36Kr Holdings Inc (KRKR) 2024 Q4 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for 36Kr Holdings Inc.'s second half and fiscal year 2024 earnings conference call. (Operator Instructions) Today's conference call is being recorded.

女士們、先生們，大家好。感謝您參加36氪控股公司2024年下半年及2024財年財報電話會議。（操作員指示）今天的電話會議正在錄音。

I will now turn the call over to your host, [Xin Wang], IR Manager of the company. Please go ahead, Xin.

現在我將把電話轉給主持人，公司的投資人關係經理 [Xin Wang]。請繼續， Xin。

Thank you very much. Hello, everyone, and welcome to 36Kr Holdings second half and 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.

非常感謝。大家好，歡迎參加36氪控股下半年及2024財年收益電話會議。該公司的財務和營運結果已於今天稍早公佈，並已在網路上公佈。您也可以造訪我們網站 ir.36kr.com 的 IR 部分查看收益新聞稿。

Participants on today's call will include our Co-Chairman and 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 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.

參加今天電話會議的人員包括我們的聯合董事長兼執行長馮大剛先生；以及我們的財務長李翔先生。馮先生將先以中文介紹公司概況以及下半年及全年業績亮點，隨後進行英文翻譯。然後，李先生將提供有關公司財務業績的詳細信息，然後開始回答您的問題。

Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 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 and other risks and uncertainties is included in the company's prospectus and other public filings as filed with the US SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，該公司的業績可能與今天表達的觀點有重大差異。有關此風險和其他風險和不確定性的更多資訊包含在公司向美國證券交易委員會提交的招股說明書和其他公開文件中。除適用法律要求外，該公司不承擔更新任何前瞻性聲明的義務。

Please note that 36Kr's earnings press release and this conference call include 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 unaudited GAAP measures. And please note that all amounts are in RMB.

請注意，36氪的收益新聞稿和本次電話會議包括未經審計的 GAAP 財務指標以及未經審計的非 GAAP 財務指標的討論。36氪的收益新聞稿包含未經審計的非 GAAP 指標與未經審計的 GAAP 指標的對帳。請注意所有金額均以人民幣計算。

I will now turn the call over to our Co-Chairman and CEO, Mr. Dagang Feng. Pal, please go ahead.

現在，我將電話轉給我們的聯合董事長兼執行長馮大剛先生。朋友，請繼續。

(interpreted) Thank you. Hello, everyone. Thank you for joining our second half and fiscal year 2024 earnings conference call.

（翻譯）謝謝。大家好。感謝您參加我們的2024年下半年及2024財年財報電話會議。

2024 marked a year of comprehensive operating efficiency improvement 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 the total revenue decreased by 17 percentage in the second half of 2024 compared to the second half of 2023, while our gross profit margin remained above 50% for the second half of 2024. As a result, we vastly narrowed our operating losses while cash reserves remained essentially stable, establishing a resilient framework to support company's long-term solid business operations.

2024年，是36氪全面提升營運效率的一年。值得注意的是，我們 2024 年下半年的營運費用與 2023 年同期相比下降了 50%。2024 年下半年，我們的總營運費用佔總收入的百分比與 2023 年下半年相比下降了 17%，而 2024 年下半年的毛利率仍維持在 50% 以上。結果，我們大幅縮小了經營虧損，同時現金儲備基本上保持穩定，建立了一個有彈性的框架來支持公司長期穩健的業務運作。

These 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 and comprehensive marketing offerings. 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. These efforts drove significant progress in both our global expansion and AI application.

這些營運成就主要得益於我們全年的業務結構和勞動力效率的提升。2024 年，我們也不斷加強我們的內容生態系統，利用我們無與倫比的內容創作承諾和全面的營銷產品。我們繼續優化廣告運營，同時擴大媒體覆蓋範圍。我們擁抱新興的全球擴張趨勢，並繼續專注於AGI創新，進一步加速我們在現實場景中實施AI。這些努力推動了我們的全球擴張和人工智慧應用取得重大進展。

Let's take a closer look at the company's development from two key perspectives. First, our existing business, and second, our growth initiatives. For our existing business, I will start with an update on our content influence in commercialization.

讓我們從兩個關鍵角度來仔細看看該公司的發展。首先，我們現有的業務；其次，我們的成長計畫。對於我們現有的業務，我首先會介紹我們在商業化方面的內容影響力的最新情況。

In terms of 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 subverticals, actively expanding high-quality content-specific accounts like the emergence of Intelligence, 36Kr Auto Future Consumption, 36Kr Games, [Vapes] and 36Kr Finance, among others. These accounts 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.

在內容生態建置方面，我們在維持現有內容指標的同時，繼續多方面打造優質內容。在打造36氪、36氪Pro等旗艦頻道的同時，我們拓展了垂直細分領域的覆蓋面，積極拓展優質內容專屬帳號，如崛起情報、36氪汽車未來消費、36氪遊戲、【電子煙】、36氪財經等。這些帳戶透過增加廣泛的內容覆蓋範圍和專業領域的深厚專業知識，使我們的指標更加全面，為用戶提供有關行業趨勢和不斷發展的商業動態的寶貴見解。

At the same time, we continued to tailor content experiences for younger generations by launching our Oh! Youth and TIDE subvertical media channels, featuring a broad content metrics of text in graphics, comics and customized videos. These channels successfully engaged the younger audiences, greatly extending our content 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.

