Q2 2024 36Kr Holdings Inc Earnings Call
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Speaker Change: Hello, Ladies and gentlemen, thank you for standing by for 30, 6K, our holding Inc. 'twenty 'twenty four most popular earnings conference call.
Speaker Change: At this time all participants are in listen only mode. After management's prepared remarks, there will be a question answer session. Today's conference call is being recorded I will now.
Speaker Change: I'll turn the call over to your host you anyway.
Speaker Change: Our manager of the company. Please go ahead Jim.
Speaker Change: Thank you very much Hello, everyone and welcome to 36, the key our holdings first half 'twenty 'twenty four 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 all.
Speaker Change: Sorry to ask IR docs, they're just H T. Our dot com participants on today's call will include all co chairman and CEO, Mr. Dong Fang and our Chief Financial Officer, Mr. Gianni Mr. Fong will start the call by providing an overview of the company and the performance highlights at the preferred hub in Chinese.
Speaker Change: Followed by an English interpretation Mr. He will then provide details on the company's financial results before opening the call for your questions.
Speaker Change: 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 Reform Act up 1995 four.
Speaker Change: 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 in all the risks and uncertainties is included in the company's of course doctors and other public filings as filed with the U S. S E T.
Speaker Change: The company that might assume any obligation to update any forward looking statements, except as required under applicable law. Please note that 36 pay or the earnings press release and this conference call include discussion of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures 36.
Speaker Change: They are the earnings press.
Press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. Please note that all numbers are in RMB and now I'll turn the call over to our co chairman and CEO. Mr. Adolfo Pelling. Please go ahead.
Speaker Change: Yeah.
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Speaker Change: Thank you Hello, everyone. Thank you for joining our third to half of 'twenty 'twenty four earnings conference call.
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Despite persistent market challenges in the first half of 'twenty 'twenty four we delivered as Holly the Amish operational performance, our online advertising services <unk> rose by 22% year over year, while subscription services argue are more institutional customers increased by 8% year over year underscoring all comparable type of market.
Sandy: Sandy as of the end of second quarter, we had over 33 point 28 million followers.
Our growth momentum will be that increase of 9% year over year. There's achievements were largely attributable to the effects of the execution of all three sub strategy positioning expansion in a collaboration specifically we are defending our book is on premium original content you hadn't seen on original content and supply capabilities expand.
Sandy: Being a customer base in the segments to meet the diverse customer needs and the club arguably exploring AI applications to empower all variety of a business not really there's the synchronized initiatives are boosting our operation operating efficiency into propelling us towards a new base of a diversified development.
Speaker Change: I mean, it wasn't you didn't lose out what you're trying to get you to that Ginger, Let me walk you through our major progress in Egypt, They just push that starting with positioning.
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Speaker Change: First we continued to enhance our contents court eastern columnist strengthening our taxes in the graphics content ecosystem or anything that or do you think they are the effects of the content. They do some Nathan network. We have built a robust content circulation mountains in the first half over here nearly 400 articles achieved over 1000 page views.
Speaker Change: All premium content has garnered extensive industrial clean solar defining our industry why is that why the leadership in insight in England. We also extended our appeal to younger audiences with some with some vertical media channels like T. I D E and O Houston Astoundingly diversifying.
Speaker Change: User demographic with a launch it but I'll use the that's a lifebelt pounds 30, 6K, our games, we minimally enriched our content verticals extending out across the segment reach beyond the new economy users to a broad spectrum of them all the knowledge and the entertainment to Odyssey.
Speaker Change: Thanks, Neal well was it somebody who got him in.
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Speaker Change: Is this all told them essentially what we shouldn't do Nagel, who will drive heat rate I'm not sure. What you won't tell you tend to like it won't ship until July.
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Speaker Change: Most of it relating to any of them come to life.
Speaker Change: Or shouldn't be new business also performed exceptionally well in the first half of the here, we actively expanded our presence across a leading short video platforms like Billy Billy though even in quiet so driving my increasing also be due followers to over $9 2 million with a notable with a notable to 0.3 and you lean on.
Speaker Change: Billy along 90 day buyout do also cause an in depth content and the high quality IP, we consistently impressed our audience with professional specialized insightful arrange mobile. Additionally, we unveiled the AI car a rash program on the auto industry's application into welcome into OPI, We also rolled out.
Matt would you tracks. The Lady is between E. D. I aim to construct a new blueprint for the intelligent world does the initiatives, notably all the way to you to user engagement and the overall experience reinforcing our position as a top content creator.
Nick: Well Nick.
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Paul: Hello, Paul.
Speaker Change: We also have all been answered I was wondering if any of you who don't have.
Speaker Change: And she tried a way that didn't go to long island to Cartesian without him on the phone, but you don't want out of a total package together.
Speaker Change: In the long form reading segment, we collaborated with a popular shortfall short form video platform going to launch a new season of all elites talk show theory preceding 'twenty three 'twenty 34 in the second quarter. We made notable strides in content creation and a channel distribution through this robust partnership the debut.
Speaker Change: Did they viewed episode ever foreseen 2034 fixed wing, Neil founders being delta into upcoming shifts in the new energy vehicle sector, garnering widespread interest in the racking up over 84 million views across various platforms.
Speaker Change: So Julien I mean, what's up with that and you'll watch Wellington.
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Speaker Change: Do you work with them with your scissors you chose your hotel table with them kind of weird.
Speaker Change: We have also taken a lot of changing because many people getting tons of an idea of how that will all get not sure. You'll watch we get high enough that you're going to see kind of how do we get well sure. She's out there that don't have someone with a AAA game.
Speaker Change: It's the only comes in he will tell you that shrunk as you travel, particularly as you're trying to tell me that those will that you'll hold that I was always taught us into full time.
Speaker Change: Max life streaming, where we continually optimize our innovative offerings during the first half of the year, joining joining hands with the industry about doing as we launch that in area of entertaining like streaming programs the possibility to greater interaction in a real time connection all awaiting user engagement and stickiness one prime.
Speaker Change: An example is our new series the big deal, which features the insightful conversations between industry insiders in the medium to readers in a content creator.
Speaker Change: The other is we use the insights hub.
Speaker Change: A new show that focuses on capital dynamics in innovative initiatives offering industrial professional market intelligence. We also debuted either you've thought a series of face to basics changes with the emerging business leaders designed to invite either with deep multi dimensional insight.
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Speaker Change: So we can't wait until it goes then I cannot tell you a little thing that people don't feel ball now although you don't use the tools as you know opinions you emotionally that tuned into that.
