A：Welcome to the first quarter 2026 results conference call of fast-hand technology, which will discuss the financial performance and business progress of fast-hand technology. At the beginning of the meeting, the company reminds participants that the content of the meeting may contain forward-looking statements, which involve risks that may differ from actual results, and the company undertakes no obligation to update forward-looking information. The non-IAS financial indicators in the meeting are intended as a supplementary reference only and are not a substitute for financial results prepared in accordance with IAS. Fast-hand technology in the first quarter of 2026 in the face of complex and changeable macro environment, still achieved remarkable results. Among them, the average daily active users of fast-hand applications reached 0.413 billion, the total operating income increased by 3.4 to 33 billion yuan, and the core business income increased by 4.7. Adjusted net profit was RMB1, 3 billion with a net interest rate of 10%. It is particularly worth mentioning that the AI business, as the second growth curve, has maintained a leading position in the world in terms of potential energy, model capability and product experience, and has achieved a high growth in commercial realization, with a single-quarter operating income of more than 0.65 billion yuan, an increase of more than 300 percent over the same period last year.

A：In the first quarter of 2026, Kerr continues to deepen its vision to make AI storytelling affordable for everyone. Through model iteration, product upgrades and professional warehouse landing, it further strengthens its global leading position in AI video production. At the model and technical level, a series of possible 3.0 models are introduced, which support a variety of native full-modal input and output, with efficient analysis and control capabilities and accurate semantic response accuracy. In addition, the mobile canvas security mode has been upgraded, intelligent editing and multi-view expansion capabilities have been introduced, and team member features have been introduced to support collaborative creation. AI-enabling special effects features such as live baseball effects have also led to a global boom in "Coco. Kuaihandou Technology has achieved remarkable results in the commercialization of AI, such as the application of Keling in the field of film and television production and the acceleration of the commercialization of AI, which has achieved a year-on-year growth of more than 300 percent. At the same time, the intelligent system model KT coder was released on the general model development to provide multi-dimensional optimization results. AI technologies are also deeply integrated into online marketing services and e-commerce, such as increasing domestic online marketing service revenue by 3% to 4% through the generative recommendation model and the intelligent bid model, and the new generation of generative search framework has significantly improved the search experience after the e-commerce search scenario is fully online. In addition, Kuaishou has also launched a programming tool cos licker, which improves the generation rate of AI code and applies it to company-level general scenarios, enabling research and development, product operation and other links.

A：Kuaishou maintained the growth of user activity in the first quarter of 2026, with average daily active users and average monthly active users reaching 0.413 billion and 0.712 billion respectively. Through the iteration of differentiated high-quality content, the optimization of traffic distribution mechanism, and the holding of Spring Festival activities, Fast Hand has created a better quality and warm online community for users. During the Spring Festival, Kuaishou achieved a new all-time high in daily active users (DAU) by introducing innovative interactive features and a diverse content ecosystem. In terms of content ecology, a number of IP content with fast-track characteristics have been launched, and AI technology has been used to launch the AI New Year animation short film set, effectively enhancing the festival atmosphere and user interaction.

A：In terms of e-commerce marketing services, Fast Hand has increased the exposure of e-commerce traffic and the scale of brand merchants through the synergy of natural traffic and commercial traffic, with the number of merchants up 38% year-on-year and brand advertising consumption up 42% year-on-year. AI technology fully penetrates the whole link of e-commerce marketing delivery, optimizing the accuracy and efficiency of delivery. Revenue from online marketing services reached 19.6 billion yuan, up 9.3 percent year-on-year, with content consumption, life services and AI applications as the main growth drivers. AI technology not only reduces the production cost and creation threshold of slow dramas, but also promotes the growth of online marketing consumption. For example, AIGC is used to generate marketing materials before launching, UX full-automatic advertising is used to improve efficiency in launching, and timely feedback data is analyzed after launching with the help of AI and post-launch, so as to enhance customers' willingness and scale of launching.

A：In the e-commerce business, in 2026 we have made three major upgrades to the platform e-commerce strategy, focusing on buyer growth, supply introduction and the deep integration of e-commerce and commercial traffic. In the first quarter, driven by these strategies, the e-commerce business achieved sustainable, healthy growth. We are committed to traffic-wide collaboration and refined operation buyers' full life cycle to drive the long-term growth of e-commerce buyers.

A：In the first quarter of 2020, we will focus on brand and new business introductions, continue to promote the ride plan, targeted invitations to high-quality brands in various segments, and provide traffic operations and brand building support. The addition of brand merchants has significantly enhanced the vitality and commercialization contribution of the e-commerce market, while the original merchants have gradually expanded and stabilized their business, making the e-commerce supply ecology more healthy and stable. In addition, we also linked service provider teams to attract new merchants to enter the platform in 100 industrial belts across the country. In the first quarter, the number of new merchants in industrial belts increased by 41.8 year-on-year. We unite the industry and small and medium-sized team platform, around the new business entry, cold enterprise growth and transition cycle, from the Huishang policy, operation, products, business security and marketing activities and other aspects of the comprehensive help new business growth. In the first quarter of 2026, the scale of small and medium-sized businesses increased significantly, the business structure was healthier, and the supply was more diversified. At the same time, we increase the support of the middle waist talent, through the introduction of treasure anchor flash plan and other measures, effectively drive the excellent supply of e-commerce content, the talent to start broadcasting diligence significantly improved.

