Zhihu Inc (ZH) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the Zhihu Inc., third-quarter 2024 financial results conference call. (Operator Instructions) Today's conference call is being recorded.

女士們、先生們，早安。感謝您的支持，歡迎參加知乎公司 2024 年第三季財務業績電話會議。（操作員指示）今天的電話會議正在錄音。

And at this time, I would like to turn the conference over to Ms. Yolanda Liu, Director of Investor Relations. Please go ahead, ma'am.

現在，我想將會議交給投資者關係總監 Yolanda Liu 女士。請繼續，女士。

Thank you, operator. Hello, everyone. Welcome to Zhihu's third-quarter 2024 financial results conference call. Senior management joining me today are Mr. Zhou Yuan, our Founder, Chairman, and Chief Executive Officer; and Mr. Wang Han, our Chief Financial Officer.

謝謝您，接線生。大家好。歡迎參加知乎2024年第三季財務業績電話會議。今天與我一起的高階主管有我們的創辦人、董事長兼執行長週元先生；以及我們的財務長王涵先生。

Before we get started, I'd like to remind you that today's discussion will include forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements involve inherent risks and uncertainties. As such, actual results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in our public filings with the US SEC and Hong Kong Stock Exchange. The company does not assume any obligation to update any forward-looking statements, except as required under applicable laws.

在我們開始之前，我想提醒您，今天的討論將包括根據 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。這些聲明涉及固有的風險和不確定性。因此，實際結果可能與今天表達的觀點有重大差異。有關這些和其他風險和不確定性的更多資訊包含在我們向美國證券交易委員會和香港證券交易所提交的公開文件中。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Additionally, the matters we will discuss today will include both GAAP and non-GAAP financial measures for comparison purposes only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today.

此外，我們今天討論的問題將包括 GAAP 和非 GAAP 財務指標，僅用於比較目的。有關非 GAAP 財務指標的定義以及 GAAP 與非 GAAP 財務結果的對照表，請參閱今天早些時候發布的收益報告。

In addition, a webcast replay of this conference call will be available on our website at ir.zhihu.com.

此外，本次電話會議的網路回放將在我們的網站ir.zhihu.com上提供。

I will now turn the call over to Mr. Wang Han, CFO of Zhihu. Han, please go ahead.

現在我將電話轉給知乎財務長汪涵先生。韓先生，請說。

Thank you, Yolanda. Hello, everyone. Thank you for joining Zhihu's third-quarter 2024 earnings conference. I'm pleased to deliver today's opening remarks on behalf of Mr. Zhou Yuan, Founder, Chairman, and CEO of Zhihu.

謝謝你，Yolanda。大家好。感謝您參加知乎2024年第三季財報發表會。我很高興代表知乎創辦人、董事長兼執行長周元先生致今天的開幕詞。

We delivered solid third-quarter results across key financial metrics, thanks to our continued focus on efficiency enhancement and cost reduction. Gross profit margin improved by over 10 percentage points year over year, reaching 63.9%, the highest level since our listing. Total costs and operating expenses decreased by more than 35.6% and 30.5% respectively, leading to a net loss of RMB9 million, down 96.8% year over year.

由於我們持續專注於提高效率和降低成本，我們在第三季的主要財務指標上都取得了穩健的表現。毛利率年增超過10個百分點，達到63.9%，為上市以來的最高水準。總成本及營業費用分別下降超過35.6％和30.5％，導致淨虧損為人民幣900萬元，年減96.8％。

Our efforts to optimize the community ecosystem are also yielding positive results. Improved user engagement in the third quarter propelled a sequential increase in our user base. What's more, we further enhanced content creators' experience across our community, fostering a renewed sense of confidence and driving more active contributions. This, in turn, has cultivated a professional insightful community atmosphere imbued with a balance rational optimism.

我們優化社區生態的努力也正在取得正面的成果。第三季用戶參與度的提高推動了我們的用戶群的連續成長。此外，我們進一步增強了整個社群的內容創作者的體驗，增強了他們的自信心，並推動了更多積極的貢獻。這反過來又培養了一種充滿平衡理性樂觀的專業洞察力的社區氛圍。

Furthermore, in line with our commitment to exploring AI applications, we launched a “Professional Search” feature for Zhihu Zhida at the end of October. This initiative marks a significant step in our differentiated approach to enhancing product capabilities and elevating the user experience, leveraging our massive pool of high-quality data and content. I'll delve deeper into Zhihu Zhida later in the call.

此外，為了進一步探索人工智慧的應用，我們在10月底為知乎智達推出了「專業搜尋」功能。這項措施標誌著我們利用大量高品質數據和內容，在增強產品功能和提升用戶體驗的差異化方法上邁出了重要一步。我稍後會在電話會議中深入探討知乎智達。

Now let me focus on users and content. This quarter marked the third consecutive period of our refined user strategy. We achieved sustained improvements across key user metrics alongside a sequential recovery in user growth. MAU for Q3 rebounded quarter over quarter to 81.1 million, despite our continued reduction in community-related promotional spending. Overall user engagement across the Zhihu community also increased sequentially, with core user retention showing significant year-over-year growth. Additionally, daily active user time spent rose nearly 20% year over year and maintained its upward trend quarter over quarter.

現在讓我重點討論用戶和內容。本季是我們連續第三個階段完善使用者策略。我們在關鍵用戶指標方面取得了持續改善，同時用戶成長也實現了連續復甦。儘管我們繼續減少社群相關的促銷支出，但第三季的每月活躍用戶數則是環比反彈至 8,110 萬。知乎社群的整體用戶參與度也較上季提升，核心用戶留存率較去年同期大幅成長。此外，每日活躍用戶使用時間年增近20%，並且維持了環比上升的趨勢。

As we continued to elevate the experience for content creators and core users, we saw a notable rise in both the scale and engagement of high-tier content creators, with the number of income-generating content creators increasing by over 25% year over year. Since the beginning of this year, we have deepened our focus on cultivating new, high-tier content creators across diverse fields. By offering advanced creative tools and signature initiatives unique to Zhihu, we fostered their growth and enriched the Zhihu library with a steady influx of diverse, authentic, and professional content.