Speaker Change: Last one and I'll leave you state events IP in the first half of 'twenty 'twenty four we achieved a substantial success with the launch of a major event I P. Under wants to productivity a corner sent me in collaboration with industry Giants like Alibaba Baidu Lenovo in the Intel we dealt into the latest tweens in AI applications.
Sharing insights on both the opportunities and challenges gleaned from day to day business operations. The Cemig attracted unimpressive wondra meal imports music, sparking extensive industry, but additionally, our highly anticipated as being a major event I E. Maybe some meat returned in June 2024.
Speaker Change: Being a reach a variety of other features across the bench of capsule technology holter in a music sectors. Among others waste has served as a bulk billing hot blistering connections among young entrepreneurs, Indeed masters breaking up I wonder if they seemingly have used in the pre cycle, you're engaging the younger demographic.
Speaker Change: Well if you don't get you don't you don't you won't you hit your guidance because I didn't want to keep all of them, Jim Gouin called javelin Eagle well that'll all kind of come up with all the computer home team, having county G 100, G here need to hold on to them.
Speaker Change: But he can fulfill the whole Sidney I wish sometimes without you wouldn't you don't hear that you'll have a cohort that didn't clean up over the hill country in a formal share.
Speaker Change: Hershey levels who's actually doesn't usually not even people can tell you what is it.
Speaker Change: By consistently crossing high quality original programs interesting to this thing is it that you've been citing.
Speaker Change: We have ensured the steady flow of premium content, garnering broad visibility and E filing lively discussions there.
Speaker Change: The approach has to significantly amplify our brand power advertising potential commercial value. Our holistic upgrade is all content than ive been to lineup has you know rates style content equals system expanded our user base in the cultivate data more of that with content is not really in the service model for users and our customers alike, but theres already defined.
Speaker Change: Our leadership literally about cross industry settlements in the boosting user stickiness.
Andrea: We are taught us Andrea $2, even does now let's turn to the expansion piece with all three step strategy.
Although we're not talking about you're bringing on one box or like the all you can do because they don't have everything what did you mean here.
Speaker Change: It was a hold all those yet they don't move to a coach and teacher, she called out sometimes called glam hot and they only need Couches Hill.
Speaker Change: Well, it's a tricky question put out and he who whose name I'm going to put out all of a sudden email opinion Angel you know what they don't go who he got geez I didn't know because you can see that you're losing that you don't even know what the single attendee told around video sure. They don't go who she goes I know you told that I'm just not sure. She didn't he knows he's hanging.
Speaker Change: It can be a whole lot in gotcha.
Speaker Change: Our strategy for innovative content and even to lay out has empowered us to forge closer ties with top global brands like Alibaba JD by dance in Hot Huawei, while also accelerating growth.
In our customer base, and we are well positioned to consistently meet our customers' diverse content marketing in 'twenty 'twenty four we made remarkable progress in broadening our customer segments, Indiana, reaching relevant to service offerings in sectors, such as food and beverage restaurant chains and sports and outdoor beauty into.
Speaker Change: Personal care home appliances, and more notably the proportion of new customers in the sports and outdoor category, you talked to 60%. Meanwhile, beauty and personal care as the new customer, we usually can sit at a 40% and your food and the beverage alone with the restaurant teams recorded a new customer ratio was just a passing 20%.
Speaker Change: So that will be helpful to know how you basically opinion netted against the against yourself.
Speaker Change: Just sort of a sense that you don't get older. They tend here you don't you want to sell you won't have any helpful. Because if you want to leave only schindel. He mentioned trying to what is sure who don't use L don't really unusual offline.
Speaker Change: His answer was actually I know you don't do any of you read about you go towards that he was he jumped in Miami.
Speaker Change: Moreover, prevent or to into the energy storage sector crafting a special like documentary for MPC globally, a globally renowned the manufacturer of the other ones. The lithium batteries. We also provided integrated the marketing services for a major player in global mobile payment, including customized solutions as such.
Speaker Change: As the magics the meat in depth brand promotion customer acquisition support in the interactive marketing our tailored approach and in fact, I believe our salary eating is a global expansion and enhanced its position in the mobile payment sector, well, Phil there strengthening its brand influence.
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Speaker Change: This year without even before then we hope that.
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Speaker Change: Meanwhile, counsel rising on 30 6K are the substantial meetings Wednesday and expertise.
Speaker Change: Uh huh.
Speaker Change: And 36 P. R Research Institute, we continuously refine the hours. So this architecture for governmental into public services system or anything on bass the understanding of the intricacies of all levels of government to operations, along with our broad base of service experience, we offer customers an integrated suite of services.
Including facility to eat us industry sports that they can partnerships you've asked money inflows into global expansion service hubs to meet their where he didn't meet our diverse just laid out the premium services continues to attract new clients expanding our Gulf them into Cottesmore base in both the Yangtze River Delta in the Pea.
Speaker Change: We booked a zebra adulthood regions.
Speaker Change: I don't know, whether I can absolutely and you're trying to leave the call with you went up without doing that you don't own trial, which I didn't know that you can count on when he was or the coldest U N. T will go out on the Kolchinsky begin to chemicals to Shanghai to lead a G show you know you do.
Speaker Change: So you don't know, but you know what gives you as usual.
We're reaching 30 6K or the platform resources and expertise we have impressed out customers with more precise market insights into in the marketing solutions are stable and high quality customer base, coupled with our broad and varied customer demographic underscores our ongoing commercialization you, hence men's in the pace of wafers.
Speaker Change: Sustained business growth.
Speaker Change: Good afternoon.
Speaker Change: Yeah, well you as usual that I shouldn't have an autoimmune or just your own.
Speaker Change: You know what goes on here.
Speaker Change: Well.
Speaker Change: Last but not least the collaboration the final piece of all three staff strategy in the first half of 2024, well it depends it depends in the broadens our collaborative efforts as we integrated the technology across our business segments achieving positive outcomes.
Speaker Change: Well see which one I'm glad you got some single tenant wholesale well don't pencil as he's with US here when you see it.
Speaker Change: You see there as you know sometimes people ask you know what I'll tell you that will give some color though.
I think when I got to tell them.
Speaker Change: So as you went out there are no further questions glad too. So I'm wondering what kind of a tenure that they don't currently which I don't know.
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Speaker Change: That's what you Gotta do you think about how you view functional hopefully another typhoon and they want somebody who has used with its exercise.
