting services.

None: The strategic deployment of E N G C technology, the broadened the preview and position of our customer outreach initiatives effectively connecting with a diverse spectrum of enterprises and organizations pretty nicely beyond rage due to resource intensive workloads and manpower limitations.

Dagang Feng: I think these aspects, including the professional cooperation with AI, are some of our progress as a creative organization. The third point, which is also the most important point, is that, as an enterprise, we are promoting the development of AI, including our recent cooperation with Shazam, which has launched the AI financial interpretation, and our company's daily news products, which will be launched soon in our current development, and the product of seeking reports. [inaudible] Our theory is that in the past, there were a lot of needs that were very obvious, but it was not because of the cost or because of its efficiency.

None: For your question next please.

Speaker Change: Your next question comes from pay pay Q with industrial Securities.

Speaker Change: And all of dollar shillings yet.

Speaker Change: Oh, gosh, you're going to say, Jim Jim that no one Joe I knew that she doesn't bother yeah, yeah, well do Daniel you could be all she did an event.

Speaker Change: Just real dreary Dol a G E.

Speaker Change: Daniel did you go live for which you should go and try to keep quiet. She had told you that I gotta you'd see Nobody tells me you got your Bell who teaches that you ship.

Dagang Feng: In the past, we couldn't achieve it, but today, with the help of AI, we can reach these customers. These things are obviously very helpful to the company's business. So for your second question, as we all know, 2023 ushered in the era of AIGC.

Speaker Change: He will answer your crown Royal Shionogi, but sundar children.

Dagang Feng: As a new economy content creation platform, 36kr skillfully leveraged the inherited synergies between content creation and AIGC technology. We rolled out the Emergency of Intelligence, a specialized account focused on providing high-caliber AIGC tech content. We also further deepened our interpretation of AIGC with content production, actively harnessing AIGC technology for content creation across the board, from copywriting and text translation to image generation and more, reducing costs and enhancing efficiency. In addition, leveraging our keen acumen and vision for AI technology, we pioneered the process of opening a Taobao store exclusively using AI during the Asia Games. We innovated once again to create an AI-driven Asia Games blogger on Xiaotongshu.

Speaker Change: I will translate my question the subscription service business is growing faster than expected. So what are the main factors behind this.

Speaker Change: And what are the new growth strategies for the Sacramento in the future.

None: Thank you.

None: How does your I think it was around about why that's why you see me, Okay I'd ask on individually.

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None: And with that Michelle thought wasn't he or she got here I mean, as you know that digital you shared that you go to them with a shovel.

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None: She and her blood loss or something like that.

None: Children, a chance at all.

None: You were talking you know anyone who was one of the easier.

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None: Oh did you do a hockey stick.

Dagang Feng: Teaming up with Alibaba's Tony AI model, we have also advanced AI applications across diverse scenarios and unveiled an array of AI-driven projects, such as AI Financial Report Interpretation launched in collaboration with SenseTime, as well as the company Daily Brief and the Medium Commerce Outreach. These offerings empower customers with intelligent information collection, analysis, and reporting services. Through the strategic deployment of AIGC technology, we have broadened the purview and precision of our customer outreach initiatives, effectively connecting with a diverse spectrum of enterprises and organizations previously beyond reach due to resource-intensive workloads and manpower limitations. Thank you for your question. Next, please. Your next question comes from Peipei Qiu with Industrial Securities. Hello, Mr. Da, Ms. Ling.

None: As you'll see from here.

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None: And you can tell me if you don't have the land.

None:

None: Okay. Yeah I was just handed me all the way to you.

None: You can do that well you couldn't even get a job I totally agree the hotel.

None: We put up a wall and therefore put on dish as well sure okay.

None: So you don't have either tissue and she's going to hinder you attended.

None: I mean honestly I couldnt.

None: So you got to acquire the bone pad you talked about you got most of your bonds and.

None: How do you feel you as usual to the Ohio, She usually to know how these your vision.

But all of them.

None: So you're telling me you tell me, which I should say really hungry.

None: She also Jason Campbell with them Oh, sure that how quickly you're going to you'll wholesale changes at any.

None: I'm trying to understand in the tissue oximetry tissue traditionally Eagle Ottawa you touched on all of you who you haven't taken any unusual kind of way to our communities aren't whenever you have that you don't do it.

