Operator

Ladies and gentlemen, thank you for standing by, and good day. Thank you for joining Sohu's First Quarter 2026 Earnings Conference Call. [Operator Instructions]. Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I'd now like to turn the conference over to your host for today's conference call, Huang Pu, Investor Relations Director of Sohu. Please go ahead.

Pu Huang
Investor Relations Officer - China

Thank you, operator. Thank you for joining us to discuss Sohu's Fourth Quarter 2026 results. On the call are Chairman and the Chief Executive Officer, Dr. Charles Zhang; CFO, Joanna Lv; and the Vice President of Finance, James Deng. Also with us CEO Dewen Chen; CFO, Yaobin Wang.

Before management begins their prepared remarks, I would like to remind you of the company's safe harbor statements in connection with today's conference call.

Except for the historical information contained herein, the matters discussed may contain forward-looking statements. These statements are based on current plans, estimates, project and projections. Therefore, you should not place any reliance on them.

Forward looking statements involve risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those containing in any forward-looking statements. For more information about potential risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission, including the most recent report on Form 20-F.

With that, I will now turn the call over