Speaker Change: Doesn't sound potentially that she was telling me he jumped on T cells.
Speaker Change: One. Notable example is our indexes ready Jacob partnership with Samsung for the once the applications of AI technology jointly.
Speaker Change: Jointly launched nine areas, but yeah, I agree that in offerings, including a median spotlight seeker and he has a natural report interpretation and I won't let you make your generation delighting users with smarter more efficient content and service offerings in expanding 36 P. R. Its audience reach by integrating 30, 6K or the content equation problem.
Speaker Change: This witness times like the ones the AI technology, we aim cheese grades and to promote an all new AI chief content officer concept steering traditional media and towards a more intelligent in the interconnector to feature.
Speaker Change: We are confident that our enhanced content ecosystem Mindy I endorsements will drive continued expansion in all product matrix in the consistently improved our operating efficiency.
Speaker Change: Sometimes I'm sure. There's how many would you put out holds all the animals or somebody that means when people watch it on your own at all sure you always talk about here you know depending.
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Speaker Change: In summary during the first half of 'twenty 'twenty four all three SAP strategy offering positioning expansion in a collaboration ensures the fawley the operation what Lady nasal Bugs the foundation for growth in the later half of the year with our innovative spirit in Britain as the next generation technology in a wide range of partnerships with global.
Speaker Change: Hot runners and we are pointed at T. In Haynesville content influenced in once commercialization propelling the company as a high quality sustainable growth.
Mr. Suddenly: With that I will now turn the call almost all with Apple Mr. Suddenly.
Mr. Sanjay: Are these hostile all to all our key financial results. Please go ahead.
Speaker Change: Thank you.
Speaker Change: Now I'd like to walk you through the detail all for first half of 'twenty 'twenty four financial rebel please.
Speaker Change: Please note one among our U R M B a life otherwise stated.
Speaker Change: Okay.
Speaker Change: First our total revenue were a hunger and a two point for many years of course, the half off of 'twenty 'twenty four comparative to a hungry or 39 9 million in the same period of last year.
Speaker Change: All my other words hygiene services revenue were 80 point for millions of course, I'll hop off the country's wonderful compared to 98.9 minions and nothing to write off last year. The decrease was mainly due to a reduction in advertising spending by otherwise hyper.
Speaker Change: The third thing that's trees and a challenging external environment.
Speaker Change: Yeah edition, the optimized or a cut so much cross her to control credit risk.
[noise], which lead to a decrease in revenue of scope.
Speaker Change: Underpriced Battery service revenue were 13.4 million in the fourth of half off of 'twenty 'twenty four compared to 26.8 million in the same period off last year. The decrease was mainly due to ore.
Ongoing service offering refinements rich.
Richie: Richie involved.
Speaker Change: But several regional offices.
Speaker Change: Activities to suppress T J, <unk> walk us all or careful and efficiency optimization.
Speaker Change: Okay.
Speaker Change: Subscription service revenues were 8.6 million Indians of course, the half off of 'twenty 'twenty four compared to 14 point to many in the same period of last year. The decrease was mainly due to the London evolution of or cleaning service model.
Speaker Change: [noise].
Speaker Change: Cost of revenue were 57 million in the first half off of tonnage April compared to $2 17 million in the same period all of them up here.
Speaker Change: Kris was mainly attributable to decreased operating.
Speaker Change: Operating cost you can come back to us with a decline in our revenues.
Speaker Change: Gross profit was 45 planes by many in the first half off the top of your 24 compared to 69.8 meetings in the same period off last year.
Speaker Change: <unk> porphyry, marking where 44.4 percentage in the first half of 'twenty 'twenty four comparator to 49, 9% in the same page of last year.
Speaker Change: Operating expenses are hungry 17 million in the first half of 'twenty 'twenty four.
Speaker Change: Decreasing by 9% compared to 208.7 million in the same period of last year.
Speaker Change: Sales and marketing expenses Wolf 45 point for many in the first half of the 20th Andy for a decrease of 29, 9% from 64.8 million in the same period last year.
Speaker Change: The decrease was mainly attributable to the decrease in payrolls that they do but you can see rental expenses.
Speaker Change: Marketing and promotional expenses and share based compensation expenses.
Speaker Change: Yeah. They expenses were $62 8 million in the first half opportunities.
Speaker Change: Cool 79, 9% increase compared with 230, $34 9 million thus into it all last year.
Speaker Change: The increase was mainly attributable to the increase in allowance of thoughtful account and possibly all fight by the decrease in share based compensation expenses.
Speaker Change: Research and development expenses were 8.8, maybe in the first half of attorneys hungry for.
Speaker Change: A decrease of four six in my point of 7% from 39 million in the same P write off last year.
Speaker Change: The decrease was mainly attributable to the decrease you ever reach compensation level, four or research under the viable development person personal utterly restructure or M. D T.
Unknown Executive: Hello ladies and gentlemen. Thank you for standing by for 36kr Holding Inks 2024 first happier earnings conference call. At this time, all participants are in listen only mode.
Speaker Change: Share based compensation policy iteration life yen cough Grand New sells and my team punches research and development.
Unknown Executive: After management prepared remarks, there will be a question and answer session. Today's conference call is being recorded.
Speaker Change: Development expenses and the G&A totaled 0.0 5 million in the first half of 'twenty 'twenty four compared to $3 7 million in Bethune peeling it off last year.
Zhen Wei: I will now turn the call over to your host, Zhen Wei. I am our manager of the company.
Speaker Change: Other expenses were 24 points remaining in the fourth of half of 'twenty 'twenty four compared to 6 million of other income in the same people are talking about here. The increase was mainly because the company recognized about 25.5 million of Ian Weissman.
Unknown Executive: Please go ahead, Jim. Thank you very much.
Zhen Wei: Hello everyone and welcome to 36kr Holdings First Health 2024 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 in CEO Mr. Dagang Feng and our Chief Financial Officer, Mr. Xiang Li.
Speaker Change: Most are racing for fair value change of long Weizmann long term investment this year.
Speaker Change: Net loss was $95 9 million in the first half of 274 compared to net loss of 52.7 million in the same pure at all from last year.
Dagang Feng: Mr. Feng will start the call by providing an overview of the company and the performance highlights of the first hop in Chinese. Followed by an English interpretation, Mr. Li will then provide details on the company's financial results before opening the call for your questions.
Speaker Change: non-GAAP adjusted net loss was $95 9 million, thus far in the first half of 274 compared to non-GAAP adjusted net loss of 49 million in the same period I'll come back here.
