Operator

Good day, and thank you for standing by. Welcome to Phoenix New Media First Quarter 2026 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to turn the conference over to your first speaker today, Muzi Guo from Investor Relations. Please go ahead.

Muzi Guo
IR Manager

Thank you, Operator. Welcome to Phoenix New Media's earnings conference call for the first quarter of 2026. Today's call will start with an overview of our quarterly results, followed by a Q&A session.

Our quarterly financial results and the webcast of this conference call are available on our website at ir.ifeng.com. Before we continue, please note the safe harbor statement in our earnings press release, which applies to any forward-looking statements made during this call. Unless otherwise stated, all figures mentioned are in RMB.

Joining me here today are our CEO, Mr. Yusheng Sun; and our CFO, Mr. Edward Lu.

I will now pass the call to Mr. Sun for his opening remarks. I will provide translation as needed. [Foreign Language]

Yusheng Sun
Chairman of the Board & CEO

[Foreign Language]

Muzi Guo
IR Manager

[Interpreted] And I will provide translation. Thank you all for joining today's call. In the first quarter, we stayed focused on strengthening our core capabilities, leveraging major domestic and international events to improve both our brand influence and user engagement.

Our ability to respond quickly to breaking news and deliver structured coverage of key events reflects solid execution and