A：The conference call is for discussing IKEA's third quarter 2025 earnings.

A：Participants on the conference call include Mr. Chang Yu, Mr. Wuzi Gao (CEO), Mr. June Wang (CFO), Mr. Xiao Hui Wang (CCO), Mr. Yo Qiao Duan (SVP of membership business), Mr. Xiang Ha Yang (SVP of movies and overseas business), and Mr. Gang Wu (SVP of front advertising business).

A：Forward-looking statements made during the call are subject to risks and uncertainties, which may cause actual results to differ materially from current expectations. Potential risks include those outlined in the company's public filings with the SEC.

A：'The Thriving Land' became a major hit, exceeding the ten thousand mark on IT's popularity index score, dominating the daily market share on various platforms, boosting tourism in its filming location, and is considered a historic achievement for the company's online movie platform.The core strategy of the company is to create and amplify IP values, enhance high-quality storytelling, and utilize advanced production and technology to connect with broad and diverse audiences. The company is also focused on developing its business model with IP at the core, extending from online to offline, and from domestic to global markets.

A：The company is collaborating with Google, background, and an Academy Award-winning cinematographer to launch a global AI short film competition and to develop AI-driven content. The aim is to cultivate the next generation of AI-driven content production and deliver compelling storytelling that resonates with audiences.

A：The company secured the top position in total wheelchair market share in the third quarter. Its high-quality content lineup included a nationwide hit and in-house custom detective series, which performed well. The company also achieved a significant increase in original cell article relatives and maintained its leadership in the box office for the summer season.

A：Macro dramas have been enhancing the company's content ecosystem with double-digit sequential growth in average daily viewing time and subscription revenue. Micro dramas have also experienced growth with more than 20,000 titles in the content library, with over half available for free. The company has introduced consumer products and has been focusing on top-tier titles for strong results in operator and revenue.

A：Macro drama and AI technology are mentioned as successful in admissions, with ongoing improvements in original production capabilities.The original production about between fairy and devil returned with a second season.

A：The diverse range of content produced in the first quarter includes films, original internet projects, and animation among others.

A：The micro drama pipeline includes the first micro drama based on the popular 'a strange tale of tang dynasty'.

A：Memberships services revenue grew in the third quarter due to original hit dramas like 'the thriving land and coroner's theory', as well as the magazine 'noja'.

A：The currency experience program 'Yun yuan' boosts engagement with year-over-year revenue growth and creates synergies between membership and advertising revenue.

A：The membership festival is an annual event that has become a signature appreciation event with inclusive purpose and irresistible subscription offers.

A：Strategies include initiatives to promote long-term plans and targeted promotions for specific audiences.

A：Brand and advertising recording double-digit annual growth were mainly driven by a premium variety show like 'the king of stand-up comedy season two' and other dramas.

A：The focus for the advertising business in the coming quarter will be on maximizing sales from premium variety shows, dramas, and other top-tier brands, while enhancing monetization on smart TVs.This quarter, revenue contributions are expected from internet services, education and training, wellness management, and economies.

A：The company plans to capture new budgets in the internet services sector and scale up revenue in education and training, wellness management, and economies.

A：AI is being used to enhance content production and user experience through storytelling, production of high-quality original micro animation at a lower cost, and by developing an AI personal assistant 'Tao Zhong' for personalized video search, recommendations, and more.

A：The only directional motion simulating vehicle rig filming platform, powered by the company's IQ state water production system, has been launched and is delivering high frequency vehicle action shots with a streamlined workflow.

A：Business performance outside of mainland China remained strong with membership revenue increasing by over forty percent annually, and the average daily subscribers reaching an all-time high.

A：The company is expanding into locally produced medical dramas.

A：Multiple projects in English, Korea, and Indonesia are in production and are targeted for launch this year.

A：The experience business is focusing on two key areas: IT base consumer products and offline experiences.

A：Revenue from IP-based consumer products more than doubled year over year.The self-operated portfolio has expanded beyond collectible cars into additional categories supported by the establishment of in-house teams for IP licensing.

A：'The Journey of Legend' has partnered with over thirty licensees, setting a new record in licensing.The approach in developing the theme parks in Yangzhou and Kai Feng involves integrating technologies like AI and VR to provide interactive and scalable experiences that are faster to iterate and more efficient than traditional theme parks.