隨著我們不斷提升內容創作者和核心用戶的體驗，我們看到高級內容創作者的規模和參與度都有了顯著提升，創收內容創作者的數量同比增長了 25% 以上。今年以來，我們更加重視培養各領域的新型態、高水準的內容創作者。透過提供先進的創意工具和知乎獨有的標誌性舉措，我們促進了知乎的發展，並透過穩定輸入多樣化、真實性和專業性的內容豐富了知乎庫。

Throughout the third quarter, Zhihu delivered highly differentiated, rewarding, high-quality content to internet users nationwide through in-depth professional discussions on major societal events.

第三季度，知乎透過對重大社會事件的深入專業討論，向全國網友提供了高度差異化、有價值的高品質內容。

For example, the 2024 Zhihu Science Season, launched in tandem with the Nobel Prize announcements, sparked a wealth of contributions across the Zhihu community, including predictions, insights, and educational content. Among this content, discussions on the 2024 Nobel Prize in Physics alone generated over 1.5 million interactions within the Zhihu community. This dynamic engagement earned Zhihu the reputation of being the second home of the Nobel Prize.

例如，與諾貝爾獎公告同時啟動的2024年知乎科學季，激發了知乎社群的大量貢獻，包括預測、見解和教育內容。其中，光是2024年諾貝爾物理學獎的討論就在知乎社群內引發了超過150萬次互動。這種充滿活力的互動讓知乎贏得了「諾貝爾獎第二故鄉」的美譽。

As of the end of the third quarter, Zhihu had amassed a cumulative content volume of 854.5 million pieces, representing a year-over-year growth of 14.9%. This includes 641.4 million Q&A entries, an increase of 11.8% compared to the same period of last year. The Zhihu community now boasts a total of 77 million content creators, marking a 11.6% year-over-year rise.

截至第三季末，知乎累計內容量達8.545億條，年增14.9%。其中問答量6.414億條，比去年同期成長11.8%。知乎社群目前內容創作者總數達7,700萬，較去年同期成長11.6%。

As the experience of both content creators and users have continued to improve, the Zhihu community, distinguished by professional discourse and rational optimism, has grown stronger. This progress is underscored by a steady decline in negative feedback from users and a notable increase in positive interactions. Average daily engagements per DAU have consistently risen quarter over quarter, with the monthly average of upvotes surging by over 25% year over year in the third quarter.

隨著內容創作者和使用者的體驗不斷提升，以專業話語、理性樂觀為特徵的知乎社群不斷壯大。這項進步體現在用戶的負面回饋穩定下降和正面互動顯著增加。每日活躍用戶的平均每日參與度逐季上升，第三季每月平均按讚數較去年同期成長超過 25%。

Next, I would like to share some details about the progress we have made with Zhihu Zhida. We have capitalized on Zhihu Zhida's extensive content library and robust source-tracking capabilities to achieve rapid traffic growth and earn an excellent reputation across the industry.

接下來我想跟大家分享我們和知乎智達目前進展的一些細節。我們利用知乎智大的豐富內容庫和強大的源頭追蹤能力，實現了流量的快速成長，並在業界贏得了良好的口碑。

According to newly released data from SimilarWeb, Zhihu Zhida's traffic reached 4.7 million in September, a remarkable increase of over 180% compared to August. In Z Finance AI product rankings for September, Zhihu Zhida ranked the third among Chinese products in terms of sequential page view growth. Additionally, it claimed the second position on the domestic web growth leaderboard, securing a spot in the top three for two consecutive months.

根據SimilarWeb最新發布的數據顯示，9月知乎智達流量達470萬，較上季8月成長超180%。在9月Z財經AI產品排行榜中，知乎智達名列中國產品閱讀量較上季成長第三名。此外，它在國內網路成長排行榜上排名第二，連續兩個月佔據前三名。

In October, we introduced “Professional Search” for Zhihu Zhida, a new feature meticulously crafted to meet the evolving needs of a wide range of users engged in academic research and professional work. We integrated over 50 million Chinese and English academic articles from specialized content sources, such as Wikipedia and Zhihu, further enhancing Zhihu Zhida's ability to fulfill users' search inquiries with high-quality content. “Professional Search” also supports file uploads and comprehensive document parsing, providing tools like single-article in-depth reading and source-specific Q&A to address users' academic research and professional needs.

十月份，我們為知乎知識推出了“專業搜尋”，這項新功能經過精心打造，可滿足從事學術研究和專業工作的廣大用戶不斷變化的需求。我們整合了來自維基百科、知乎等專業內容來源的超過5000萬篇中英文學術文章，進一步增強了知乎知識以優質內容滿足用戶搜尋查詢的能力。「專業搜尋」也支援文件上傳、綜合文件解析，提供單篇文章深度閱讀、專題問答等工具，滿足使用者學術研究與專業需求。

Moving on to our business performance by segment. Our paid membership business continued to demonstrate steady growth momentum in the third quarter. The number of subscribing members rose by 11.5% year over year to 16.5 million, while the segment delivered revenue of RMB459.4 million, increasing its revenue contribution to 54%.

接下來介紹我們各部門的業務表現。我們的付費會員業務在第三季持續呈現穩定的成長動能。訂閱會員數量年增11.5%至1,650萬，該分部實現收入人民幣4.594億元，收入貢獻度上升至54%。

In late August, content creators on Zhihu Yanyan Story produced a series of derivative works inspired by Journey to the West, a classic Chinese tale that also forms the core of the season's most popular domestically produced 3A game. These works presented a modern reinterpretation of the classic saga. Also, building on game's momentum, we launched a Journey to the West special series featuring multiple stories that compare ancient and modern perspectives to highlight a classic story's timeless allure, a release that has resonated strongly with our users.

8 月下旬，知乎「言言故事」的內容創作者製作了一系列以《西遊記》為靈感的衍生作品。這些作品對經典傳奇進行了現代的重新詮釋。此外，借助遊戲的勢頭，我們推出了《西遊記》特別系列，其中包含多個故事，比較古代和現代的視角，以強調經典故事的永恆魅力，這一發布引起了用戶的強烈共鳴。

Turning to marketing services, in third quarter, revenue from our marketing services was RMB256.6 million, a 33% decline year over year. Although brand advertising and CCS decreased compared to last year, we were encouraged by our key clients' growing recognition of the Zhihu's brand and the high value they attribute to our user bases. This progress validates our commitment to optimizing our commercial ecosystem and enhancing the Zhihu's community's trustworthiness as a strong and viable growth path for our marketing services.