同時，我們繼續為年輕一代量身定制內容體驗，推出了 Oh！青少年及潮流類垂直媒體頻道，以圖文並茂、漫畫、客製化影片等內容形式為主。這些頻道成功吸引了年輕觀眾，大大擴展了我們的內容覆蓋範圍。2024年8月，我們正式上線全新內容專題帳號－36氪遊戲，致力於探索遊戲產品、科技、商業價值與文化故事。

We utilized 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. 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 in the 5.253 million shares. Notably, on the 36Kr official accounts alone, 757 of our articles achieved over 100,000 page views.

我們採用了充滿活力的文字、圖形、直播和視訊格式的組合來捕捉遊戲產業的蓬勃發展並吸引活躍的觀眾。迄今為止，我們的帳戶涵蓋先進製造、數位化、雙碳和 ESG、硬核心技術、高度專業化和創新企業、消費者生活方式等，培育了蓬勃發展的內容生態系統。2024年，我們的編輯團隊透過內容專題帳號共發表文章8090篇，其中原創文章2465篇，總閱讀量超過2.2億次，評論超過24.1萬條，分享量525.3萬次。值得注意的是，光是在36氪官方帳號上，我們的757篇文章的閱讀量就超過了10萬次。

Moving on to our content dissemination network, we steadily expanded our footprint across diverse channels, crossing a comprehensive circulation metrics encompassing major new medium platforms like Weibo, RedNote, Toutiao, Zhihu, Bili, 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 and stickiness. As of the end of 2024, we had over 35.9 million followers, marking 16 consecutive quarters of growth.

在內容傳播網路上，我們穩步拓展多元管道，覆蓋微博、紅筆記、今日頭條、知乎、嗶哩嗶哩、抖音、快手等各大新媒體平台。廣泛的管道曝光為我們的優質內容帶來了更廣泛的整體傳播和更高的知名度。我們持續生產優質內容，擴大並多元化我們的用戶群，進一步提升用戶參與度和黏性。截至 2024 年底，我們的粉絲超過 3,590 萬，連續 16 個季度實現成長。

We explored the growing area of content formats throughout 2024, including text, graphics, short- and long-form videos, audio and live streaming, enriching our content offerings with a greater diversity of styles. In terms of short video, our exceptional content creation capabilities earned us widespread visibility in the rave 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.

2024 年，我們探索了不斷發展的內容格式領域，包括文字、圖形、短視訊和長視訊、音訊和直播，以更多樣化的風格豐富我們的內容產品。在短影片方面，我們出色的內容創作能力贏得了用戶的廣泛好評。截至 2024 年底，我們的影片粉絲數超過 931 萬，其中僅 Bilibili 上的粉絲數就達到 247 萬，較去年同期成長 10%。

Our WeChat channel's followers surged by 58% year-over-year. Our short video business continued to excel with its contribution to advertising revenue consistently on the rise.

我們的微信公眾號粉絲年增58%。短影片業務持續表現優異，對廣告收入的貢獻持續上升。

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, [Foreseeing] 2034 in the second quarter. We made notable strides in content creation and channel distribution through this robust partnership. The debut episode of Foreseeing 2034 featuring NIO Founder, William Li Bin delved into upcoming shifts in the new energy vehicle sector, garnering widespread interest in racking up over 84 million views across various platforms.

在長影片領域，我們與熱門短片平台抖音合作，於第二季推出精英脫口秀系列《預見2034》新一季。透過這種穩固的合作關係，我們在內容創作和管道分發方面取得了顯著的進展。《預見2034》首集節目邀請了蔚來創辦人李斌擔任嘉賓，深入探討了新能源汽車領域即將發生的變革，引起了廣泛關注，在各大平台的觀看量已超過8400萬次。

For live streaming, this year, we optimized our resources with a streamlined team in the fully leveraged WeChat channels to cultivate an area of content-specific accounts, including 36Kr Pro Plus, global expansion in Golden Shovel and 36Kr [CEO Tips]. These efforts not only significantly elevated our live streaming content influence, but also drove commercial convergence and supplemented our low ARPU 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. 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.

對於直播，今年我們優化了資源，充分利用微信管道精簡團隊，培育了一批內容專屬帳號，包括36氪Pro Plus、Golden Shovel全球擴張版和36氪【CEO Tips】。這些努力不僅顯著提升了我們的直播內容影響力，還推動了商業融合並補充了我們較低的 ARPU 產品。2024年，我們舉辦了272場直播課程，涵蓋了各種各樣的培訓主題，包括AI大型模型和中國品牌的全球擴張。此外，我們於 2024 年底推出了首個電子商務直播。我們的首播節目展示了 38 款科技產品，獲得了超過 163 萬次觀看，現場觀眾人數達到 289,000 人。

Notably, the 36Kr live streaming channel ranked number one on Douyin's smart device category leader board 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 stream formats and scenarios, delighting both our users and clients with richer content scenarios in more diverse service models.

值得注意的是，36氪直播在抖音智慧型裝置類目排行榜上，與直播同期名列第一。全年來看，我們的直播收入年增68.5%。未來，我們將繼續探索新的直播形式和場景，以更豐富的內容場景和更多樣化的服務模式為使用者和客戶提供愉悅的體驗。

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 application, sharing insights on both opportunities and the challenges gleaned from day-to-day business operations. This summit attracted an impressive 100 million-plus views sparking extensive industry buzz. Additionally, we held our highly anticipated signature IP event, the WISE2024 Business Kings Conference in November 2024. The submit focused only 11 trending industry verticals and featured two regional sub forums, the WISE2024 Continue to Sink Globalization Sub-Forum, Shenzhen, and the WISE2024 Always with You Future Consumption Conference, Beijing.

