Ladies and gentlemen, thank you for standing by for Autohome's Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. [Operator Instructions] If you have any objections, you may disconnect at this time. A live and archived webcast of this earnings conference call will be available on Autohome's IR website. It is now my pleasure to introduce your host, Sterling Song, Autohome's IR Director. Mr. Song, please go ahead.

[Interpreted] Thank you, operator. Hello, everyone, and welcome to Autohome's Fourth Quarter and Full Year 2025 Earnings Conference Call. Earlier today, Autohome distributed its earnings release, which can be found on the company's IR website at ir.autohome.com.cn. Joining me on today's call is our Chief Financial Officer, Ms. Craig Yan Zeng. Management will go through the prepared remarks first, which will be followed by a Q&A session where they will be available to answer your questions. Before we continue, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. Autohome doesn't undertake any obligation to update any forward-looking statements, except as required under applicable laws. Please also note that Autohome's earnings press release and this conference call include discussions of certain unaudited non-GAAP financial measures. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures can be found in our earnings release. I will now turn the call over to Autohome's Chief Financial Officer, Mr. Craig Yan Zeng, for opening remarks. Craig, please go ahead.

[Interpreted] Thank you, Sterling. Hello, everyone. This is Craig Zeng. Thank you for joining our earnings conference call today. 2025 was a pivotal year in our evolution, transforming from an automotive information platform into an automotive service ecosystem. Facing a dynamic industry landscape, our focus was on driving 2 core initiatives. On the content front, we continue to strengthen the development of high-quality content while enhancing our creator ecosystem and expanding new media distribution capabilities. On the service front, we accelerated the development of fully integrated online to offline services to create a more efficient and convenient end-to-end automotive service ecosystem for users and industry partners. Throughout this transformation, we are using AI as a core engine to drive product innovation and optimize operations and have already achieved substantial progress across multiple business areas. On the user side, by continuously optimizing and iterating our platform tools, we've effectively reduced decision-making costs and significantly enhanced the overall user experience. Taking new energy vehicles as an example, we've launched features such as optional configuration selection and vehicle comparison list further enriching the car selection tool set to help users make faster purchasing decisions. Moreover, by building a traffic alliance and expanding service categories, Autohome now covers a broader range of user scenarios, enabling us to better meet diverse user needs. Our O2O integration initiatives are key to reshaping the automotive consumption process. Throughout 2025, we organized over 5,000 offline automotive exhibition and group purchase events nationwide and collaborated across industries with user-oriented culture IPs such as esports and music festivals. These efforts went beyond the traditional car purchasing model by reaching a broader consumer base and ultimately integrating car-viewing, selection, test-driving and repurchasing and purchasing into an immersive experience. Specifically, within the development of our transaction service ecosystem, we launched the Autohome…

[Operator Instructions] Our first question comes from the line of Thomas Chong of Jefferies.

[Interpreted] My first question is about can management provide more color about your thoughts about the auto industry outlook? My second question is about capital return. We know there are updates on buyback, how should we think about the dividends?

[Interpreted] First, let me share with you some recent market developments and future trends. First, we believe the total vehicle sales in 2026 is expected to increase slightly or modestly with the overall industry profitability still remain under pressure. On the policy side, the purchase tax incentives for NEVs are gradually being phased out. And at the same time, the few new subsidy policy has shifted from a fixed subsidy to a variable subsidy. On the market side, both the China Passenger Car Association, that is CPCA and the China Association of Automobile Manufacturers, CAAM, both of them projected that this year, China's total auto sales will only increase slightly by 1% year-over-year, which is the lowest in the past few years. So we believe the competition in the auto market will shift from the price war to value war. And meanwhile, overall, in the auto sector profitability still remains under pressure. And the profit margin last year for the auto sector is only 4.1%, down from 4.3% compared with the previous year. And so the overall sector is entered into a year of very low profit. So next step, we believe the technological innovation and intelligentization should be the key themes for the competition for auto sector in the next stage. So for ourselves, for Autohome, we believe this represents a rare opportunity to leverage our integrated O2O business model to connect the entire vehicle purchasing life cycle for users. At the same time, we can also help OEMs to acquire more incremental customers and drive additional sales to helping them to capture greater market shares in an increasingly competitive and more mature market environment. Just now, we announced the Board of Directors authorized a new share repurchase program. And also on the cash dividends, we firmly remain committed to distributing no less than RMB 1.5 billion in total in the cash dividend for the full year. And so we can ensure consistent, reliable cash dividends to our shareholders. So over the long run, we have committed to building a comprehensive shareholder return framework centered on sustained dividend plus share repurchase, striving to deliver predictable and sustainable returns to all our shareholders. So in the future, we will continue to uphold the long-term, stable and proactive shareholder return policy. We sincerely appreciate all our shareholders for their long-term strong and continued support to the company.