談到行銷服務，第三季度，我們的行銷服務收入為人民幣2.566億元，年減33％。雖然品牌廣告和CCS較去年同期有所下降，但我們主要客戶對知乎品牌的認可度不斷提高，以及他們對我們用戶群的高度重視，令我們感到鼓舞。這項進展證明了我們致力於優化商業生態系統和提高知乎社群的可信度，以此作為我們行銷服務強勁而可行的成長路徑。

According to the iResearch report released in late October, Zhihu has established itself as the most trusted content community for consumer decision making. Furthermore, the survey's findings indicated that nearly 50% of users reported making purchases after reading product recommendations on Zhihu. In this year's Double Eleven event, we also established the “Zhihu Reviewers Jury” in the “Recommended Goodies 100” campaign, providing consumers with professional, authentic, and timely answers to their purchasing questions.

根據艾瑞諮詢10月下旬發布的報告顯示，知乎已成為消費者決策最值得信賴的內容社群。此外，調查結果還顯示，近50%的用戶表示在閱讀了知乎上的產品推薦後進行了購買。今年雙十一，我們在「好物推薦100」活動中還專門設立了“知乎評審團”，為消費者的購買疑問提供專業、真實、及時的解答。

This quarter, brand advertising delivered a solid year-over-year performance in IT&3C, and e-sports. Top clients in the automotive and fast-moving consumer goods sectors also ramped up their advertising spending on Zhihu. International FMCG brands in particular noted that Zhihu's high-quality user base aligns well with their target demographics. Consequently, despite tighter budgets across the broader advertising network, they opted to increase their allocations on Zhihu. In addition, our ongoing improvements in data analysis and operational efficiency have generated positive returns on investment for these premium clients.

本季度，品牌廣告在 IT&3C 和電競領域表現較去年同期穩健。汽車和快速消費品行業的頂級客戶也增加了在知乎上的廣告支出。國際快速消費品品牌尤其指出，知乎的優質用戶群與他們的目標族群非常吻合。因此，儘管整個廣告網路的預算都趨緊，他們還是選擇增加對知乎的分配。此外，我們在數據分析和營運效率方面的不斷提升，為這些優質客戶帶來了積極的投資回報。

For our CCS business, after a rigorous crackdown on low-quality content, we have gradually integrated high-tier content creators from Zhihu community into our CCS program, driving a steady increase in premium content contributions. Since the third quarter, customer satisfaction and repurchase rates have significantly improved compared to the beginning of the year, while content creators have benefited from increased earnings.

對於我們的CCS業務，在嚴厲打擊低品質內容之後，我們已逐步將知乎社群的優質內容創作者整合到我們的CCS計劃中，推動優質內容貢獻的穩步增長。自第三季以來，顧客滿意度和復購率較年初有明顯提升，內容創作者也獲得收益提升。

Next, our vocational training business. We continued to streamline this segment's structure and strategy this quarter. We transitioned from a wide array of niche offerings to a focused selection of high-performing categories where we hold a competitive edge. While overall revenue declined by 27.4% year over year, mainly due to our streamlined acquired business, our self-operated course has demonstrated strong year-over-year growth, along with notable improvements in profitability sequentially.

接下來是我們的職業訓練業務。本季我們持續簡化該部門的結構和策略。我們從提供廣泛的利基產品轉向專注於選擇我們具有競爭優勢的高性能類別。雖然整體營收年減 27.4%，這主要歸因於我們精簡了收購的業務，但我們的自營球場同比增長強勁，盈利能力也較上一季度顯著提高。

Our self-operated business, closely connected to our community, continues to perform strongly with increasing predictability and profitability. Programs in VSI categories, such as media production and film post-production, remain extremely popular among learners, reflecting long life cycle potential.

我們的自營業務與社區緊密相連，持續表現強勁，可預測性和獲利能力不斷增強。媒體製作和電影後製等 VSI 類別的課程在學習者中仍然非常受歡迎，反映出其長生命週期的潛力。

What's more, our business structure optimization in the third quarter effectively enhanced overall ROI, allowing us to strategically allocate resources toward higher-efficiency program categories, thereby supporting greater operational stability. Moving forward, we'll focus on narrowing this business segment's losses and aim to achieve breakeven as soon as possible.

此外，我們第三季的業務結構優化有效提升了整體投資報酬率，使我們能夠策略性地向更有效率的專案類別分配資源，從而支援更高的營運穩定性。展望未來，我們將致力於縮小該業務部門的虧損，並儘快達到收支平衡。

In summary, the third quarter highlighted our unwavering commitment to strategic refinement and execution, delivering financial results that once again exceeded our expectations. Commercial and operational efficiencies have become critical metrics steering our operations, empowering us to optimize our use of company resources. Looking ahead, we'll remain dedicated to enhancing the user experience and strengthening the trustworthiness of our community. We'll strategically refining our operational models to unlock the full potential of Zhihu's brand and high-value user base. With robust fundamentals and a steady focus on achieving profitable growth, we're confident of creating value and delivering meaningful returns for our shareholders.

總而言之，第三季彰顯了我們對策略完善和執行的堅定承諾，財務表現再次超越了我們的預期。商業和營運效率已成為指導我們營運的關鍵指標，使我們能夠優化公司資源的利用。展望未來，我們將持續致力於提升使用者體驗並增強社群的可信度。我們將從策略上完善我們的營運模式，以充分釋放知乎品牌和高價值用戶群的潛力。憑藉著強勁的基本面和對實現獲利成長的持續關注，我們有信心為股東創造價值並帶來豐厚的回報。

This concludes Mr. Zhou Yuan's remarks.

周元先生的發言到此結束。

Now I will review the details of our third-quarter financials. For a complete overview of our third quarter 2024 results, please refer to our press release issued earlier today.

現在我將回顧我們第三季的財務狀況的細節。有關我們 2024 年第三季業績的完整概述，請參閱我們今天早些時候發布的新聞稿。

Our commitment to enhancing operational efficiency through disciplined cost control drove a significant margin expansion in the third quarter. These efforts also led to narrowing losses, propelling us even closer to profitability, which achieved our lowest quarterly loss since our US IPO in this quarter, demonstrating our momentum in building a more resilient business and sustainably creating value.