Unknown Executive: 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 for looking statements involving care and risks and uncertainties. As such, the company's results may be materially different from the views expressed today for their information regarding this and other risks and uncertainties that is included in the company's perspectives in other public findings as filed with U.S. SEC. The company does not assume any obligations to update any forward-looking statements except as required under applicable law.
Speaker Change: Loss attributable to 30 6K, our ordinary shareholders wore Nike was 94 applying for millions of fourth of half of 'twenty 'twenty four compared to 52.3 meetings and the same people at all from last year.
Speaker Change: Basic and diluted net loss per ADR.
Speaker Change: <unk> bought two point to four five in the first half of 'twenty 'twenty four compared to basic and diluted net loss of part a b S. Awful 1.258 in the same P write off last year.
Unknown Executive: Please note that 36kr's earnings press release in this conference call includes discussion of an audited gap of financial measures as well as an audited non-gap of financial measures. 36kr's recent silliation of the audited non-gap measures through the audited gap measures in the please note that all amount numbers are in R&B.
Speaker Change: That's off of cooling a 30th 2024, the company has cash cash equivalents and the short term environment of 96.9 million compared to a Hungary 16, 9 million adult but December 34 countries on this REIT the decrease.
Dagang Feng: I have now turned the call over to our co-chairman in the CEO, Mr. Daghang Phong. Pell, please go ahead. Thank you.
Speaker Change: This was mainly attributable to net cash outflow from operating activities.
Speaker Change: This concludes all our prepared remarks today.
Dagang Feng: Thank you for joining our third half of 2024 earnings conference call. [inaudible] Despite persistent market challenges in the first half of 2024, we delivered a solid operational performance. Our online advertising services are produced by 22% year-over-year, while subscription services are produced among institutional customers increased by 8% year-over-year, underscoring a competitive market standing. As of the end of second quarter, we had over 33.28 million followers, sustaining our growth momentum of the increase of 9% year-over-year.
Speaker Change: We will now open the call to questions. Operator. Please go ahead.
Speaker Change: Thank you if you wish to ask a question. Please press star one on your telephone and wait for your name to be announced.
Speaker Change #100: If you wish to cancel your request please press star two.
Speaker Change #101: If you're honest speaker phone please pick up the handset to ask you a question.
Speaker Change #101: For the benefit of all participants on today's call. If you wish to ask your question to management in Chinese Crazy immediately repeat your question in English.
Once again, if you wish to ask a question. Please press star one on your telephone and wait for your name to Vietnam.
Speaker Change #102: I will just pause for a minute to allow question nice to enter the queue.
Speaker Change #102: Thats Star one to register for a question.
Yeah.
Speaker Change #102: Okay.
Speaker Change #102: That is star one on your telephone for a question.
Dagang Feng: These achievements were largely attributable to the effective execution of our three-step strategy, positioning, expansion, and collaboration. Specifically, we are defending our focus on premium original content, enhancing our original content's applicability, expanding our customer base in the segments to meet diverse customer needs, and the collaboratively exploring AI applications to empower a variety of the business models. The Sincronized Initiative is our boosting our operating efficiency in propelling us toward a new phase of the diverse fine development.
Speaker Change #103: As we are showing no questions I'll turn the call over to the company for closing remarks.
Speaker Change #102: Okay.
Speaker Change #102: Okay.
Speaker Change #102: Okay.
Speaker Change #102: Yeah.
Dagang Feng: Let me walk you through our major progress in each of the three steps that we are going to do in the next three steps. First, we continue to enhance our content creation promise, strengthening our tax and the graphic content ecosystem. Harnessing 36KR, the effective content dissemination network, we have built a robust content circulation mount. In the first half of the year, nearly 400-dollar articles achieved over 100,000 pages. Our premium content has garnered extensively the industrial claim, solidifying our industry-wide leadership in insights and influence.
Speaker Change #102: Okay.
Speaker Change #102: Yeah.
Speaker Change #102: Okay.
Speaker Change #102: Yes.
Speaker Change #102: Okay.
Dagang Feng: We often extended our appeal to younger audiences with subvertical media channels like TIDE and OUs, standardly diversifying our user demographic. With the launch of all new specialized accounts, 36KR gains, we minimally enrich our content subverticals, extending our process segment to reach beyond new economy users to a broad spectrum of knowledge and entertainment audiences.
Speaker Change #102: Okay.
Speaker Change #102: Okay.
Speaker Change #102: All right. Your first question comes from Jim grew with Sealand Securities.
Speaker Change #102: Okay.
Speaker Change #104: Oh go ahead, Josh Aha Elisha go ahead into hospitals are you, saying, Oh, Jordan anywhere you go glam vehicles or they'll go on all year.
Linda Johnson.
Speaker Change #104: She does have just after you go through the jugal Guangzhou you with a gunshot Ya Chu our hosted Ohio Xiaomi on they go into its first ship.
Speaker Change #105: Could management outline that it gets back to a growth trajectory for the advertising business how will the company's strategize moving forward. Thank you.
Speaker Change #106: And I hear it.
Speaker Change #106: Hello, Michelle Berkshire, you got two kilowatt is idle.
Dagang Feng: Our short video business also performed exceptionally well in the first half of the year. We actively expanded our presence of craft leading short video platforms like Beery Beery, Thouin, and Quaisel. Driving my increase in our short video followers to over 9.2 million with a notable 2.3 million on Beery alone, guided by our dual focus on in-depth content and the high quality IP. We consistently impressed our audience with professional, specialized insight for original videos.
Speaker Change #106: Okay.
Speaker Change #107: We remain cautiously optimistic about future that were typhoons there Alastair.
Speaker Change #108: Jonathan when you guys without Helga technical Johan.
Speaker Change #108: Cable OIBDA hugging cogent people talk with LNG is almost a whole bunch of them all.
Speaker Change #108: Don't you want without any of the pool to the coverage Universe hotel.
Oh, that's what I'm gonna say somebody into general that nausea.
Speaker Change #108: Oh Gee I casually.
Speaker Change #109: In terms of the strategy, we have to proactively optimize our products and your services to navigate ongoing macro economy economy challenges, providing deeper supported to your core customers, including leading Internet Giants in the Fortune 500 companies. This approach has proven highly effective driving a 20% increase.
Dagang Feng: Additionally, the unwilled AI car, a flash program on the also industries application and development of AI. We also wrote out AI map, which attracts the ladies trained in AI and constructs new blueprints for the intelligent world. This initiative notably elevated user engagement and overall experience, reinforcing our position as a top content IP creator.
