Q4 2024 36Kr Holdings Inc Earnings Call

Unknown Executive: Hello ladies and gentlemen, thank you for standing by for 36kr Holdings Inc's second half and fiscal year 2024 earnings conference call. At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a question and answer session.

Hello, Ladies and gentlemen, thank you for standing by the 30 6K, our holdings Inc's second half in fiscal year 'twenty 'twenty four earnings conference call.

At this time, all participants are in listen only mode.

After management's prepared remarks, there'll be a question and answer session.

Unknown Executive: Today's conference call is being recorded.

Today's conference call is being recorded.

Xin Wang: I will now turn the call over to your host, Xin Wang, IR Manager of the company. Please go ahead, Xin. Thank you very much.

Xing Wang: Now turn the call over to your host shouldn't Wang IR manager of the company. Please go ahead Xing.

Xing Wang: Thank you very much Hello, everyone and welcome to cause a fixed pay are.

Xin Wang: Hello everyone and welcome to 36kr Holdings' Second Half and the Fiscal Year 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.

Xing Wang: Holding the second half in this fiscal year 2024 earnings conference call.

Xing Wang: The company's financial and operational results were released earlier today in the have been made available online you can also look at earnings press release by visiting the IR section of our website at IR, a doctor purchases PR Dot com participants on today's call will include our co chairman and CEO, Mr. Doggone uncle and are cheap.

Xin Wang: Participants on today's call will include our Co-Chairman and the CEO, Mr. Dagang Feng, and our Chief Financial Officer, Mr. Xiang Li. Mr. Feng will start the call by providing an overview of the company and the performance highlights for the second half and the full year 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: Financial Officer, Mr Shiny mix.

Speaker Change: Mr son will start the call by providing an overview of the company and the performance highlights for the second half and the full year in Chinese followed by English interpretation. Mr. <unk> 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 thing.

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, forward-looking statements involving inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding risks and uncertainties is coded in the company's 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 AFSCO law.

Speaker Change: Loans made under the Safe Harbor provisions of the U S. Private Securities Litigation Reform Act of a 1995 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 the other risks and uncertainties.

Speaker Change: Could it isn't the company's prospectus and other public filings as filed with U S. S. Easy the company does not assume any obligation to update any forward looking statements, except as required under applicable law.

Unknown Executive: Please note that 36kr's earnings press release in this conference call includes discussion 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 its unaudited GAAP measures. And please note that all amounts are in RMB.

Speaker Change: Please note that there do you see <unk> earnings press release, and this conference call include discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures.

Speaker Change: Did you say T. R's earnings press release contains a reconciliation of the unaudited non-GAAP measures trees on the unaudited GAAP measures.

Speaker Change: Please note that all amounts are in RMB.

Dagang Feng: I will now turn the call over to our Co-Chairman and CEO, Mr. Dagang Feng. Powell, please go ahead. Thank you. Hello, everyone.

Speaker Change: Now I will turn the call over to young co chairman and CEO, Mr. Dong Fang Pelling. Please go ahead.

Speaker Change: Yeah. It all now.

Dagang Feng: Thank you for taking part in our financial year 2024, the second half of the fiscal year, and the annual performance report meeting. Thank you. Hello, everyone. Thank you for joining our second half and the fiscal year 2024 earnings conference call. 2024 is a year of comprehensive improvement in operating efficiency for 36kr Holdings, especially in the second half of the year, while our gross profit rate remains at a high of 50%, our operating costs have dropped by 50%, and our operating costs have dropped by 17%. In the second half of the year, our operating losses have been greatly reduced, and cash reserves have remained stable, which is a solid foundation for the company's future long-term operations.

Speaker Change: Awesome.

Speaker Change: My name is <unk>.

Speaker Change: Hi.

Xing Wang: Thank you Hello, everyone. Thank you for joining our second half into fiscal year 'twenty 'twenty four earnings conference call.

Xing Wang: On the afternoon and they tend to have higher sure sure Jimmy if by chance you can tell me the union because you just have any or all of them already bought your passenger will ship alcohol way. This whole shared with the Doj on Colombia, I got my daughter.

Speaker Change: So let me kind of introduce it.

Xing Wang: The increase in South Dakota.

Xing Wang: You can modulate.

Xing Wang: So that actually been giving you that conversation as usual.

Dagang Feng: 2024 marked a year of comprehensive operating efficiency improvements for 36kr. Notably, our operating expenses in the second half of 2024 decreased by 50% compared to the same period of 2023. Our total operating expenses as a percentage of total revenue decreased by 17% in the second half of 2024 compared to the second half of 2023, while our gross profit margin remained about 50% for the second half of 2024. As a result, we vastly narrowed our operating losses while cash results remained essentially stable, establishing a resilient framework to support companies' long-term solid business operations. The above achievements are mainly due to the continuous optimization of our business structure in 2024 to improve the efficiency of our staff.

Xing Wang: 2024 months to a year of a comprehensive operating efficiency improvements for 30 6K R. Notably our operating expenses in the second half of 'twenty 'twenty four decreased by 50% compared to the same period at the 'twenty to 'twenty three.

Xing Wang: Total operating expenses as a percentage of the total revenues decreased by 17% percentage in the second half of 'twenty 'twenty four compared to the second half of 2023, while our gross profit margin remained about 50% for the second half of 'twenty 'twenty four as a result, with vaseline narrowed our operating losses as well.

Xing Wang: Cash reserve to remain essentially stable, establishing a resilient if were more to support the company's long term solid or business operations.

Xing Wang: You saw the tangible book.

Xing Wang: So you'll have you'll giggle.

Dagang Feng: In 2024, we will continue to build an eco-friendly environment, using the original capabilities of high-quality content and all-round marketing services, while maintaining the optimization of our company's advertising business operations, we will continue to expand the borders of the media. We embrace the new trend of sea-leaving, continue to deepen the front-line application of AGI technology, and further accelerate the integration of application scenarios. In terms of sea-leaving and artificial intelligence applications, we have made significant business progress. Those operational achievements were primarily driven by our business structure and the workforce efficiency improvements throughout the year. We also consistently fortified our content ecosystem in 2024, leveraging our peerless content creation promise in comprehensive marketing offerings.

Xing Wang: Oh that was an element to your house and they also have to ensure that they only internally.

Xing Wang: The way that you can helpful articles about yeah, we and you'll have those here, but unfortunately that didn't get well do you want to sure treason, though it's usually the challenging U K Castle you don't have your ability at all.

Xing Wang: You don't want to go into that.

Xing Wang: I can't believe that wasn't done.

Speaker Change: Cause all personal achievements were primarily driven by our business structure and the workforce efficiency improvements throughout the year. We also consistently fortifying our content ecosystem in 'twenty 'twenty four leveraging our peerless content equation promised in comprehensive marketing offerings, we continued to optimize our advertising operation.

Dagang Feng: We continued to optimize our advertising operations while broadening our media reach. We embraced the emerging global expansion trends and remained focused on AGI innovation, further accelerating our implementation of AI across real-world scenarios. This effort drove significant progress in both our global expansion and AI applications.

Speaker Change: While broadening our media reach we embrace the emerging global expansion trains in the remainder focused on Agi innovation.

Speaker Change: Cause celebrating our implementation of the EIF Crossrail work scenarios.

Speaker Change: Or is the job significant progress in both our global expansion and E D I application.

Speaker Change: Yeah that was done solvents and now although not all of them I mean, congrats on Borgwarner lithium agenda. So again, that's an annual comment we've got most of them. They want to kind of lead you to have heart problems that cannot humbled.

Dagang Feng: Let's take a closer look at the company's development from two key perspectives. First, our existing business, and second, our growth initiatives.

Speaker Change: Let's take a closer look at company's debacle Minta farm two key perspective first of all existing business in the second gross initiatives by the system business I will start with an update on our content team.

Dagang Feng: For our existing business, I will start with an update on our content influence in commercialization. In terms of content, 36kr continues to create high-quality content while maintaining its own content. Based on the flagship giant numbers such as 36kr, 36pro, the accelerated layout of all fields continues to exert strength in the future consumption of 36kr games, 36kr cars, 36kr games, 36kr finance, and other high-quality content. The coverage of the content is wide and the depth of accumulation in the distribution field leads users to see the trend of the industry and the hot spots of the business.

Speaker Change: In commercialization.

Speaker Change: So name until I have all my Thunder.

Speaker Change: The Berkshire deal and then once you're done at Bushehr tornado.

Speaker Change: Okay nasal cause of death and of course, I never put all of them to get into the holiday season.

Speaker Change: Cancel with you today.

Speaker Change: And then it sounded like your tool, but I don't think.

Speaker Change: Oh Gee I am Lilly sounded like have you now you'll just need a little hot houses you Bobby.

Speaker Change: Okay.

Speaker Change: Even if you don't you shouldn't do that Yahoo.

Speaker Change: I assure you finally got there this is holger, what's the truth I don't know Kevin as you know, whether it's actual needle too high and you also touched on them in June pets 92, Muslims have you tell him I'm interested in the Deutsche and hydrogen tobacco, Don and his team on behalf of the Empire. So theres not going on a tiny little call. You'll he you know once you get young yoyo.

Dagang Feng: At the same time, the company continues to create exclusive content for young users, and promotes young-style media such as Hualong Research Institute and Chaosheng. Through picture-and-text reviews, slow-motion, customized videos, and other multi-format gizmos, we aim to reach more young audiences. In August 2024, we officially launched the 36kr game content gizmo, which is about game-related products, technology, commercial value, and popular stories. Through drawings, live broadcasts, videos, and other forms, we will show you the development wave of the gaming industry. Up to now, the company Juzhenhao has fully covered the multiple fields of smart manufacturing, digitalization, dual-time, ESG, hardware and technology, innovation and innovation, consumer life, etc., to build a solid content ecosystem.

Speaker Change: Got you, Okay and uncles here.

Speaker Change: So when you boil it should be not too sure.

Speaker Change: But as you know as you're talking to the fact that all children with you once you're done.

Speaker Change: Okay.

She was the hot Shanghai, Yes G E.

Speaker Change: Are you talking to him so.

Speaker Change: Oh Boy I don't know how to you can you just touch it on their own sometimes with alcohol.

Dagang Feng: In 2024, 36kr Editorial Juzhenhao released a total of 8,090 articles. There are 2,465 original articles, more than 2.21 million views, more than 21.24 million comments, 5.25 million shares. 36kr Holdings has more than 100,000 readings and 757 articles. In terms of a content ecosystem development, we continue to create high-quality content on multiple fronts while maintaining our existing content metrics. Building our flagship channels including 36kr and 36kr Pro, we broadened our reach in sub-verticals, actively expanding high-quality content-specific accounts like the emergence of intelligence, 36kr Auto, Future Consumption, 36kr Games, WAPES, and 36kr Finance, among others. This account made our metrics more comprehensive by adding both broad content coverage and deep expertise in specialized domains to provide users with invaluable insights into industry trends and evolving business dynamics.

Speaker Change: Technical difficulties you won't have any interest in <unk>.

Speaker Change: But you don't get home that have somebody else, who can do that.

Speaker Change: I don't know why I used that philosophy.

Speaker Change: He got you got you.

Speaker Change: Yeah, well sure. It's a logical one system job she's only technical Knowhow is without she runs out of the Nashville I thought you know what you see here.

Speaker Change: In terms of our content ecosystem development, we continued to create high quality content on multiple fronts, while maintaining our existing content matrix breathing on flagship of channels, including 30 6K are in the 30 6K, our Pearl we broadened our reach in some verticals actively expanding high quality content to specific.

Speaker Change: Accounts like the emergence of intelligence 30, 6K, our auto future consumption 30, 6K, our games leaps in 30, 6K, our finance mothers and cause the cows meet all matrix more comprehensive by adding both broad content coverage and deep expertise in special like domains to provide ethers with.