現在我們來談談企業加值服務。2024年，我們推出重大活動IP－高階生產力AI合作夥伴高峰會，取得了實質的成功。我們與阿里巴巴、百度、聯想和英特爾等產業巨頭合作，深入探討人工智慧應用的最新趨勢，分享從日常業務營運中獲得的機會和挑戰的見解。本次峰會吸引了超過1億的觀看量，引發了業界的廣泛關注。此外，我們於2024年11月舉辦了備受期待的標誌性智慧財產權活動－WISE2024商業之王大會。本次高峰會僅聚焦11個熱門垂直產業，並設立兩個區域分論壇，分別為WISE2024持續下沉全球化分論壇（深圳）與WISE2024與您同業未來消費大會（北京）。

The event brought together more than 200 Chinese business leaders and elite representing a wide area of industries, including Lee Kai-Fu, CEO of [01.AI] and the Chairman of Sinovation Ventures; Lu Weibing, Partner and President of Xiaomi Group; Dai Wei, Senior Vice President of Lenovo Group; Jia Jingdong, Vice President of Vivo; Yin Ye, CEO of BGI Group; and Zhang Peng, CEO of Zhipu, sharing visionary insights into the future of China's business advancement. Our WISE2024 Business Games Conference attracted over 850 million total views.

本次活動匯集了200多位中國商界領袖和各行各業的精英，其中包括[01.AI]首席執行官、創新工場董事長李開復；盧偉冰，小米集團合夥人、總裁；聯想集團高級副總裁戴威； Vivo 副總裁賈敬東；華大基因集團首席執行官尹曄；以及智普首席執行官張卓；我們的WISE2024商業遊戲大會吸引了超過8.5億次觀看。

In addition to off-line events, we continued to make strides in our consulting services and other enterprise value-added service offerings this year. For instance, 36Kr Research Institute delved into key sectors pointed for disruptive growth with significant upside potential, such as global expansion, embedded artificial intelligence, low-altitude economy and artificial intelligence, among others. Their in-depth analysis considered factors like policy guidance, funding activity, market demand, industry change 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 and strategic market planning while expanding into due diligence, branding consulting and other services.

除了線下活動外，我們今年也持續在諮詢服務和其他企業增值服務方面取得進展。例如，36氪研究院深入研究了具有巨大上升潛力的顛覆性成長的關鍵領域，例如全球擴張、嵌入式人工智慧、低空經濟和人工智慧等。他們的深入分析考慮了政策引導、融資活動、市場需求、產業變化結構、競爭格局、商業模式和發展趨勢等因素。2024年36氪研究院粉絲成長超過11%，員工生產力顯著提升。在商業化方面，我們加強了產業研究和策略市場規劃的基礎，同時擴展到盡職調查、品牌諮詢等服務。

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.

我剛才描述的各項努力也對客戶端結構的最佳化做出了貢獻。豐富的內容生態和多樣化的內容分發管道，使得我們今年能夠不斷擴展服務和產品組合，增強我們的商業化能力。這使我們能夠擴大對奢侈品消費中新能源汽車等新興領域的客戶覆蓋範圍，同時積極擴大與服裝、食品等傳統行業的傳統品牌的合作夥伴關係。

These coordinated initiatives have meaningfully benefited our existing business as we improved the productivity, optimized the business and client structures and enhanced the sustainability of revenue streams. Going forward, we will continue to expand the boundaries of the media, 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.

這些協調措施為我們現有的業務帶來了巨大的利益，因為我們提高了生產力，優化了業務和客戶結構，並增強了收入來源的可持續性。未來，我們將持續拓展媒體邊界，探索新的商業模式，實現全球化擴張，推動營收成長，並推動AGI應用，進一步優化內容生產與商業化效率。

Turning now to our growth initiatives. In 2024, global expansion emerged as a crucial opportunity that no Chinese company could afford to meet and 36Kr is no exception. 36Kr has already established a solid presence in Japan through 36Kr Japan and Southeast Asia, while -- Asia, building on years of extensive efforts by its overseas teams, 36Kr has cultivated significant ties with foreign governments, major industry players, start-ups 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 to tap into business opportunities in China.

現在來談談我們的成長計畫。2024年，全球化擴張成為了任何一家中國公司都無法承受的關鍵機遇，36氪也不例外。36氪已透過36氪日本及東南亞站在日本市場站穩腳跟；而在亞洲市場，經過海外團隊多年的深入耕耘，36氪已與外國政府、行業巨頭、資本生態中的創業公司等建立了良好的合作關係，積累了豐富的全球化業務拓展成功案例和經驗。多年來，我們一直為中國企業在海外提供媒體服務和行銷支持，同時我們的國際團隊也一直幫助外國機構和企業開拓中國商機。

On the content front, we have extensively covered globalization success stories for leading Chinese companies such as MINISO, (inaudible), ePropulsion, Nationality Digital in [Manrich], keeping a close eye on the global expansion dynamics of Chinese enterprises.

在內容方面，我們在[Manrich]中廣泛報導了名創優品、（聽不清楚）、ePropulsion、Nationality Digital等中國領先企業的全球化成功案例，密切關注中國企業的全球擴張動態。

To advance our global expansion, we launched the 36Kr European Central Station in 2024. Currently, 36Kr Europe mainly features new operational start-ups from the 36Kr ecosystem, along with original 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 cost. It currently supports browsing English, German and Chinese with plans to add more languages in country-specific channels.

