Zhihu (ZH) Q2 2026 earnings call transcript

Thank you, Sharon. Hello, everyone. Welcome to Juhu's second quarter, 2026 Financial Results Conference Corps. Joining me today from our senior management team are Mr. Zhou Yuan, founder, chairman, security officer, Mr. Wang Han, chief financial officer, and Mr. Zhang Rongle, chief operating officer. Before we begin, I'd like to remind you that Today's discussion will include forward-looking statements made under the safe harbor provisions of the U. S. Private Security Legislation 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 this included in our public filing with the U. S. Security and Exchange Commission and the Hong Kong Stock Exchange. The company does not assume any obligation to update any forward-looking elements except as required under applicable law. Additionally, today's discussion will include both GAP and non-GAP financial measures for comparison purposes only. For a reconciliation of these non-GET measures to the most directly comparable GET measures, please refer to our earnings release issued earlier today.

Today, of this conference call will be available on our IR website at ir. chukwu. com. And today, Mr. Zhou Yuan will deliver prepared remarks in Chinese and followed by English translation. Please go ahead, sir.

Hello, I'm Joe Yuen. Thank you for joining our second year of the chat. Today I will talk about three aspects. First, the first is the performance of our business in the second year.

Second, the second is the AI-slide. How to implement the IP and the IT-sitial data in the future. I will briefly summarize the last few years of work and the next few years. Hello everyone and thank you for joining Jiu-Hu second quarter 2026 Earnings Call. Today I will cover three areas. Our core business performance in the second quarter, how AI is expanding the value of our community, content, IT, and expert network, and our priorities for the second quarter.

The core of the core of the global market is stable. The core of the market is in a steady and stable. The second year, the company's total income is 6.9 million yen. The total income is 3.7% The total income is 5.9% The total income is 5.9% The total income is 6.9 million yen. 受到收入结构变化以及阶段性业务投入等于人民币1025万元 具体的财务表现和利用变动原因稍后将由CFO进一步介绍 在社区方面 我们的核心用户的使用深度保持稳定 第二季度 核心用户日均使用时长只有39分钟 以去年同期基本治平 社区日均新增高质量的内容同比增长超过16% 延续了过去密度双位数的增长 Let me start with our core businesses. Overall, our core business remains stable while some areas continue to adjust and recover. In the second quarter, total revenue were R&B 690 million, down 3.7% year-over-year and up 5.9% sequentially, with a year-over-year decline narrowing further. Adjusting net loss was R&B 10.25 million, reflecting changes in revenue mix and phase business investments.

Our CFO will discuss the financial details shortly. Community engagement among core users remain stable. Average daily time spent was about 39 minutes. Broadly, daily creation of high-quality content grew more than 16%. As AIGC makes content creation easier, authentic experiences, clear sourcing, and professional judgment are becoming more valuable. remain the foundation of Juho and our long-term value.

优优独播剧场——YoYo Television Series Exclusive and the potential for the customer's needs and the customer's needs. including a 22% increase in gaming. This has not yet translated into a broader recovery in the marketing revenue, but it supports our strategy of strengthening key verticals, products, and algorithms. Marketing services remain in structural recovery and will continue to improve the matching of professional content, user needs, and client demand. In the full-time and IP-1, the second-time is the total of 4.26 million. The year-time will be 1311,000. The total of the total of the full-time and the full-time. We will continue to improve the full-time and experience of the full-time. 推动非能量形成故事加上知识的多元结构 在这个季度IP运营继续贡献增量 二季度版权合作数量环比增长105% 同比增长671% 推动延安故事IP从单一版权出售 向多形态全生命周期开发延伸 So overall, the challenge we face is still exist.

But the revenue change is still in the process. The business structure is still changing. The development of our core business development has never changed. We will continue to promote the core business growth and keep a serious commitment. For paid content and IP, Revenue reached RMB 426 million, up 4.4% year-over-year and 5.9% sequentially. Average monthly subscribing members were 13.11 million, broadly stable, while member ARPU also remained stable.

We'll continue to improve membership content and product experience while expanding knowledge-based offerings. IP operations continue to contribute incremental growth. licensing increasing 105% sequentially and 670% year-over-year. We're expanding the ENSROI IP from one-time licensing toward multi-format for lifecycle development. Overall, challenges remain, but our business mix continues to adjust and our strategy direction remains unchanged. We're continuing to stabilize our core businesses while maintaining the investment discipline. That's what I want to talk about. 而AI正在帮助这些能力进入更多新的应用、内容形态和商业场景。 第一,社区会变得更加开放。 AI正在改变对发现、组织和使用的方式。 That's why we are not aware of the open-ended and professional environment. It's not to be able to take the content of the community and professional content. It will be able to see more tools and tools and AI. This is a clear understanding of the open-ended.