Our next question comes from [indiscernible] from CICC.

[Interpreted] After Haier became the major shareholder, how has the company's business plan been updated? And what's the potential for future collaboration? And my second question is what are the expansion plan for offline stores?

[Interpreted] After Haier becoming our new controlling shareholder, we don't have material change in our overall strategic direction. First, we are strengthening the development of user first, and we are more focused on the user experience as the top priority. Second, as we just mentioned, we will transform from information platform to a transaction platform. So we set up the Autohome Mall, which was established last year. And third, with the continuous upgrade of AI capabilities, which will bring us more -- help us more in our future operation. So in the long run, our target is to -- we will transform from information platform into a one-stop transaction ecosystem platform. And in terms of synergies with Haier, we will leverage Haier's strength in channels, supply chain management and service networks to further optimize our integrated O2O new retail model. We will explore a low-cost, high efficiency and experience-driven channel sales approach to drive our business upgrade from a transaction matchmaking model to a full chain service model. And ultimately, our goal is to provide more convenient, more transparent and trustworthy car purchasing experience covering the entire [process] from the vehicle searching, selecting to purchasing, using and replacing. For the offline stores, we will continue to expand our primary franchise model. So our focus should be covering more cities from Tier 3 to Tier 5 low-tier cities to help OEMs to strengthen their channel networks and find them -- to try to help them to find more incremental users and addressing the OEMs pain points, for example, insufficient channel coverage in low-tier markets, et cetera.

Our next question comes from the line of Richie Sun from HSBC.

[Interpreted] Firstly, regarding the NEV business, can you share what will we bring to the partners in 2026? And what are the key indicators we should look for to assess the development progress? Secondly, in terms of the rapid development for AI agents, we are seeing there's some impact to some industry and platforms. So how does management assess the impact of AI agent towards auto verticals? And what would Autohome do to address this risk? And what are the progress made in the AI applications? And finally, in terms of the dealer side, the dealer's related revenue has been falling. So when do management think this decline will actually stop?

[Interpreted] Thank you for your questions. First, let me answer your question about what value can we -- can our NEV transaction business bring to our partners. As I just mentioned, the transaction business was launched in the second half of last year. And this year, we'll continue to further explore this business model. So for EVs, what we provide is far beyond the advertising and lead generation businesses. So we are now delivering a complete end-to-end solution that covers from car searching to transaction conversion process. So this approach differentiates Autohome from other platforms in the market. In terms of metrics to monitor for this progress is quite simple. First is the number of brands, how many brands want to cooperate with us, want to grow our platform. For offline, the metrics should be focused more on the coverage of the channel works. Besides, in addition, transaction volume is another key metric. We are -- what we are looking now to validate this business model and we target to increase the scale of this model gradually. For the how to assess the AI agents impact on the auto media vertical, first from the interaction model level, AI agents are more and more becoming the new hub connecting users and services with conversational interaction replacing the traditional models. And the second is more from the service side, service level. This is just what we just mentioned, we are transitioning to more transaction model, transaction platform. So for Autohome, our response has 2 points. First is, we try to build an Autohome AI agent for the auto sector, for the auto industry, and we try to enhance the 2C user experience. So what we are doing is we try to enable the agent to deliver a complete one-stop personalized concept style…

There are no further questions at this time. I'll turn the call back over to management for closing remarks.

[Interpreted] Thank you, everyone. Thank you very much for joining us today. We appreciate your continued support and look forward to updating you on our next quarter's conference call in a few months' time. In the meantime, please feel free to contact us if you have any further questions or comments. Thank you. Goodbye.

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect your lines. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]