為了推動我們的全球擴張，我們於 2024 年推出了 36Kr 歐洲中央站。目前，36氪歐洲版主要呈現36氪生態中全新營運的新創企業，同時提供季度套餐等原創內容，為海外利害關係人提供及時、全面的中國商業資訊。此舉將使36氪歐洲用戶能夠與中國用戶同時獲得相同的資訊。此外，36氪歐洲也利用AIGC技術賦能內容生態，顯著提高生產力的同時降低內容創作成本。它目前支援瀏覽英語、德語和中文，並計劃在特定國家/地區的頻道中添加更多語言。

To maximize the synergy of domestic resources in December 2024, 36Kr initiated and launched the Beijing International Chamber of Commerce Global Expansion Service Committee under the guidance of China Council for the Promotion of International Trade Beijing Sub-Council. 26 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.

為最大化發揮國內資源協同作用，2024年12月，36氪在中國貿促會北京市分會的指導下，發起成立了北京國際商會全球拓展服務委員會。已有領英中國、中國移動國際、畢馬威、螞蟻金服等26家知名機構加入該委員會。該委員會匯集了北京頂尖的產業和專業服務供應商，專門提供全球擴張相關解決方案，幫助本地企業拓展全球市場，旨在逐步提升北京企業的國際競爭力。

Moving on to commercialization. At the beginning of 2025, 36Kr signed an agreement to enter a strategic partnership with Hangzhou Qiantang New Area Construction and Investment Group Company for the Chinese Enterprise International Service 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 Qiantang New area in building a unique service ecosystem and operational framework for corporate global expansion. This initiative seeks to create a powerful brand for Qiantang New area and amplify its international influence to empower Chinese enterprises to expand globally.

走向商業化。2025年年初，36氪與杭州錢塘新區建設投資集團公司簽署協議，就中國企業國際服務中心營運項目達成策略合作。此次合作將利用我們在網路內容分發組織營運方面的專業知識以及廣泛的全球擴張資源網絡，支持錢塘新區建構獨特的企業全球擴張服務生態系統和營運架構。此舉旨在打造錢塘新區強勢品牌，擴大其國際影響力，協助中國企業走向世界。

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 better serve Chinese businesses and institutions in their international ventures, empowering Chinese businesses' global expansion while driving 36Kr's revenue growth.

未來，36氪將持續致力於拓展和整合合作資源，形成廣泛的全球合作夥伴生態。這將使我們能夠更好地服務中國企業和機構的國際化發展，並協助中國企業的全球化擴張，同時推動36氪的營收成長。

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.

除了探索全球擴張產品外，我們也持續專注於人工智慧，深化創新的AGI應用，以進一步優化內容製作和商業化效率。

We also provided intensive coverage of China's AI ecosystem throughout 2024. We are the only tech leading outlet worldwide to have exclusively interviewed DeepSeek's Founder twice, while first in the industry reports on topics like six AI tigers faced exit from pre-training in the GPU leasing dilemma for AI computing centers to tracking and swiftly capturing the latest AI developments of tech giants like Alibaba, ByteDance and Xiaomi. Our coverage for China's AI community is both broad and deep, amplified by our network's extensive reach.

我們也對 2024 年全年的中國人工智慧生態系統進行了深入通報。我們是全球唯一兩次獨家專訪DeepSeek創始人的科技領先媒體，並在業界首次報道了六大AI巨頭從預訓練退出的AI計算中心的GPU租賃困境，到跟踪和快速捕捉阿里巴巴、字節跳動、小米等科技巨頭的最新AI發展等話題。我們對中國人工智慧社群的覆蓋範圍廣泛且深入，並透過我們網路的廣泛覆蓋而擴大。

In addition to our broad content reach and the King insights, we have actively integrated AIGC technology into our content ecosystem to enhance efficiency company-wide. In 2024, we launched an area of AI-powered tools, including AI Text to Image, AI Web and AI Financial Report Interpretation as well as AI Media Coverage, which fully leverages large-scale AI model technologies and AI algorithm to produce AI-powered interviews in a generated content. The underlying system currently incorporates multiple developers, large AI models such as (inaudible), among others. And we integrated DeepSeek in February 2025. AI Media coverage has covered over 330 companies since its launch, highlighting their latest initiatives were fundraising ventures.

除了我們廣泛的內容覆蓋範圍和 King 洞察之外，我們還積極將 AIGC 技術融入我們的內容生態系統，以提高全公司的效率。2024年，我們推出了一系列人工智慧工具，包括人工智慧文字轉圖像、人工智慧網路、人工智慧財務報告解讀以及人工智慧媒體報道，充分利用大規模人工智慧模型技術和人工智慧演算法，在產生的內容中製作人工智慧訪談。底層系統目前包含多個開發人員，大型 AI 模型（例如（聽不清楚））等。我們在 2025 年 2 月整合了 DeepSeek。自推出以來，AI Media 已報告了 330 多家公司，重點介紹了它們的最新舉措——融資業務。

In addition, we launched the 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 [Soften], a wholly owned subsidiary of Beyondsoft.

此外，我們於2024年10月推出了36氪企業全維度洞察，針對股市投資者，提供上市公司的每日情緒分析報告。目前該服務已涵蓋超過7,800家在中國內地和香港上市的上市公司。用戶可以搜尋、篩選和訂閱自己喜歡的公司報告，以個人化的內容格式接收每日分析。該產品底層情緒資料是36氪與博彥科技全資子公司[Soften]合作的成果。

Currently, subscriptions for this daily reports totaled [324] with a cumulative user base of [600] -- more than [600]. 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 in 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 continued to broaden our business scope by actively promoting AI application across diverse business scenarios.