Speaker Change: Invaluable insight into industry trends and evolving business dynamics at the same time, we continued to tailor content experiences for younger generations by lumpy by launching our Oh eased in tight sub vertical median channels.

Dagang Feng: At the same time, we continue to tailor content experiences for younger generations by launching our OE's Entitled Sub-Vertical Media Channels. Featuring a broad content matrix of text in graphics, comics, and customized videos, these channels successfully engage the younger audiences, greatly extending our content's reach. In August 2024, we officially launched a new content-specific account, 36kr Games, dedicated to exploring gaming products, technology, business value, and cultural stories. We utilize a vibrant mix of text, graphics, live streaming, and video formats to capture the vigorous development of the gaming sector and engage its dynamic audience. To date, our accounts cover advanced manufacturing, digitalization, dual carbon, and ESG, hardcore technology, highly specialized and innovative enterprises, consumer lifestyles, and much more, fostering a thriving content ecosystem.

Speaker Change: Deterring, a brown to content a matrix of attacks in the graphics the comics them to customize the BD was it because the channels are successfully engage the younger audiences greatly expanding our content reach in August of 'twenty 'twenty four we officially launched a new content specific accounted 30 6K, our games are dedicated.

Speaker Change: These are two exploring gaming card accident technology business value in a cultural stories, where you feel like the wind bring a mix of attacks graphics like streaming and redo formats to capture speakers from endo for the gaming sector in engage is dynamic audience to date, our accounts coverage once the manufacturing.

Speaker Change: So you can do where carbon in it yesterday hardcore technology highly specialized and innovative enterprises, a consumer lifestyle in a much more faltering a sliding content ecosystem in 'twenty 'twenty four our editorial team and publish the 8090 <unk> articles with little conscious specific accounts of which two.

Dagang Feng: In 2024, our editorial team published 8,090 articles through content-specific accounts, of which 2,465 were original, garnering over 220 million page views, more than 241,000 comments, and 5.253 million shares. Notably, on the 36kr official account alone, 757 of our articles achieved over 100,000 page views. In terms of dissemination channels, we continue to promote the whole-net dissemination layout through Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, Kuaishou and other news media dissemination channels to achieve a comprehensive dissemination coverage of high-quality content to help high-quality content gain wider exposure and spread The continuous and high-quality content output has also further improved our more diverse user ecosystem and user connectivity.

Speaker Change: 465 original garnering over 220 million page views more than 241000 common in the 5.2 hundred 53 million shares notably on the 30 6K, our official accounts alone 750, 757 number of articles achieved.

Speaker Change: Over one could wonder thousand page views.

Speaker Change: So it's hard to tell them that well.

Speaker Change: For example, you talk to people that don't want to put out what you hope you can tell you I'm quite so we don't see anything at all she tender you'll just anyone that you've answered all forgotten about it.

Speaker Change: Youll Geneva or doesn't qualify it up all blah blah blah blah.

Speaker Change: So as you called it out.

Speaker Change: Okay cool.

Speaker Change: It wasn't the only I can team with you. Joe did you had asked me anti cyclical it's all offense to Boston Herald, Nigel It's Rob again.

Dagang Feng: By the end of 2024, the number of 36kr fans has exceeded 35.9 million, achieving a growth of 16 times in a row. Moving on to our content dissemination network, we steadily expanded our footprint across diverse channels, crafting a comprehensive circulation matrix encompassing major new medium platforms like Weibo, Rednote, Toutiao, Jihu, Bilibili, Douyin and Kuaishou, among others. Broad channel exposure brings us wider overall dissemination and higher visibility for our premium content. Our consistent production of high-quality content expanded and diversified our user demographics, further elevating user engagement in the thickness. As of the end of 2024, we had over 35.9 million followers, marking 16 consecutive quarters of growth.

Speaker Change: She said when she goes on that.

Speaker Change: Moving onto our content dissemination of network, we steadily expanded our footprint across diverse channels crafting a comprehensive circulation matrix.

Speaker Change: Income passing major new medium platform like LIBOR that notes totaled Jubilee, though even though the ink and quite show among others God channel exposure brings us wider overall dissemination and higher visibility for our premium content, our consistent production number of high quality content has expanded and diversified.

Speaker Change: All user demographics, well, they're elevating user engagement and stickiness as of the end of 'twenty 'twenty four we had over $35 9 million followers, marking our 16th consecutive quarters of for growth.

Dagang Feng: In terms of content replacement, we will gradually enrich the content through images, long and short videos, audio, live broadcasts, etc. In the short video, thanks to the excellent content and original singing ability, we have gained wide attention and recognition from users. The number of fans of the video on the whole platform exceeds 9.31 million. Among them, the number of fans of Bilibili has exceeded 2.47 million, and the number of fans of the video has increased by 10%. The number of fans of the video has increased by 58%. The short video business continues to perform well.

Speaker Change: So I think sometimes you don't.

Speaker Change: And how much it in intangible with them a couple of things on their own.

Sure.

Speaker Change: So it's actually helped me out wouldn't you say also that they won't get home without even political home bundle quote unquote Simeon I should even just sort of talk about essentially you are if you don't do that that is really you can provide that might sort of see that she couldn't tell me something I wasn't sure excuse me.

Okay I'll leave another indoor spa.

Speaker Change: Oh, yeah okay.

Dagang Feng: The revenue of Bilibili is constantly increasing. We explored the growing area of content formats throughout 2024, including text, graphics, short and long-form reviews, audio and live streaming, enriching our content offerings with a greater diversity of styles. In terms of a short review, our exceptional content creation capabilities earned us widespread visibility in the range of reviews from users. Our video followers exceeded 9.31 million by the end of 2024, including a significant 2.47 million on Bilibili alone, up by 10% year-over-year. Our WeChat channels' followers surged by 58% year-over-year. Our short review business continued to excel with its contribution to advertising revenue consistently on the rise.

Speaker Change: And then teach them.

Speaker Change: We explored a growing area for content formats throughout 'twenty, 'twenty, four including tax the graphics, the short and the long form audio.

Speaker Change: Audio and you live streaming and reaching our content offerings with a greater diversity of styles in terms of a short review our exceptional content creation capabilities. The earn out was widespread visibility in the rave reviews from users I'll be.

Speaker Change: Followers exceeded exceeded the nine points to 31 million by the end of 'twenty 'twenty four including significant to two point 47 million or Billy Billy alone up by 10% a year over year all beach on channels, a forlorn followers of searches by 38% year over year, all short we do business.

Speaker Change: Newsweek smell with its contribution to advertising revenue because the central Yonder right.

Dagang Feng: In the field of long video, our high-end program Kandiya2034 was launched in the second quarter of this year and cooperated strongly with the national short video platform Douyin to achieve many breakthroughs in content creation and transmission. The first program invited the future founder, Li Bin, to jointly discuss the changes of new energy vehicles in the future. It received wide attention, and the total network exposure of the program reached more than 84 million. In the long-form video segment, we collaborated with popular short-form video platform Douyin to launch a new season of our Elite Talk Show series, Foreseen2034, in the second quarter.

Speaker Change: So it sounds if anything your nickel, sometimes they won't come down if that's what.

Speaker Change: The article because he's not here with me.

Speaker Change: He was actually income higher though in Shanghai, the Angel suddenly one tons of all cause so much at all it's just how it goes a little book towards.

Speaker Change: Once again, we got to them all but I just wondered in lithium cordless hand, scanner and she's a Saturday night live the henkel shut off all my window, because even with the challenge now is how well back into that one.

Speaker Change: In the long form video segments, we collaborate with popular short form we do platform going to launch a new season of all elites talk show series Foreseen 2034 in the second quarter. We made notable strides in content creation and the channel distribution through this robot the partnership the debut a peso book we're seeing.

Dagang Feng: We made notable strides in content creation and channel distribution through this robust partnership. The debut episode of Foreseen2034, featuring new founder William Li Bing, delved into upcoming shifts in the new energy vehicle sector, garnering widespread interest and racking up over 84 million views across various platforms. In terms of live streaming, in 2014, we used our limited manpower to actively integrate live streaming resources. We made full use of the WeChat video account to develop a series of WeChat accounts, including 36kr Holdings, Chuhai Jinchanchan, 36kr CEO Jingdang, etc. Whether it's live streaming content impact or top-level conversion.

Speaker Change: 2034, featuring Neil founder William E beam delta into upcoming chips in the new energy vehicle sector gone there and widespread interest in our racking up of over 84 million across wherever he thought platforms.

Speaker Change: So if you go home you don't have to name them, you don't yet how they're going to need.

Speaker Change: Yeah totally or weakness you know I'll be honest with you here, we can do it at home alternative of Florida to Hudson gunshot, San Diego downtown Los Angeles County, or somebody to Ohio.

Speaker Change: Do you have that in house or they end up with an army and diligently agenda are also available.

Dagang Feng: We have made progress in supplementing low-cost products. In 2024, we will have a total of 272 live broadcasts, which will cover the hot topics such as AI models and Chinese brands. In addition, we tried the first live delivery at the end of 2024. There are 38 products in this live stream The total number of viewers is more than 1.63 million 28.9 million people came to the live stream The first one to be on the live stream is the No.1 in the Smart Social Party of Douyin Platform In 2024, the live income has increased by 68.5%.

Speaker Change: What are you seeing that makes you got.

Speaker Change: Comfortable okay, alright, I'm watching Devonian, Nigel Hi, Townsville, No hockey Tonight or.

Speaker Change: Non house, and indeed hospital usage.

Speaker Change: But there's also.

Speaker Change: So anybody who tend to you Julian some born out in total he thought it was time I well I'll try there to land I don't suppose you sounded like you're looking at the house, what's your thought.

Speaker Change: That's the way it all do you mean.

Speaker Change: So first of all it can be somehow windows.

Dagang Feng: In the future, we will continue to explore new live formats and scenarios to build a richer content and service model for users and customers. For live streaming, this year we optimized our resources with a streamlined team in the fully leveraged WeChat channels to cultivate an area for content-specific accounts, including 36kr ProPlus, Global Expansion, Golden Shovel, and 36kr CEO Tips. This effort not only significantly elevated our live streaming content's influence, but also drove commercial convergence and supplemented our low-output offerings. We hosted 272 live streaming sessions in 2024, addressing a diverse spectrum of training topics, including AI large models and Chinese brands' global expansion.

Speaker Change: But I'll be honest with you pencil it seems that you're watching a few times a year, where you have local without getting caught up on for the new formulation.

Speaker Change: For like streaming this year, we optimized our resources with a streamlined team and to fully leverage the wechat wechat channels to cultivate an area for funds in specific accounts, including 30 6K, our pro plus global expansion go then shovel and 30 6K, our CEO tips.

Speaker Change: This offers not only significantly aloadae into our live streaming content influenced but also drove commercial convergence and supplemented our low at two offerings.

Speaker Change: We hosted the 272 live streaming sessions in 'twenty 'twenty four addressing a diverse of spectrum on the training topics, including a large mottos in Chinese brings global expansion. Additionally, we launched our first E Commerce live streaming in late to 'twenty 'twenty four Oh debut ACA showed feature feature that 30 38.

Dagang Feng: Additionally, we launched our first e-commerce live streaming in late 2024. Our debut episode featured 38 tech products and garnered over 1.63 million views, with a live audience of 289,000. Notably, the 36kr live streaming channel ranked number one on Douyin's smart device category leaderboard during the same time period as live streaming. What's more, for the full year, our live streaming revenue surged by 68.5% year-over-year. Moving forward, we will continue to explore new live streaming formats and scenarios, delighting both our users and clients with richer content scenarios and more diverse service models.

Speaker Change: Tech products and garnered over 163 million views with a life audience is a 289000, notably the 30 6K, our life streaming channel ranked the number one on DAU in the smart device category leader boards. During the same same time periods as well as live streaming.

Speaker Change: It's more for the full year, our life streaming revenue surged by 68, 5% year over years moving forward, we will continue to explore new long stream formats misnomer.