Speaker Change #110: The nalco in the first half of the year, we believe that there is a few potential for future growth.
Speaker Change #111: I don't know if anybody tell me and when we have people away from achieving here good luck mechanical whole shoulder.
Here you go.
Speaker Change #111: Okay.
E E.
Speaker Change #112: E G the Shanghai and Tianjin.
Speaker Change #112: As usual.
Speaker Change #113: Her name unless you're going to go to.
Speaker Change #113: Our tissue can draw that you'll have so that you don't have to challenge what we probably would be helpful. There shouldn't be able to give you wouldn't see it sounds like a neat a watchword island Honda.
Dagang Feng: In the long-form review segment, we collaborated with the popular short-form video platform Thouin to launch a new season of our elite talk show series for seeing 2034 in the second quarter. We made notable slides in content creation and channel distribution through this robot partnership. The debut episode of for seeing 2034, picturing Neil Founder, Deepin, dealt with into upcoming shifts in the new energy ecosystem, honoring one spread interest in the wrecking up over 84 million views across various platforms.
Speaker Change #113: Yeah, and I Wanna, titled Nicole with Amazon and others.
We will also continue to enrich our content ecosystem expand our reach into new channels and diversify our content sports difficult comps to cover more sub vertical. We are also actively depending the into integration of the IGT technology, where the content production rolling out more AI driven offerings will allow us to engage with a broader range of companies.
Dagang Feng: Next, life streaming where we continually optimize our innovative offerings during the first half of the year, joining hands over the industry veterans, we launched an area of entertaining life streaming programs that facilitate data greater interaction and real-time connections while awaiting user engagement and stickiness. One primary example is our new series, The Big Bill, which features insight for conversations between industry insiders and the media creators and content creators. Another is with the insights hub.
Speaker Change #114: He's in institutions that work, we basically out of reach due to bandwidth and yourself and constraints.
Speaker Change #115: So she was helpful Angela Andrea Fisher.
Angela: Oh, okay.
Speaker Change #117: If I could I know her technical people and talent.
Speaker Change #118: I believe I mentioned, how are you seeing much of a gel thielman.
Speaker Change #117: Okay.
Speaker Change #119: Instead of selling them as Youre, hoping you can shout Huntington don't forget.
Speaker Change #119: Javier Jonathan a whole bunch of mechanical tool bushels to the electrical and the example that I put out but element without your what was the timeline and the only challenge detail on Amsterdam.
Speaker Change #119: Okay.
Speaker Change #120: Email painters or why they don't go home.
Speaker Change #120: Yohji culture gives you got off the job was one of the thing that one of them.
Speaker Change #120: She is on now.
Speaker Change #120: Sure.
Bargetto Schinder could you go over that hurdle. So you don't need a wider English Andean telecom fiduciary. They don't go who shikotan just hold on just a sheer shaheen are just hanging ancillary things like anytime Joshua.
Speaker Change #121: Actual older Millennials had a syncope feast-or-famine attach and then you've got a jail.
Speaker Change #122: Our ongoing content development effort to have the expanded and diversified our user base and the service scenarios, while strengthening our stable partnerships with our key accounts like Alibaba JD by dancing Abawi. We're also consistently finding high value customers as we cater to customer accompanies diverse content marketing in.
Dagang Feng: A new show that focuses on capital dynamics in innovative initiatives offering investor professional market intelligence. We also debuted a youth talk, a series of a face-to-face exchanges with emerging business leaders designed to enlighten user with the multi-dimensional insights, in the first half of the 2024, we achieved a substantial success with the launch of a major event IP at once the productivity AI partners that meet. In collaboration with industry giants like Ali Ba Ba, Ba Su, Lenovo, and Intel, we delved into the latest trains in AI applications, sharing insights on both opportunities in the challenges green from day to day business operations.
In 2024, we continue to broaden our premium customer segments in sectors, such as food and beverage restaurant chains of sports and outdoor beauty and personal care home appliances anymore, making great strides we onboard it if there is premium global brands as partners, including operators the PFC in the PNG.
Speaker Change #122: Notably the proportion of new customers in this 14th outdoor category top to 60%. Meanwhile, beauty into personal care is a new customer ratio exceeded 40% and your food and beverage alone with restaurant chains to record the new customer ratios of surpassing 20%.
Speaker Change #123: Thank you.
Speaker Change #124: Your next question comes from Lin with Swf's research.
Speaker Change #125: And go hard on page number.
Speaker Change #126: I'll tell you that just yet.
Speaker Change #126:
Speaker Change #127: Uh huh.
Speaker Change #127: I'll just say all the challenges.
Speaker Change #128: Does that leave us when we should have gone and now you're just going to go there's a longer term I'm not sure.
Speaker Change #128: E L. A doesn't hinder your Manhattan nod, if you'll go back gosh.
Speaker Change #128: Jack.
Speaker Change #128: Hi, Chi goggles on tomo.
Speaker Change #128: Yeah with a gentleman named Oh.
Speaker Change #128: We owe him a horseshoe tunica.
Dagang Feng: There's a meet attracted an impressive audience to millions plus views, sparking sensitive industry buzz. Additionally, our highly anticipated signature event IP waves submit returned in June 2024, offering a great variety of the features across the venture capital technology, halter, and music sectors, among others, ways to serve as a bustling hot, fostering connections among young entrepreneurs in the investors, breaking up 150 million views in the precisely engaging the younger Democrats.
Speaker Change #129: I'm not sure the year, whether they go out of the night shift lead. It is largely just a bump up because of the launch of live at our Cai pool salons, where are you on.
Speaker Change #130: Yeah, we're about what are the latest developments in shorthand along radios Douglas how does the company plan to extend our growth potential.
Speaker Change #131: So let's see here.
Speaker Change #132: Lastly, I will tell them that you guys talked about you didn't control.
Speaker Change #133: Not yet.
Speaker Change #133: With that I'll share.
Speaker Change #134: Any or all of the total with anti <unk>, who joined us at that time to it because that will mean that actually then they only get them flat dollar could you talk to your China don't have shoveled onto Tom took on them.
Dagang Feng: [inaudible] Moreover, we've entered into the energy storage sector, crafting a specialized documentary for MPs, a globally renowned manufacturer of the ones releasing batteries. We also provided integrated marketing services for a major player in global mobile payments, including customized solutions such as thematic submits, in-depth brand promotion, customer acquisition support, and interactive marketing. Our tailored approach to effectively accelerate is global expansion and enhanced its position in the mobile payment sector, while further strengthening its brand influence.
