Bilibili Inc (BILI) 2018 Q3 法說會逐字稿

Good day, and welcome to the Bilibili 2018 Third Quarter Earnings Conference Call.

美好的一天，歡迎來到 Bilibili 2018 年第三季度財報電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Juliet Yang, Senior Director of Investor Relations.

此時，我想將會議轉交給投資者關係高級總監 Juliet Yang。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線員。

Please note the discussion today will contain forward-looking statements relating to the company's future performances and are intended to qualify for the safe harbor from liability as established by the U.S. Private Securities Litigation Reform Act.

請注意，今天的討論將包含與公司未來業績相關的前瞻性陳述，旨在符合《美國私人證券訴訟改革法案》規定的免責安全港的資格。

Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions and other factors.

此類陳述不是對未來業績的保證，並受某些風險和不確定性、假設和其他因素的影響。

Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and in this discussion.

其中一些風險超出了公司的控制範圍，可能導致實際結果與今天的新聞稿和本次討論中提到的結果大不相同。

A general discussion of the risk factors that could affect Bilibili's business and financial results is included in certain filings of the company with the Securities and Exchange Commission.

關於可能影響 Bilibili 業務和財務業績的風險因素的一般性討論包含在公司向證券交易委員會提交的某些文件中。

The company does not undertake any obligation to update this forward-looking statement, except as required by law.

除法律要求外，公司不承擔更新本前瞻性聲明的任何義務。

During today's call, management will also discuss certain non-GAAP financial measures for comparison purpose only.

在今天的電話會議中，管理層還將討論某些非公認會計準則財務指標，僅供比較。

For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the 2018 third quarter financial results news release issued earlier today.

有關非 GAAP 財務指標的定義以及 GAAP 與非 GAAP 財務業績的對賬，請參閱今天早些時候發布的 2018 年第三季度財務業績新聞稿。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

In addition, an investor presentation and a webcast replay of this conference call will be available on Bilibili Investor website at ir.bilibili.com.

此外，投資者介紹和此次電話會議的網絡重播將在 Bilibili 投資者網站 ir.bilibili.com 上提供。

Joining us today on the call from Bilibili's senior management are Mr. Rui Chen, Chairman of the Board and Chief Executive Officer; Ms. Carly Li, Vice Chairwoman of the Board and Chief Operating Officer; and Mr. Sam Fan, Chief Financial Officer.

今天應Bilibili高級管理層的電話加入我們的是董事會主席兼首席執行官陳睿先生；副董事長兼首席運營官李嘉玲女士；以及首席財務官 Sam Fan 先生。

And I'll now turn the call over to Mr. Fan, who will read the prepared remarks on behalf of Mr. Chen.

我現在將電話轉給范先生，范先生將代表陳先生宣讀準備好的講話。

Thank you, Juliet, and thank you, everyone, for participating in today's third quarter call.

謝謝朱麗葉，謝謝大家參加今天的第三季度電話會議。

I'm pleased to deliver today's opening remarks on behalf of Mr. Chen.

我很高興代表陳先生髮表今天的開幕詞。

The third quarter represents another period of healthy growth of our business.

第三季度是我們業務健康增長的又一個時期。

We continue to execute our strategy centered around content, community and commercialization.

我們將繼續執行以內容、社區和商業化為中心的戰略。

Leveraging our high-quality content, we are attracting a number of users to our platform.

利用我們的高質量內容，我們正在吸引大量用戶使用我們的平台。

The user interaction between members help to create and solidify a community, supporting a high level of user engagement, and commercialization comes naturally through our understanding of each user's entertainment needs.

成員之間的用戶交互有助於創建和鞏固社區，支持高水平的用戶參與，商業化自然是通過我們了解每個用戶的娛樂需求來實現的。

In the third quarter, our total net revenues were RMB 1.08 billion, exceeding the high end of our previous guidance and representing 48% year-over-year growth.

第三季度，我們的總淨收入為人民幣 10.8 億元，超過了我們之前指引的高端，同比增長 48%。

Meanwhile, our monthly average paying users continued to ramp, reaching 3.5 million, demonstrating over 200% growth year-over-year.