Speaker Change: So I think both our users and clients with richer content scenario with an even more diverse as service models.

Dagang Feng: In terms of corporate service, we launched a heavy IP activity in 2024, which is the AI Passenger Summit of New Productivity, which has achieved outstanding results. The event was hosted by Alibaba, Baidu, Lenovo, Intel, etc., which deeply explored the latest development trends of AI applications, and shared the opportunities and challenges that companies have encountered in practice. The total number of events was more than 100 million, which attracted widespread attention in the industry.

Speaker Change: So she is under Volvo man I got to nail them. It takes a little might be a little sooner than that.

Speaker Change: It hasn't hurt she doesn't have a name that sounds good.

Speaker Change: Don't you don't hardly at all Danielle can carry the highest you'd hall general counsel.

Speaker Change: Yeah. It usually even it's even patents you should they come to you that she didn't know Heath I'll, let you you called out.

Speaker Change: Hold onto the ball out in Hawaii.

Speaker Change: I'll get a call from London.

Dagang Feng: In November 2024, we held the Y42024, a heavy IP event that we have been looking forward to. This year's event focuses on 11 hot tracks, which includes the Y42024 Global Summit in Xiamen, Shenzhen, and the Y42024 Future Consumer Conference in Yinchang, which is held in Beijing's Nanjing University Conference Center. We invited CEO of Linyi Zhangwu, CEO of Creative Factory, Dr. Li Kaifu, CEO of Xiamen Group, Lu Weibing, Senior Vice President of Nianyang Group, Dai Wei, Vice President of Weibo Brand, Jia Jingdong, CEO of Alibaba Group, and two more CEOs, Chi Puwei, Zhang Peng, etc., to attend the conference, and share their insights on China's business development.

Speaker Change: Well, because he got a little mighty well thought out.

Speaker Change: The Chinese John Hollywood Tvs, you pause at all.

Speaker Change: She's I'll see you guys having guns at all how do you usually have I thought out but you got you and then Youll find Shenzhen you backed that out you need to hold back, but I felt that way because you didn't have all the time.

I mean, you don't feel because you won't have those are the only couple of bullshit coming to you. That's all I had some how do I do yeah.

Speaker Change: I guess, we don't have that right.

Speaker Change: We will be mindful on how you're talking a little odd cents of yoga, yet Troy I see Oh, no no I got that right, though being less of your time I hear it from us and until he came at $10.

Speaker Change: And then one day without it.

Dagang Feng: The Y42024 Global Summit in Xiamen has a total of more than 8.5 billion participants.

Speaker Change: So as I was saying is wrong colleagues are borne out by then we used to.

Dagang Feng: Now let's turn to enterprise value-added services. In 2024, we achieved a substantial success with the launch of a major event IP Advanced Productivity AI Partner Summit. In collaboration with industry giants like Alibaba, Baidu, Lenovo, and Intel, we delved into the latest trends in AI applications, sharing insights on both opportunities and challenges gleaned from day-to-day business operations. The summit attracted an impressive 100 million-plus views, sparking extensive industry buzz. Additionally, we held our highly anticipated signature IP event, the WISE 2024 Business Kings Conference, in November 2024. The summit focused on 11 trending industry verticals and featured two regional subforums. The WISE 2024 continued to sync globalization subforum Shenzhen and the WISE 2024 Always With You Future Consumption Conference Beijing.

Speaker Change: Now, let's turn to enterprise value added services in 'twenty 'twenty four we achieved a substantial success with the launch of a major event IP I don't want the productivity AI partner summit in collaboration with industry Giants like Alibaba Baidu Lenovo and you can tell we dealt into the latest screens in a guy Apple.

Speaker Change: And sharing insights on both the opportunities and the challenges gleaned from day to day business operations. There's some meat attracted unimpressed if a one chameleon park views sparking extensive industry Buzz. Additionally, we held our highly anticipated as they're gonna nature I'd be event, the wine 'twenty 'twenty four business Kings.

Speaker Change: Conference in November of 'twenty 'twenty four that's the main focus the only 11 training industry verticals in the future of the cheap regional sub forums, the wife's 'twenty 'twenty four continue to sink globalization Sop Forum, Shenzhen and the wife's 'twenty 'twenty four always with your future consumption conference Beijing the event.

Dagang Feng: The event brought together more than 200 Chinese business leaders and elites representing a wide area of industries, including Li Kaifu, CEO of ZeroOneAI and the Chairman of Sinovation Ventures, Lu Weibin, Partner and President of Xiaomi Group, Dai Wei, Senior Vice President of Lenovo Group, Jia Qingdong, Vice President of Vivo, Yin Ye, CEO of BGI Group, and Zhang Peng, CEO of JuPu, sharing visionary insights into the future of China's business advancement. Our WISE 2024 Business Kings Conference attracted over 850 million total In addition to Tianan Hao's consultations, the company's political services have also continued to thrive.

Speaker Change: Together more than 200 Chinese business leaders in the elites, representing a wide array of industries, including Typhoon he'll also zero wanting I entertainment of the final lesion ventures.

Speaker Change: The way being partner and depressed and of the Xiaomi Steinway.

Speaker Change: So anyway, no widespread than normal.

Speaker Change: Jackson dome widespread send us illegal in E. S. CEO of the BG VC I group and John Policy also cheap.

Karen: Karen visionary insights into the future for China, China's business once meant a wide 'twenty or 'twenty for business teams conference attracted over 850 million total views.

Speaker Change: Yes.

Speaker Change: Because you don't see as other pools tend to weigh on you and you don't really know.

Dagang Feng: 36kr Holdings is based on policy guidance, capital hotline, market demand, etc. From the perspective of industrial chain structure, economic structure, business model and development trend, it is a deep analysis of the breakthrough development of the company in 2024 and the key industries that can be relied on, such as the sea, smart body, low-cost economy, artificial intelligence, etc. In 2024, the number of fans of 36kr Holdings increased by more than 11%, and the effect is significantly improved. In terms of Shan Jiao, not only did he stay in the industry, but also in the foundation of industrial planning, In addition to offline events, we continued to make strides in our consulting services and other enterprise value-added service offerings this year.

Speaker Change: She's got to show them the whole Angel told her I Didnt cable doesn't cause you to your most of your whole patterns, usually it's Michele should not go to the Hollywood, Michigan to watch by the Jupiter cause he's got something to tell you.

You didn't you know the only going to be working on though.

Speaker Change: It sounds like I know you have official then I'll just hop out and she and he told me he said with his young.

Speaker Change: Transforming potential go hand, you'll hold haynesville, how does he didn't have it wasn't the allergan deal.

Speaker Change: In addition to offline events, we continue to make strides in our consulting services and the other enterprise value added service offerings with this year for instance, 30 6K, our research Institute Delta into key sectors of points before disruptive for growth with the significant upside potential such as school weeks.

Dagang Feng: For instance, 36kr Research Institute delved into key sectors points for disruptive growth with significant upside potential, such as global expansion, embodied artificial intelligence, low-altitude economy, and artificial intelligence, among others. Their in-depth analysis considered factors like policy guidance, funding activity, market demands, industry chain structure, competitive landscape, business model, and development trends. In 2024, followers of 36kr Research Institute increased by over 11%, while workforce productivity ratio significantly improved. On the commercialization front, we strengthened our foundation in industry research in the strategic market planning while expanding into due diligence, branding, consulting, and other services. In terms of customer structure optimization, based on a rich content ecosystem and a variety of resources, we can expand our service and product types, so that our commercialization ability can continue to improve.

Speaker Change: Spansion Inbounded artificial intelligence low altitude economy in artificial intelligence and mother's day.

Speaker Change: Their in depth analysis considered of factors like a policy guidance.

Funding activity market demand industry chain structure compatible landscape business model in developing mentoring in 'twenty 'twenty four and followers for 30 6K, Our research Institute increased by over 11%, while workforce productivity ratio significantly improved on the commercialization Franck wheat.

Speaker Change: Since then our foundation and industry research in the strategic market planning, while expanding into due diligence branding and smoking in other services.

Speaker Change: Oh, it's really hard for me to each household name or sometimes you play into fights with all of them, but until kind of what you'd have an issue.

Speaker Change: Hum vehicles. So you can put them somehow because it wasn't the only people without a.

Dagang Feng: Therefore, the company can further expand the expansion of customers in the field of new cars, luxury consumption, etc., and actively develop large-scale traditional industry customers such as clothing, food, etc. The various efforts I just described have also contributed to client structure optimization. Our enriched content ecosystem and diverse content distribution channels empowered us to consistently expand our portfolio of services and products this year, enhancing our commercialization capabilities. This has enabled us to expand our outreach to clients in emerging sectors like new energy vehicles in the luxury goods consumption, while actively broadening partnerships with legacy brands in traditional industries like apparel and food.

Speaker Change: To ensure that the Utah, such things I'll say, it's actually getting them to cope without putting a needle you have alcohol pudong sitting down talking final high nickel.

Speaker Change: The various efforts I just described that have also contributed to decline acquaint structure optimization.

Our enrich the content ecosystem in diverse content distribution channels empowered us to consistently expand our portfolio of services in the paradox. This year enhancing our commercialization capabilities and this has enabled us to expand our outreach to clients in emerging sectors, something like a new energy vehicles.

Speaker Change: In the luxury cruise the consumption, while actively broadening partnerships with legacy brands in traditional industries like apparently in crude.

Dagang Feng: As a result, we have significantly improved our inventory business, our business and customers are better organized, and our income is more sustainable. At the same time, we are also expanding our media boundary, exploring new products and business models to improve our business income, and continue to enhance the simple application of AGI technology to further improve our content production and commercialization efficiency. These coordinated initiatives have meaningfully benefited our existing business through improved productivity, optimized business and client structures, and enhanced the sustainability of revenue streams. Going forward, we will continue to expand the boundaries of the medium, explore new products in the business models for global expansion to drive revenue growth, and advance AGI applications to further optimize content production and commercialization efficiency.

Speaker Change: So now you're willing to talk to you. So you will get a call with you won't go Wow total cause she hadn't ghansham.

Speaker Change: If you Havent done and put him if he didn't get hazards, Washington D. C E O.

Oh.

Speaker Change: Please go ahead.

Speaker Change: Any new people to join and they won't come down of course, and I told you.

Speaker Change: Physical onto needed initiatives meaningfully benefit our existing business, that's really improves the productivity optimize the business in applying disruptors and enhance the sustainability of our revenue streams going forward, where we're continuing to expand the boundaries of the media and explore new products in the business models or for an Ob expansion.

Speaker Change: Two client revenue growth in the once a E G I applications to further optimize content production in our commercial ambition efficiency.

Dagang Feng: First of all, in 2024, Chuhai became a must-see topic for Chinese companies. In the content section, we reported on successful Chuhai cases such as Mingtong Oil Products, Minjing Intelligence, Yuan Ding Intelligence, Mobile Technology, Neuroscience Innovation, Marriott Technology, etc., and continue to pay attention to the Chuhai dynamic of Chinese companies. In the past, 36kr has already overtaken Japan, 36kr Japan, Southeast Asia, KRA, and 36kr overseas local teams have grown over the years, and have deep-linked overseas governments, big companies, and startup companies. These core circles have accumulated a large number of Chuhai service cases and experience. We have continued to provide media services and market promotion services for Chinese companies overseas for many years.

Speaker Change: So again I often hear.

Speaker Change: Once it up and also what it means.

Speaker Change: But all I mean, albeit.

Speaker Change: And even though you don't cookie she might talk to you I know you don't until more clarity because you don't want to suggest that it looked like you know what you know about.

Speaker Change: But what's happened well carriers or some kind of a highlight Glenn Engel you shouldn't do that you don't have I don't feel like a year, we'll talk to you about.

Speaker Change: Yeah.

Speaker Change: Th wife, while using it but what are you doing anything to watch here to highlight people maybe for Sean Wieland, who was on the horizon do you want to highlight a few calls here he doesn't want to change it.