Alan: If you wish Alan Chicago and put out in the U K now.
Speaker Change #136: To go I don't know if I can.
Speaker Change #136: Any chance I mean, he has shown that it can be neutral from lento.
Speaker Change #137: In the first half of 'twenty 'twenty, four we know because we delve deeper into their short and the long BD sector consistent consistently providing diverse content offerings, while expanding our range of the juicy products. Our short video content lineup now covered the broadest spectrum of music, including technology co innovation business insight lights.
Speaker Change #137: Zero anymore delighting users was it rich and varied content options.
Speaker Change #138: Enrollment casual weather does.
Speaker Change #139: Are you asking for the long haul.
Speaker Change #140: Ill cover the Commvault and additional owned hotels on call because I know, it's hard to I don't want to go out and take hold of the peso.
Speaker Change #140: And then one can get it at all.
Speaker Change #141: Oh, Okay sure sure hold on Deutsche anymore.
Speaker Change #140: Sure.
Speaker Change #142: So he is looking at Oklahoma.
Speaker Change #142: Sure thing it wasn't that training hanging in a handful of Austria don't tell me and ill. Thank you. Ken <unk> question was on building National I don't put a comment lingo.
Speaker Change #143: Let me answer your toilet joking that atmel and the annual plan.
Speaker Change #144: Uh huh.
Speaker Change #145: And then he should only or the ones that are welcome facilitating agenda. They don't cause IP that either due to that opinion.
Speaker Change #146: General and should have that initial too much about her sheila good agricultural tolling and essentially what happens here she's actually goes for the Eagle and the casual and actually you can found on them quickly.
Speaker Change #145: So as you.
Speaker Change #147: As we mentioned before relative to the three other advertising channels. The short video advertising, both the broader customer appeal in higher output, which has contributed significantly to the company's advertising revenue growth from 'twenty to 'twenty four leveraging our content equation prominence in a substantial platforming influenza, we established the high visibility.
Speaker Change #148: <unk> commercialization collaborations with multiple leading brands revenue performance was on track with our forecast for the year. Additionally, all finance in the youth lifestyle content has garnered widespread visibility in either interest across major platforms like Billy Lee do you didn't quite show, we launched a rash.
Speaker Change #149: Programs like AI car in the AI map substantially all reading user engagement and overall experience and reinforcing our position as a top content IQ crater a midyear 2024 hour shouldn't be you followers as the past at $9 2 million and a notable $2 3 million on beauty alone which is.
Speaker Change #150: It's difficult to for an institution that media company.
Speaker Change #151: Hi, good evening.
Jonathan: Hi, Jonathan.
Speaker Change #153: Okay. So youre opening until today, you're talking about your article Shanghai can you give us an easy hurdle the international terminal.
Shannon: How should handle it doesn't all fall shortly and we all came out of it as your telephone Shannon if you could give more.
Nicola: Hello Nicola.
Speaker Change #156: I can say that now that you have on the new origination how much of your higher Tasha can we help them in the way, we got an element of old Navy ships.
Speaker Change #157: Shifting data Chinese government Canadian government temporarily game with your call.
Speaker Change #158: Regarding long form video, we collaborated with popular short short form video platform don't yet to launch a new season of all elite to talk show theories foreseen in 2000 2034 in second quarter. We made notable strides in content grades and in the channel distribution through this robust partnership its debuted episode of victory Neal.
Speaker Change #158: Longer William B being wrapped up over 84 million views across various platforms.
Speaker Change #158: Yeah.
Speaker Change #158: Thank you for your question.
Speaker Change #158: That does conclude.
There are no further questions I'd like to turn the call over back to the company for closing remarks.
Speaker Change #158: Okay.
Speaker Change #158: Yes.
Speaker Change #158: Okay.
Speaker Change #158: Desktop getting over to the company for closing remarks.
Dagang Feng: Meanwhile, catalyzing on 36kr the substantial median influence in the expertise of our local audience, and 36kr research institutes, we continuously refined our service architecture for governmental and public services system, harnessing our vast understanding of the intricacy of all levels of governmental operations. Along with our broad-based service experience, we offer customers an integrated suite of the services, including facilitating industry-specific partnerships, investment inflows, and the global expansion service hubs to meet their varied needs.
Speaker Change #158: Yes.
Speaker Change #159: Our apologies we have another question from Lin with Swf's research.
Speaker Change #158: Okay.
Speaker Change #160: Hey, how about Asia.
Speaker Change #161: On the whole of our egos hunger nowadays he does that I guess.
Speaker Change #162: No one yet.
Speaker Change #163: But the way you want it.
Speaker Change #164: <unk> no no no two yards idle also Shannon young suk panels.
She has a lot of the work we're doing here with a quad or do the job.
Dagang Feng: Our diverse data for premium services continues to attract new clients expanding our government-to-customer base in both the Yangtze River Delta and the Pearl River Delta regions. We have been pressed out customers with more precise market insights in the end-to-end marketing solutions. Our stable and high-quality customer base, coupled with a broad and varied customer demographic, underscores our ongoing commercialization enhancements in the pace to waive for sustained business growth.
Speaker Change #164: I'll go down should only if you've got a lot.
Speaker Change #165: What's key strategies, where the company is being managed to drive growth and to drive the value added services and the subscription services in the second half of the year. Thank you.
Although occasionally.
Speaker Change #166: And then just Shanghai, Hong Kong retail tissue, a lot come in and take a lot of them on Ivy Hill, the only color schemes, you're currently having that she doesn't have to travel so they're trying to get to the hunton Little mobile now Tony Lisa If I you get up on that Wendell.
Speaker Change #167: I was wondering if you took and how would you balance yeah I had a feeling.
Speaker Change #168: We haven't seen a hurdle to authentic local knowhow people choosing not doing much at all major marginal ore and J J <unk>.
And in Chicago, and London unusual songs he won't have only had a final rule.
As you choose allocation timing issue for the world.
Speaker Change #169: How do you think you'll go over them go honest with you.
Speaker Change #170: Or is that in response to market dynamics any evolving customer needs, we launched a major even IV adviser productivity a cornerstone meet during the first half of the year.
