A：The meeting discussed strategies and diseases related to the company's overall strategy and performance, without specifying them in the provided text.The speakers for the meeting included Mr. Kashin Pang, the executive chairman, Mr. Russell IALC. Leo, and Miss Shirley, who provided an overview of the company's strategies and disease.

A：The main highlights of the company's fourth quarter and full year results included disciplined execution of the dual engine content and debt strategy, accelerated revenue growth, sustainable margin expansion, a differentiated all-in-one music surface platform driving subscription growth, and non-subscription operations. The company also extended a comprehensive suite of music services to music creators and amplified content strength to meet evolving user preferences.

A：The company's competitive edge primarily stems from its industry-leading music copyright and a high-quality IP axis, which has allowed it to extend a comprehensive suite of music services and create holistic value for music creators, thereby contributing to the long-term growth of the music industry.

A：The company plans to grow and expand its music services by continuing to leverage its deep insights into the industry to extend its reach among younger users, cover a diverse range of genres that appeal to this demographic, and maintain a focus on content and platform ecosystem. The company has also been successful in monetizing its content through contracts with music groups and the introduction of new avenues for physical albums, merchandise, and live performances.

A：The indicators of strong growth in non-subscription revenue include the continuous investment across the music value chain, the building of a diverse and robust lineup of strategic artists, and the resulting contribution to the growth in non-subscription revenue. The company's strategic architecture portfolio includes various artists contributing to this growth.

A：To enhance fan-based consumption, the company introduced innovative merchandise formats such as hybrid physical-digital formats and limited edition collectible items. These formats include exclusive merchandise like special gift boxes and commemorative albums that fans find valuable as tangible extensions of live concerts and emotional connections with their favorite artists.

A：The company's focus in online music services has shifted from the number of paid subscribers and ARPPU (average revenue per paying user) to revenue and profits as primary performance indicators. This reflects the significant evolution of the company's business model and the recognition of the importance of overall revenue and profitability.

A：Starting from the next quarter, the company will discontinue disclosing certain operational metrics on a quarterly basis.

A：Social responsibility is mentioned as a part of the company's core strategy, with efforts to improve accessibility and inclusive design to make products more user-friendly. For example,QQ music introduced a hearing protection mode for children and enhanced its large bronze mode.The company is enhancing its user experience by implementing features like a hearing protection mode for children, AI-driven user insights for music recommendations, and comprehensive design upgrades to make its products more user-friendly. The large bronze mode adoption exceeded fifty percent.

A：The company's focus going forward is to continue reinforcing its core strengths and broaden its reach to capture significant growth opportunities. This includes staying active across technological advancements and evolving consumption expectations to serve users better and maintain the vitality of the content platform.

A：To cater to a diverse range of user needs and preferences, the company has introduced a comprehensive multiple membership system, ongoing technological and product innovation, and integrated social features. This strategy aims to drive effective subscriber conversion, stronger engagement, and a deeper share of wallets, with services catering to highly engaged users as well as casual listeners.

A：The new features and enhancements in the music platform that have driven user engagement and content creation include the ability to automatically detect titles, screen shots, or links shared by artists and enable synchronized playback with live streaming for domestic artists. The platform also launched handwriting letters and AI-generated voice messages from artists to boost user engagement and content sharing. Additionally, AI tools for music production have been introduced, with over ten million users and more than 150,000 professional creators using the OverOne-stop AI music production platform. Features such as track refinement and AI-generated vocal demos accelerate music creation, while AI auto capture of chorus, high life, and video clips based on lyrics provide more engaged audio-video experiences.

A：The platform enhances content distribution and consumption by deepening cooperation across the broader music ecosystem, which results in a record-high stream share. The integration of AI across the end-to-end music consumption journey, powered by 'Yuan Bao' and QQ music SAI agent, allows users to handle complex, multi-step tasks using natural language commands. This not only includes music discovery but also provides direct access to digital albums and merchandise purchase. Furthermore, the platform captures new audience segments through the SVIP membership strategy, which leads to the growth of the fan-based economy and substantial monetization opportunities.

A：The company's long-term strategy is to continue focusing on user-centric approaches within the sustainable music ecosystem. It aims to invest in content and technology, keeping an emphasis on IP development and sales-produced content. The company is advancing innovative, integrated products that leverage content and platform synergies to build a richer and more dynamic music and entertainment ecosystem. The commitment to product excellence, innovation, and value creation is expected to propel resilient growth in a dynamic and competitive market environment.

A：The music platform achieved outstanding financial performance with a robust increase in top and bottom lines in 2025. Total revenues grew by 15% year on year to RMB 8.6 billion, driven by strong growth in online music services, with music subscription revenues up 13% year on year to RMB 4.6 billion. Revenues from non-music subscription services were RMB 2.5 billion, up by 41% year on year. The multi-tiered membership system in place has been well received and successfully increased user retention and music subscription revenue. The platform also experienced strong growth in advertising revenue, which was supported by an increased number of advertisers, higher interest rates, and higher ECPM. Other revenue sources include sponsorship advertising, which saw growth due to offline performance and music festivals broadening user scenarios and attracting more brands. Social entertainment services also contributed to revenue growth.