Dagang Feng: At the same time, our overseas teams also help overseas organizations and companies to take advantage of China's commercial opportunities.

Speaker Change: Does he want.

Dagang Feng: Turning now to our growth initiatives. In 2024, global expansion emerged as a crucial opportunity that no Chinese company could afford to miss, and 36kr is no exception. 36kr has already established a solid presence in Japan, through 36kr Japan in Southeast Asia, while Croatia, building on years of extensive efforts by its overseas teams. 36kr has cultivated significant ties with foreign governments, major industry players, startups in capital ecosystems, amassing a wealth of success stories and experiences in facilitating global business expansion. For years, we have been providing media services and marketing support to Chinese companies overseas, while our international teams have been helping foreign institutions and enterprises tap into business opportunities in China.

Speaker Change: Turning now to our growth initiatives in 'twenty 'twenty four global expansion emerge as a crucial opportunity that no Chinese company Kudo for to meet and 30 6K R. Is no exception 30 6K aren't has already established a solid presence in Japan through 30, 6K, our Japan in the South East Asia, while Croatia.

Speaker Change: Uh-huh, beating all years of extensive efforts to buying into overseas teams.

Speaker Change: Thanks, KR has cultivated a significant ties with foreign governments major industry players at start ups in the capital ecosystems, amassing a wealth of other successful stories and experiences in facilitating global business expansion for years, we have been providing heating services in the marketing support to Chinese companies overseas.

Speaker Change: Well, our international teams have been helping foreign institutions in enterprises that tap into business opportunities in China on the conference in France. We have extensively covered globalization success stories is a leading Chinese companies such as municipal novel April E propulsion nationality digital.

Dagang Feng: On the content front, we have extensively covered globalization success stories of leading Chinese companies such as Minnesota, Nobel, Aper, ePropulsion, Nationality Digital, and Merck, keeping a close eye on the global expansion dynamics of Chinese enterprises.

Speaker Change: All in a more rich keeping a close eye on the global expansion dynamics of the Chinese enterprises.

Dagang Feng: In 2024, we launched 36kr Holdings in Europe. The content of 36kr Holdings in Europe is mainly based on the original content such as 36kr internal production company reports, 8.1k, etc. It provides rich information related to Chinese business to overseas users at the same time. Europe and China can get the same information at the same time. 36kr Holdings in Europe uses AITC technology to enrich the content ecology and greatly improve productivity efficiency and reduce content production costs. Currently, it can support English, German and Chinese browsing. In the future, it will support other types of browsing and open European channels one after another.

Speaker Change: Thanks, You know hobble you go on there.

Speaker Change: Jonathan I know Colorado's won't that cause you to autozone down and they will call you kind of attentive to long most of all though I didn't cause them to get on the only tool. They have a whole. He says he won't come until they can watch.

Speaker Change: Okay. That's helpful.

Speaker Change: Although you went and called home Boho chic that of all of those ones that you know he has he says he who went on it was all that off with your question like how do you kind of give anyone trying to them, but we can't go to assure you and bill until anyway.

Speaker Change: Now you don't do a lot of people lose you had all of those goals.

Dagang Feng: To advance our global expansion, we launched the 36kr European Central Station in 2024. Currently, 36kr Europe mainly features new corporate regional startups from the 36kr ecosystem, along with our regional content such as a quarter package equipping overseas stakeholders with timely and comprehensive information on Chinese businesses. This initiative enables 36kr Europe users to access the same information at the same time as those in China. Additionally, 36kr Europe leverages AIGC technology to empower its content ecosystem, notably improving productivity while lowering content creation costs. It currently supports browsing English, German, and Chinese with plans to add more languages in a country-specific channel.

Speaker Change: The other one offs on global expansion, we launched at the 30 6K, our European Central station in 'twenty. Four currently 30 6K, our Europe, mainly features new copper rich I'll start ups from the 36 care ecosystem, along with our original content such as a quarter past eight equating opening stakeholders was timely in a complaint.

Speaker Change: Things have information on Chinese businesses, there's initiatives enabled 30 6K, our Europe users to access the same the information at the same time as those in China. Additionally, 30, 6K, our Europe Lubber Richards to Aig's of technology to empower its content ecosystem, notably improving.

Speaker Change: Productivity, while lowering content to create each and cost. It's currently supports browsing English Gmbh in Germany in the Chinese with plans to add more languages in the country specific channels.

Dagang Feng: In terms of domestic resources, under the guidance of the Beijing Trade and Investment Association, the Beijing International Trade and Investment Service Professional Committee, was officially launched on December 30, 2024. The Beijing International Trade and Investment Service Professional Committee includes 26 member units from leading China, China Mobile International, Biawei, Ant Financial and other institutions. They are well-known industrial and professional service providers in the Beijing trade and investment field. They are dedicated to helping leading enterprises to expand their overseas markets and gradually improve the international capability of Beijing enterprises. to maximize the synergy of domestic resources.

Speaker Change: Oh man I think there's lots of ways to lock out and of course always how're you touched on it.

Speaker Change: Although if I can show you that the English channel, where you try a full team there.

Speaker Change: You got afternoon in Charlotte.

Speaker Change: But anybody can always why I fooled anymore.

Speaker Change: I mean, you don't go the way you didn't quite see how they might be for them to call with any of the auction do exactly another what do you think she's why don't you dream that have worked out well.

Speaker Change: We found him to talk with you put out her I said, how do we get dumped.

Speaker Change: But you can only.

Speaker Change: To maximize the synergy if a domestic of resources in December 'twenty 'twenty 450, 6K, our initial eat it and they're launched at the Beijing International Chamber of Commerce scope expansion service Committee on very exciting stuff for China Council for the promotion of International trade debate yourself console 'twenty through 'twenty six.

Dagang Feng: In December 2024, 36kr initiated and launched the Beijing International Chamber of Commerce Global Expansion Service Committee under the guidance of the China Council for the Promotion of International Trade Beijing Subcouncil. Twenty-six leading institutions have joined the committee, including LinkedIn China, China Mobile International, KPMG, and Ant Financial. The committee brings together Beijing's top industry and professional service providers specializing in global expansion-related solutions to help local businesses expand into global markets, aiming to gradually enhance the international competitiveness of Beijing-based companies.

Speaker Change: Institutions have joined the committee, including Linkedin, China, China Mobile International K P. M. G in and financial Committee brings together Beijing to top of industry in the professional services part of why there's a special lines in global expansion related the solutions to help local businesses expanding into cold.

Speaker Change: Mark is aiming to gradually hence the international competitiveness of abating based companies.

Dagang Feng: In terms of commercialization, in 2025, 36kr and Hangzhou Tianzhang New Area Construction Investment Group Limited Company reached a cooperative relationship on China Enterprise International Service Center operating service projects and successfully signed a contract. The main purpose of the partnership is to introduce 36kr's professionalized organizational operations, high-quality content, on-site communication capabilities, and extensive overseas resources, to help Tianzhang Area construct a business overseas service ecosystem and operating system with its own characteristics, to build Tianzhang Area's overseas brand and enhance overseas influence.

Speaker Change: Oh man.

Speaker Change: Sure I know, how you handle that youre not going to cancel it tells you that there's gambling.

Speaker Change: Yeah, well he brought with him in his new food.

Speaker Change: I don't have the ones you're doing something right on kindred telephone calls, Oklahoma do you should somebody who's trying to acquire three.

Speaker Change: Emily clubs down here.

Speaker Change: You won't find it'll have to yeah honestly I don't see it going in to visit in Tulsa that she had you'll have for some time, even though if you see that.

Speaker Change: But as you know she's watching by finding out as well.

Dagang Feng: Moving on to commercialization. At the beginning of 2025, 36kr signed an agreement to enter a strategic partnership with Hangzhou Tiantang New Era Construction and Investment Group Company for the Chinese Enterprise International Services Center Operations Project. This collaboration will leverage our expertise in organizational operations in online content distribution, as well as our vast network of global expansion resources to support Tiantang New Era in building a unique service ecosystem and operational framework for cooperative global expansion. This initiative seeks to create a powerful brand for Tiantang New Era and amplify its international influence to empower Chinese enterprises to expand globally.

Speaker Change: Moving onto commercialization at the beginning of the 20th 25, 30, 6K, our flying to a and agreements you into a strategic partnership with Hangzhou, Tim Hawk, New Air Reconstruction any investment company for their Chinese Enterprise International service a finger operations project. This collaboration will leverage our expert.

Speaker Change: TS in organization no operations in all my content distribution as well as to our vast network of global expansion resources to support Chin Tung Ya area.

Speaker Change: In building a unique service ecosystem in the operational framework for cooperated global expansion those initiatives seeks to create a powerful brand of 14 power New era in amplifying is the international influence to empower Chinese enterprises to expand globally.

Dagang Feng: In the future, 36kr will continue to contribute to the expansion and integration of cooperation resources, and to the wide connection of maritime and overseas ecological cooperation partners, better providing overseas services to Chinese enterprises and institutions, assisting Chinese enterprises in internationalization development, and promoting their own business to further grow. Moving forward, 36kr will remain committed to expanding and integrating cooperative resources for storing synergy within an extensive global partnership ecosystem. This will enable us to better serve Chinese businesses and institutions in their international ventures, empowering Chinese businesses' global expansion while driving 36kr's revenue growth. In addition to exploring global expansion offerings, we continue to focus on artificial intelligence, deepening our innovative AGI applications to further optimize content production and commercialization efficiency.

Speaker Change: Cause you to kind of countries you do put out a whole lot there.

Speaker Change: Yeah, Hi, there I don't have a whole bunch of holidays and once you do you go out you won't travel cause even once a year because you'll have that Oh sure. So you don't Virginia, where people don't have.

Speaker Change: Moving forward to 30 6K out will remain to meet the chi expanding into integrating cooperated for resources, both join synergy with in an extensive global partnership ecosystem.

Speaker Change: This will enable us to better serve Chinese businesses and institutions in their international ventures, empowering Chinese businesses global expansion, while driving 36 key are the revenue growth.

Speaker Change: So I close my eyes, I mean, I'll tell you that yeah, yeah. That's a good window, we don't want to let any of you had been kind of jumped single agent as usual.

Speaker Change: Do you know what he's home and anywhere from kind of a horse and I told you.

Speaker Change: In addition to exploring global expansion offerings, we continue to focus on artificial intelligence, depending our innovative API applications to further optimize content production and a commercial lyefish inefficiency.

Dagang Feng: 2024 is also a year of high-definition output information in the domestic AI field. 36kr is the world's only technology media that has interviewed the founder of DeepSync twice. Whether it is the first report in the industry, the AI six dragons are increasingly giving up on training, the GPUs in the computing center are in trouble, or the AI focus on Ali, Zijie, Xiaoming, etc. is caught in time. This shows the depth of our report in the Chinese AI circle and the breadth of the link. We also provided intensive coverage of China's AI ecosystem throughout 2024. We are the only tech media outlet worldwide to have exclusively interviewed SIGSIG's founder twice.

Speaker Change: Uh huh.

Speaker Change: And he would call me doses, we can see the unions tend to go to generally eager yeah, absolutely I don't want people to take its Washington could you maybe.

Speaker Change: Hi, Alicia Andy how long that goes.

Speaker Change: And as long as you're using it because I know you didn't give he also weakens you hardly Audi because you're having some challenges.

Speaker Change: As usual, we'll claw back.

Speaker Change: Back to what I asked him that he is a politician than usual.

Speaker Change: We also provided in case of a cooperator for China's the ecosystem about 'twenty to 'twenty. Four we are the only tech media outlet Wilder T have exclusively interview that dictates the founder twice at bald Firstly in the industry reports on topics like us they are AI Tigers have faith.