Dagang Feng: Last and not least, collaboration of the final piece of our three-step strategy, in the first half of 2024, we depend and broaden our collaborative efforts as we integrated technology across our business segments, achieving positive outcomes. One notes for each example is our in-depthest, ready-to-jick upon our ship was sent on the course of the once-to-applications of AI technology. We've jointly launched an area for AI-driven offerings, including AI-needian spotlight seeker, AI-financial report interpretation, and AI-wunk-related image generation.
Kevin: Kevin was quite a successful attracting an impractical winder Amelia <unk> be used in the sparking extensive industry Buzz. We also supported Lenovo in organizing the Lenovo new business innovation ecosystem theories roadshow elaborating diverse channels, such as 30 6K artificial accounts of Weibo and a community platforms for high impact.
Speaker Change #172: Promotion the initiative of empower daily startups across sectors, including artificial intelligence application software smart devices in the once the manufacturing with aim to enter services.
Speaker Change #173: Moving forward, we will focus on year, reaching our product matrix in the service of scenarios can meet our customers' evolving needs.
Speaker Change #174: Did you have between Gotcha gotcha.
Speaker Change #174: <unk>.
Speaker Change #174: Right right.
Speaker Change #175: Uh huh.
Speaker Change #176: She and her adult 19, Illinois handle the 'twenty this year for sure.
Speaker Change #176: How did you go home and dental my teeth.
Speaker Change #177: Well that's on Bushnell.
Speaker Change #177: Now if you're looking at one point you guys anyway, he's actually got Johnsons here.
Speaker Change #177: Because in the whole company and technically and you'll get generally I know what you're getting at is in moshe's tee it.
Dagang Feng: Delighting users with modern, more efficient content-to-service offerings in expanding 36kr's audience range. By integrating 36kr's content creation promise with sense-times of the once-to-eai technology, we aim to create and promote an all-new AI-cheap content-to-office concept, steering traditional mediums towards a more intelligent and interconnected feature. We're confident that our enhanced content ecosystem and AI advancements will drive continued expansion in our product metrics in the consistently improved our operating efficiency.
Speaker Change #178: Pablo it'll get higher and you'll walk I'll change gears here that I wont genomics with the Hartsville, Hi, Jeff I didn't read if that answers. Your question. Jim do you want me to answer you shall hockey down 42 P. M that you don't want to show you what else you use your phone with you.
Speaker Change #179: Union vehicle with equal in volatile times.
Speaker Change #178: Tony.
Speaker Change #180: We don't see the painful eventually something that felt like in Suzhou.
Speaker Change #181: In addition, we will launch our wine to someplace in October this year and will have a more innovative services for all customers in the audience.
Speaker Change #182: In addition to offline events, we had consistently enhanced our value added a consulting services in the first half of the year at 30 6K, Our research Institute conducted in depth studies only emerging business models commercial structures in the industry with within the new economy, except sector issuing our ranges.
The industry research reports that offered a thorough analysis and insights on the trains in Paris vaccine artificial intelligence digitalization global expansion and the customer sectors. We also refined our service the architecture for governmental and public services systems. This year harnessing our best understanding of the.
Dagang Feng: In summary, during the first half of 2024, our three-step strategy-corporating positioning expansion and collaboration ensured the solid operation won't lay in a robust foundation for growth in the later half of the year. With our innovative spirit, in-breaths of the next generation technology in the vibrant partnerships with global product runners, we are appointed to enhance our content's inference in a once-commercialization, propelling the company's high-quality sustainable growth.
Speaker Change #182: Integrate the yerba governmental customers along with our broad base of service the experience we delivered a host as a top two years okay.
Speaker Change #183: Including facilitating industry specific expertise that they could partnerships in bachmann the inflows in the global expansion of Institute fulfill all customers very neat.
Speaker Change #183: Sure.
Speaker Change #184: Excuse me.
Xiang Li: With that, I would not turn the call over to our staff or Mr. Xiangli, who will discuss to our pay financial results with Go Hype, Xia. Thank you. Now, I'd like to work you through the detail of our first half of 2024 financial results.
Speaker Change #185: They wont be able between you and Apple juice behind you.
Speaker Change #186: People's YOD as chip would you be encountering volatile.
Speaker Change #186: Okay.
Speaker Change #186: If you.
Speaker Change #186: If you go to the longtime time without human franchise here.
Speaker Change #186: And he was kind of a yield that hadn't honeymoon wheelchair people are asking for the annual accretion coming in and we got a hold of that issue that you assemble torches and hurdles that are in the tunnel Chinese chemical in HIV.
Julien: Hi, Julien.
Julien: James do you want to have once a year. So those are the thoughts out kind of a platform solution.
Xiang Li: Please note, all among the R&B allies otherwise stated. Okay. First, total revenue were $102.4 million in the first half of 2024, compared to $139.9 million in the same period of last year. Online advertising services revenue were $80.4 million in the first half of 2024, compared to $98.9 million in the same period of last year. The decrease was made due to the reduction in advertising spending by advertisers from certain industries and challenging external environments.
Speaker Change #188: Given that globalization is an irreversible trend we are channeling considerable strategic resources to our overseas ventures. This year, bringing says we are establishing meeting operations targeting Europa in September.
Speaker Change #189: September leveraging the 36 kidney with existing strengths in our original content and integrating AI technology to enable real time dissemination of our high volume off of content to Europe, while also bringing the latest European means that back to China as we expand our network of worldwide, we will work with the Chinese the Gulf.
Speaker Change #189: Women's entities in the businesses to establish a 30 6K, our global expansion service centers.
Xiang Li: In addition, we optimized our customer structure to control credit risk, which lead to a decrease in revenue scope. Enterprise battery service revenue were $13.4 million in the first half of 2024, compared to $26.8 million in the same period of last year. The decrease was made due to ongoing service offering refinement, which involved reducing several regional opportunities to strategically focus on our capital and efficiency optimization. Subscription service revenues were 8.6 million in the first half of 2024, compared to 14.2 million in the same period of last year.
Thank you for your question.
Speaker Change #190: Thank you once again for joining US today. If you have further questions. Please feel free to contact 30, 6K, or the Investor relations contact information.
Speaker Change #191: [noise] formation from White Ada all of that site.
Speaker Change #191: This concludes our teleconference. Today you may now disconnect. Your line. Thank you.
[music].
Xiang Li: The decrease was made due to the planned evolution of or training service business models. Cost of the revenue were 57 million in the first half of 2024, compared to 7 million in the same period of last year. The decrease was made attributable to decrease in operating costs in conduct with decline or revenues. Gross profit was 45.5 million in the first half of 2024, compared to 169.8 million in the same period of last year.