與此同時，我們的月均付費用戶繼續增長，達到 350 萬，同比增長超過 200%。

Over the quarter and in recent months, we have enhanced and expanded our content through a number of collaborations, as announced in early October.

正如 10 月初宣布的那樣，在本季度和最近幾個月中，我們通過多次合作增強和擴展了我們的內容。

Following Tencent's increased equity investment totalling approximately USD 318 million, we deepened our partnership by entering a strategic collaboration.

繼騰訊增資約3.18億美元股權後，雙方達成戰略合作，深化合作。

The agreement will enable us to leverage Tencent's premium content, particularly in licensing, co-producing and investment in anime as well as publish Tencent's large portfolio of high-quality mobile games.

該協議將使我們能夠利用騰訊的優質內容，特別是在動漫授權、聯合製作和投資方面，以及發布騰訊的大量優質手機遊戲組合。

Going forward, we are open to forging relationship with more industry leaders to improve our content offering and monetization capabilities.

展望未來，我們願意與更多行業領導者建立關係，以提高我們的內容提供和貨幣化能力。

Cultivating new content continue to invigorate our robust and growing community in the third quarter.

在第三季度，培育新內容繼續為我們強大且不斷發展的社區注入活力。

Our average monthly active users grew by 25% year-over-year, reaching 93 million.

我們的平均每月活躍用戶同比增長 25%，達到 9300 萬。

The number of mobile monthly active users grow even faster by 33% year-over-year, reaching 80 million.

移動月活躍用戶數量同比增長 33%，達到 8000 萬。

Our core user group official members who took a 100-question exam once again outgrew our MAU at 45% year-over-year to 42 million.

我們的核心用戶組官方成員參加了 100 道題的考試，再次超過我們的 MAU，同比增長 45%，達到 4200 萬。

We continued to see deeper penetration in lower-tier cities with a very balanced gender mix, and both general and ACG content are driving user growth.

我們繼續看到在具有非常平衡的性別組合的低線城市中更深入的滲透，一般和 ACG 內容都在推動用戶增長。

While our users are growing at a healthy pace, the amount of time spent and the level of user engagement continue to rise.

雖然我們的用戶正以健康的速度增長，但所花費的時間和用戶參與度也在不斷提高。

Excluding time spent on mobile games, our users spent an average of 85 minutes daily on our platform in the third quarter, up from 75 minutes in the previous quarter.

剔除手機遊戲時長，我們的用戶在第三季度平均每天在我們的平台上花費 85 分鐘，高於上一季度的 75 分鐘。

Users can enjoy hours of entertaining content covering a wide area of category on Bilibili.

用戶可以在 Bilibili 上享受數小時涵蓋廣泛類別的娛樂內容。

During the third quarter the top 5 most content verticals were entertainment, lifestyle, games, anime and technology.

在第三季度，排名前 5 位的內容垂直行業是娛樂、生活方式、遊戲、動漫和科技。

Professional User Generated Videos, or PUGVs, remains the prime means for our video content creation.

專業用戶生成視頻或 PUGV 仍然是我們創建視頻內容的主要手段。

During the third quarter, 89% of our viewed videos came from the PUGVs.

在第三季度，我們觀看的視頻中有 89% 來自 PUGV。

Our incentive program we initiated at the beginning of the year to support our growing pool of content creators are progressing well.

我們在年初啟動的激勵計劃旨在支持我們不斷增長的內容創作者群體，目前進展順利。

New product functions such as mobile content submission enable content creators to create content anywhere and anytime.

移動內容提交等新產品功能使內容創作者可以隨時隨地創作內容。

During the third quarter, we had on average 0.6 million active content creators uploading 1.7 million videos monthly, represent 130% and 136% year-over-year growth, respectively.

在第三季度，我們平均有 60 萬活躍內容創作者每月上傳 170 萬條視頻，同比分別增長 130% 和 136%。

Besides PUGVs, our high-quality licensed content further reinforces our leading content category such as anime and documentary.

除了 PUGV，我們的高質量授權內容進一步鞏固了我們領先的內容類別，例如動漫和紀錄片。

Our premium licensed content not only provides users hours of high-quality entertainment but also help drive the remarkable growth for our premium membership program.