Dagang Feng: For our first in-industry reports on topics like SIGSIG's AI Tigers faced the exit from pre-training in the GPU leasing dilemma for AI computing centers, to tracking and swiftly latest AI developments of tech giants like Alibaba, ByteDance, and Xiaomi. Our coverage of China's AI community is both broad and deep, amplified by our network's extensive reach. In addition to the sharp perspective of the content section, 36kr actively integrates AITC technology with its own content ecosystem. In 2024, we launched a tool to improve internal work efficiency with multi-platform AI technology such as AI lifestyle map, AI lab, and AI query resolution.

Speaker Change: The accident from occurring training in the GPU leasing dilemma for AI computing centers to tracking in the swiftly capturing the latest that you guys give up elements of the tech Giants like Alabama by dense in fill me on coupled with you for China's E community is both broad and deep amplifying to my own that once the extensive.

Speaker Change: H.

Speaker Change: So I think it was on them English ago. It sounded like you kind of attitude as usual you said your name or something like Oh, well I'm not asking you to talk to a lot of ambition pool.

Speaker Change: And how would you do it on towards you as usual he called and they only tell you the ones you.

Dagang Feng: In the second half of this year, we launched an AI search report. The bottom layer of the product is fully integrated with the use of large model technology and AI algorithms, including AI robot interviews, reporting content production, etc. The bottom layer also includes large models from various manufacturers, including Doubao and Chongyi Qianwen. We have joined Deepfake in February 2025. Through the latest AI news reports, we have reported that the number of new projects and activities has reached more than 330. In addition to our broad concentration in the key insights, we have actively integrated AIGC technology into our content ecosystem to enhance efficiency company-wide.

Speaker Change: What does that have on your talking about asking you about al Kennedy's I'm told that you already own almost as usual, yes, I thought the whole actually you didn't have all but sometimes though youre talking to or don't have that much even volatile volatility 20 calendar.

Speaker Change: Or when you are that you can do what we can say, though towards it hinder asking you bought at all I thought. It also as you can tell me what all of us.

Speaker Change: He's got all of a sudden or things like that.

Speaker Change: In addition to our broad concentrates in the King insights, we have actively integrated AI G C technology into our content ecosystem to enhance efficiency companywide in 'twenty 'twenty four we launched that in area of the AI powered tools, including a tax to image, a bev and financial reporting.

Dagang Feng: In 2024, we launched an area for AI-powered tools, including AI Text-to-Image, AI Web, and AI Financial Report Interpretation, as well as AI Meeting Coverage, which fully leverages large-scale AI model technologies and AI algorithms to produce AI-powered interviews and generate content. The underlying system currently incorporates multiple developers' large AI models, such as Doubao and Tongyi Qianwen, among others, and we integrated DeepSeek in February 2025. AI Meeting Coverage has covered over 330 companies since its launch, highlighting their latest initiatives worth rethinking.

Speaker Change: Depreciation as well as E I'm eating coverage, which are fully elaborate Jay is the largest scale AI motto technologies in the AI algorithm on T per diem to AI powered interviews in a generate the content. The underlying system currently incorporates multiple devote paired the larger AI models such as the ball.

Speaker Change: And Tony Jamous, among others and that we integrate to the deep sea to in February 2025, AI meeting Capri to has the copper to over 330 companies since its launch highlighting their latest initiatives, where if our recent ventures.

Dagang Feng: In addition, 36kr Holdings' full news has been released in October 2024. If you want to exceed the number of users, you can provide an analysis report of the trading day of the listed company to support the subscription of more than 7,800 A-shares and steel-shares listed companies. Users can search for the listed companies that are interested in the subscription to achieve personalized subscription, follow the daily news and analysis content. At the bottom of the table, the data of the epidemic is 36kr and Boyan Technology, a full-fledged subsidiary of the company, Hongmai Group. At present, the total number of subscriptions to the company's daily news has reached 3,024 days, and the accumulated users have exceeded 6,000.

Speaker Change: So that's kind of us he isn't your well you are asking me answer here I found here you know probably.

Speaker Change: Who do you won't have wants to tell you they're using she's got thank you I'll call. You just yours, you can alright goes out.

Speaker Change: And I'm also looking at more of a social.

Speaker Change: I think people are trying to move our she can cause I'm happy that she's going to ball you. Thank you Andrew.

Speaker Change: Turning to you. So you can still do you find out what your plan could you kind of went through a whole nitrogen as well.

Speaker Change: Can't hear it wasn't just about how you got often hitting honest with you and you don't go through your television group.

Dagang Feng: In addition, we launched 36kr Corporate Omni Intelligence in October 2024, targeting stock market investors by providing daily sentiment analysis reports for public companies. The service currently covers over 7,800 public companies listed in mainland China and Hong Kong. Users can search, filter, and subscribe to reports on their preferred companies, receiving daily analysis in a personalized content format. The product's underlying sentiment data is a collaboration between 36kr and Softent, a fully-owned subsidiary of Beyond Soft. Currently, subscriptions for these daily reports total 324 with a cumulative user base more than 600. The trial of AI products and tools has proven 36kr's potential, sensitivity, and execution of AI technology applications.

Speaker Change: In addition, we have launched the 30 6K, our Cooperator Omani intelligence in October 'twenty, 'twenty, four targeting Stockholm stock market investors by providing D V sentiment analysis reports for public companies.

Speaker Change: So service currently covers over 7800 public companies listed in mainland, China, and Hong Kong Ethers can search filter and subscribe to reports on their preferred companies receiving daily analysis of any personal like the content format. The products the underlying sentiment data as a collaboration of beta.

Speaker Change: 130, 6K or in their shopping in a wholly owned subsidiary of a beyond soft currently subscriptions afford those daily reports. It totaled 300 in 324 was accumulated user base for 600 up more than 600.

Speaker Change: Oh Gosh, I mean, how long do you talk to people, who don't know if I know, how they act like a human that convention.

Dagang Feng: In 2024, with the integration of AIGC technology with the content production industry, we have fully utilized the advantages of AIGC technology in the creation of content such as information recognition, text processing, and image generation, and achieved a downward trend. In addition, we continue to expand the business boundary, actively promote the application of AI technology in the real-world scene, and launch AI financial analysis and other businesses with commercial technology cooperation. The launch of these AI products has improved our coverage and clarity of customer groups, and made those large companies and enterprises that could not be expanded due to the bandwidth and manpower in the past become our customers.

Speaker Change: So not asking you to get out as usual.

Speaker Change: Karen Keller, Jim I've been talking about.

Speaker Change: I think as usual, there's usually a virtually all television don't tell them. They don't have all of them in the ocean she's going to talk about themselves.

Speaker Change: I'm, putting on your old engine, because if you don't have usually with that they're talking about.

Speaker Change: Each one of them could you hold on to.

Speaker Change: As you know the digital channel.

Speaker Change: Oh, okay. Okay.

Speaker Change: Sure of course, you know you talked about like a knee or watch it all the time also to your toilet Nicole.

Dagang Feng: Our exploration of AI products and tools further underscores 36kr's foresight, acumen, and outstanding execution capabilities in AI, leveraging the inherent synergies between AIGC technology and the content production industry. We maximized AIGC technology utilization in our content production activities this year, including information identification, text processing, and image generation. Moreover, we continue to broaden our business scope by actively promoting AI applications across diverse business scenarios. For example, we partnered with Sense Prime to jointly launch AI Financial Report Interpretation Services. By introducing diverse AI products, we broadened the purview in the 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.

Speaker Change: Our exploration Polaris and nothing I production tools further underscores the 30 6K ours.

Speaker Change: All four sides acumen and outstanding execution capability in AI, leveraging the inherent synergies between AI Juicy technology in the content production industry, we maximize aig's he technology digitalization in our content production activity this year, including information identification tags per se.

Speaker Change: And he made a generation. Moreover, we continued to broaden our business don't put by actively promoting AI application across a diverse business barrios.

Speaker Change: For example, we partnered we partnered with since time to jointly launch a financial report integrate teaching services by introducing diversity I production with brought in did the purview in the precision of our customer outreach initiatives effectively connecting with a diverse spectrum of enterprises in the organization.

Previously beyond which you do too resource intensive workloads in the manpower limitations.

Dagang Feng: As mentioned above, 36kr has achieved a comprehensive efficiency boost in 2024. This is due to our excellent content creation capabilities, deep IP accumulation, well-trained user groups, optimized customer structure, and diversified products and services.

Speaker Change: Sometimes I'm, so sorry with without asking you know she can answer them in the seniors housing T cell.

Speaker Change: Neogen, Naomi Watanabe, San Jose I didn't get it.

Speaker Change: Oh, yeah. They won't shouldn't you still have that coal would you hope you don't have all the time you know full time on all of them. So they can negotiate a handful would've often entre organically. He was he's the only one.

Dagang Feng: In 2025, as the leading providers and providers of new e-commerce enterprises, we will continue to improve content creation advantages, expand product and service environments, and further use AI technology to support the high-quality development of new e-commerce enterprises.

Speaker Change: Oh sure put him tell me I'm hopeful that you will just see what do you know as usual for them to use here that's all Canada.

Dagang Feng: In summary, 36kr comprehensively improved its operating efficiency throughout 2024, thanks to our peerless content creation products, robust IPS assets, deeply engaged users, refined customer structure in the diversified product and service lineup. Looking ahead to 2025, as a prominent brand in the pioneering platform supporting new economy enterprises, we are pointed to hone our competitive edge in content creation, broaden the reach of our products and service offerings, and further harness AI technology to empower high-quality development among new economy stakeholders.

Speaker Change: In summary, thirty-six KR comprehensively improve its operating efficiency throughout 2020, thanks to our Peter's contents Crazy Impoundments Rowboats Ibs classes deeply engaged users refined the customer structure in the diversified product and service line I'm looking at how the G 2025.

Speaker Change: As a prominent brand in the pioneering platform are supporting new economy enterprises, we are pointed to hone in on a compounded a bit and you're in content creation broadened the reach of all products to a new service offerings and fill their harness AI technology to empower high quality development, among our new economies stakeholders.

Speaker Change: Uh huh.

Xiang Li: With that, I will now turn the call over to our CFO, Mr. Xiang Li, who will discuss our key financial results. Please go ahead, Xiang. Thank you. Thank you for joining our today's conference call.

Speaker Change: But that's all tightens up Paul our Tau with Applebee's suddenly who will discuss our pay for National yourself. It's go ahead Scott.

Scott: Thank you.

Scott: Thank you for going or today's conference call, maybe I'll now review the second half of 'twenty 'twenty four and the full year financial performance. Please note that Oh amongst our your R&D on life otherwise stated.

Xiang Li: We will now review the second half of 2024 and the full-year financial performance. Please note that all amounts are in RMB, unless otherwise stated. The company's total revenue was 128.7 million in the second half of 2024 compared to 200.3 million in the same period of 2023. The total revenue for the full year of 2024 were 231.1 million compared to 340.2 million in the previous year. Online Advertising Services Revenue were $100.2 million in the second half of 2024, compared to $139.8 million in the same period of 2023. For the full year of 2024, our Online Advertising Services Revenue were $180.6 million compared to $238.7 million in the previous year.

Scott: The Companys total revenue were a hungry 28.7 million in the second half off of 'twenty 'twenty four.

Scott: Compared to a 200.3 million the same people at all for 'twenty to 'twenty three the total revenue for the full year of our country Plentiful War to Hungary was 31.1 million compare to two or three hungry or 40.2 million the previous year.

Scott: All my other word pricing services wherever you were a hungry plant 2 million in the second half of a pollutant people compete compared to <unk> 39, 8 million in the same pure it off with hundreds of history.

Scott: We're all for 'twenty or 'twenty, four or online advertising services revenue were a hungry 80.6 median compared to two 238.7 million the previous year. The decrease was primarily due to the reduction in other words heightened spending, but otherwise HIFU from certain.