我們致力於透過嚴格的成本控制來提高營運效率，推動第三季利潤率大幅提高。這些努力也使我們的虧損縮小，使我們更加接近盈利，本季度實現了自美國 IPO 以來的最低季度虧損，展現了我們在打造更具韌性的業務和可持續創造價值方面的勢頭。

Our marketing services revenue for the quarter was RMB256.6 million, compared with RMB383.0 million in the same period of 2023. This decline is largely a result of our strategic ongoing optimization of service offerings, with a focus on margin improvement.

本季我們的行銷服務收入為人民幣 2.566 億元，而 2023 年同期為 3.83 億元。這一下降主要是由於我們對服務產品的策略性持續優化，並專注於提高利潤率。

Paid membership revenue for the third quarter was RMB459.4 million, slightly decreased from RMB466.8 million in the same period of last year. Notably our average number of monthly subscribing members sustained its growth trajectory both year over year and sequentially. This progress was propelled by the growing quality of Zhihu's premium offerings, which are consistently attracting new paid members from both within and beyond the Zhihu community.

第三季付費會員收入為4.594億元人民幣，較去年同期的4.668億元略有下降。值得注意的是，我們每月的平均訂閱會員數量年比和季比均保持成長軌跡。這項進步得益於知乎優質產品的不斷提升，這些產品不斷吸引著來自知乎社區內外的新的付費會員。

Vocational training revenue for the quarter was RMB105.1 million, compared with RMB144.8 million in the same period of 2023. This decrease was primarily due to our strategic refinement of acquired businesses, with a focus on prioritizing the faster-growing self-operated program.

本季職業培訓收入為人民幣 1.051 億元，而 2023 年同期為 1.448 億元。下降主要由於我們對收購業務進行了策略性改進，重點優先考慮成長更快的自營項目。

Our gross profit for the third quarter was RMB540.1 million, compared with RMB548.5 million in the same period of 2023. Boosted by our enhanced operating efficiency, our gross margin also further improved year over year, reaching 63.9%, a record high.

我們第三季的毛利為人民幣5.401億元，而2023年同期為人民幣5.485億元。受惠於營運效率提升，集團毛利率亦較去年同期進一步提升，達63.9%，創歷史新高。

Our total operating expenses for the quarter were RMB624.5 million, a 30.5% decrease from RMB898.6 million in the same period last year.

本季我們的總營業費用為人民幣6.245億元，較去年同期的人民幣8.986億元下降30.5%。

Selling and marketing expenses decreased by 27.4% to RMB388 million, down from RMB534.3 million in the same period of 2023. This reduction was primarily driven by more disciplined promotional spending and a decrease in personnel-related expenses.

銷售和行銷費用較2023年同期的5.343億元下降27.4%至3.88億元。減少的主要原因是促銷支出更加嚴格以及人員相關費用減少。

R&D expenses for the quarter decreased by 28.2% to RMB179.3 million, down from RMB249.7 million in the same period of 2023. This reduction was primarily attributable to more efficient spending on technological innovation.

本季研發費用下降28.2%至人民幣1.793億元，低於2023年同期的人民幣2.497億元。這一減少主要歸因於對技術創新的更有效的支出。

G&A expenses decreased by 50.1% to RMB57.2 million from RMB114.6 million in the same period of 2023. The decrease was primarily attributable to lower share-based compensation expenses.

一般及行政開支從 2023 年同期的 1.146 億元減少 50.1% 至 5,720 萬元。下降主要歸因於股權激勵費用的降低。

Consequently, our GAAP net loss for the third quarter narrowed significantly, decreasing by 96.8% year over year. Our adjusted net loss on a non-GAAP basis was RMB13.1 million, compared with RMB225.3 million in the same period of 2023. Our adjusted net loss margin decreased more than 20 percentage points year over year to 1.5% in the third quarter.

因此，我們第三季的 GAAP 淨虧損大幅收窄，年減 96.8%。我們以非公認會計準則計算的調整後淨虧損為人民幣 1,310 萬元，而 2023 年同期為 2.253 億元。第三季度，調整後淨虧損率年減超過 20 個百分點至 1.5%。

As of September 30, 2024, the Company had cash and cash equivalents, term deposits, restricted cash, and short-term investments of RMB5 billion, compared with RMB5.5 billion as of the December 31, 2023.

截至 2024 年 9 月 30 日，本公司擁有現金及現金等價物、定期存款、受限現金及短期投資為人民幣 50 億元，而截至 2023 年 12 月 31 日為人民幣 55 億元。

From our Hong Kong IPO until September 30, 2024, we had repurchased 31.1 million Class A ordinary shares at an aggregate price of USD66.5 million on the open market and canceled such shares. We had also repurchased a total of 10.1 million Class A ordinary shares at an aggregate price of USD16.5 million to be utilized upon vesting of restricted shares in the future. In addition, we had repurchased another 33 million Class A ordinary shares at an aggregate price of USD38.5 million via tender offer, which were completed on November 8, 2024. In total, the Company had purchased 74.2 million Class A ordinary shares for a total price of USD121.5 million.

自我們香港首次公開募股以來直至2024年9月30日，我們在公開市場上以總價格6650萬美元回購了3110萬股A類普通股，並註銷了這些股份。我們也以總價 1,650 萬美元回購了總計 1,010 萬股 A​​ 類普通股，用於未來限制性股票歸屬。此外，我們也透過要約收購的方式回購了另外3,300萬股A類普通股，總價格為3,850萬美元，並於2024年11月8日完成。該公司總計回購了 7,420 萬股 A​​ 類普通股，總價為 1.215 億美元。

As we approach the end of 2024, we'll continue to elevate content quality and enhance the experiences of both users and creators across the Zhihu community by harnessing the power of innovation and technology. We'll remain committed to optimizing resource allocation, advancing towards profitability, and unlocking the potential of Zhihu's brand and high-value user base. By building a more dynamic platform to further foster user engagement and support content creators' success, affirming our position as a leader in the knowledge sharing and community value.

隨著 2024 年即將結束，我們將持續運用創新與科技的力量，提升內容質量，並增強知乎社群使用者和創作者的體驗。我們將繼續致力於優化資源配置，邁向獲利，並釋放知乎品牌和高價值用戶的潛力。透過建立更具活力的平台來進一步促進用戶參與度並支持內容創作者的成功，確立我們在知識共享和社群價值方面的領先地位。

This concludes my prepared remarks on our financial performance for this quarter. Let us turn the call over to the operator for the Q&A session.