A：The company's long-term strategy is to continue delivering quality content, fostering creativity with partners, and ensuring long-term value for shareholders.

A：The total revenue for the third quarter was RMB four point seven billion, up one percent from the area. The membership services revenue reached RMB four point two billion, three percent sequentially, driven by original proposed drama and a theatrical magazine 'Noita' during the summer season.

A：Online advertising revenue decreased by two percent sequentially to RMB one point two billion in the third quarter.

A：In the new policy environment, the company is innovating content production and播出模式, for example by exploring the development of network stories and integrating them into the existing collaboration framework. The company is also adopting a revenue sharing model with partners to attract creative talent and优质内容，推动行业创新和发展.

A：The execution progress of the new policies shows positive developments for the industry. Some of the company's projects have already benefited from the policy support, reaching broadcast status more quickly. As the project systems progress, the company expects to see the scale benefits brought by the policies. In the long run, the new policies are expected to lead the industry to a new development phase, with all practitioners expected to benefit.

A：Since the end of September, our overall membership business development has been doing well, mainly for the following three reasons. The first is the continuous launch of high-quality content. The second is the continuous enhancement of benefits and services. The third is the optimization of market and sales strategies, including the expansion of our co-branded card, providing targeted discounts for teachers and students, etc. The launch of "Silent Glory" at the end of September broke all previous restrictions and attracted many young audiences. In addition, the content of female projects such as "Laugh with Songs, Change of Hearts", as well as "Doctor's Tree Shadow Maze" from the Labyrinth Theatre, are also widely loved by users. The recent launch of "The Conspiracy of the Tang Dynasty: Long An" is the third product in the ID series of "The Conspiracy of the Tang Dynasty", and has quickly won rave reviews from a large number of users after airing, surpassing ten thousand in popularity. It has become the second drama in this series to exceed ten thousand in popularity, making this iQIYI series the first to achieve both dramas exceeding forty thousand in popularity.

A：Overseas business performed strongly this year, with Q3 total revenue, membership revenue, and same-store sales growth all reaching new highs in the past one to two years. Huayi Content is the foundation of our overseas content, and iQiyi is the first choice for overseas users to watch Chinese content. We continue to promote Huayi content in various markets and have seen a significant increase in its influence in major overseas markets, effectively driving growth in our user and membership numbers. In terms of local content, we have made acquisitions and qualifications in Thailand, Malaysia, Indonesia, and Taiwan. Thailand has been our most successful market, with several hit dramas launched this year. After adding subtitles to Thai dramas, we have aired them in other markets, where the revenue has exceeded that of the Thai domestic market. Thai dramas have become the second category, after mainland Chinese and Mandarin dramas, to have international market appeal. In the future, we will increase the number of self-produced areas in Thailand, Malaysia, and Indonesia. Earlier this year, we mentioned our plans to enter new markets such as the Middle East and Brazil in Latin America. These regions have maintained rapid growth throughout the year, with significant increases in membership revenue and numbers. We will continue to release high-quality content and improve content production and promotion efficiency through the use of AI technology.

A：Currently, over 70% of promotional materials for overseas content are generated using AI.

A：In the last three years,爱奇艺 has applied AI in three key areas: improving operational efficiency (e.g., generating posters and translating content), enhancing monetization capabilities (e.g., through ad素材生成 and improving ad algorithm precision and conversion rates), and bolstering content creation (e.g., assisting with screenplay evaluation, novel reviews, and generating concept videos and images).

A：In the future,爱奇艺 plans to open up the core functions of its intelligent production system, which was previously used internally, to its紧密 partners. This will enable partners to leverage AI to enhance their production capabilities and efficiency.

A：To promote the use of AI in content creation,爱奇艺 is organizing market activities such as AI short film competitions and AI theaters, aiming to discover and nurture new generations of AI creators and to foster a healthy content production ecosystem.

A：It is projected that within the next one to five years, the small and large ends of the影视 industry, as well as the broader internet video industry, will undergo significant changes thanks to AI technology.

A：The company is currently investing heavily in AI and AI technology applications, viewing it as one of the core areas of investment. The goal is to utilize AI for more creative content and to transform the entire ecosystem.