Peipei Qiu: Congratulations to the company for achieving such a good result in such a difficult environment. I have a more detailed question. We noticed that this year's subscription service is actually growing quite fast, and some of its features are beyond everyone's expectations.

None: Well does that pick girls and you have or subscription services or <unk>.

None: Primary Renee propelled by the law.

None: Fitness.

Peipei Qiu: So I would like to ask what the specific reason behind this is, and will there be new growth strategies in the future? Here's my question translated: the subscription service business is growing faster than expected. So what are the main factors behind this?

None: So I kind of just mentioned.

None: 2023 as we diligently optimize our Permian training courses that venture capital clause in the founding of saturation cats, we all.

None: Also joined hands with global the F team to institutions to deliver what class chapters and the doctoral programs for corporate executives. Our subscription services are poor surged to over RMB 140000, Omar in response to the escalating need for expertise and applications.

Peipei Qiu: And what are the new growth strategies for this segment in the future? Thank you.

Dagang Feng: The main reason for the rapid growth of subscription services is that a series of academic courses were launched in 2013. For example, as we just mentioned, we launched a series of regular online courses with some famous schools in the UK and France. These courses have greatly increased our class price. Our class price exceeded 140,000 yuan last year.

None: They partner with top tier institutions, including Peking University in Shanghai University. So our view of the global intelligent entrepreneurial initiative, enabling panel participants to further advance their AD awareness and utilization through hands on training in 'twenty 'twenty four well continued with adverse.

Dagang Feng: Another important reason is that we have noticed the extreme curiosity and demand for AI in the industry. So we have also launched AI courses. For example, we launched the Global Intelligent Entrepreneurship Project with Peking University and Tsinghua University. This project is also very popular.

None: I have a core course offerings and a worldcom more institutions as partners continue on again, reaching of a portfolio of training options. In addition, we are actively expanding our AI driven subscription offerings to cater to both juicy and <unk> segments, including AI powered solutions for <unk>.

Dagang Feng: In the coming time, we will continue to cooperate with more international well-known universities in various fields, and we will continue to enrich our service and course system. At the same time, we are also trying to launch a new subscription product for the AI system for C and B teams. This may bring us new growth in the subscription section in 2024, including the company daily we just mentioned. It relies on AI technology to achieve intelligent information collection, intelligent data analysis, and intelligent output reporting. So I think this kind of product is very popular in the media industry. As far as I know, it has never appeared before, but I think it will be a product that is very valuable to users.

None: Financial report interpretation corporate briefings and more by harnessing AI technology for the intelligent information crashing in the light vehicle intelligence and reporting among other things we ensure our subscribers received a superior level of service a fabulous further accelerating the <unk>.

None: In our subscription services. Thank you and next question. Please.

None: Your next question comes from Rocky Louis Sealant Securities.

Rocky Louis: Hello, Oh, no it's not a hole, but you don't go all that it won't be all borgwarner once union, giving it to someone.

Rocky Louis: I think like you said you want a petroleum gauze underneath that number.

Rocky Louis: All new England censorship uncle Sam.

None: Yeah, you know George about some gotcha.

Dagang Feng: By the way, this product is a low-cost, high-value business. So I think the launch of this product may be a very important driving force for this year's subscription service block. While the rapid growth in our subscription services was primarily propelled by the launch of our equipment program that I just mentioned, throughout 2023, as we diligently optimized our premium training courses like Venture Capital Class and Funding Acceleration Cap, we also joined hands with globally esteemed institutions to deliver world-class master's and doctoral programs for corporate executives. Our subscription services now post-surge to over 140,000. Moreover, in response to the escalating need for AI expertise and applications, we partnered with top-tier institutions, including Peking University and Tsinghua University, to unveil the Global Intelligent Entrepreneurial Initiative, enabling participants to further advance their AI awareness and AI utilization through hands-on training.

None: And all of them billable.

None: Oh finish out of Asia.

None: What are the gross prospects for 'twenty three 'twenty four.

None: Thank you.

None: Oh yeah.

None: I don't know something interesting in that regard because.

None: So here's probably the union the whole you know how is that going to usually Uh huh.

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None: Somehow I should throw money that Oh, what else now and Chico's is another one times or so.

None: I mean, I honestly I can't figure out and I said, yeah, well, there's always a place where he was somehow.

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None: What I'm, telling me a whole bunch of other oh in touch with are treated with agenda.