内容的可溯源, 操作者权益保护和社区价值维护作为开放生态的重要前提。 在过去,用户主要通过搜索推荐信息流发现内容。 在今天,我们正在推动知乎直达和知乎的搜索进一步融合, 使AI搜索成为发现社区内容的结构化入口, 而不是对原有内容进行替代。 So, first of all, our product tests showed, this work has caused a lot of influence. We are still looking at the use of the range of the range of the range of the range. At the same time, we are looking at the search of the technology. AI-Kan3 is one of the main challenges.

We hope AI-Kan3 can become a help-to-use user-sign. but it will allow users to find real-time, and to find different views, and to find different views. Now, AI-Kan3 is in the previous test phase. We will be looking at the overall view of the user's view, and the user's view of the user's view, and not just looking at the use of the規模.

As I mentioned, the AI-Works is currently being launched. It has been over 2600 AI-SAM. The data-driven platform has over 17,600. The 20% is from the digital platform from the digital platform. We also released a new digital platform from the digital platform. This is a new platform for the digital platform and users to find and use digital platform. This means that digital platform has a long-term platform. and the creative and professional ability, which will not only be found in a web app. Through AI and software, the technology and technology can be entered in more products and products. It is also a better user, and the user, and the user. We believe AI is a new fast-forwarding machine.

A more open-minded can be found in the new software, and can be found in the new software. And the developers can create new software. They can also provide the resources for the content, the product, and the product.

Next, I would like to focus on Jihou in the AR area. Jihou starts with the community It means bringing the value accumulated within Jihou to more people through new products formats and use cases Real users, professional content IP and our next expert network remain our most important assets. AI is helping extend this capability into new applications and commercial scenarios.

First, the community will become more open. AI is changing how content is discovered and used. For Juhu, openness does not mean changing our positioning. It means enabling the high quality content to reach more users and developers through the AI tools and applications. These require clear cultures around content sourcing, greater rights, and community values. We are further integrating Juhu Jhuda with Juhu Search, making AI-powered search a new gateway to community content rather than a substitute for it. Earlier testing has shown positive signals for user retention. We're also exploring community agents. AI-conscient is one example. Rather than another general purpose chatbot, we wanted to help users explore Juhu and discover real people, professional content, and diverse perspectives.

The product remains at an early testing stage and our focus is on content discovery, interaction and retention. AI Works now has more than 2,600 AI projects. While the open data platform API has attracted more than 17,600 professional developers, about 20% were not previously Jiu-Hu created. We also released and updated Juhu CLI, making it easier to discover and use Juhu content across AI tools. Through AI search, agents, open platforms, and developer tools, Juhu's content and professional capabilities can reach more users, developers, and clients beyond the Juhu app.

We believe AI is becoming a new medium that can help existing content, reach new audiences, enable new applications, and create new opportunities in content licensing, brand content assets, and expert services.

and the ... 让其次的内容投入 能够产生更加长期更广泛的价值 也让品牌信息更容易地被AI准确理解和引用 为了这个需求 我们正在不断地尝试和推动AI内容资产业务 相关业务仍然早期跌断 在二季度 合作的客户数量环比增长了50% Second, marketing services are evolving from traffic value toward the content asset value. As more information discovery happens through AI, brands increasingly care not only about visibility, but also whether the professional information can be accurately understood and cited by AI. We're helping brands build professional content assets with clear sourcing. Unlike a one-off campaign, these assets can continue to be discovered and used across such AI and other channels, creating longer-term value. Our AI content asset offering remains at early stage. In the second quarter, the number of clients increased 50% sequentially. This does not yet represent a stable or scalable revenue contribution, but it's beginning to demonstrate new commercial value.

Going forward, we'll focus on client outcomes with demand and product standardization. 第三 AI正在推动内容IP进一步的多媒体化 AI所带来的另一项变化是进一步降低了优质IP从文字向多媒体形态转化的门槛 This means that many of the original IP can be used to through a short-term content and more new and more content. This year's project is from the 2025 and the previous year's original IP. This means that the content will not be because of the time and the value of the content.