我們的優質授權內容不僅為用戶提供數小時的優質娛樂，還有助於推動我們的優質會員計劃的顯著增長。

From partnering with leading content creators like BBC and Discovery, to co-producing titles like Chuan and the self-produced documentary [What History Book Says,] Bilibili is now one of the largest producers and broadcasters of documentaries in China.

從與 BBC 和 Discovery 等領先的內容創作者合作，到聯合製作《傳》和自製紀錄片 [What History Book Says]，Bilibili 現在是中國最大的紀錄片製作人和廣播公司之一。

Additional content such as our first self-produced variety show, Story Man 2, is also resonating well with many users.

其他內容，例如我們的首個自製綜藝節目《物語人2》，也引起了很多用戶的共鳴。

Being a vibrant community for young generation enable us to learn and identify what's trending for young minds, including which IP carries high potential and which entertainment forms will be the new frontier.

作為一個充滿活力的年輕一代社區，我們可以了解和識別年輕人的趨勢，包括哪些 IP 具有高潛力，哪些娛樂形式將成為新的前沿。

With our investment in Zenith, we added considerable new content in virtual idols, including China's most popular virtual idol, Luo Tianyi, and we started to explore Virtual YouTuber, or VTuber, business.

隨著我們對真力時的投資，我們在虛擬偶像中增加了相當多的新內容，包括中國最受歡迎的虛擬偶像洛天依，我們開始探索虛擬YouTuber或VTuber業務。

We believe this initiative will further enhance our extensive portfolio of industry-leading license and PUGV material.

我們相信這一舉措將進一步增強我們廣泛的行業領先許可和 PUGV 材料組合。

E-sports is another area that's gaining more of a spotlight with young generations.

電子競技是另一個越來越受到年輕一代關注的領域。

With our foresight into industry trends, we began investing in e-sports years ago.

憑藉對行業趨勢的洞察力，我們多年前就開始投資電子競技。

In addition to the previously announced Bilibili gaming e-sports club and its participation in Tencent League of Legends Pro League, or LPL, we have added a permanent spot at Blizzard's prestigious Overwatch League.

除了之前宣布的 Bilibili 電競電競俱樂部及其參與騰訊英雄聯盟職業聯賽 (LPL) 之外，我們還在暴雪著名的《守望先鋒聯賽》中增加了一個永久席位。

Bilibili's Hangzhou Spark team will represent the City of Hangzhou during the 2019 Overwatch Championship.

Bilibili 的杭州星火隊將代表杭州市參加 2019 年守望先鋒錦標賽。

In addition, we're delighted to announce the launch of our second mobile application, Bilibili Comic, earlier this month.

此外，我們很高興地宣布本月早些時候推出了我們的第二個移動應用程序 Bilibili Comic。

We believe this initiative will further complement our core users' growing appetite for premium licensed ACG content, and thus, solidify our leading position in China's ACG industry.

我們相信這一舉措將進一步補充我們的核心用戶對優質授權 ACG 內容日益增長的需求，從而鞏固我們在中國 ACG 行業的領先地位。

Technology remains the core engine of our business.

技術仍然是我們業務的核心引擎。

We continue to increase our investment in research and development to drive product efficiency and improve our users' experience.

我們將繼續加大研發投入，以提高產品效率並改善用戶體驗。

Our AI and big data-powered recommendation system as well as product design, help connect our users and content.

我們的人工智能和大數據驅動的推薦系統以及產品設計有助於連接我們的用戶和內容。

Over 75% of video views are now generated by our smart recommendation system, and over 40% of MAU visited our Bilibili Moments, our social function similar to Instagram, allowing users interact and engage with like-minded friends in the community.

現在超過 75% 的視頻瀏覽量是由我們的智能推薦系統產生的，超過 40% 的 MAU 訪問了我們的 Bilibili Moments，我們的社交功能類似於 Instagram，允許用戶與社區中志同道合的朋友互動和互動。

Turning to the second pillar of our business.

轉向我們業務的第二個支柱。

Our dynamic community is more active and engaged than ever.

我們充滿活力的社區比以往任何時候都更加活躍和參與。

During the third quarter, we saw remarkable participation levels with over 440 million daily views and more than 1.1 billion monthly interactions through bullet chats, comments, likes, Bilibili Moments, which demonstrate increase of 120% and over 300% year-over-year, respectively.