None: As you can when he was going to keep a home decor for Nevada. He moves his show you can always call me into sure.

None: Opinion, even when they show up.

None: You want the whole themselves.

None: Oh goes away okay.

None: You wanted to.

None: People she can't tell me how long ago.

Dagang Feng: In 2024, we will continue to diversify our course offerings and welcome more institutions as partners, continually enriching our portfolio of training options. In addition, we are actively expanding our AI-driven subscription offerings to cater to both the C and the B segments, including AI-powered solutions for financial reports, interpretation, corporate briefings, and more. By harnessing AI technology for intelligent information collection, analytical intelligence, and reporting, among other things, we ensure our subscribers receive a superior level of service and value, further accelerating the growth of our subscription services. Thank you. And next question, please?

None: She came from call it not only in the immediate future.

None: Well, who came back on 20th anniversary, despite macro uncertainties and shifting external dynamics will deliver solid results was 5%, 555% year over year revenue growth well cautiously optimistic of 'twenty 'twenty, four and we expect to sustain revenue growth and improved.

None: Profitability for one thing we will further enrich our content ecosystem I reinforce our products and services. We will also actively and maximize utilization of juicy technology across content product initiatives and launch additional yeah, driven products to engage with a diverse spectrum of enterprises and our clients.

None: They'd be on wage do too resource intensive workloads and manpower limitations or the introduction of the notion of advanced productivity has fostered a strong sense of confidence and our friends across the company doesn't have a comprehensive offering that support and empower a diverse spectrum.

Reki Liu: Your next question comes from Reki Liu with Sealand Securities. Hello, leaders. Everyone has asked a lot of questions related to the past year's performance, so I would like to add a question about our future prospects, that is, what are the overall growth prospects of the company in 2024? Can you give us some information? Then I will translate my question.

None: Most businesses, we're well positioned to capture a greater commercialization opportunities arising from this national strategy. Furthermore, with the optimization of our organizational structure and it's just a matter of cutbacks in cost and expenses were opposed to advance ever goes off cost reduction or efficiency enhancements, which will further.

Reki Liu: What are the growth prospects for 2024? Thank you. Okay, thank you. It's been a tough year for us.

Dagang Feng: With the influence of various factors, it's not easy for the company to gain 5.5% of its revenue. However, we are optimistic about the year 2024. I believe that our revenue will continue to grow in 2023, and our profitability will improve. We have launched new products, especially AI-based products, and we are improving our customer service capabilities. On the other hand, we are optimizing our cost structure, including the organization's structure. In today's situation, our company will further achieve the goal of reducing costs. So we will achieve higher operating efficiency and improve our capacity. Looking back on 2023, despite macro uncertainties and shifting external dynamics, we delivered solid results with 5.5% year-over-year revenue growth. We are cautiously optimistic about 2024, and we expect sustained revenue growth and improved profitability.

None: Both of our operating leverage driving overall profitability to new Heights.

None: Thank you.

None: As there are no further questions I'd now like to turn the call back over to the company for closing remarks.

None: Okay.

None: Yeah.

None: Thank you all once again for joining us today, if you'll have further questions. Please feel free to contact services casting investor relations contact information provided on our website.

None: Okay.

None: This concludes this conference call you May now disconnect. Your line. Thank you.

None: Okay.

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Dagang Feng: For one thing, we will further enrich our content ecosystem and reinforce our products and services. We will also actively maximize utilization of AIGC technology across content production initiatives and launch additional AI-driven products to engage with a diverse spectrum of enterprises and clients previously beyond our reach due to resource-intensive workloads and manage our limitations. Moreover, the introduction of the notion of advanced productivity has fostered a strong sense of confidence and assurance across the company. Given our comprehensive offerings that support and empower a diverse spectrum of businesses, we are well-positioned to capture greater commercialization opportunities arising from this national strategy. Furthermore, with the optimization of our organizational structure and systematic cutbacks in costs and expenses, we are poised to advance our goals of cost reduction and efficiency enhancement, which will further bolster our operating leverage, driving overall profitability to new heights.

None: Okay.

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Unknown Executive: Thank you. As there are no further questions, I'd now like to turn the call back over to the company for closing remarks. Thank you once again for joining us today. If you have further questions, please feel free to contact 36KR's investor relations through the contact information provided on our website. This concludes this conference call. You may now disconnect your line. Thank you.