The technology changes are the development of the content, the content, and the content. The content will be more effective in the future. In the past year, we have also done some research and experience. The first step in the model, we will look at the content. We will choose the content of the content, and the content of the content. and have chosen to extend the market to the market.

In the future, the content will still be a important趋势. We will continue to increase IP selection and cross-stress development and make more of the best-to-day content and more of the new users and market value.

Third, AI is accelerating the expansion of IP into multimedia formats. AI is lowering the cost and barriers of turning text-based multimedia formats. For Juhu, this allows our large base of original content to be developed more efficiently into comic dramas, short dramas, film and television, and other formats. A meaningful portion of the comic drama projects monetized this quarter came from the works created in 2025 or earlier. This shows that high-quality IP can return value over time, while technology improves the development efficiency and expands its reach.

In the first half, we also explore in-house with some projects showing encouraging early results. However, we'll remain disimplied and we'll not materially increase asset-heavy investment. We will flexibly choose among licensing, in-house and commission production based on the project economics. Going forward, we will continue to strengthen our capabilities in IP selection, development and cross-format operations to unlock more value from our content library. That is the third, the data data is in the process of the project. This is the core of the data. 到质量检验模型效果存测的一体化能力 致乎长期所积累的专家网络已为我们形成了定义专业任务 建立质量标准和验证数据质量 这些工作提供了重要的基础 专家的价值并不是只是参与数据的生产 更重要的是帮助定义专业的任务 建立质量的标准 并判断模型输出 is whether it is really符合 the company's request.

So in the moment, we are more than just actively studying different models of the ability to do and develop the appropriate data and data. And through the actual model, we will see the data and data. We hope that the data is not just a single-time data, but it is a single-time data.

So we hope that the data is a single-time data. is if we can be able to provide different customers' capabilities and the design of the model, and to continue to show the solution for the model of the model of the model of the model.

Fourth, expert data solutions are evolving from project delivery to reusable capabilities. AI is creating new ways to use Juho's expert capabilities, not only creating content for users, experts can now help translate the professional knowledge judgment into model capabilities through training data, model evaluation, and complex task design. We position as a research-driven data lab. We identify model capability gaps and develop training data, evaluation systems, and complex task environments to help improve the model performance. In the first half, we completed projects across coding, search, and deep research, visual reasoning, and agents, while building capability spanning model analysis. Our expert network plays an important role in defining the professional tasks, setting quality standards, and evaluating whether model outputs meet the professional requirements.

We're also becoming more proactive in identifying model gaps, developing training data and evaluation methods in-house, and validating the values through the actual model performance. Our goal is not one-off data delivery, but reusable capabilities that can evolve across clients and model iterations. In the next phase, we will continue this and extend them into products, complex tasks, and environments. In the second phase, the core community is keeping the growth, and the IT growth has continued to increase, and the sales and sales have also been improved. In the same time, in AI, the local and professional community is our core. AI's value is that we have to keep our content, IP and the content of our content and content, and to be able to implement and use more open and new business.

Finally, let me briefly summarize. In the second quarter, our core community remains resilient. Paid content remains stable, IP operation continues to grow, and marketing services improve sequentially. Our position in the AI area is also becoming clear. Our authentic professional and trustworthy community remains the foundation, while AI helps us reach new users' applications and commercial scenarios. This is the project of the world, to continue to work with the core of the core of the core data. We will improve the core data to the core data in the core data. We will improve the core data to the core data in our community. And we will also improve the community's development, the core data, the AI, and the IP, and the data base.

We will be more interested in the future, the value of the customer, and the value of the customer. This is not just a simple way to look at the current rate. We can see that the new direction of the customer's first-minute view is not equal to the performance. We will be able to keep the rate of the customer, and keep the rate of the customer. In this process the cost of the investment performance will still be affected by the economic and the economic and economic impact We have to increase the cost of the cost of the cost of the cost of the cost of the cost of the cost of the cost of the cost of the cost 不仅是一个真实专业可信来的社区 也能够成为一个连接真实内容 专业知识与AI应用的重要平台 谢谢大家 那么下面呢 请CFO进一步介绍本季度的财务表现 2.