A：Thank you for your question. From both an internal and external perspective, we have achieved very solid results in 2025, including stable growth in revenue and profit, as well as healthy growth in subscription services and strong momentum in each operating subscription business. In the non-music subscription business in particular, we continue to grow and scale, which is a testament to the vitality of our content platform. In terms of music subscription, we have established a three-tier membership system to promote effective member conversion, enhance user participation and realize difficulty sharing. Our number of SVIP users has exceeded 20 million in just two years, which marks the beginning of our pilot in advertising membership and lays the foundation for long-term growth. In addition, we have deepened our cooperation with artists and labels, and further penetrated into offline experiences, such as live concerts and merchandise sales. We believe that these initiatives not only enrich SVIP's equity, but also unlock new growth opportunities for us and strengthen our competitive advantage. From an external point of view, although competition is not new to us, our historical performance proves that we can always respond flexibly. We are focused on long-term value creation and firmly believe that our unique content and platform strategy will continue to drive high-quality development. Regardless of the field, we believe in the enduring value of content, IP-driven and powerful, and IP will enjoy a long-term legacy and further add value through underlying distribution, cross-media collaboration and diversification monetization opportunities. Revenue growth from our non-music subscription services is a testament to our strength and capabilities in this space. In 2026, despite short-term pressures, we believe our three-tier membership system and mature non-subscription services will facilitate our historic, holistic and sustained growth. Finally, in the 2026 outlook, I want to talk about artificial intelligence. We continue to embrace AI to improve the user experience on our platform and leverage AI technology to make content creation and promotion more efficient. With our expertise in IP creation and management, we believe that with the help of AI, we will further consolidate our competitive advantage and create long-term business value.

A：From a financial perspective, we expect gross margin to remain relatively stable with a slight decline in 2023. This trend is based on several key factors: First, as the package business and advertising business continue to grow, we are working to optimize the content cost structure and focus on improving content cost efficiency. We expect growth in our monthly business and advertising to continue to have a positive impact on our gross margin and gross margin. Second, the current IOS channel rate adjustment helps reduce our channel costs, which has a positive effect on the company's overall gross margin. In addition, we will continue to deepen the in-depth cooperation with various high-quality IP copyrights, strengthen the investment in self-made content, so as to strengthen the core competitiveness in the content ecology, and continue to cooperate with the head record companies and artists in an all-round way, especially in the peripheral commodities of the concert. Although these strategies may have a negative impact on gross profit margin in the early stages of business development, in the long run, these new businesses can meet the diversified consumption needs of users, contribute higher single-user value, and bring cost efficiency improvement through the all-round investment combination of user APP and copyright. Our deep binding with key players in the industry chain will further promote business diversification and improve efficiency in each business operation. Therefore, we believe that in the long run, both revenue and gross profit will achieve effective growth, and gross profit margin will remain at a relatively stable level.

A：This is a very interesting and important question. First of all, AI technology is really fundamentally changing the ecology of online songs. In the past, our common situation was that a song was popular but the singer was not well-known, that is, the phenomenon of "song celebrities are not popular. However, in the last three months we have observed a significant growth trend, especially in the music charts, with a large number of songs written by AI. The short video platform has given great support to the promotion of AI songs, which is an obvious feature. Another feature is that most of the AI songs on the market are cover works, and the proportion of AI original songs is relatively small. Although AI music has greatly enriched the market supply, it has not significantly changed the demand-side music consumption habits. However, as AI technology lowers content creation barriers and costs, the music industry's copyright fees or revenue pool may change in the future. In response to this situation, we are considering potential business model adjustments to adapt to these changes and ensure that the business remains competitive and sustainable in technological innovation.

A：At present, in the cooperation of pin project, the quality of songs is not much beyond. The main difference is that the timbre generated by AI tools is more perfect, which makes singing more attractive.

A：In the field of original songs, although AI research will develop rapidly, it has not yet undergone fundamental changes on the consumer side. In the long run, AI may have an impact on original music, but the specific changes are not yet obvious.

A：Although UGC can enhance the spread among users in the music field, it still relies on PGC (professionally generated content) or OGC (professionally generated content) in terms of copyright and share, so the specific impact on copyright share is not significant at present.

A：Information on the Himalayan acquisition is being actively communicated with the Market Finance Group and any updates will be announced to the public in a timely manner. At the same time, the company attaches great importance to the return on investment of shareholders. This year, it has shown significant growth in stock distribution. It has previously approved a two-year repurchase plan. On the premise of meeting regulatory requirements, it will actively implement the repurchase based on market conditions.