A：We work with the distribution industry team to promote specific pallets and SKUs, such as the sales activities of the fresh food team, to provide multiple business growth paths for quality merchants. Optimize distribution product research and development capabilities and improve efficiency through subsidy programs such as explosive programs, and build merchants and talent offline double-selection meetings to achieve accurate distribution matching. In the first quarter, the three major export sales of the distribution warehouse increased by 17% year-on-year, and the number of distribution sales people increased by 23.5 year-on-year.

A：In the first quarter of 2026, the platform will promote the efficient linkage between the content field and the shelf field, improve the efficiency of the whole link from grass planting to re-purchase through intelligent subsidies and refined user life cycle operation, and build a stable and sustainable growth chassis for merchants. The content field stimulates the user's demand, and with the expansion of the user's consumption path, the user's global consumption mind gradually formed, the e-commerce intention search PV increased by 11% year-on-year, the new buyers of the e-commerce mall increased by about 36% in March, and the active shopping intention increased. In addition, the abundant supply also drives the frequency of half-shelf users to buy.

A：Revenue from live streaming in the first quarter of 2026 was RMB 8.5 billion. We focus on live ecological health, through rich supply and AI innovation to build long-term sustainable development ecology. Continue to support the fine content category, strengthen the professional operation of trade unions, and consolidate the foundation of live broadcast supply. In terms of product technology, AI capabilities enable live broadcast interactive assistants, private letters and other intelligent tools to enhance the efficiency of anchor services and audience interaction experience. The diversified live interactive play introduced during the Spring Festival has activated the live field.

A：In the first quarter of 2020, we will explore high-priced growth paths, optimize customer acquisition efficiency and user growth structure in terms of quality, build students with real life as the background, and expand the content of core users and the depth of use. In Brazil, a key overseas growth market, daily active users and the market as a whole have remained stable month over month. At the same time, overseas online marketing business to strengthen marketing product capabilities, the whole link to improve customer delivery efficiency and stability, and through the localization of commercial materials to pry the e-commerce industry incremental budget. Overseas e-commerce business contract transaction scale and order volume achieved steady year-on-year growth, with the help of AI-assisted content production and recommendation to maintain operational efficiency and profitability quality.

A：The increase in operating income in the first quarter of 2026 was mainly due to the strong growth in API calling income and subscription income of B- end enterprise customers and P-end paying users. The number of users and the average monthly payment amount have achieved high-speed increase, and the retention trend of B- end customers and paying users is good, showing the strong user stickiness brought by Colin's technology and product capabilities in professional creation scenarios, laying the foundation for long-term sustainable revenue growth. At present, Keling is mainly used in advertising marketing, film and television short plays and professional game creation scenes. In advertising marketing scenes, Keling can participate in the whole process of advertising visual creation, improve the efficiency of creative visualization and maintain the high consistency and stability of advertising characters and products. In film and television short play scenes, Keling has realized highly automated production, reducing the production cycle and cost, for example, in early April, the AI short film "Paper Receipt Plane Sub-mobile Phone", which was popular all over the network, was completed by non-professional movie creators within three days. In the game production scene, Keling can assist in project initiation and dynamic rehearsal, saving a lot of production time for special effects engineers and supporting the needs of post-stage plot performance and cut scenes. Looking to the future, with the continuous breakthrough of the ability of video to generate large models, the supply of professional production content, including movies, is expected to usher in an explosion. The integration of personalized and interactive elements will greatly enrich the content form, change the relationship between people and content, and release huge commercial potential.

A：In the first quarter of 2026, the company continued to deepen its AI strategy. In addition to enabling AI to maintain its global leading position, it also made significant progress in using AI technology to enable business ecology and organizational efficiency. At the beginning of this year, the AI agent launched by the company has attracted wide attention, especially in various application scenarios have made new breakthroughs. In the e-commerce marketing service scenario, the company has introduced a full-process agent covering information reasoning, creative production, product screening and marketing bid decision-making. Through the AI of enhanced recommendation and in-depth learning models, the company can accurately understand user interests and optimize the creative and product selection links, thus improving the ARPU and bid decision-making efficiency of material advertising. Aiming at the life service business scenario, the deep conversion and search sales agent launched by the company can deeply understand the clue commodity service information with the help of large model ability, predict the demand based on user behavior, and improve the conversion rate and cost stability of marketing material delivery. At the same time, the deep conversion agent can effectively improve the clue conversion efficiency by optimizing the model around the deep conversion goal, while the search sales agent can combine the business and industry knowledge base, realize intelligent question and answer with multiple rounds of dialogue, and even the whole process of hosting.

A：We are optimistic about its solid growth in the medium term.

A：The company has consistently adhered to a prudent capital management strategy, ensuring both the safety and liquidity of its funds while maximizing operational efficiency. Capital expenditure is expected to be 26 billion yuan this year. There is no adjustment plan for the time being, and most of the investment is expected to occur in the first half of the year. In response to the increase in computing prices, the company has made advance purchase reserves to control costs. In terms of shareholder returns, the Company attaches importance to creating sustainable long-term value and implements a proactive strategy to return to shareholders through consistent and stable dividends and share repurchases. This year, we will continue to actively repurchase shares on the basis of the annual dividend of HK $3 billion. It is estimated that the annual return to shareholders will increase by 10% compared with last year, and the return to shareholders will increase to about 4%. Despite the large-scale capital expenditure, the company still aims to maintain positive free cash flow at the group level throughout the year, promote future earnings growth through precise investment, and strictly control financial risks while AI strategic investment, and maintain healthy cash reserves and sound financial structure to support long-term high-quality growth in the AI era.