In the second half we will focus on two priorities first will this by improving user experience maintaining a stable membership base improving IP development efficiency and advancing the structural recovery of marketing services and second will continue to validate AI driven opportunities across our open community ecosystem AI content assets IP and extra data solution by 在靠近來,我們在顧及保持收入管理應用的 並不講求讓他們的保持收入管理應用 所以,我們要保持收入與收入益的 提供收入管理應用 保持收入管理應用 在互相互利用的 優惠,收入管理應用 我們需要收入管理應用 以整個收入管理應用 我們的收入管理應用 能力進行運善化 收入管理應用 也會因爲地產能力 在长期中,我们希望GQ是一个专业的专业,专业,专业的专业, 但也就是一个重要的专业, 在关注的内容,技术和 AI使用。 谢谢。 我现在会来到我们的CFO 去看我们的Qualty Financial Performance。 我现在会来到我们的第二个Qualty 在第二季的期間, 我們的財產市企業的增長 在第二季的期間, 在財產市企業的財產市企業。 在同時,財產市企業的財產市企業 在財產市企業的財產市企業。 現在,我們將來的財產市企業。 我們剛剛的確數據的確是RMB690.1M, down 3.7%與月有5.9%的確實。 這個確實的確是流行量的當然是 當年發展的確定性。 效益侶有RMB199M, 相當於RMB222.8M, 同時也在年2025的確實表了。 游客的比例 主要美国定的主要和须余和商品 这些仍然在于公司 总而为公司 优统的专业 在公司 比较某和 预期的专业 也有可能促进的变成价法 这些价格的优惠 你的IP operations revenue was RMB425.9, up 4.4% year-over-year and 5.9% sequentially, primarily driven by continued growth in IP operations.

average monthly subscribing members remained stable at 15.1 million.

We will continue to strengthen our paid content offerings while developing and modernizing selected IP 在整個月的網路上, 也有關注重點的影響 與領域的影響 和顧客的影響 其他在顧客的顧客 是RMB-86美元 在同時期的顧客 在2025美元 這裏是主要的 主要的維持 的維持 我們訓練的 其中一個 其中一個 and year over year decline continue to narrow. Our gross profit for quarter was RMB 393.4 million compared with RMB 448.2 million in the same period of 2025. Gross margin was 57%compared with 62.5 compared at 2025. The decline in gross margin primarily reflected our continued efforts to broaden and enhance our content opportunities. Total operating expenses decreased by 13% to RMB469.4 million from RMB539.2 million in the same period of 2005, reflecting continued efficiency improvements across our operations.

Felling and marketing expenses decreased by 5.4% to RMB308.7 million from RMB322.3 million in the same period of 2020. 这些课程的课程是在2014.4%的课程中, RMB108.6M从RMB145.7M在2025的同时, 最后的课程是在2014.5%的课程中, 在我们的课程中, Generative expenses decreased by 22.7% to RMB 52 million from RMB 67.3 million in the same period of 2025 primarily attributable to lower personnel related expenses in the same period of 2025. On a non-GAAP basis, adjusting loss from operations narrowed by 32% to RMB 48.7 million from RMB 71.5 million 在2025年期間的期間 RMB的15.4億 RMB的104億 在2025年期間 這次的一切是因為 了解的分別的利益 我們在公司的公司的公司 在2025年期間的公司 RMB的37.4億 compared to URNB 72.5 million in the same period of 2025. On a non-GAAP basis, Adjustment Nine Loss was URNB ten point three million compared with Adjustment Nine Income of URNB 91.3 million in the same period of 2025.

As of June 30, 2026, we had URNB 4.4 billion cash and cash rate quotations term deposit, restricted cash and short-term investments, maintaining a solid equitative position 我們在月13日, 2006 我們有所計劃的 $41.3萬 Class A奧秀 總共有$77.9萬 在香港的市場中 第二季,我們有所計劃的 6.5萬 Class A奧秀 總共有$77.9萬 7.2 million.

Looking ahead, we will continue to balance selective investments in new initiatives with operating efficiency. While currently profitability may be affected with investment, our long-term objective of improving operating efficiency and returning to sustainable profitability remains unchanged. We will also maintain a disciplined approach to a capital allocationand continue to executeshared repurchase to enhance long term shareholder returns. This concludes my prepared remarks on our financial performance for the quarter. I'll turn the call over to the operator for the V&A session.