目前，該日報訂閱人數已達[324]人，累計用戶數達[600]人－超過[600]對於AI產品和工具的探索，進一步凸顯了36氪在AI領域的前瞻性和出色的執行力，發揮了AIGC技術與內容生產行業內在的協同效應。我們今年在內容製作活動中最大限度地利用了AIGC的技術，包括資訊辨識、文字處理和圖像生成。此外，我們不斷拓寬業務範圍，積極推動人工智慧在不同業務場景的應用。

For example, we partnered with SenseTime 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.

例如，我們與商湯科技合作，引進多樣化的AI產品，共同推出AI財務報告解讀服務。我們擴大了客戶拓展計畫的精準度，有效地與先前因資源密集型工作量和人力限製而無法觸及的各種企業和組織建立了聯繫。

In summary, 36Kr comprehensively improved its operating efficiency throughout 2024, thanks to our peerless content creation prowess, robust IP assets, deeply engaged users, refined customer structure and diversified product and service lineup. Looking ahead to 2025, as a prominent brand in the pioneering platform supporting new economy enterprises, we are poised to hone on 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.

綜上所述，憑藉強大的內容創作能力、雄厚的IP資產、深度參與的用戶、完善的客戶結構、豐富多樣的產品和服務陣容，36氪在2024年的經營效率全面提升。展望2025年，身為新經濟企業扶持先鋒平台的知名品牌，我們將進一步夯實內容創作的競爭優勢，拓展產品與服務覆蓋範圍，進一步運用人工智慧技術賦能新經濟利害關係人高品質發展。

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.

現在，我將把電話轉給我們的財務長李翔先生，他將討論我們的主要財務表現。請繼續，翔。

Thank you. Thank you for joining our -- today's conference call. 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.

謝謝。感謝您參加我們今天的電話會議。我們現在將回顧 2024 年下半年和全年的財務表現。請注意，除非另有說明，所有金額均以人民幣計算。

The company's total revenue were RMB128.7 million in the second half of 2024 compared to RMB200.3 million in the same period of 2023. The total revenue for the full year of 2024 were RMB231.1 million compared to RMB340.2 million in the previous year.

2024 年下半年，公司總收入為人民幣 1.287 億元，而 2023 年同期為人民幣 2.003 億元。2024年全年總收入為人民幣2.311億元，上年度為人民幣3.402億元。

Online advertising services revenue were RMB100.2 million in the second half of 2024 compared to RMB139.8 million in the same period of 2023. For the full year of 2024, our online advertising services revenue were RMB180.6 million compared to RMB238.7 million in the previous year. The decrease was primarily due to the reduction in advertising spending by advertisers from certain industries and ongoing elimination of underperforming customers as a proactive measure to reduce credit risk.

2024 年下半年線上廣告服務收入為人民幣 1.002 億元，而 2023 年同期為人民幣 1.398 億元。2024年全年，我們的線上廣告服務收入為人民幣1.806億元，上年為人民幣2.387億元。下降的主要原因是某些行業的廣告商減少了廣告支出，並採取了主動措施不斷淘汰表現不佳的客戶以降低信用風險。

Enterprise value-added services revenue were RMB19.4 million in the second half of 2024 compared to RMB40.5 million in the same period of 2023. For the full year of 2024, our enterprise value-added services revenue were RMB32.8 million compared to RMB67.3 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.

2024 年下半年企業增值服務收入為 1,940 萬元，而 2023 年同期為 4,050 萬元。2024年全年，我們的企業增值服務收入為人民幣3,280萬元，而上年為人民幣6,730萬元。下降的主要原因是透過優化表現不佳的區域運營，從策略上重新專注於核心高利潤業務。

Subscription services revenue were RMB9 million in the second half of 2024 compared to RMB20 million in the same period of 2023. For the full year of 2024, our subscription services revenue were RMB17.6 million compared to RMB34.2 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 RMB61.8 million in the second half of 2024 compared to RMB88.1 million in the same period of 2023. For the full year of 2024, our cost of revenue was RMB118.7 million compared to RMB158.2 million in the previous year. The decrease was primarily attributable to the -- to a decrease in operating costs resulting from our improved efficiency.

2024 年下半年訂閱服務收入為人民幣 900 萬元，而 2023 年同期為 2,000 萬元人民幣。2024年全年，我們的訂閱服務收入為人民幣1,760萬元，而上年為人民幣3,420萬元。下降主要由於培訓服務業務模式的策略轉型。2024 年下半年的收入成本為 6,180 萬元，而 2023 年同期為人民幣 8,810 萬元。2024年全年，我們的收入成本為人民幣1.187億元，上年為人民幣1.582億元。下降主要歸因於我們效率的提高所導致的營運成本的下降。

Gross profit was RMB66.9 million in the second half of 2024 compared to RMB112.2 million in the same period of 2023. Gross margin was 52% in the second half of 2024 compared to 56% in the same period of 2023. For the full year 2024, our gross profit was RMB112.3 million compared to RMB182 million in the previous year. Gross margin for the full year of 2024 was 48.6% compared to 53.5% in the previous year.

2024 年下半年毛利為人民幣 6,690 萬元，而 2023 年同期為 1.122 億元。2024 年下半年的毛利率為 52%，而 2023 年同期為 56%。2024年全年，我們的毛利為人民幣1.123億元，上年為人民幣1.82億元。2024年全年毛利率為48.6%，而上年度為53.5%。

Operating expenses were RMB73.1 million in the second half of 2024 compared to RMB147.5 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 RMB190.1 million compared to RMB276.2 million in the previous year, representing a decrease of 31.2% year-over-year.