這就是我對本季財務表現的準備好的評論。讓我們將電話轉給接線員進行問答環節。

(Operator Instructions) Xueqing Zhang, CICC.

(操作員指示) 張學清，CICC。

(spoken in foreign language) Thanks, management, for taking my question. Congratulations on further reducing loss in the third quarter. Could management share more color on the commitment about achieving a breakeven in the fourth quarter? And what's your outlook for 2025? What will be the main drivers? Thank you.

（以外語說）謝謝管理階層回答我的問題。恭喜第三季虧損進一步減少。管理階層能否詳細說明在第四季實現收支平衡的承諾？您對 2025 年的展望是什麼？主要的驅動因素是什麼？謝謝。

(interpreted) Thank you for your question, Xueqing. We have been firmly focused on our Q4 breakeven target this year. Achieving a significant reduction in losses in both Q2 and Q3 has further boosted our confidence in reaching this goal.

(翻譯) 謝謝雪清先生的提問。我們今年一直堅定專注於第四季的損益平衡目標。第二季和第三季都實現了大幅減虧，更增強了我們實現這一目標的信心。

After reducing adjusted net loss by nearly 80% year over year in Q2, we further decreased the adjusted net loss by 70% quarter over quarter and 94% year over year for Q3. Our adjusted net margin in Q3 of last year was 22%, while this year, it is only 1.5%. So the path to the breakeven in Q4 is now quite clear.

在第二季調整後淨虧損年減近 80% 之後，我們第三季調整後淨虧損季減 70%，年減 94%。我們去年第三季的調整後淨利率為22%，而今年只有1.5%。因此，第四季實現收支平衡的路徑現在已經非常清晰。

The two strategic priorities for '25 are quite clear. First of all, from a financial perspective, our primary objective is to substantially reduce annual losses and potentially approach profitability on a full-year basis.

2025年的兩個策略重點非常明確。首先，從財務角度來看，我們的首要目標是大幅減少年度虧損，並可能實現全年獲利。

On the operational front, our focus is to enhance core users' experience and engagement levels and strengthen Zhihu's content reputation and trustworthiness across all platforms. Creating an environment that encourages our most professional users to actively participate and contribute remains the foundation of Zhihu's identity. For our other business models, we will continue to innovate centered around Zhihu community's professionalism and trustworthiness. This approach will comprehensively leverage Zhihu's unique advantages.

在營運方面，我們的重點是提升核心用戶的體驗和參與度，並增強知乎在所有平台上的內容聲譽和可信度。創造一個鼓勵我們最專業的使用者積極參與和貢獻的環境仍然是知乎的立足之本。對於我們的其他商業模式，我們將圍繞知乎社群的專業和可信度繼續創新。這項做法將充分發揮知乎的獨特優勢。

So to be more specific, in terms of our marketing services, we will continue to reduce low-quality and untrusted commercial content. We aim to innovate and make improvements through business model refinement and data infrastructure updates, building Zhihu's commercialization on a solid and trustworthy foundation.

更具體地說，就我們的行銷服務而言，我們將繼續減少低品質和不受信任的商業內容。我們的目標是透過商業模式的完善和數據基礎設施的更新來創新和改進，為知乎的商業化奠定堅實和值得信賴的基礎。

We are working to achieve breakeven within the vocational training business while strengthening its integration and interaction with Zhihu community. This will establish a faster feedback mechanism for user demands and accelerate service capability development.

我們致力於職業培訓業務實現損益平衡，同時加強與知乎社群的融合和互動。這將建立更快的使用者需求回饋機制，加速服務能力的發展。

For our paid membership business, we will also leverage community content and user feedback to create a better product mechanism for this business and to further enhancing Yan-Selection members' renewal rates and, consequently, increasing the lifetime value (LTV) of our paid members.

對於付費會員業務，我們也將利用社群內容和用戶回饋打造更好的產品機制，進一步提升燕之選會員的續費率，進而提升付費會員的終身價值（LTV）。

So in summary, our fundamental driver is still a healthy, prosperous community, along with a sustainable business ecosystem that can fully integrate and interact with the community itself. Thank you for your question.

總而言之，我們根本的驅動力仍然是一個健康、繁榮的社區，以及一個能夠與社區本身充分融合和互動的可持續商業生態系統。感謝您的提問。

Daisy Chen, Haitong International.

海通國際的陳黛西 (Daisy Chen) 。

(spoken in foreign language) Thanks, management, for taking my question. My question is about the users and the community. This quarter, we noted that Zhihu's MAU has improved and stopped the sequential decline. At the beginning of the year, you made some adjustments to the community and the users. Can management provide more details on the adjustments you have done? And what are the key strategies you think have been successful, and what changes were made on Zhihu's community and user behavior?

（以外語說）謝謝管理階層回答我的問題。我的問題是關於使用者和社群的。本季度，我們注意到知乎的每月活躍用戶有所改善，並停止了連續的下滑。年初的時候，你們對社群和使用者做了一些調整。管理階層能否提供您所做調整的更多細節？您認為哪些關鍵策略是成功的，以及對知乎的社群和使用者行為做出了哪些改變？

And one more question is about when do you expect Zhihu's MAU to recover to a positive year-on-year growth? Thank you.

還有一個問題，您預期知乎的MAU什麼時候能夠恢復年成長？謝謝。

(interpreted) Thank you, Daisy. I will just start with the answer to your second question. Our MAU numbers may be influenced by two factors here: first of all, the reduction in community-related promotional spending, which may lead to the loss of the low-frequency users; and the second, our focus on enhancing our core users' experience, consequently, the high-frequency users have been growing.

（翻譯）謝謝你，黛西。我首先來回答你的第二個問題。我們的MAU數據可能受到兩個因素的影響：首先，社區相關的推廣費用的減少，可能會導致低頻用戶的流失；第二，我們注重提升核心使用者的體驗，高頻使用者數量不斷成長。

So the combination of these two factors may not guarantee the overall numberical MAU growth in the next year. However, what is certain is that we will continue to increase the investment in our core users' experience.

因此，這兩個因素的結合可能無法保證明年整體 MAU 數量的成長。但可以肯定的是，我們會繼續增加對核心使用者體驗的投入。

What I want to address here is that the improvement in Q3 actually stems more from the work we've done in the first half of this year. I believe we have still a long way to go. Community work is pretty much like working as a farmer. The work we are doing now may contribute to the improvement in two years later.

