Edward Lu | CFO |
Shuang Liu | CEO & Director |
Qing Liu | IR Manager |
Carmen Zhang | First Shanghai Securities |
Zhenyu Chen | Macquarie Research |
Xueru Zhang | 86Research Limited |
Ladies and gentlemen, thank you for standing by, and welcome to Phoenix New Media Fourth Quarter 2020 Earnings Call. [Operator Instructions]. I would now like to hand the conference over to your first speaker today, Ms. Qing Liu. Thank you.