Xiang Li: The decrease was primarily due to the reduction in advertising spending by advertisers from certain industries and the ongoing elimination of underperforming customers. as a proactive measure to reduce credit risk. Enterprise value-added services revenue were $19.4 million in the second half of 2024 compared to $40.5 million in the same period of 2023. For the full year of 2024, for enterprise value-added services, revenue were $32.8 million, compared to $67.3 million in the previous year. The decrease was mainly due to strategically refocusing on the core high-margin business through the optimization of underperforming regional operations. Subscription services revenue were $9 million in the second half of 2024, compared to $20 million in the same period of 2023.

Scott: In battery and the ongoing elimination of underperforming customer.

Scott: As a proactive measure to reduce credit risk.

Scott: And their price of Baidu added services revenue was $19 4 million in the second half of 'twenty 'twenty four compared to 45 million in the same period off with Huntington history.

Scott: For the full year off with a new 24 or enterprise value added services revenue was 32.8 million compared to $2 67, plus remitted in the previous year. The decrease was mainly due to our strategic degree focusing on the core high marking business.

Scott: Through the optimization of underperforming regional operations.

Scott: Subscription services revenue were nine meetings in the second half of 'twenty 'twenty four compared to 20, meaning the same peer at all and do you think this REIT.

Xiang Li: For the full year of 2024, our subscription services revenue was $17.6 million compared to $34.2 million in the previous year. The decrease was mainly due to the strategically transition in the business model for training services. cost of revenue was $61.8 million in the second half of 2024 compared to $88.1 million in the same period of 2023. For the full year of 2024, our cost of revenue was $180.7 million compared to $158.2 million in the previous year. Gross profit was $66.9 million in the second half of 2024 compared to $112.2 million in the same period of 2023.

Scott: For the full year, all for 'twenty or 'twenty four or subscription.

Scott: Our services revenue was $17 6 million compared to $334 2 million in the previous year.

Scott: The decrease was mainly due to the.

Scott: Strategically our transition in the business model for training services.

Scott: Cost of revenue was 61.8 million in the second half opportunities wonderful compared to 88.1 meetings and thus a thin pure at all but the Newton history.

Scott: For the full year, all for 'twenty or 'twenty, four or costs offered Robin you, what's a hunger 80.7.

Scott: 1 million compared us to buy a hungry are 58.

Scott: H point 2 million those are you know the previous year. So.

Scott: The decrease was primarily attributable to the decrease in operating costs.

Scott: Talking from or are you improve the efficiency.

Scott: Gross profit was 66.9 meetings in the second half off of 494, compared with 212 2 million in the center you write off a 20 ton history gross margin was 52% in the second half off of tons, Utah.

Xiang Li: Gross margin was 52% in the second half of 2024 compared to 56% in the same period of 2023. For the full year of 2024, our gross profit was $112.3 million compared to $182 million in the previous year. Gross margin for the full year of 2024 was 48.6% compared to 53.5% in the previous year.

Scott: April compared to 56% in the same pure it oftentimes into history for the full year for near 24 or gross profit what are the hunger health plans to remediate compared with 282 media you the previous year gross margin for the full year.

Scott: Our new 2012.

Scott: 48.6% compared to 53, 5% in the previous year.

Xiang Li: Operating expenses were $73.1 million in the second half of 2024 compared to $147.5 million in the same period of 2023, representing a decrease of 50% year-over-year. For the full year of 2024, our operating expenses were $119.1 million compared to $276.2 million in the previous year, representing a decrease of 31.2% year-over-year. Sales and marketing expenses were $33.2 million in the second half of 2024, a decrease of 40% from $62.7 million in the same period of 2023. For the full year of 2024, all sales and marketing expenses were $82.6 million, a decrease of 35.2% from $127.5 million in the previous year.

Speaker Change: Operating expenses for $73 1 million in the second half of 'twenty 'twenty four compared with 247.5 million in the same P. Rodolfo Kensington history, representing a decrease of 450% year over year for the full year of atone.

Speaker Change: 24, or operating expenses were 119 point million compared to two 276.2 million in the previous year, representing a decrease of 31.2% year over year.

Speaker Change: On the marketing policy, it's worth 33.2 meetings in the second half off of 'twenty 'twenty four a decrease of about 40% are from 62.7 meeting using the same few write off upon Houston history.

Speaker Change: For the full year of 'twenty, 'twenty, four or sell side and the marketing expenses were $82 6 million, a decrease softball, 35.2% from our Hungary 27.5 million in the previous year. The decrease was primarily attributable to the decrease in.

Speaker Change: Payroll related expenses rental expenses, and our marketing and promotional expenses.

Speaker Change: General and administrative expenses were 33 million in the second half off of 'twenty 'twenty 450.

Speaker Change: <unk>, 58.8% decrease compared to $2 $72 2 million in the same two rodolfo to Newton history for the full year, putting it on the full or general and admin expenses were 93.1 million and a 30% decrease compared us to.

Xiang Li: For the full year of 2024, all general and admin expenses were $93.1 million, a 30% decrease compared to $107 million in the previous year. The decrease was largely attributable to the decrease in personal-related expenses and partially offset by doubtful account loss. Research and development expenses were $5.6 million in the second half of 2024, a decrease of 55.6% from $12.6 million in the same period of 2023. For the full year 2024, R&D expenses were $14.4 a decrease of 65.5% from $41.7 million in the previous year. The decrease was primarily due to the workforce restructuring to enhance R&D efficiency.

Speaker Change: But hungry on 7 million the previous year. The decrease was largely attributable to the decrease in personal related expenses and possibly all fly the bi thoughtful account loss.

Speaker Change: Research and development expenses were $5 6 million in the second half of Huntington before a decrease of 55.6%. Following a 12.6 million in the same period off of 'twenty to 'twenty three.

Speaker Change: For the full year 'twenty 'twenty four or on D. C. It's war, a 14.4 million a decrease of 465.5% from 41.7 million in the previous year. The decrease was primarily due to the workforce restructuring.

Speaker Change: Two you have R&D efficiency.

Xiang Li: Share-based compensation gain recognized in cost of revenue, sales and marketing expenses, and R&D expenses as well as general and admin expenses totaled $0.22 million in the second half of 2024 compared to the share-based compensation expenses of $0.97 million in the same period of 2023. For the full year 2024, the total amount of share-based compensation gain was $0.18 million compared to $4.7 million of share-based compensation expenses in the previous year. The change was mainly due to the reversal of SBC expenses caused by strategic workforce optimization.

Speaker Change: Share based compensation gain recognized for Yang costs offered Robert and yourselves on the marketing expenses.

Speaker Change: And our R&D expenses as well as a general on the oven pensive totals of 0.2 2 million in the second half off of 'twenty 'twenty four comparatist who's a share based compensation cause they solve for 0.9 7 million. So I think you were at all but the heat on history.

Speaker Change: For the full year 'twenty 'twenty for the total amount off of share based compensation gang wall there.

To your 0.1 8 million compared to $4 7 million of share based compensation expenses in the previous year. The change we're managing to the reward so awful S. P. C policies caused by a strategic workforce optimization.

Xiang Li: Other expenses were $38.6 million in the second half of 2024 compared to $1.1 million of other income in the same period of 2023. For the full year 2024, other expenses were $63 million compared to $4.9 million of other income in previous year. The change was primarily driven by the impairment loss of long-term investment. However, the company has proactively responded and upbeat about its future. Income credit was $1,000 in the second half of 2024 compared to $148,000 of income tax expenses in the same period of 2023. For the full year 2024, our income tax expenses were $64,000 compared to $42,000 of income tax credit in previous year.

Speaker Change: Other expenses were $38 6 million in the second half off of 'twenty 'twenty four compared to 1.1 million off the of other income in the US thing P rate off of 2023 for the full year 'twenty 'twenty four or other expenses worth.

Speaker Change: <unk> 3 million compared to 241 9 million of other income in previous year. The change was primarily driven by the impairment loss of long term environment, how I learned as a company has a proactive risk policies and are upbeat about it.

Speaker Change: Silica.

Speaker Change: Income crowded 1000, yeah.

Speaker Change: And I'll hop off of <unk> 24, compared to 248 felt in all four of income tax expenses in the same fewer opportunities on these three.

Speaker Change: For the full year 'twenty 'twenty four or your income tax expenses were 64000 compared to $2 42 solvent after income tax credits in previous year.

Xiang Li: Net loss was $44.9 million in the second half of 2024, compared to $36.6 million in the same period of 2023. For the full year 2024, net loss was $1.8 million. 140.8 million compared to 89.2 million in the previous year. Net loss attributable to 36kr Holdings Inc ordinary shareholders was 42.3 million in the second half of 2024 compared to 37.7 million in the same period of 2023. For the full year 2024, the number was 136.6 million compared to 19 million in the previous year. Basic and Diluted Net Loss per ADS were both 19.999 in the second half of 2024, compared to 17.977 in the same period of 2023.

Speaker Change: That's loss was $44 9 million in the third.

Speaker Change: Half of attorneys and therefore compared to $36 6 million in the same period off with Huntington history for the full year pardon me is only for NASA Marshall Wace Baja.

Speaker Change: <unk> hundred 40.8 million compared to $89 2 million in the previous year net loss attributable to the 30 6K, our holding inc. Ordinary shareholders was.

Speaker Change: 42 points read median in the second half of the new 24 compared to $37 7 million in the same peer at all but plenty of industry for the full year can you 94, the number was a bit of Hungary, $36 6 million compared to 219 million get the.

Speaker Change: Previous year.

Speaker Change: Basic and diluted net loss per 80 S was were bought 19 points trigger lie in the second half all fall 2074, compared to a 17 point might double ceremony in the thin keyword oftentimes it on history.

Xiang Li: For the full year 2024, the number was about 64.795 compared to 47.132 in the previous year.

Speaker Change: For the full year 'twenty 'twenty four the number was about 54.7 95 compared with 247.132 in the previous year.

Xiang Li: As of December 31st, 2024, the company has a cash equivalent and short-term investment of $92.5 million.

Speaker Change: As of December 31st 2024, the company has a cash cash equivalents and short term device a month off of 92.5 million.

Unknown Executive: Well, this concludes all our prepared remarks today.

Speaker Change: Well this concludes all or prepared remarks today, we will now open the call to questions. Operator. Please go ahead.

Unknown Executive: 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. If you're on a speakerphone, please pick up the handset to ask your question.

Speaker Change: Thank you.

Speaker Change: If you wish to ask a question. Please press star one on your telephone and wait for your name to be announced.

Speaker Change: If you wish to cancel your request please press star two if.

Speaker Change: You're on a speakerphone please pick up the handset ask you a question for.

Unknown Executive: 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.

Speaker Change: 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.

Zhang Yanda: Your first question comes from Zhang Yanda with SWS Research. Please go ahead. Good evening, Mr. Guan. My first question is, with the decline in advertising revenue this year, how do you see the future trend of advertising? Thank you, Yun Da. First of all, in 2024, we actively promoted advertising products and customer optimization. We adjusted the advertising business, which had relatively low profit margins and high capital risks, to achieve a greater reduction in cost-effectiveness. As a result, the overall profitability of the advertising business is constantly improving. Well, thank you for your question.

Shang Yonder: Your first question comes from Shang Yonder with S. W. S Research. Please go ahead.

Speaker Change: Yeah.

Speaker Change: Oh, Oh Oh.

Speaker Change: Or do you go into your interest junior and goes through Guangzhou, Yeah. What was in here. So you are going through a kind of die without Guangzhou Youll legal finance you said it.

Speaker Change: Uh huh.

Speaker Change: It's an element with one he's got a lot of them being equal you'll have people that needed a new E. G. We ended out.

Speaker Change: All of them.

Speaker Change: And how do you tell me she cannot come up with or without.

Speaker Change: Instead of jumping on here with the leap fan, but that doesn't count.

Speaker Change: Well. Thank you for your question our translate your question in English the company's overall advertising revenue declined this year once the companies look for is advertising business moving forward.