在第三季度，我們通過彈幕、評論、點贊、嗶哩嗶哩朋友圈實現了超過 4.4 億的日觀看量和超過 11 億的月互動，同比增長 120% 和超過 300%，分別。

The high level of interaction is one of Bilibili's most distinguished features, setting us apart from other video platforms, and generating new content and forging strong bonds among community members.

高水平的互動是 Bilibili 最顯著的特點之一，它使我們有別於其他視頻平台，並產生新的內容並在社區成員之間建立牢固的聯繫。

With that overview, I'd like to take a few moments to review operations within each of our core business.

有了這個概述，我想花點時間回顧一下我們每個核心業務的運營情況。

Revenue from our mobile games grew 24% year-over-year to RMB 744 million, led primarily by the contribution of Fate/Grand Order, or FGO.

我們的手機遊戲收入同比增長 24% 至人民幣 7.44 億元，主要得益於 Fate/Grand Order 或 FGO 的貢獻。

FGO's performance continues to be stable, and we were delighted to celebrate the game's second anniversary in September, followed by a series of content updates that were introduced in October.

FGO 的表現持續穩定，我們很高興在 9 月慶祝遊戲兩週年，隨後在 10 月推出了一系列內容更新。

We are also looking forward to reviewing a brand-new chapter 2 for FGO with major content update in Q1 next year.

我們也期待著在明年第一季度審查 FGO 的全新第 2 章，並在其中進行重大內容更新。

Additionally, we released a few new titles exclusively, including Ark Order, a thrilling ACG-themed RPG in September, and [Song of Time] in November, an exciting ACG-themed RPG with a well-known IP, which is starting to gain early momentum.

此外，我們還獨家發布了幾款新作，包括9月驚心動魄的ACG主題角色扮演遊戲《方舟令》，以及11月的《時間之歌》，這是一款具有知名IP的激動人心的ACG主題角色扮演遊戲，開始獲得好評。早期的勢頭。

On the jointly opened -- operated game front, we published several high-quality titles in the third quarter.

在聯合開辦的遊戲戰線上，我們在第三季度發布了多款優質遊戲。

They were produced by leading game developers, including Ancient Nocturne, (foreign language); Crossing Void, (foreign language); Langrisser, (foreign language); and DATE A LIVE (foreign language).

它們由領先的遊戲開發商製作，包括古代夜曲（外語）；穿越虛空，（外語）； Langrisser，（外語）；和 DATE A LIVE（外語）。

All have been well received by our users.

都受到了我們用戶的好評。

In the fourth quarter, we are happy to bring a number of highly anticipated games to market, including Naruto Online from Tencent and Night Falls: Survival from NetEase.

在第四季度，我們很高興將多款備受期待的遊戲推向市場，包括騰訊的火影忍者在線和網易的夜幕降臨：生存。

In terms of new games, we have a number of additions on deck in our pipeline.

就新遊戲而言，我們的管道中有許多新增內容。

As we have previously discussed, some of the highly rated ACG that we are looking to bring to our users, including RPGs Princess Connect!

正如我們之前所討論的，我們希望為我們的用戶帶來一些評價很高的 ACG，包括 RPG Princess Connect！

Re:Dive and Magia Record as well as BanG Dream, A3!, all from well-known Japanese game developers such as Cygames and Aniplex.

Re:Dive 和 Magia Record 以及 BanG Dream、A3! 均來自 Cygames 和 Aniplex 等日本知名遊戲開發商。

We also have exclusive publishing rights to the [The Furious Yama], and plan to jointly publish [The Legend of Heroes: Trails in the Sky] (corrected by company after the call).

我們還擁有【狂暴的閻魔】的獨家出版權，併計劃聯合出版【英雄傳：天上的踪跡】（電話後公司更正）。

Based on these games' successful IP or previous performances in Japan, we are optimistic that our community will receive them enthusiastically.

基於這些遊戲的成功 IP 或之前在日本的表現，我們樂觀地認為我們的社區會熱情地接受它們。

In addition, we are actively exploring international opportunities.

此外，我們正在積極探索國際機會。

Under our recent collaboration with GREE and our newly formed JV, we will not only be jointly developing mobiles games but also begin to test our international aspirations by bringing our content to Japan market.

