Good day, and thank you for standing by. Welcome to Phoenix New Media Third Quarter 2025 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I'd now like to turn the conference over to your speaker today, Muzi Guo from Investor Relations. Please go ahead.

Thank you, operator. Welcome to Phoenix New Media's Earnings Conference Call for the third quarter of 2025. Today's call will begin with an overview of our quarterly results, followed by a Q&A session. Our quarterly financial results and the webcast of this conference call are available on our website at ir.ifeng.com. Before we continue, please note the safe harbor statement in our earnings press release, which applies to any forward-looking statements made during this call. Unless otherwise stated, all figures mentioned are in RMB. Joining me today are our CEO, Mr. Yusheng Sun; and our CFO, Mr. Edward Lu. I will now pass the call to Mr. Sun for his opening remarks. I will provide translation as needed.

[Foreign Language]

[Interpreted] Thank you for joining today's call. This quarter, we stayed focused on both quality content and brand impact. Our reports around major social and cultural moments continue to perform well across platforms, while flagship events also achieved strong market response. From trending coverage to large-scale campaigns, we helped clients amplify their presence and connect with audiences in meaningful ways. These efforts reflect our ability to combine storytelling, marketing and innovation, keeping our brand relevant and resilient in a cautious ad market. Now I'll hand over to Edward for a more detailed update on our business progress and financial results.

Okay. Thank you, Muzi. In the third quarter, through high-quality original content, innovative product experiences and influential offline events, we further strengthened our influence and reputation in the media industry while achieving solid progress in both commercialization and user engagement. Our newsroom once again demonstrated its agility and depth in covering major news and breaking events. During the highly anticipated September 3 military parade, our 5-hour live broadcast on Phoenix military channel drew over 32 million total views across platforms, underscoring the strong audience trust in our in-depth coverage. During Typhoon Huajiasha, our live stream delivered continuous 3D reporting where our Tang Bohu column reported the natural disaster with sharp investigative storytelling that inspired public reflection and trended widely on Weibo, achieving both depth and broad reach. On the international front, the Phoenix Insights column provided balanced analysis of the U.S.-Russia Summit through exclusive interviews with leading experts from the U.S., Russia and Ukraine. The series was reported by influential publications such as Beijing Culture Review, earning strong recognition among professional and academic readers. Our media influence and the capabilities to integrate resources also supported significant growth in the public and the regional sectors. In early September, as the exclusive media partner and co-organizer, we successfully hosted the Shanxi Culture and Tourism Development Promotion Event centered on integration, collaboration and consumption. The 2-day event generated more than 2 billion online impressions in 29 trending mentions across major platforms, rejuvenating Shanxi's culture tourism brand with a modern image. Also in September, we hosted the Phoenix Bay Area Finance Forum 2025 in Guangzhou. The forum achieved over 720 million total impressions and appeared on 3 trending lists. It trended simultaneously on Weibo, Kuaishou and Douyin, highlighting its strong brand influence. The [ Phoenix Star Awards ] also triggered enthusiastic organic promotion from…

[Operator Instructions] We will now take our first question from the line of Alice Tang from First Shanghai.

The company's advertising business managed to grow in the third quarter despite market pressure. Could you please share how this was achieved? And what's your outlook for the ad market in Q4?

Thank you, Alice. It's a good question. Actually, achieving growth in advertising revenue under current conditions was not easy. Many clients are still very cautious with their budgets and their marketing is changing faster than before. This brought more challenges for us. Actually, we focus on 2 main areas. First, each client industry sales unit now works more closely with related content teams, sharing insights and taking joint responsibilities for business results. This helped us respond to clients faster and more precisely. Second, we followed the marketing trends and used our media influence to connect with more key clients. For example, in Q3, we organized the Shanxi Culture and Tourism promotion event, which involved the provincial government and multiple partners, strengthening our ability to serve public sector clients. Another highlight is our [ Star Anchor ] program. It started last year and has tripled its revenue this year. The program helps brand fans and train new generation hosts, meeting the rising demand for strong content creator. These efforts show how we are securing our position in the market. In the fourth quarter, competition will remain intense and cost control will stay critical, but we will keep focusing on innovation, improving our service capabilities and doing our best to maintain steady performance.

Thank you, there are no further questions at this time. I'll now turn the conference back to Muzi Guo for her closing comments.

Thank you. We have now come to the end of our earnings conference call for the third quarter of 2025. If you have any additional questions, please don't hesitate to reach out to us. Thank you for joining us today, and have a nice day.

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.