Dagang Feng: I will translate your question in English. The company's overall advertising revenue declined this year. What's the company's outlook for its advertising business moving forward? First of all, in 2024, we proactively optimized our advertising products in advertiser-customer base, adjusting certain low-margin and high-risk advertising businesses. This strategy move resulted in a greater reduction in relevant costs and expenses, driving continuous improvement in the overall profitability of our advertising business. Although the overall internet revenue has dropped, the price has dropped. But in 2024, our internet network and brand customers remain stable. We not only maintain stable cooperation with Alibaba, Alibaba, Alibaba, Alibaba, Alibaba, Huawei, etc.

Speaker Change: First of all in 'twenty 'twenty, four we proactively optimize the our advertising products and devote heizer customer base and adjusting of certain low margin in high risk of advertising businesses. This strategy could move that resulted in a greater reduction in development costs and expenses driving continuous to improve.

Speaker Change: And in the overall profitability of our advertising business.

Speaker Change: Central even through auto he also has out there myself.

Speaker Change: The hotel on a whole bunch of India on putting Buffy Audi, who don't want anything of Javier going back or what are the nickel the ones you clarity on the whole on touch on them. We can shoot a heart of knowing how well could you put a note of caution here because I don't go hold down the hill.

Dagang Feng: At the same time, based on our success and reputation, and the impact of our WeChat accounts, we also continue to develop high-quality customer groups to meet the demands of diversified content marketing. In 2024, the company continues to promote high-quality customer groups, including food and beverage, food and beverage, sports outdoors, cosmetics customers, furniture and appliances, and has made significant progress. We have gained the cooperation of Apple, Tencent, Alphard, KFC, and other international customers. The new customer ratio is constantly improving. Although our overall advertising revenue declined slightly, our internet sector key accounts in the leading brand customers remained stable in 2024.

Speaker Change: See Hill, an afternoon calls literally taking a whole cheniere.

Speaker Change: Now turning his all who know what we don't go who do you guys. Just I didn't don't go to cogent teachers that I can't do that with other people excuse me I'll hop off and get them Coca Cola as well she can go down deep without ego.

Speaker Change: Although our overall advertising revenue declined slightly our internet sector key accounts in the leading brand customers remained stable from 'twenty to 'twenty four we maintained the strong partnerships with the key accounts like Alibaba JD Dotcom, Lenovo and Huawei. Additionally, leveraging the content influenced with Aussie chat content specific.

Dagang Feng: We maintained strong partnerships with key accounts like Alibaba, JD.com, Lenovo, and Huawei. Additionally, leveraging the content influence of our WeChat content-specific accounts, including OYOUTH and TIDE, we continuously accelerated the growth in our high-quality customer base. By consistently meeting our customers' diverse content marketing needs, we continued to attract premium customers across sectors such as food and beverage, restaurant chains, sports and outdoor, beauty and personal care, home appliances, and more. We onboarded various premium global brands as partners, including Apple, Arcteryx, Uber, PFC, and P&G, with the proportion of new customers consistently on the rise.

Speaker Change: Accounts, including youth in tight we continuously cause salary to the growth in our high quality customer base by consistently meeting our customers' diverse content and marketing needs and we continue to attract a premium cost customer or customers across the sector is essentially to food and beverage restaurant chains.

Speaker Change: Sports and outdoor BD in the personal care home appliances eat anymore, we on boarded whereas premium global brands as partners, including Apple of terrorists or.

Speaker Change: Hubbard PFC in PNG, whereas the propulsion now for new customers consistently on the right.

Dagang Feng: As for the trend of development in 2025, we have a deep and optimistic attitude. Although the macroeconomic environment is severe, we continue to pay attention to the growth of the AI out-of-the-sea layer track and provide content for different industry customers to meet their needs. We continue to optimize products and customer structures to strengthen our online business, but continue to grow. We are cautiously optimistic about our advertising growth trajectory for 2025. Despite the microeconomic headwinds, we continue to deepen our expertise in key content verticals that matter most to our clients, such as AI and global expansion, among others.

Speaker Change: Oh no no.

Speaker Change: Sure well matured because your loved ones huddle came home when I'm hearing in June.

Speaker Change: And she got Cold you went over the edge.

Speaker Change: And quite often they put all high vol. If he wanted to open all the time.

Speaker Change: Unless you sell opportunity Antony.

Speaker Change: Okay.

Speaker Change: Yeah, well it is an example of that hotel.

Speaker Change: We are cautiously optimistic about our advertising girls the trajectory for 2025 at this point on my Cold come out when should we continue to depend on our expertise in key accounts into verticals that matter most to our clients such as AI and global expansion are mothers I empowering customers.

Dagang Feng: By empowering customers across our industries with premium content solutions and constantly optimizing our products in the client structure, we are confident we can strengthen our advertising business resilience. Thank you for your question. Do you have more questions?

Speaker Change: We're seeing that treats with premium content solutions and are constantly optimizing our products declined to structure. We are confident we can strengthen our advertising business resilience.

Speaker Change: For your question Oh anymore do you have more questions.

Unknown Executive: My second question is, what progress has the company made on the truth of the script in 2024? Thank you.

Oh, well the Golden Goose.

Speaker Change: Gentlemen, do you have a mantra.

Speaker Change: And I think inkjet is Appalachia.

Dagang Feng: Throughout 2024, what progress has the company made in reducing cost and improving efficiency? Thank you. First, by strictly controlling the cost of spending and optimizing the cost structure, our annual gross profit has returned to more than 50% in the second half of the year. Firstly, through rigorous cost control and cost structure optimization, our gross margin rebounded to over 50% in the second half of the year. In terms of expenses, we carried out a series of price reduction and increase measures last year, including a more low-cost office, a clean-up of staff in the technical production department, adjustments to the default business, an increase in the main business performance, and structural upgrades.

Speaker Change: Throughout 2024, what programs. It has the company made in reducing costs and improving efficiency.

Speaker Change: So I didn't know when they come in just under the whole company typically you'll hot and muggy target without having to do with GE geography.

Speaker Change: Firstly through a rigorous cost control in the constant structure optimization now gross margin rebounded to over 50% in the second half of the year.

Speaker Change: Definitely.

Speaker Change: So unless you're going to hear what you hear that come into the house for sure all of them.

Speaker Change: Did end up I'm sure that he was having a nimble then you're going to get crazy and it would seem like to me. It wasn't junkie. So can you give us some detail.

Dagang Feng: Secondly, as for expenses, we implemented an area for cost-cutting in the efficiency enhancement initiatives, including relocating to an office building with lower rental costs, streamlining our tech and R&D teams, adjusting unprofitable businesses, improving workforce efficiency and cooperation, and upgrading our organizational structure, et cetera. In addition, we focus on AI technology to implement all aspects of our business to reduce costs and improve efficiency. Additionally, we are integrating AI technology in the AI tools on all fronts, effectively saving costs and elevating efficiency. The above measures have greatly reduced our operating costs in the second half of 2023, which is more than 50% lower than the same period in 2023.

Speaker Change: Lee as for expenses, we implemented an area for cost accounting in the efficiency enhancement initiatives, including relocating to an office building with lower leading to a cost streamlining our attacking R&D teams addressing unprofitable businesses, improving workforce efficiency inquiry cooperations in.

Speaker Change: Upgrading our organizational structure exceptional.

Speaker Change: Right.

Speaker Change: As usual you don't hold me over the phone call if I mean, here's how much do you want to hold them.

Speaker Change: Additionally, we are integrating integrating AI technology in the AI tools, Oh proxy effectively saving constant into elevating efficiency.

Speaker Change: It sounds like you're at all in the Danville Saturday afternoon, Sabine pass with a guy that caveat.

Speaker Change: I didn't catch them to hold onto what you told her team, who clearly there'll be kind of a G well, Washington D C.

Dagang Feng: At the same time, the operating cost rate has decreased by 17%. Our operating losses in the second half of 2020 are significantly reduced compared to the same period in 2023. This initiative led to a significant reduction in our operating expenses in the second half of 2024, down by over 50% compared to the same period of 2023. Meanwhile, our operating expense ratio declined by 17% year-over-year. As a result, we badly narrowed our operating losses compared to the same period of 2023.

Speaker Change: He was head of IR.

Speaker Change: Often you don't keep up with all that.

Speaker Change: There's initiatives led to a significant reduction in our operating expenses in the second half of 'twenty 'twenty four.

Speaker Change: Down by over 50% compared to the same period for 2023. Meanwhile, our operating expense ratio declined by 17% year over year as a result be baffling narrowed operating losses compared to the same period as 2023.

Dagang Feng: In 2025, the company will continue to optimize the structure of products, customers, and organizations to further improve the company's profitability. In 2025, the company will continue to refine its products customer base in the organizational structure to further enhance the overall profitability. That's all for the answer. Thank you for your question.

Speaker Change: And then once again on tissue.

Speaker Change: Although the vehicle he would you hold them until you know.

Speaker Change: In 2025, and the company will continue to refine its products to the customer base in the organizational structure to further enhance the overall profitability.

Speaker Change: That's all for the answer. Thank you for your question do you have more questions.

Unknown Executive: Do you have more questions? Thank you.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Thank you. Your next question comes from where are you in with Sealant Securities. Please go ahead.

Ruyin: Your next question comes from Ruyin with Sealand Securities. Please go ahead. Thank you for giving me the opportunity to ask this question. I would like to ask, the company's annual corporate service revenue has fallen. What is the reason behind this? And what are the expectations for this year's corporate service? Thank you. Thank you for your question from Zealand. What led the decline in the full-year revenue from enterprise value-added services? Can you share the outlook for this year's revenue from enterprise value-added services? Okay, thank you. The company's policy services are mainly for SMEs and government clients.

Speaker Change: Oh Gosh I don't want to go to one that's doing well, maybe I'll attempt to money trying to circle.

Speaker Change: Chilean them to go to ensure full shore shales once I found them downhaul into I thought that would be unusual from a hotel using imaging of chats and therefore your machine.

Speaker Change: Yeah.

Speaker Change: Oh. Thank you for your question from Finland, we are what the decline in the full year revenue from enterprise value added services can you share the outlook for this year revenue from enterprise of value added services.

Speaker Change: Oh, yes.

Speaker Change: He is under food kosher equals hockey, Yes holds your door vehicle was the one who you want and you have got that one news from home continues and quite a lot you kind of look out to June four Oh, yeah, well the only neutral still reasonable she didn't hear you. So just wanted obviously is under four she's without them.

Dagang Feng: These clients are more affected by the macroeconomic situation. In an uncertain macroeconomic situation, SMEs may reduce the expense of consulting services and offline activities. The government may also cut some budgets, which will lead to a decline in the demand for business policy services. Small and medium enterprises and government institutions made up the majority of our enterprise value-added services clients, and they are relatively more affected by macroeconomic dynamics. Uncertainties at the macro level may prompt small and medium enterprises to curtain spending on consulting and offline initiatives, while government institutions may implement budget cuts. These factors collectively contributed to the decline in demand for enterprise value-added services.

Speaker Change: It's more in the medium enterprises and government institutions have made up the majority of our enterprise value added services clients and they are relatively more affected by macroeconomic dynamics uncertainties at the macro level may prompt us more in the medium enterprises to search and to curtail their spending on consulting.

Speaker Change: In offline initiatives, while government institutions, my intend to budget cuts and those factors are collectively contributed to the decline in demand for integrated value added services.

Dagang Feng: Another important reason is that in 2024, we adjusted the existing local network and re-optimized the basic service system and products. As a result, the loss of local government business has decreased, and the company's value-added services have decreased. However, this adjustment makes our product business more optimized, and the sustainability and profitability become stronger. Additionally, one more important reason, this year we strategically restructured our existing network of regional outlets and once again optimized our service architecture and offerings for governments in the public services system. As a result, we scaled down low-margin, unprofitable local government projects, leading to a decline in revenue from enterprise value-added services.

Speaker Change: Alright, that's all I am sure not asking your entitlement.