Speaker Change #191: Okay.
Speaker Change #191: Yes.
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Speaker Change #191: Yeah.
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Yeah.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Yeah.
Speaker Change #191: [music].
Xiang Li: Gross profit margin was 44.4% in the first half of 2024, compared to 49.9% in the same page of last year. Operating expenses were 117 million in the first half of 2024, decreasing by 9%, compared to 128.7 million in the same period of last year. Sales and marketing expenses were 45.4 million in the first half of 2024, a decrease of 29.9% from 64.8 million in the same period of last year. The decrease was made attributable to the decrease in payload-related expenses, rental expenses were 62.8 million in the first half of 2024, a 79.9% increase compared to 34.9 million in the same period of last year.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
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Speaker Change #191: Okay.
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Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Yes.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Yeah.
Xiang Li: The increase was made attributable to the increase in allowance of thoughtful accounts and partially off-site by the decrease in share-based compensation expenses. Research and the development expenses were 8.8 million in the first half of 2024, a decrease of 69.7% from 29 million in the same period of last year. The decrease was made attributable to the decrease in average compensation level for or research and the development personal at the restructure or R&D team. Share-based compensation expenses were organized in cost of brand new, sales and marketing expenses.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Yeah.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Xiang Li: Research and the development, development, expenses and G&A totals 0.05 million in the first half of 2024, compared to 33.7 million in the same period of last year, other instances were 24.3 million in the first half of 2024 compared to 6 million of other income in the same period of last year. The increase was mainly because the company recognized about 25.5 million of investment loss, a recent full fair value change of long-term investment this year.
Speaker Change #191: Okay.
Speaker Change #191: [music].
Xiang Li: Net loss was 95.9 million in the first half of 2024 compared to net loss of 52.7 million in the same period of last year. Non-gap adjusted net loss was 95.9 million in the first half of 2024 compared to non-gap adjusted net loss of 49 million in the same period of last year. Net loss attributable to 36kr ordinary shareholders was 94.4 million in the first half of 2024 compared to 52.3 million in the same period of last year.
Xiang Li: Basic and the dirty net loss per ADS were both 2.245 in the first half of 2024 compared to basic and the dirty net loss per ADS of 1.258 in the same period of last year. As of June 30, 2024, the company had the cash, cash equivalence and the short-term investment of 96.9 million compared to 116.9 million as of December 34, 2023. The decrease was mainly attributable to net cash offlaw from operating activities.
Speaker Change #191: Okay.
Speaker Change #191: Yeah.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Yes.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
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Speaker Change #191: Yeah.
Speaker Change #191: Yeah.
Speaker Change #191: Okay.
Yeah.
Yeah.
Speaker Change #191: [music].
Unknown Executive: This concludes all or prepared remarks today. We will now open the code to question.
Operator: Operator, please go ahead. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced.
Operator: If you wish to cancel your request, please press star two. If you're on a speaker phone, please pick up the hand set 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. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We will just pause for a moment to allow questioners to enter the queue. That's star one to register for a question. That is star one on your telephone for a question.
Okay.
Speaker Change #191: Yeah.
Speaker Change #191: Yes.
Speaker Change #191: Yes.
Speaker Change #191: Yes.
Okay.
Speaker Change #191: Yes.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Speaker Change #191: Okay.
Operator: As we are showing no questions, I'll turn the call over to the company for closing remarks.
Unknown Executive: All right, your first question comes in. Welcome in room with CLan Securities. In terms of the strategy, we have proactively optimized our products in the services to navigate ongoing macroeconomical challenges, providing deeper support to core customers, including leading international giants in the four to five hundred companies. This approach has proven highly effective, driving a 20% increase in our food in the first half of the year.
Unknown Executive: We believe there is a few potential for future growth. In the other side of the world, we are not going to let go of some precious and small clients.
Unknown Executive: In the world, we are going to have a positive and positive growth, a positive growth, AI technology technology and the content of the product.
Unknown Executive: With such a way to push more of the AI-based products, such as a project, I think it's the process that we have to take care of and human rights, and to create a big, large, well-developed, long-term, and long-term development. We will also continue to enrich our content ecosystem, expand our rich to new channels, and diversify our content's specific accounts to cover more subverticals. We are also actively depending the integration of AI-GC technology with the content production.
Unknown Executive: Rolling out more AI-driven offerings will allow us to engage with a broader range of companies in institutions that were previously out of rich to do to bandwidth and to stop in constraints. [inaudible] support the new customers in the sport and outdoor category, talk to 60%. Meanwhile, beauty and personal care is a new customer ratio exceeding to 40%. And the food and above-a-rager, along with restaurant change, record the new customer ratio to surpassing 20%.
Unknown Executive: Thank you.
Lynn: Your next question comes from Lynn with SWS Research. Hello, can you hear me? Thank you very much.
Unknown Executive: Hello, I have two questions to ask you. The first question is, we have introduced some of our long-term videos. Could you please tell us about your long-term videos? What are the latest developments in short-term long-term video segments? How does the company plan to extend their growth potential? Thank you. In the first half of the 2024, we dealt with the different into the short-term long-term video sectors, consistently providing diverse content offerings while expanding our range of the TC products.
Unknown Executive: Our short-video content line-up now covers a broad spectrum of views, including technological innovation, business insights, lifestyle, and more. Delighting users was rich in a variety of content options. As we mentioned before, we all wanted to do other advertising channels, but we also wanted to do more advertising. In 2024, we established a high-visibility commercialization collaboration with multiple leading brands. The company's performance was on track with our forecast for the year. Additionally, our finance in the use lifestyle content has garnered a wide visibility in the user interest of past major platforms, like Billy Lee, Dowein, and Quasil.
Unknown Executive: We launched a fresh program like AIKAR and AIMAP, substantially awaiting user engagement and overall experience, and reinforcing our position as a top content icon creator. By mid-year 2024, our short-video followers surpassed $9.2 million in the notable $2.3 million on Billy alone, which is difficult for an institution that meeting companies. [inaudible] Thank you for your question. That does conclude. There are no further questions.
Unknown Executive: I'd like to turn the call over back to the company for closing remarks. [inaudible] We are going to talk about our website. It's been 11 years. Today, we are going to talk about a lot of creative news. [inaudible] This concludes our top conference today. You may now disconnect your line. Thank you.
Unknown Executive: [inaudible] and thank you for your time,[inaudible] your time, and thank you for your time,[inaudible]