在我們最近與 GREE 和我們新成立的合資企業的合作下，我們不僅將共同開發手機遊戲，還將開始通過將我們的內容帶到日本市場來測試我們的國際抱負。

Turning to our advertising business.

轉向我們的廣告業務。

Supported by our attractive platform of immersive content and user interactions and our user base from Tier 1 and Tier 2 cities, advertising revenues increased by 179% year-over-year to RMB 137 million or USD 20 million.

在我們有吸引力的沉浸式內容和用戶交互平台以及來自一二線城市的用戶群的支持下，廣告收入同比增長 179% 至人民幣 1.37 億元或 2,000 萬美元。

We're happy to see continued growth in brand advertising as well as our performance-based advertising business.

我們很高興看到品牌廣告以及基於效果的廣告業務持續增長。

Performance-based advertising has grown rapidly to more than 40% of our advertising revenue in the third quarter.

第三季度，基於效果的廣告迅速增長到我們廣告收入的 40% 以上。

As we wrap up the number of clients and our -- as well as improve algorithms, we believe there's a great growth potential for this business.

隨著我們總結客戶數量和我們的 - 以及改進算法，我們相信這項業務有很大的增長潛力。

Our live broadcasting and VAS revenues increased by 292% year-over-year to RMB 169 million or USD 25 million.

我們的直播和增值服務收入同比增長 292%，達到 1.69 億元人民幣或 2500 萬美元。

Beginning earlier this year, we started a number of initiatives to expand our live broadcasting content and improve product design and user experience.

從今年早些時候開始，我們啟動了多項舉措來擴展我們的直播內容並改善產品設計和用戶體驗。

We also launched a premium membership program, allowing paying member to enjoy exclusively or advanced licensed content.

我們還推出了高級會員計劃，允許付費會員享受獨家或高級許可內容。

These initiatives were immediately well received by our community and helped to drive continued growth for our paying users.

這些舉措立即得到了我們社區的好評，並幫助推動了我們付費用戶的持續增長。

In the third quarter, live broadcasting paying users grew 175% compared to the same period last year.

第三季度，直播付費用戶同比增長175%。

Valid premium members continued to grow to over 2.5 million by the end of September.

到 9 月底，有效的高級會員繼續增長到超過 250 萬。

This dynamic, evolving industry offers exceptional opportunity.

這個充滿活力、不斷發展的行業提供了絕佳的機會。

We are thrilled to be at the forefront of the online entertainment movement that is being driven by Z Generation that continue to populate our growing community.

我們很高興能夠站在由 Z 世代推動的在線娛樂運動的最前沿，這些運動繼續在我們不斷發展的社區中佔有一席之地。

This concludes Mr. Chen's comment.

陳先生的發言到此結束。

I will now provide a brief overview of our third quarter financial results.

我現在將簡要概述我們第三季度的財務業績。

During the third quarter, we continued to see growth in all 3 of our primary business lines.

在第三季度，我們繼續看到我們所有三個主要業務線的增長。

Our total net revenues increased by 48% to RMB 1.1 billion or USD 157 million year-over-year.

我們的總淨收入同比增長 48% 至 11 億元人民幣或 1.57 億美元。

As we wrap up our monetization efforts, we are delighted to see more diversified revenue contribution from advertising and live broadcasting and value-added services, which account for about 28% of our total revenues in the third quarter compared with 13% from the same period in 2017.

隨著我們結束貨幣化工作，我們很高興看到廣告、直播和增值服務的收入貢獻更加多元化，占我們第三季度總收入的 28% 左右，而同期為 13% 2017 年。

Cost of revenues increased by 60% to RMB 884 million or USD 129 million from the same period of 2017.

收入成本較 2017 年同期增長 60% 至 8.84 億元人民幣或 1.29 億美元。

Revenue-sharing cost, a primary component of cost of revenues, was RMB 445 million or USD 65 million, representing 68% increase year-over-year.

收入分成成本是收入成本的主要組成部分，為人民幣 4.45 億元或 6500 萬美元，同比增長 68%。

Gross profit increased by 11% to RMB 195 million or USD 28 million from the same period of 2017.