2024年下半年營業費用為人民幣7,310萬元，2023年同期為人民幣1.475億元，年減50%。2024年全年，我們的營業費用為人民幣1.901億元，上年為人民幣2.762億元，年減31.2%。

Sales and marketing expenses were RMB33.2 million (sic – see quarterly results report, "RMB37.2 million") in the second half of 2024, a decrease of 40% from RMB62.7 million in the same period of 2023. For the full year of 2024, our sales and marketing expenses were RMB82.6 million, a decrease of 35.2% from RMB127.5 million in the previous year. The decrease was primarily attributable to the decrease in payroll-related expenses, rental expenses and marketing and promotional expenses.

2024 年下半年銷售和行銷費用為人民幣 3,320 萬元（原文如此 - 參見季度業績報告「人民幣 3,720 萬元」），較 2023 年同期的人民幣 6,270 萬元下降 40%。2024年全年，我們的銷售及行銷費用為人民幣8,260萬元，較上年的人民幣1.275億元下降35.2%。下降主要由於工資相關費用、租賃費用以及行銷和促銷費用的減少。

General and administrative expenses were RMB30.3 million in the second half of 2024, a 58.8% decrease compared to RMB72.2 million in the same period of 2023. For the full year 2024, our general and admin expenses were RMB93.1 million and a 13% decrease compared to RMB107 million in the previous year. The decrease was largely attributable to the decrease in personnel-related expenses and partially offset by doubtful account loss.

2024年下半年一般及行政開支為人民幣3,030萬元，較2023年同期的人民幣7,220萬元下降58.8%。2024年全年，我們的一般及行政開支為人民幣9,310萬元，較上年的人民幣1.07億元下降13%。減少的主要原因是人員相關費用的減少，並被壞帳損失部分抵銷。

Research and development expenses were RMB5.6 million in the second half of 2024, a decrease of 55.6% from RMB12.6 million in the same period of 2023. For the full year 2024, our R&D expenses were RMB14.4 million, a decrease of 65.5% from RMB41.7 million in the previous year. The decrease was primarily due to the workforce restructuring to enhance R&D efficiency.

2024年下半年研發費用為人民幣560萬元，較2023年同期的人民幣1,260萬元減少55.6%。2024年全年，我們的研發費用為人民幣1,440萬元，較上年的人民幣4,170萬元下降65.5%。下降主要是由於為提高研發效率而進行的員工重組所致。

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 RMB0.22 million in the second half of 2024 compared to the share-based compensation expenses of RMB0.97 million in the same period of 2023. For the full year 2024, the total amount of share-based compensation gain were RMB0.18 million compared to RMB4.7 million of share-based compensation expenses in the previous year. The change were mainly due to the reversal of SBC expenses caused by strategic workforce optimization.

2024 年下半年，在營業成本、銷售及行銷費用、研發費用以及一般及行政開支中確認的股權激勵收益總計為人民幣 0.22 百萬元，而 2023 年同期的股權激勵費用為人民幣 0.97 百萬元。2024年全年股權激勵收益總額為人民幣0.18百萬元，而上年度的股權激勵費用為人民幣4.7百萬元。此變化主要由於策略性勞動力優化導致的SBC費用沖銷。

Other expenses were RMB38.6 million in the second half of 2024 compared to RMB1.1 million of other income in the same period of 2023. For the full year 2024, our other expenses were RMB63 million compared to RMB4.9 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 credits were RMB1,000 in the second half of 2024 compared to RMB148,000 of income tax expenses in the same period of 2023. For the full year 2024, our income tax expenses were RMB64,000 compared to RMB42,000 of income tax credit in previous year.

2024 年下半年其他支出為人民幣 3,860 萬元，而 2023 年同期其他收入為 110 萬元。2024年全年，我們的其他支出為人民幣6,300萬元，而上年的其他收入為人民幣490萬元。此變化主要由於長期投資減損損失所致。不過，該公司已積極回應並對其未來持樂觀態度。2024 年下半年的收入抵免為 1,000 元，而 2023 年同期的所得稅費用為 148,000 元人民幣。2024 年全年，我們的所得稅費用為 64,000 元，而前一年的所得稅抵免額為 42,000 元。

Net loss was RMB44.9 million in the second half of 2024 compared to RMB36.6 million in the same period of 2023. For the full year 2024, net loss was RMB140.8 million compared to RMB89.2 million in the previous year. Net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders was RMB42.3 million in the second half of 2024 compared to RMB37.7 million in the same period of 2023. For the full year 2024, the number was RMB136.6 million compared to RMB90 million in the previous year.

2024 年下半年淨虧損為人民幣 4,490 萬元，而 2023 年同期為 3,660 萬元。2024年全年淨虧損為人民幣1.408億元，上年度為人民幣8,920萬元。2024年下半年歸屬於36氪控股公司普通股股東的淨虧損為人民幣4,230萬元，而2023年同期為人民幣3,770萬元。2024年全年這一數字為人民幣1.366億元，而上一年為人民幣9,000萬元。

Basic and diluted net loss per ADS were both RMB19.999 in the second half of 2024 compared to RMB17.977 in the same period of 2023. For the full year 2024, the number were both RMB64.795 compared to RMB47.132 (sic – see quarterly results report, "RMB43.132") in the previous year. As of December 31, 2024, the company had cash, cash equivalents and short-term investments of RMB92.5 million (sic – see quarterly results report, "RMB91.7 million").