我来扩张你的问题啊 我是苏元 那么从下的年来看的话 我们觉得不太适合 简单的按照二季度的环比趋势 去进行线性的一个外面 其实还是不太一样的 营商服务仍然处于 结构性的修复过程中 季度之间 它会受到客户预算和行业需求变化的影响 我们的重点仍然是 补强产业和效果广告的基础能力 去提升投放的效率和单位者的价值 而不是通过增加广告 add-road去推动增长 我们就说上帮助总监 看来第二半 我们不认为是正确的改变 在第二半的发展 不同的商业有不同的行动 RhythM. MarketingServices remain in a period of structural recovery and may continue to beaffected by changes in clients, budgets,and theindustrial demand. We will strengthen our R&D,especiallythe performance ofAdvertising capabilities,and alsoincrease the value per 每一区的流程,而比较坏的转移动。 那份内容它的基本上是稳定的,但是IP的运营本身它会受到项目节奏的波动影响。 近期行业规范和对案的要求变化也可能对部分项目的上限节奏带来阶段性的影响。 Pate content remains relatively stable while IP operations will be influenced by project timing Recent changes in industry standards and filing requirements may also affect the launch timing of certain projects 那么同时 发展中的能力呢 它是处在验证阶段 包括刚才我提到的 AI内容资产 它就在这样一个阶段 但它在方向上呢 已经看到了一些新的需求 和客户的验证 但是距离稳定规模化的 收入过节还有一个过程 短期呢 它也会带来一定的投入 在同時,我們還要把新的能力保存在 像AI的資源和技術方式的資源 我們也看到了一個人的信用 但我們可能會花時間到 我們看到盡量的資源 我們也需要一些近期的投資 所以我們現在的這個階段 我們更加關注的是核心業務本身的穩定 新任務能不能形成真實可持續客戶價值 包括它可復用的能力 以及我們整體的投入匯報是否合理 我們會持續地保持一個比較省的投入 這個目標是沒有變的 我們依然是改善我們的收入結構 恢復可持續盈利的能力 所以在这一步,我们会更加注重地的 我们的工业的价格 之后,我们的新的新的新制度 可以使用了利用价值的价值 我们继续能靠近的价值 我们长期的目标价值 我们的价值值得更加速度 我们的价值得更加稳定的价值 谢谢 谢谢 谢谢 谢谢 谢谢 谢谢 谢谢 谢谢 谢谢 管理层晚上好 谢谢结束我的提问 能不能请公司分享一下您对 慢剧行业的看法 公司的策略以及我们知乎优势和护城河 谢谢 分享一些项色的看法 你的看法在空间的电影 和我们的两个颜色的颜色 如何我们想到其他颜色的颜色 谢谢 AI的整个的一个内容的生产能力 还是在快速进步的 过去一年 无论是人物的一致性 所以我们相信AI漫剧已经在逐渐形成一种新的内容消费形态 随着制作能力的继续的提升 我们认为整个的内容质量和用户的接受度 还会继续向上 这是我说的 在联系的联系 我们很感激 在AI科目的市场 我们相信 我们的业界 会看到 在一个肯定的增长 一方面 AI的产生性能 会继续增长 包括性能 性能 性能 性能 性能 和整个 产生性能 另一方面 而在这个过程中我们也观察到整个行业的竞争的关键点也在发生变化 早期呢 大家还是在比拼 谁能更快的使用AI 更低成本的能够伸展出内容 但当随着这个AI整个的制作能力 越来越普及之后 整个的竞争又回到了 整个内容的一个本身 有没有好的故事 有没有持续的创意供给 好的视觉化能力 IP持续的开发出来 逐渐成为竞争的关键 在同时,核心的核心是改变的。 在早期,我们的主要是在哪里的核心是在哪里的核心 和能输入更多的核心。 在核心的核心变化, 实际上的核心变化, 像是有个好故事的核心, 有一个核心的核心, and the ability to consistently turn IP into compelling visual content.

这会显著降低IP开发的一个试措成本 提高整个内容组合的成功效力 And this is where Jugu has a clear advantage through Indian Story and other projects We have built a broad ecosystem of original stories and creators Our advantage is not simply the size of the library 但是我们的能力继续生产生新的内容 和判断最强烈的名字 支撑成了一位作为创建者 这帮助于减少的质量和质量 在IP development 和更加的质量的质量 我们的内容的内容 我们在上半年已经看到了 这些优势在AI漫剧市场 逐步得到验证 根据第三方行业的一些数据 在上半年 炎炎故事已经成为 董因原生AI漫剧领先的版权方之一 并且进入了红果版权方的榜单的前三 与此同时在 已经开始尝试做自制和承治的业务 从结果来看 也是得到了很好的一个 报款率的一个结果 随着AI带来新的整个的一个 媒介生态的一个变化 同一个优质的故事 可以被重新的进行视觉化 重新开发并触达新的用户群体 AI实际上在帮助我们 持续延长长和优质IP的生命周期 也在提升知乎既有内容的商业化效果 We already seen these validated in the AI 科目 According to the third-party data In the first half of 2026 YingStory became one of the leading IP providers for native AI comic dramas on TikTok and ranked among the top three IP providers on Hongkong. We also began the in-house and commission production in the second quarter and have seen encouraging key rates so far.

