Financial Data and Key Metrics Changes - Total revenues for the second quarter were CNY 1,000,000, representing an 11.2% increase year on year from CNY 830,000,000 [11] - Net advertising revenues were CNY 153,300,000, slightly down from CNY 154,700,000 in the same period last year [11] - Paid services revenues surged to CNY 33,800,000, marking a 148.5% increase year on year from CNY 600,000 [11] - Cost of revenues decreased by 7.6% to CNY 95,100,000 from CNY 102,900,000 [12] - Total operating expenses increased by 33.5% year on year to CNY 74.3 million [12] - Loss from operations was CNY 7,200,000 compared to CNY 8,900,000 in the same period last year [12] - Net loss attributable to the company was CNY 10,400,000, up from CNY 5,400,000 in the same period last year [12] - Cash and cash equivalents totaled approximately CNY 982,300,000 or about USD 137.1 million [13] Business Line Data and Key Metrics Changes - The Phoenix news video account surpassed 5,000,000 followers, with annual views exceeding 2,000,000,000 and projected revenue growth approaching 50% [7] - The tech channels video account grew to over 3,000,000 followers, with commercial revenue tripling year on year [7] Market Data and Key Metrics Changes - The overall advertising market remained relatively flat for the first half of the year, affecting client spending [16] - Sectors such as entertainment, tourism, and retail performed well, while auto, alcohol, and real estate sectors showed a slowdown [17] Company Strategy and Development Direction - The company is focused on enhancing content depth and exploring diversified monetization opportunities [3] - It aims to strengthen its leadership in global Chinese language media through high-quality original content and innovative business initiatives [5] - The company is transitioning from a content creator to a resource integrator, as evidenced by hosting significant industry events [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the advertising market but emphasized stability in their ad business due to a deep understanding of client needs [17] - The company remains committed to leveraging its strengths in professional journalism and international perspectives to drive sustainable development [10] - The forecast for total revenues in 2025 is between CNY 203,400,000 and CNY 218,400,000, with net advertising revenues projected between CNY 168,400,000 and CNY 178,400,000 [13] Other Important Information - The company hosted the 2025 China Enterprise Global Expansion Summit, enhancing its industry influence [8] - Strategic agreements were signed at the AIM Global Summit to deepen connections with global enterprises [9] Q&A Session Summary Question: Impact of the flat advertising market on the company - Management noted that the overall ad market was not strong in the first half of the year, with many advertising clients remaining cautious [16] - Despite this, the company managed to keep its ad business relatively stable by understanding client needs and focusing on brand credibility [17]