2024 年下半年每股 ADS 基本淨虧損及攤薄淨虧損均為 19.999 元，而 2023 年同期為 17.977 元。2024 年全年，這一數字均為人民幣 64,795 元，而上一年為人民幣 47,132 元（原文如此 - 參見季度業績報告，“人民幣 43,132 元”）。截至 2024 年 12 月 31 日，該公司擁有現金、現金等價物和短期投資為人民幣 9,250 萬元（原文如此 - 請參閱季度業績報告「人民幣 9,170 萬元」）。

Well, this concludes all our prepared remarks today. We will now open the call to questions. Operator, please go ahead.

好了，今天我們的準備發言就到此結束。我們現在開始提問。接線員，請繼續。

(Operator Instructions) [Zhang Yanda], SWS Research.

(操作員指令)【張延達】，申萬宏源研究。

(spoken in foreign language) Well, thank you for your question. 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?

（外語）好吧，謝謝你的提問。我會將您的問題翻譯成英文。該公司今年的整體廣告收入有所下降。該公司對其廣告業務未來的前景如何？

(interpreted) First of all, in 2024, we proactively optimized our advertising products and advertiser customer base, adjusting certain low-margin and high-risk advertising businesses. This strategic move resulted in a greater reduction in development costs and expenses, driving continuous improvement in the overall profitability of our advertising business.

(解讀)首先，2024年，我們主動優化了廣告產品和廣告主客戶群，調整了某些低利潤、高風險的廣告業務。這項策略措施大幅降低了開發成本和費用，推動了我們廣告業務整體獲利能力的持續提升。

Although our overall advertising revenue declined slightly, our Internet sector key accounts in the leading brand customers remained stable in 2024. 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 Oh! Youth and TIDE, we continuously accelerated 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, Arc'teryx, (inaudible), KFC and P&G with the proportion of new customers consistently on the rise.

儘管我們的整體廣告收入略有下降，但我們在領先品牌客戶的互聯網領域大客戶在2024年保持穩定。我們與阿里巴巴、京東、聯想和華為等重要客戶保持著牢固的合作關係。此外，利用我們微信內容專題帳號的內容影響力，包括 Oh!青春與潮流，我們優質客戶群不斷加速成長。透過持續滿足客戶多樣化的內容行銷需求，我們持續吸引食品飲料、餐飲連鎖、運動戶外、美容個人護理、家用電器等領域的優質客戶。我們與多個全球知名品牌建立了合作關係，包括蘋果、Arc'teryx、（聽不清楚）、肯德基和寶潔，新客戶的比例持續上升。

We are cautiously optimistic about our advertising growth trajectory for 2025. Despite the macroeconomic headwinds, we continue to deepen our expertise in key content verticals that matter mostly to our clients, such as AI and global expansion, among others. By empowering customers across diverse industries with premium content solutions and constantly optimizing our products and client structure, we are confident we can strengthen our advertising business resilience.

我們對 2025 年的廣告成長軌跡持謹慎樂觀的態度。儘管面臨宏觀經濟逆風，我們仍持續深化對客戶最關心的關鍵內容垂直領域的專業知識，例如人工智慧和全球擴張等。透過為各行各業的客戶提供優質的內容解決方案，並持續優化我們的產品和客戶結構，我們有信心增強我們的廣告業務的韌性。

Thank you for your question. Anymore -- do you have more questions?

感謝您的提問。還有什麼—您還有其他問題嗎？

(spoken in foreign language) Throughout 2024, what progress has the company made in reducing costs and improving efficiency.

（外語）整個2024年，公司在降低成本、提高效率方面取得了哪些進展。

(interpreted) Firstly, through rigorous cost control and cost structure optimization, our gross margin rebounded to over 50% in the second half of the year.

(解讀)首先，透過嚴控成本、優化成本結構，下半年毛利率回升至50%以上。

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 in cooperations and upgrading our organizational structure, et cetera.

其次，在費用方面，我們在增效措施中專門劃定了成本削減領域，包括搬遷到租金更低的辦公室、精簡技術和研發團隊、調整不盈利的業務、提高合作夥伴的員工效率、升級組織結構等。

Additionally, we are integrating AI technology and AI tools on all fronts, effectively saving costs and elevating efficiency.

另外，我們正在全方位的整合AI技術和AI工具，有效節省成本，提高效率。

These initiatives led to a significant reduction in nonoperating 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 vastly narrowed our operating losses compared to the same period of 2023.

這些措施導致 2024 年下半年的非營業支出大幅減少，與 2023 年同期相比下降了 50% 以上。同時，我們的營業費用率較去年同期下降了17%。因此，與 2023 年同期相比，我們的經營虧損大幅縮小。

In 2025, the company will continue to refine its products, customer base in organizational structure to further enhance overall profitability. That's all for the answer. Thank you for your question. Do you have more questions?

2025年，公司將持續改善產品、客戶群、組織結構，進一步提升整體獲利能力。這就是全部答案。感謝您的提問。您還有其他問題嗎？

Rui Yin, Sealand Securities.

瑞銀、國海證券。

(spoken in foreign language) Thank you for your question from Sealand. 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?

（外語）謝謝西蘭公國的提問。什麼原因導致全年企業加值服務收入下滑？能否分享今年企業增值服務收入的展望？

(interpreted) 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 certain -- to curtail 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.