Speaker Change: Oh, so he'll highlight you've done 40, he doesn't do it.

Speaker Change: Adrianna Tmall, either Chris Linda if you don't know what you'll get it all instances on the floor. So we gotta go, especially if it has an element of timing you know you want could you really hung in there.

Speaker Change: It didn't go down.

Speaker Change: Additionally, one more important reason this year, we strategically restructured our ecosystem network for regional outlets in the once a day and optimized our surface architecture in the offerings of FERC complements in our public services system. As a result, we scaled down low margin unprofitable local gulf them into projects.

Speaker Change: Leading to a decline in revenue from enterprise and data services.

Dagang Feng: But on the upside, this strategic adjustment has optimized our business in the product portfolio, reinforcing both sustainability and profitability.

Speaker Change: On the upside.

T. J.: T. J. This is strategic adjustments or has the optimized algorithm is in the product portfolio reinforcing both sustainability and profitability.

Dagang Feng: In 2025, many of our key IP activities will be continued, such as the VIVES New Wave Conference for C-SERV users, the YS Conference, which will be held at the end of the year, and many of our automated industry sharing forums, such as AI Partners, which will provide political services, income, and electronic technology. In 2025, we plan to carry on many of our legacy IP events including WAIT, our signature gathering designed for individual customers, and WIDE, our flagship year-end summit, along with a variety of industry-specific sharing programs and forums that cater to diverse customer segments like AI Partner.

Speaker Change: Oh, no no no not only Ikea.

T. J.: People tend to say that even with all that was because you don't know how that went into.

Speaker Change: Andy that you didn't hear some of your life.

Speaker Change: I don't think it'll have a hunger for government.

Speaker Change: Does it sound like he doesn't have all the shuttles didn't useful.

Speaker Change: In 2025, we plan to carry on many of our legacy IP events, including waves are signaling a signature gathering and defined a range of video customers and while our flagship at year end summit, along with a variety of industry specific or sharing programs into forums that cater to diverse customer segments.

Speaker Change: Like a partner those activities will lay the groundwork for revenue growth in enterprise value added services.

Dagang Feng: These activities will lay the groundwork for revenue growth in enterprise value-added services. In addition, in 2025, we will continue to expand overseas related business in the enterprise business sector. In addition to Southeast Asia, Japan, China and Europe, we will continue to strengthen the global network layout. and the Beijing Maritime Trade Association jointly excavated the resources of Beijing's out-of-sea service providers and out-of-sea enterprises. In early 2025, for the first time as a media outlet, we undertook the business of the local government's out-of-sea service center and cooperated with Hangzhou's Qianxiang New District, Tianjin Suozi Group, and some companies to launch an international service center operation service project.

Speaker Change: So oh that went into it.

Speaker Change: Well you answered it.

Speaker Change: Twice in my yard house and into high level should it all towards only had to use it that little overlap.

Speaker Change: Gotcha, Gotcha and know how to work with you.

Speaker Change: No she muscle weight now allowed to it they can actually fly a futon with useful has here yeah on elemental missile team, making sure that cause it to.

Speaker Change: We'll have we don't see anything yet.

Speaker Change: Since you canceled a few times because you almost.

Don't see because if we don't see meaningful example.

Dagang Feng: In the future, 36kr will continue to work on to expand the integration of collaboration resources, to widely connect domestic and foreign business partners. To provide overseas services to Chinese enterprises and institutions, to assist Chinese enterprises in internationalization development, and to promote their own business to further grow. Moreover, we will continue to expand initiatives related to global expansion within our enterprise value-added services in 2025, sustaining our strong globalization momentum from 2024. In addition to Southeast Asia, Japan, the Middle East, and Europe, we will further strengthen our global network and collaborate with the China Council for the Promotion of International Trade Beijing Subcouncil to tap into additional resources from Beijing-based service providers specializing in global expansion-related solutions and enterprises seeking global expansion.

Speaker Change: It sounded like answer is easier to use.

Speaker Change: Yeah, well why did you have in there.

Speaker Change: So that was all of that.

Speaker Change: We don't want to get one client who doesn't want to hear what you have had and I'm sure you've taken with a familiar with even know about.

Speaker Change: Moreover, we're continuing to expand the initiatives related to global expansion within our enterprise value added services in 2025, and sustaining our strong globalization momentum from 'twenty to 'twenty. Four in addition to southeast Asia, and Japan, the Middle East and Europe will further strengthening strengthen our global.

Speaker Change: And that work in the collaboration with the China console for the promotion of International Treaty debating shop console, the tap into additional resources from Beijing based or service provider specializing in global expansion related to solutions and enterprises are seeking global expansion at the beginning of this year, we made our first foray into operating a local Gulf.

Dagang Feng: At the beginning of this year, we made our first effort into operating a local government's global expansion service center in our capacity as a meeting entity, partnering with Hangzhou Tiantang New Area Construction and Investment Group Company for the Chinese Enterprise International Service Center operation project. Moving forward, 36kr will remain committed to expanding and integrating cooperative resources, fostering synergy within an extensive global partnership ecosystem. This will enable us to serve Chinese businesses and institutions in their international ventures, empowering Chinese businesses' global expansion while driving 36kr's revenue growth. Thank you for your questions. Do you have more questions?

Speaker Change: Global expansion and service center in Okay.

Speaker Change: Pasty assay meeting ended E primary ways partnering with Hangzhou Chin Tung Ya area construction in investment group company for the Chinese Enterprise International Service Center operation projects moving forward. The 36, KR will remain committed to expanding into integrating cooperated the resources.

Speaker Change: Fostering synergy with in an extensive global partnership ecosystem. This way this will enable us to serve Chinese businesses in institutions in their international ventures, empowering Chinese businesses, where we expansion, while driving 30 6K, our revenue growth.

Thank you for your question do you have more questions.

Unknown Executive: Thank you so much for the clear answer.

Speaker Change: I found that everybody's trying to get it back down to enjoy a whole lot about Hollywood when things are going to add that I'm, saying that is that both in fashion such as I'm here and there you go I mean on the board you know how you determine approaches.

Unknown Executive: I have another question about AI. I'd like to ask about the content and product layout of the company's AI development. Thank you.

Speaker Change: Okay.

Dagang Feng: How does the company position itself in generative AI across content and product offerings? Before DeepSake was launched, we were the only tech media company in the world to have two exclusive interviews with the founder of DeepSake, Liang Wenfeng. We are also the first media company in the industry to exclusively report on how many AI entrepreneurs are gradually giving up pre-training, and the latest developments in the industry, such as computing centers, GPUs, and so on. In 2020, we also held a very influential AI Partner Summit. I think these all show that we have a lot of support in the Chinese AI circle.

Speaker Change: How does a company position itself in generated the AI across content and the product offerings.

Speaker Change: Yeah, you bet.

Dave: This is Dave.

Speaker Change: Well, Mr. Essentially either you got now, especially that drive occupancy because once you're in now as Linda could you maybe let me ask the high initial food without bought all these all boiled water cooled him to move on he can you just had with him. He also didn't cause you don't how are you thinking you're going to make it.

Dave: And when would you use you garner G I need I have had in a digital way.

Speaker Change: We got to hear those told told me I want to take more actions during the politician than usual.

Dagang Feng: Thank you for your question. Before DeepSig gained widespread attention, we were the only tech media that worked worldwide to have exclusively interviewed the DeepSig's founder, Liang Wenfeng, twice. We were also the first in the industry to report on key industry developments like six AI typers faced exit from pre-training and the GPU-leasing dilemma for AI computing centers. In 2024, we also hosted the highly influential AI product summit for AI sub-verticals. Those achievements underscored our broad and deep coverage of China's AI community, amplified by our network's extensive reach. As we just mentioned, in 2024, the company has launched several AI products, including AI health map, AI lab, AI financial analysis, AI global reporting, 36k companies' full report, and so on.

Speaker Change: Thank you for your question before Texas gained widespread attention we were the only tech media, that's where why did she have exclusively intervene the deep seeks a founder gambling from twice a week.

Speaker Change: We're also the first in the industry to report on key industry developments life at six eight times or to face the axeda from crate training D be leasing the la Mer for AI computing centers. In 2024, we also hosted as a highly influential Aegon quanta made for a sub vertical within those.

Speaker Change: The Chief Minister underscored, our broad and deep Corporation of China as the AI community ample refined by all networks extensive reach.

Speaker Change: Oh man he got an afternoon call slip a geological M. S N B O I.

Speaker Change: Pool actually I should add that I'll get all asking you about all kind of what you guys hitting a ball bundle. She doesn't want asking about al I apologize can you tell me who want to live here with all of a sudden I sounded like that you are but I'm, telling people to take care of them.

Dagang Feng: Among them, more than 330 companies have reported their latest projects or financing through AI global reporting, and in February, they completed DeepSake model integration. 36k companies' full report has supported more than 7,800 A-share and Hong Kong-share listed companies to subscribe. At present, the total number of subscriptions to the company has reached more than 3,000, with more than 6,000 users in total. As I just mentioned, the company launched an array of AI-powered products in 2024, including AI text-to-image, AI lab, AI financial report interpretation, AI meeting coverage, and 36kr corporate Omni Intelligence models. Notably, AI meeting coverage has covered over 330 companies, highlighting their latest initiatives in fundraising ventures.

Speaker Change: It sounded like he is a nimble easy sure. She can always goes out April Oklahoma City area.

Speaker Change: We can't think enables us somehow you've got often 10 book here that you have.

Speaker Change: A couple of those angles.

Speaker Change: As I just mentioned the company launched an area for AI powered products in 'twenty, 'twenty, four including AI texture image AI lab, and our financial report interpretation I'm eating coverage into 36 care cooperated Omani intelligence and mother's day, notably a meeting copper age it has covered oversight.

Speaker Change: 330 companies highlighting their latest initiatives Ina fundraising ventures and to be integrated.

Dagang Feng: And we integrated the DeepSake model in February 2025. Meanwhile, 36kr corporate Omni Intelligence currently covers over 7,800 public companies listed in mainland China and Hong Kong. Subscriptions for its daily reports have reached more than 3,000, and with a cumulative user base of more than 6,000.

Speaker Change: In February 'twenty 'twenty Fives. Meanwhile, 30, 6K, our cooperate Amit intelligence currently covers over 707800 public companies listed in mainland China and Hong Kong.

Speaker Change: <unk> is the daily reports.

Speaker Change: <unk> reached more than 3000 and with accumulated user base of more than 6000.

Dagang Feng: In 2025, we will continue to upgrade the AI content layout, maintain the pre-reported attitude, and continue to provide users with high-quality content related to AI technology. At the same time, we will further deepen the integration of AI technology technology and content production. In 2025, we will continue to develop our AI content ecosystem, maintaining our edge in covering the latest AI trends and consistently delighting users with premium content associated with AIGC technology. We will also further integrate AIGC technology with content production to unlock new avenues for success. Thank you for your question. Thank you.

Speaker Change: Now I'm young so he can go ahead and put you to handle all of the timeshare.

Speaker Change: They owe you won't have to his usual timberland on the alternate though it was Oh My God people show up and you just used.

Speaker Change: They were some time ago.

Speaker Change: In 2025, but we will continue to give all of our AI content ecosystem, maintaining our and incorporate uncovering the linkage between inconsistently delighting users with premium content associated with the Aig's and technology. We will also further integrate to Aig's technology, where the content production to unlock.

Speaker Change: New avenues for success.

Speaker Change: For your question.

Speaker Change: Okay.

Unknown Executive: 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 other 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.

Speaker Change: As there are no further questions I'd now like to turn the call back over to the company for closing remarks.

Speaker Change: Thank you once again for joining us today, if you other questions. Please feel free to contact 30, 6K ours, even faster relationship through the contact information for why they don't know how about size.

Speaker Change: This concludes this conference call you May now disconnect. Your line. Thank you.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Okay.

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yeah.

Speaker Change: [music].

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yeah.

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yeah.