我想在這裡說的是，第三季的改善實際上更源自於我們今年上半年所做的工作。我相信我們還有很長的路要走。社區工作很像農民的工作。我們現在所做的工作也許有助於兩年後的改善。

As an improvement we have made so far this year, firstly, we have been focusing on the algorithm optimization to encourage more professional, in-depth, and authentic content and increase the visibility of them in our community. And we significantly increased the weighting of follows, shares, and favorites as high engagement often aligns with our criteria for high-quality content.

作為我們今年迄今為止所做的改進，首先，我們一直專注於演算法優化，以鼓勵更多專業、深入和真實的內容，並提高它們在社群中的知名度。我們顯著增加了關注、分享和收藏的權重，因為高參與度通常符合我們對高品質內容的標準。

As a result of these adjustments, user retention has also risen. This shows that our users are eager to consume high-quality content across various professional fileds.

這些調整的結果是，用戶保留率也上升了。這表明我們的用戶渴望消費各個專業領域的高品質內容。

For our content creators, we have been continuously improving the creation experience and income mechanism for them by enhancing the experience in a lot of ways and by all means. For example, from a community perspective, we strictly control AIGC content but have been integrating user-friendly AI tools into our creation tools to improve the creation efficiency. We also recently reinstated the Zhihu Column feature, which was popular among creators and core users with an upgraded product mechanism. And in the rest of the year, we will keep this upgrade.

對於我們的內容創作者，我們一直在透過許多方式、各種手段來提升他們的創作體驗和收入機制。例如，從社群角度來看，我們嚴格控制AIGC內容，但一直在將使用者友善的AI工具整合到我們的創作工具中，以提高創作效率。近期我們也恢復了深受創作者和核心用戶歡迎的知乎專欄功能，產品機制也進行了升級。在今年剩餘的時間裡，我們將繼續進行這項升級。

In terms of creators' revenue mechanism, for three consecutive quarters this year, the number of creators earning income has grown by over 25% year over year, with a better diversified revenue streams. At the same time, Zhihu continues to prioritize income opportunities for those mid-tier and long-tail creators.

在創作者收益機制方面，今年連續三個季度，獲得收入的創作者數量較去年同期成長超過25%，收入來源更加多元化。同時，知乎繼續優先考慮那些中階和長尾創作者的收入機會。

To sum up, the professional, authentic, and in-depth content has gained more visibility across various dimensions in the community, and the high-level creators saw double-digit year-over-year growth in both average views per post and positive interactions per user in Q3.

綜合來看，專業、真實、有深度的內容在社區各個維度獲得了更多的曝光，高水平創作者的單篇平均閱讀量和人均互動量在第三季度均實現了同比兩位數的增長。

The latest data reveals that the average exposure share of relatively low-quality content on the recommendation page has decreased by over 40% compared to the beginning of the year, while negative feedback from users has dropped by more than 30%. At the same time, positive interactive behaviors have grown steadily.

最新數據顯示，推薦頁相對低品質內容的平均曝光份額較年初下降超過40%，用戶負評比例下降超過30%。同時，積極的互動行為也穩定成長。

Going ahead, we will take a systematic approach and step by step to enhance our community ecosystem. I believe this is a long-term project. Just as I mentioned earlier, work like a farmer. Thank you again for your question.

展望未來，我們將採取系統性的方法，逐步改善我們的社區生態系統。我相信這是一個長期的項目。正如我之前提到的，像農民一樣工作。再次感謝您的提問。

Lincoln Kong, Goldman Sachs.

高盛的林肯孔（Lincoln Kong）。

(spoken in foreign language) Thank you, management, for taking my question. My question is about the Zhihu product upgrade, as well as Zhihu Zhida. Recently, we launched Zhihu Zhida's Professional Search function. Could management share with us what other features could be added to Zhihu Zhida in the future? And how might this integrate with the Zhihu community, our monetization efforts, and our AI strategy to our product? Thank you.

（以外語說）謝謝管理階層回答我的問題。我的問題是關於知乎產品升級，以及知乎智達。近期，我們上線了知乎智達專業搜尋功能。管理階層能否與我們分享未來知乎智達還會增加哪些功能？這如何與知乎社群、我們的獲利努力以及我們產品的 AI 策略相結合？謝謝。

(interpreted) Thank you for your question, Lincoln, and I will just take this question. This is Zhou Yuan, Zhihu's CEO. So the launch of Zhihu Zhida's Professional Search feature is fundamentally about scenario-oriented updates. Our thinking is that the workflow in different scenarios is the most critical factor in addressing the needs of different user groups. Workflow represents a fundamental need, and this is also the direction for Zhida's iteration.

(翻譯) 謝謝你的提問，林肯，我就回答這個問題。我是周元，知乎CEO。所以知乎智達專業搜尋功能的推出，本質上是面向場景的更新。我們的想法是，不同場景下的工作流程是滿足不同使用者群體需求的最關鍵因素。工作流程代表根本的需求，這也是智達迭代的方向。

For example, professional search is tailored to suit academic research and professional work scenarios across finance, law, healthcare, and other fields. When searching for a specific professional concept or questions, users can directly access full-text papers and take advantage of extended features such as single-article detailed reading and a customized Q&A within a specified scope. Additionally, users can upload papers, and this is a very personalized Q&A and in-depth analysis.

例如，專業搜尋可以滿足金融、法律、醫療保健等領域的學術研究和專業工作場景的需求。當搜尋特定的專業概念或問題時，使用者可以直接存取全文論文，並利用單篇文章詳細閱讀和指定範圍內的客製化問答等擴充功能。另外，用戶還可以上傳論文，這是一個非常個人化的問答和深入分析。

This means that for specialized knowledge in a vertical field, from gaining an overview of a topic, collecting related literature, and deeply reading and analyzing documents to answering follow-up questions and offering comprehensive breakdowns and insights, this capability can also be generalized across multiple scenarios. And besides that, Zhihu Zhida can provide a one-stop solution.

這意味著，對於垂直領域的專業知識，從獲得主題概述、收集相關文獻、深入閱讀和分析文檔，到回答後續問題並提供全面的細分和見解，這種能力也可以在多個場景中推廣。除此之外，知乎智達還能提供一站式解決方案。

We believe that one of the future directions for upgrading Zhihu Zhida is integration with Zhihu community itself. However, at this stage, we're not ready to reveal too much about specific new features. Thank you, Lincoln, for your question.