(解讀) 我們企業加值服務客戶主要以中小企業和政府機構為主，受宏觀經濟情勢的影響相對較大。宏觀層面的不確定性可能會促使中小企業減少在諮詢和線下業務上的支出。雖然政府機構可能會削減預算，但這些因素共同導致了企業加值服務需求的下降。

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

此外，還有一個重要的原因。今年，我們對現有的區域網點網路進行了策略性重構，再次優化了面向政府公共服務體系的服務架構和服務產品。因此，我們縮減了利潤率低且無獲利的地方政府項目，導致企業增值服務收入下降。但從好的方面來看，這次策略調整優化了我們的業務和產品組合，增強了永續性和獲利能力。

In 2025, we plan to carry on many of our legacy IP events, including WAVES, our signature gathering designed for individual customers, and WISE, 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. These activities will lay the groundwork for revenue growth in enterprise value-added services.

2025年，我們計劃繼續舉辦多項傳統的智慧財產權活動，包括為個人客戶設計的標誌性聚會WAVES和旗艦年終高峰會WISE，以及各種行業特定的分享計畫和迎合AI Partner等不同客戶群的論壇。這些活動將為企業增值服務收入的成長奠定基礎。

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 strengthening -- strengthen our global network and collaborate with the China Council for the Promotion of International Trade Beijing Sub-Council to tap into additional resources from Beijing-based service providers specializing in global expansion-related solutions and enterprises seeking global expansion. At the beginning of this year, we made our first foray into operating a local government's global expansion service center in our capacity as a media entity, partnering with Hangzhou Qiantang New Area Construction and Investment Group Company for the Chinese Enterprise International Service Center Operation projects.

此外，我們將在 2025 年繼續擴大企業加值服務中的全球擴張相關舉措，並從 2024 年開始保持強勁的全球化動能。除了東南亞、日本、中東和歐洲之外，我們還將進一步加強我們的全球網絡，並與中國國際貿易促進委員會北京市分會合作，利用來自北京專門提供全球擴張相關解決方案的服務提供商和尋求全球擴張的企業的更多資源。今年初，我們首次以媒體身分涉足營運地方政府國際拓展服務中心，與杭州錢塘新區建設投資集團公司合作進行中國企業國際服務中心營運計畫。

Moving forward, 36Kr will remain committed to expanding and integrating cooperated 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 question. Do you have more questions?

未來，36氪將持續致力於拓展和整合合作資源，形成廣泛的全球合作夥伴生態。這將使我們能夠為中國企業和機構的國際化發展提供服務，協助中國企業的全球擴張，同時推動36氪的營收成長。感謝您的提問。您還有其他問題嗎？

(spoken in foreign language) How does the company position itself in generative AI across content and product offerings?

（外語）公司如何在內容和產品領域的生成人工智慧領域定位自己？

(interpreted) Thank you for your question. Before DeepSeek gained widespread attention, we were the only tech media that worked worldwide to have exclusively interviewed the DeepSeek's Founder, Liang Wenfeng twice. We were also the first in the industry to report on key industry developments like six AI tigers faced the exit from pre-training and GPU leasing dilemma for AI computing centers. In 2024, we also hosted the highly influential AI Partner Summit for AI subverticals. This achievement underscored our broad and deep coverage of China's AI community, amplified by our network's extensive reach.

（翻譯）感謝您的提問。在DeepSeek受到廣泛關注之前，我們是全球唯一一家兩次獨家專訪DeepSeek創辦人梁文峰的科技媒體。我們也在業界首次通報了六大人工智慧巨頭面臨預訓練退出、人工智慧運算中心GPU租賃困境等產業關鍵動態。2024年，我們也舉辦了具有極大影響力的AI細分垂直產業AI合作夥伴高峰會。這項成就凸顯了我們對中國人工智慧社群的廣泛而深入的報道，並透過我們網路的廣泛影響力得到了擴大。

As I just mentioned, the company launched an area of AI-powered products in 2024, including AI Text to Image, AI Lab, AI Financial Report Interpretation, AI Media Coverage and 36Kr Corporate Omni Intelligence among others. Notably, AI Media Coverage has covered over 330 companies, highlighting their latest initiatives in fundraising ventures. And we integrated the [DeepSeek] model in February 2025. Meanwhile, 36Kr Corporate Omni Intelligence currently covers over 700 -- 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].

正如我剛才提到的，該公司在2024年推出了一系列人工智慧產品，包括AI文本轉圖像、AI實驗室、AI財務報告解讀、AI媒體報告和36氪企業全能智慧等。值得注意的是，AI Media Coverage 已涵蓋超過 330 家公司，重點介紹了它們在融資方面的最新舉措。我們在 2025 年 2 月整合了 [DeepSeek] 模型。同時，36氪企業全維度洞察目前涵蓋超過700至7800家在中國內地和香港上市的上市公司。其每日報告的訂閱量已超過 [3,000]，累計用戶群超過[6,000]

In 2025, we will continue to develop our AI content ecosystem, maintaining our edge in covering the latest AI trends in 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.

2025年，我們將持續佈置AI內容生態，維持對最新AI趨勢的覆蓋優勢，持續為使用者提供與AIGC技術相關的優質內容。我們也將進一步將AIGC技術與內容製作結合，開闢新的成功途徑。感謝您的提問。

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

由於沒有其他問題，我現在想將電話轉回給公司做結束語。

Thank you once again for joining us today. If you have further questions, please feel free to contact 36Kr's Investor Relations through the contact information provided on our website.

再次感謝您今天的參與。如果您還有其他問題，請隨時透過我們網站上提供的聯絡資訊聯絡36氪的投資者關係部門。

This concludes this conference call. You may now disconnect your line. Thank you.

本次電話會議到此結束。現在您可以斷開線路了。謝謝。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。