A：The highlights of Jehu Inc's fourth quarter and full year 2025 financial results include the company achieving its first-ever full year non-profit, with a substantial turnaround in adjusted net income reaching RMB 37.9 million, a marked improvement from the adjusted net loss of RMB 96.3 million in the previous year. The average daily time spent per user increased to over 41 minutes, and the ecosystem of trusted creators remained vibrant, consistently delivering authentic and high-quality content.

A：Jehu Inc views the synergistic evolution of high-quality content, the expert network, and expanding AI capabilities as indicative of its progress in the AI era. These synergies have created a positive feedback loop, driving heightened community activity and interaction, as evidenced by a sharp increase in average daily time spent per user and other engagement metrics.

A：AI plays a pivotal role in Jehu Inc's ecosystem by upgrading community governance and content mechanisms, lowering creation barriers, and enhancing content distribution. AI agents have improved efficiency in identifying and nurturing talent, leading to a 100% sequential surge in average daily content creation in Circles. AI has also enhanced the search experience with an AI upgrade to integrated search, cross-topics content aggregation, and hot trend summarization. These improvements drive higher user engagement and facilitate the sharing of knowledge by professional creators through channels like 'Ideas' and 'Circles', resulting in doubled interactions and a 70% increase in daily content volume for 'Ideas'.

A：Jehu Inc's focus on professional creators has been a cornerstone of its platform's success. Daily active high-tier creators grew by double digits year over year, and the number of verified and honored creators rose by nearly 30%. The company continued to strengthen incentives for top-tier creators and support their efforts to expand industry influence. Professional creators' engagement in AI and technology discussions brought major industry discussions to the platform, with significant growth in the number of AI-focused creators in fundamental sciences like astronomy and chemistry.

A：AI is helping to transcend community boundaries through external ecosystem partnerships and is being used within the community for tasks such as fact checking and professional explanations, supporting authentic interaction and follow-up discussions. The AI reading panel on PC has improved long-form reading efficiency and is generating valuable interest signals for recommendations and monetization.

A：jihu's efforts to optimize its commercial structure have led to a recovery phase in total revenue, reaching RMB 6435 million in the fourth quarter with a narrowing sequential decline. This indicates a clear top line recovery trajectory.

A：The Electric Club New Knowledge Technology Conference drove a 140% year-over-year increase in participating clients, enabling industry leaders to showcase their technological strength and safety values and build trusted content assets on commercial product upgrades.

A：Paid membership remains a revenue contributor with average monthly paid members reaching 12.2 million in the fourth quarter. While there were short-term fluctuations, member retention and ARPU showed sequential improvements. New initiatives include exploring member retention and ARPU improvements, as well as maximizing the value of content through cross media adaptations and licensing.

A：jihu's future prospects include the integration of multimodal AI to expand monetization opportunities for IP and the development of new formats such as AI powered comic dramas. The company plans to pursue a dual track approach of IP licensing and in-house incubation while collaborating with platforms and studios to unlock mature IP value. Additionally, the development of expert data solutions and deep engagement of experts in data construction and labeling processing is being explored to support monetization. The company aims to achieve full-year non-GAAP profitability in 2025 and to usher in a new era of high-quality growth by realizing its unique AI capabilities and monetization potential in 2026.

A：For the fourth quarter of 2025, the company reported total revenues of RMB 643.5 million, with a sequential decline in revenue narrowing, indicating a top line recovery trajectory. The non GAAP net income for the year was RMB 37.9 million, and the non GAAP operating loss narrowed by 33.6% year over year. The full year results reflect the cumulative impact of structural optimization and provide a strong foundation for 2026.

A：The marketing services revenue for the quarter was RMB 234.8 million, which represents a year-over-year decline of 27.8% from RMB 315.9 million in the same period of 2024. However, the sequential trend was positive, with a growth of 24% in marketing services revenue compared to the previous quarter.

A：Paid membership revenue decreased to RMB 333.5 million from RMB 422 million in the same period of 2024, and the average monthly subscribing members declined year over year. This was expected as the company prioritized unit economics over scale. Nevertheless, there were sequential improvements in both ARPPU (Average Revenue Per Paying User) and renewal rates during the quarter, indicating that retention initiatives were gaining traction.

A：The decrease in gross margin was primarily due to the company's ongoing efforts to broaden and enhance content offerings for all users.

A：The GAAP net loss for the quarter was RMB 210.8 million compared with RMB 86.4 million in the same period of 2024. On a non-GAAP basis, the adjusted net loss was RMB 39.4 million compared with adjusted net income of RMB 97.1 million in the same period of 2024.

A：The total operating expenses for the quarter were RMB 608.7 million, an increase from RMB 528.8 million in the same period of 2024. This increase was mainly due to a one-time non-scale goodwill impairment charge of RMB 126.3 million associated with prior acquisitions. Excluding this item, underlying operating expenses declined year over year as the company further streamlined spending.

A：The company believes its unique assets and positioning provide opportunity sets in the AI era that are meaningfully larger than what is currently reflected. Rather than focusing solely on profitability and dividends, the company aims to stay focused on AI opportunities while maintaining bottom-line discipline. Investments will concentrate on areas with visible ROI potential and a strong fit with the company's core strengths, aiming to deliver growth in new AI-driven revenue streams while keeping the overall bottom line on a healthy and responsive track.

A：In terms of priorities and strategy for 2026, the company's focus is mainly on two tracks. In the core community business, the aim is to use AI to improve efficiency and enhance the product experience for users and content creators, maintaining stable revenue and a healthier level of operating profitability. The company also intends to leverage its unique assets to develop new AI businesses, focusing on areas where it can generate a healthy cash flow, primarily concentrated on two areas.

A：The two areas of focus for AI integration mentioned in the speech are AI enablement for drama and comic adaptation as text to video and high-quality data services.

A：The market has shown a willingness to pay for AI-generated short drama and comic-style content, indicating that this is a promising area with the potential for meaningful and scalable AI revenue.

A：High-quality data services are significant in the AI ecosystem because they enable structurally attractive economies and are essential for AI model development. Companies like Novaia and scale-leaf provide these services, demonstrating healthy cash flow characteristics and growth within a few years.

A：The company plans to grow its AI business by focusing on a stable core business that upgrades through AI, improves product capability, and maintains a healthy financial profile, alongside new AI revenue streams that grow in a disciplined way.

A：ZHU has been actively driving the integration of AI with the ZHU community, focusing on improving content, consumer, and creator experience. Initiatives include features like an AI reading panel and intelligent editing capabilities that have improved user interaction and content discovery.

A：AI is helping core retain users by enhancing social interactions and facilitating more user engagement. For new users, AI降低了内容发现和参与讨论的门槛，促进他们加入社区互动。

A：The plan is to upgrade ZHU's core capability from AI search to an agent-based experience, which is expected to bring broader product experience upgrades to users across communities. This transition is underway, and the company will continue working through the rollout process.