As AI creates new media formats, a strong story can be visualized and In this way, AI helps extend the life cycle of quality IP and improve the monetization efficiency of our existing content assets.

在一个比较灵活的一个开发模式 包括商业回报比较清晰的环节 我们也会选择近的向产业链的一个更前端去进行衍生 Strategically, our focus is to build on Juku's strength in the content and our greater ecosystem, like we mentioned before while using AI to improve the development efficiency 在整期来看,我们认为职负在这个市场的一个真正的护城河 其实是几个能力的组合 包括持续的一个原创IP的供给 真实用户行为形成的一个选品能力 长期稳定的创作者生态 清晰的版权体系 以及利用AI来实现的整个IP开发的能 Over the long term, we believe Jeehuzma in this market will come from a combination of capabilities including a sustainable supply of the original IP content selection based on real user behavior, a stable creator ecosystem, and a clear license framework, and AI-enabled cross-media IP development.

Thank you.

Thank you. 许多评测验证数据是真的给这个能力提升 简单说就是我们的目标不是单纯交付数据 而是帮客户的解许 As a data lab focused on improving frontier model capabilities So simply put we continuously study where models still have capability gaps Identify the tasks they cannot perform reliably 然後設定訓練 data的 complex task environment 和 benchmark around these gaps. 我們便能確認是這些作用 能夠改善效果的效果 在訓練和評論 我們的目標是不只是審計的 但要解決這些問題問題 我們要解決這些問題 我們現在有些事 客户有一些牵引的需求 然后我们来定向解决这些问题 但是现在越来越多的是 我们自己去定义研究的方向 模型 这个能力提升的方向 而且将这些能力产品化 随着这个项目积累 我们会把很多的 可服用的数据的POP-LINE 环境搭建的能力评测体系 研究能力成见下来 然后能够去服务更多的客户 和不同代机的模型 提升规模化的这一个 to A business model currently includes the customized R&D projects based on the client's frontier needs. While we also increasing our own research and exploring ways to productize selected like capabilities. As we complete more projects we aim to standardize and reuse 我们的数据和技能的学生 和技能的学生 和技术的学生 和认识的识程 和认识的识程 和不同的模式 这应该改变 使用的效果和 能力的学生 增加的网络 是非常重要的 非常重要的 而且我们 首先肯定不是说 都是让增加自己个人指标 识别模型的能力缺口 它主要是设计任务 然后去评判结果这些信号 然后构建环境 验证效果等等 所以说特别是在代码 agent搜索 地步研究研究研究 这些方向 这个数 是说让这个专家直接去调 而是依靠 这个 官员工办合成 和一些去做模型实验 专家工作在里面承担这个离地行业定义标准 专业判断结果验证的决算 对于这个专家的专家工作是一个重要的部分 同时我们建立一个结构的R&D 从判断模式的选择模式的选择 和设计的训练和训练的信息 到建立的環境和学生 和最终的判断模式的效果 在地上拥有的课程中, 数学和深掃措施, 数学维统织的维产性, 更加在级维产照的行为, 技术确实力变得更加大业务为, 成为业务的定义, 供应职业务, 供应效的特定和实惠。 所以这张业务未来的投入结构会越来越传统的 以人力为主的数据结构,数据的服务有所不同 未来会更多的在算力,模型调用,基础研发 这上面会有更多的投入 然后我们建立更 所以现今我们主要是看 我们是不是能够有效的和模型提升能力 然后能够跟客户持续的建立 可以長期的信用合作 而且我們是不是有一些能力可以跨客戶 然後跨模型的服用 如果這些能夠得到驗證 我們肯定會在這些方向上做更大的增幅 The investment profile of this business will differ from the traditional one Going forward, more or much more will be directed toward compute, model usage and R&D infrastructure with the goal of building capabilities that can continuously evolve and be reused.

So at this stage, we are focused on three things, whether we can consistently improve the model performance, whether the long-term relationships with the clients and whether our capabilities can be reused across them. So if these metrics continue to validate resources in a measured way based on the client demand and the ROI. And thank you.