Thank you for standing by. Welcome to Phoenix New Media Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, Muzi Guo from Investor Relations. Please go ahead.

Thank you, and welcome to Phoenix New Media's earnings conference call for the third quarter of 2024. On today's call, we'll begin with an overview of our quarterly results, followed by a Q&A session. You can find our quarterly financial results on the webcast of this conference call on our website at ir.ifeng.com. Before we continue, please note our Safe Harbor statement included in the earnings press release, which applies to any forward-looking statements made during the call. Additionally, unless otherwise specified, all figures mentioned are in RMB. Joining me here today is our CFO, Mr. Edward Lu. I will now turn the call over to him to deliver the prepared remarks on behalf of our CEO, Mr. Yusheng Sun.

Thank you, Mu. Hello, everyone. I'm pleased to deliver today's opening remarks on behalf of our CEO, Mr. Sun. In the third quarter, we continued to focus on producing high quality original content, swiftly covering significant news events. This elevated our media presence, which translated into commercial success. During the Paris Olympics, our team provided diverse coverage on the ground reports, professional commentary and engaging videos, showcasing our unique perspectives. We focused not only on the outcomes of the games, but also on inspiring stories from Olympic figures worldwide, as well as trending topics, particularly the controversial ones. Our Sports column produced 8 in-depth pieces that sparked extensive discussions across major platforms, earning endorsements from seasoned media professionals. Our video content achieved a total view count of 160 million with over 90 million views Douyin. On Weibo, it reached trending topics more than 50 times, further solidifying Feng's leading media position in major events. The Olympics also became a major commercial success for us, as we assisted over 10 clients with their marketing campaigns in France. Despite the challenges, each project was delivered to the client's satisfaction, creating exemplary cases of international content, dissemination and marketing that achieved both recognition and profitability. In the finance sector, our channel continues to lead. In September, we hosted the new opportunities, new vitality, Feng’s Bay Area Finance Forum 2024, featuring prominent guests from politics and academia. Many speech and the discussions from the forum went viral across the Internet, covering topics such as economic trends, capital markets, and healthcare. The total number of views approached nearly 1 billion with short video views reaching 180 million alongside numerous trending topics on Weibo and Douyin. This event not only solidified Feng’s brand influence in the finance sector, but also provided a platform for addressing economic…

Thank you. [Operator Instructions] Our first question comes from Alice Tang of First Shanghai. Please go ahead.

Good morning. Thank you for taking my question. In the third quarter, the company achieved year-over-year growth in advertising revenue, the trend from the first half of the year. So could the management [Indiscernible] for the future.

Okay, good morning. Thank you for your question. Actually, this year, our advertising revenue has outperformed the overall Internet media advertising market. This success is primarily due to our improved content monetization strategy and tactical adjustments, including the restructuring of the sales team, content team incentives and measures to encourage innovation. These efforts have fostered close collaboration between ourselves and the content teams, creating significant synergy. In terms of content, the public increasingly values content quality, human centered narratives and emotional connections conveyed through media. These are the core attributes we have consistently maintained. Looking at the result of our commercialization, it's clear that these qualities have been affirmed and recognized by both the market and our clients. Building on this solid foundation, we continue to emphasize the uniqueness of our marketing strategy. We have positioned ourselves as a media platform with a strong focus on international content, dissemination and marketing. For example, we consistently cover major global events and activities, while also engaging areas of interest for influential Chinese companies. This enables us to assist these companies in executing effective overseas marketing campaigns, seamlessly combining our content strength with our marketing expertise. For instance, during the Olympics, we saw a significant year over year revenue increase in the traditionally underperforming FMCG sector. Similarly, innovations in content and monetization have also driven strong growth in sectors like the public sector and the alcoholic beverages in the third quarter. That said, we have observed a trend of declining advertising spend per customer. We need to better and more quickly align our content resources with client needs. Another challenge is the increasing complexity and the cost of project execution. We must continue to focus on cost control to ensure we meet revenue growth with the most efficient operations. Despite these challenges, we are confident that the market still holds many opportunities. Thank you, Alice.

Thank you.

Thank you. I see no further questions at this time. I will now hand the conference back to Muzi.

Thank you. This concludes our Q&A session and conference call. If you have any additional questions, please don't hesitate to reach out to us. Thank you for joining us today, and have a great day.

This concludes today's conference call. Thank you for participating. You may now disconnect.