我們認為未來知乎智達升級的方向之一是與知乎社群本身的融合。不過，現階段我們還沒準備好透露太多有關具體新功能的資訊。謝謝林肯的提問。

Vicky Wei, Citi.

花旗銀行的 Vicky Wei。

(spoken in foreign language) Thanks management for taking my question. Will management share some color about the fourth-quarter outlook for the advertising business and the CCS business adjustment progress?

（外語）感謝管理層回答我的問題。管理階層能否透露一下第四季廣告業務的前景以及CCS業務調整的進度？

My second question is related to the membership business. Will management share some color about the competition landscape, user growth, and ARPU trend? Thank you.

我的第二個問題是關於會員業務的。管理層是否會分享一些有關競爭格局、用戶成長和 ARPU 趨勢的資訊？謝謝。

(interpreted) Thank you for your question, Vicky. I will take this question. The first question is about the advertising or the marketing services business. This is Wang Han, Zhihu's CFO.

（翻譯）謝謝你的提問，Vicky。我來回答這個問題。第一個問題是關於廣告或行銷服務業務。我是知乎CFO汪涵。

To fundamentally safeguard and potentially enhance the differentiated advantage we gain from our high-value audience and brands, we will continue to reduce low-quality, untrustworthy commercial content. To that end, we will remain quite focused on innovating and transforming our product mechanism and data infrastructure.

為了從根本上維護並潛在地增強我們從高價值受眾和品牌中獲得的差異化優勢，我們將繼續減少低品質、不值得信賴的商業內容。為此，我們將繼續高度重視創新和改造我們的產品機制和資料基礎設施。

Recently, we have been reviewing and refining our collaboration models with quality content creators and brands to further bolster the trustworthiness of Zhihu community. So there are a lot of dimensions through which we approach this thinking and build upgrades. Our commitment to make this adjustment is resolute, even if it means temporarily sacrificing some low-quality content.

近期，我們不斷檢視並完善與優質內容創作者和品牌的合作模式，以進一步提升知乎社群的可信度。因此，我們可以從很多維度來思考這個問題並實現升級。我們堅決做出這項調整，即使這意味著暫時犧牲一些低品質的內容。

So the know-how here is that Zhihu is increasingly consolidating its commercial strengths and expertise, specifically focusing on top brands with premium value with high-quality and high-value audience.

因此，這裡的訣竅是，知乎正在不斷鞏固其商業優勢和專業知識，特別專注於具有優質價值和高品質、高價值受眾的頂級品牌。

In the second quarter, we shared examples such as Toshiba Refrigerator, that launched its campaign in Zhihu’s “First Stop for New Products”, and Vivo's collaboration with Zhihu's “Lighthouse Program” to promote the Blue Heart AI accessibility feature.

我們在第二季分享了東芝冰箱在知乎「新品首站」發布活動、vivo與知乎「燈塔計畫」合作推廣藍心AI輔助功能等案例。

Some similar cases that we saw in our Q3 also highlighted the premium value of high-end brands and audience. For example, TCL's new embedded refrigerator gained strong word-of-mouth and seeding effect through Zhihu's “First Stop for New Products” campaign, achieving better-than-expected marketing results. Similarly, like Bvlgari, the luxury brand, during this year's Qixi Festival, they chose Zhihu as a primary platform for its nationwide campaign, recognizing Zhihu's high concentration of affluent, high-consumption users. So these examples perfectly illustrate our trustworthy and our high-quality content value and the ability to deliver commercialization results, driving win-win outcomes for ourselves.

我們在第三季看到的一些類似案例也凸顯了高端品牌和受眾的高端價值。例如，TCL新款嵌入式冰箱透過知乎「新品第一站」活動獲得了強大的口碑和種子效應，取得了超乎預期的行銷效果。同樣，奢侈品品牌寶格麗也在今年七夕節選擇知乎作為全國推廣的主要平台，看重的是知乎上富裕、高消費的用戶群。因此，這些例子完美地說明了我們值得信賴的高品質內容價值以及提供商業化成果的能力，為我們自己帶來了雙贏的結果。

And for your second question, I believe it's about our paid membership business. So we're not seeing significant changes in the competitive landscape here. Zhihu's Yanyan Story continues to hold its leading position in the short-form paid content sector.

關於您的第二個問題，我認為這與我們的付費會員業務有關。因此，我們沒有看到這裡的競爭格局有重大變化。知乎的燕燕故事在短篇付費內容領域繼續保持領先。

In the third quarter, our average monthly subscribing members achieved double-digit growth, both year over year and quarter over quarter, reaching 16.5 million. And the growth momentum for our paid memberships, I believe, also relies on Yanyan Story's premium content advantages. We are exploring multiple channels to expand our paid memberships base, both within and beyond the Zhihu community. And we are aiming to further foster the brand recognition and the positive word-of-mouth of Yanyan itself.

第三季度，我們的平均月度訂閱會員數較去年同期和季比均實現了兩位數的成長，達到1650萬。而我們付費會員的成長勢頭，我相信也仰賴言言故事的優質內容優勢。我們正在探索多種管道來擴大我們的付費會員基礎，包括知乎社區內外。我們的目標是進一步提升燕燕的品牌知名度和良好的口碑。

Our strategy does not call for the direct intervention in paid members' ARPU. Rather, the core focus is on enriching our members' benefits, which we believe will lead to an increase in the lifetime value, LTV, of our paid members. And in this quarter, through our premium paid membership, supported by its differentiated pricing strategy, we not only expanded the content offerings in audiobooks and video dramas that we launched before, but also introduced a broader range of membership benefits, including short dramas, which significantly boosted the demand and order growth.

我們的策略不要求直接幹預付費會員的ARPU。相反，我們的核心重點是豐富會員的福利，我們相信這將提高我們付費會員的終身價值 (LTV)。本季度，我們透過優質付費會員服務，在差異化定價策略的支持下，不僅擴展了先前推出的有聲讀物和視訊劇的內容供應，還推出了包括短劇在內的更廣泛的會員福利，這顯著促進了需求和訂單增長。

And additionally, Yanyan Story's ability to transfer its premium IPs into video-form content is also being constantly unleashed. In the third quarter, two works by Yanyan Story creators, “Remember the Mission and Live Well” and “The Story of ER II”, were selected for the third “Yangtze River Online Literature's Most Potential IP List.” The short drama adapted from “Remember the Mission and Live Well” achieved over 10 million views within just 7 hours of its release and inspired over 100 million released topics.

此外，岩岩故事將優質IP轉化為影片內容的能力也不斷釋放。第三季度，菸煙故事創作者兩部作品《牢記使命好好活著》《ER的故事Ⅱ》入選第三屆「長江網路文學最具潛力IP榜」。改編自《牢記使命好好生活》的短劇上線僅7小時，播放量就突破1000萬，引發話題超1億。

So looking ahead, we expect to launch new product formats and more membership benefits based on the synergy between Yanyan Story and the Zhihu community. So please stay tuned.

所以展望未來，我們期待基於言言故事和知乎社群的協同效應，推出新的產品形態和更多的會員福利。請繼續關注。

Stella Wang, TH Capital.

Stella Wang，泰合資本。

(spoken in foreign language) Good evening, management. Thanks for taking my question. My question is about the advancement in optimizing the vocational training business. Could the management share some colors about this progress and what's the financial target in the long term? Thank you.

（外語）管理階層，晚上好。感謝您回答我的問題。我的問題是有關優化職業培訓業務進展的情況。管理階層能否介紹一下這項進展以及長期的財務目標是什麼？謝謝。

(interpreted) Thank you for your question. This is from Wang Han, Zhihu's CFO. Currently, the primary goal of our vocational training business remains improving efficiency and accelerating loss reduction, with the goal of achieving breakeven for this segment itself by the end of 2025.

（翻譯）感謝您的提問。這是知乎 CFO 汪涵說的。目前，我們職業訓練業務的首要目標仍是提高效率、加速減虧，目標是在2025年底職業培訓業務本身達到損益兩平。

So to that end, our Q2 and Q3 adjustments pretty much focused on scaling back unprofitable course offerings and the low-margin acquired business. This allowed us to concentrate more resources on expanding our strong performing courses, resulting in improved overall efficiency and profitability. So from a management perspective, both operating losses and net losses for the vocational training segment declined quarter over quarter for Q3.

因此，我們第二季和第三季的調整主要集中在縮減無利可圖的課程和低利潤的收購業務。這使我們能夠集中更多資源來擴展我們表現優異的課程，從而提高整體效率和獲利能力。因此從管理角度來看，職業訓練部門第三季的營業虧損和淨虧損都比上一季下降。

So looking ahead, we aim to foster a faster and closer integration between the vocational training business and the community. This will enable us to quickly validate new demands, leverage precise customer acquisition advantages, and build brand reputation and user recognition. We expect these efforts to deliver substantial empowerment and eventually translate it into sustainable positive unit economics. This adjustment process will span the fourth quarter of this year and continue throughout the next year.

因此展望未來，我們的目標是促進職業培訓業務與社區之間更快、更緊密的整合。這將使我們能夠快速驗證新的需求，並發揮精準的獲客優勢，建立品牌聲譽和使用者認知度。我們期望這些努力能帶來實質的授權，並最終將其轉化為可持續的積極單位經濟。這項調整過程將跨越今年第四季度，並持續至明年全年。

Thank you for your question.

感謝您的提問。

Cici Cheng, CLSA.

Cici Cheng，里昂證券。

(spoken in foreign language) Thanks management for taking my question. It's very encouraging to hear that the company is on track to achieve breakeven in the fourth quarter. In light of this, whether the company has any plan to consider shareholder arrangement post-breakeven in order to enhance shareholder return and whether the company prefers share repurchases or dividends. Thank you.

（外語）感謝管理層回答我的問題。聽到該公司預計在第四季實現盈虧平衡，我們感到非常鼓舞。有鑑於此，公司是否有計劃在盈虧平衡後考慮股東安排，以提高股東回報，以及公司是否傾向於股票回購或分紅。謝謝。

(interpreted) Thank you for your question. This is Wang Han, Zhihu's CFO. As we mentioned earlier, since our Hong Kong IPO, we have repurchased over USD120 million worth of shares via various means, including open-market buybacks and tender offers. The total number of shares that we've repurchased exceeds 25% of the total issued and outstanding shares if calculated using the total number of the outstanding shares prior to the tender offer. On the one hand, this resulted in a significant enhancement in shareholder's value. On the other, this clearly demonstrates management's strong confidence in the undervaluation of its assets.

（翻譯）感謝您的提問。我是知乎CFO汪涵。正如我們之前提到的，自從我們在香港首次公開募股以來，我們已經透過公開市場回購和要約收購等各種方式回購了價值超過1.2億美元的股票。本次回購股份總數以要約收購前公司在流通股數計算，超過本公司已發行在外股份總數的25%。一方面，這導致股東價值大幅提升。另一方面，這清楚地表明管理層對資產低估的強烈信心。

This is also worth mentioning that earlier in the beginning of November, we completed a share buyback via tender offers, both in Hong Kong and the US market, a first-ever practice in the market, for a total consideration of over HKD300 million. On the open market side, we will continue to do the buyback to further demonstrate the management's confidence.

值得一提的是，早在11月初，我們就在香港和美國市場以要約收購的方式完成了股份回購，總對價超過3億港元，這是市場上的首次。在公開市場方面，我們將持續進行回購，以進一步彰顯管理階層的信心。

At the same time, we are also accelerating our path to profitability and a positive cash flow. So with this foundation, we will consider exploring more diverse methods for the shareholder returns. Thank you for your question.

同時，我們也正在加速實現獲利和正現金流。所以在這個基礎上，我們會考慮探索更多元化的股東回報方式。感謝您的提問。

This concludes today's question-and-answer session. At this time, I would like to turn the conference back over to Ms. Yolanda for any closing remarks. Please go ahead, ma'am.

今天的問答環節到此結束。現在，我想將會議交還給 Yolanda 女士，請她作最後發言。請繼續，女士。

Thank you. And thank you all once again for joining us today. If you have any further questions, please contact our IR team directly or Piacente Financial Communications. Thank you all.

謝謝。再次感謝大家今天的參與。如果您還有任何其他問題，請直接聯絡我們的 IR 團隊或 Piacente Financial Communications。謝謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。

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。