毛利潤較 2017 年同期增長 11% 至人民幣 1.95 億元或 2800 萬美元。

Our gross profit margin declined to 18%, primarily due to increased bandwidth costs, content costs related to our user growth trend and lower revenue contribution from our higher-margin game business.

我們的毛利率下降至 18%，主要是由於與我們的用戶增長趨勢相關的帶寬成本、內容成本增加以及我們高利潤遊戲業務的收入貢獻下降。

Total operating expenses increased by 120% to RMB 454 million or USD 66 million from the same period of 2017.

總運營費用較 2017 年同期增長 120% 至 4.54 億元人民幣或 6600 萬美元。

It is important to note that the third quarter is our peak user acquisition time.

需要注意的是，第三季度是我們的用戶獲取高峰期。

This seasonality includes increased spending on sales and marketing and offline event expenditures.

這種季節性包括增加的銷售和營銷支出以及線下活動支出。

As we continue to grow our business and further optimize our monetization structure, we expect to see better operational leverage.

隨著我們繼續發展業務並進一步優化我們的貨幣化結構，我們預計會看到更好的運營槓桿。

With that in mind, selling and marketing was RMB 197 million or USD 29 million, representing a 163% increase year-over-year.

考慮到這一點，銷售和營銷為人民幣 1.97 億元或 2900 萬美元，同比增長 163%。

The increase was primarily attributed to the increased channel and marketing expenses associated with our platform and App as well as our offline events, promotional expenses for our mobile games during the summer holidays and the increased head count in selling and marketing personnel.

增加的主要原因是與我們的平台和應用程序以及我們的線下活動相關的渠道和營銷費用增加，暑假期間我們的手機遊戲的促銷費用以及銷售和營銷人員人數的增加。

General and administrative expenses were RMB 111 million or USD 16 million, representing a 93% increase year-over-year.

管理費用為人民幣 1.11 億元或 1600 萬美元，同比增長 93%。

The increase was primarily due to increased headcount in general and administrative personnel and increase of shared base compensation.

增加的主要原因是一般和行政人員的人數增加以及共享基本薪酬的增加。

Research and development expenses were RMB 146 million or USD 21 million, representing a 96% increase year-over-year.

研發費用為人民幣1.46億元或2100萬美元，同比增長96%。

The increase was primarily due to increased headcount in R&D and increase in share-based compensation.

增加的主要原因是研發人員增加和股權薪酬增加。

Loss from operations was [RMB 259 million] (corrected by company after the call) or USD 38 million compared with the loss of [RMB 32 million] (corrected by company after the call) in the same period of 2017.

與 2017 年同期的虧損 [人民幣 3,200 萬元]（由公司在電話會議後更正）相比，經營虧損為 [人民幣 2.59 億元]（由公司在電話會議後更正）或 3,800 萬美元。

Income tax expenses were RMB 11.4 million or USD 1.7 million compared to RMB 2.3 million the same period of 2017.

所得稅費用為人民幣 1,140 萬元或 170 萬美元，而 2017 年同期為人民幣 230 萬元。

Net loss totalled RMB 246 million or USD 36 million for the third quarter of 2018 compared with RMB 15 million in the same period of 2017.

2018 年第三季度淨虧損總額為 2.46 億元人民幣或 3600 萬美元，而 2017 年同期為 1500 萬元人民幣。

Adjusted net loss, which mainly excludes share-based compensation expenses and amortization expense related to intangible assets acquired through business acquisitions, were RMB 203 million or USD 30 million or RMB 2.9 million in the previous year period.

調整後的淨虧損，主要不包括股權補償費用和與通過業務收購取得的無形資產相關的攤銷費用，上年同期為人民幣2.03億元或3,000萬美元或人民幣290萬元。

Basic and diluted loss per share was RMB 0.88.

每股基本及攤薄虧損為人民幣0.88元。

Non-GAAP basic and diluted loss per share was RMB 0.72.

非公認會計原則每股基本和攤薄虧損為人民幣 0.72 元。

As of the end of September 30, 2018, we had cash and cash equivalents as well as time deposits of RMB 2.9 billion or USD 418 million compared with RMB 765 million as of December 31, 2017.

截至 2018 年 9 月 30 日，我們的現金和現金等價物以及定期存款為 29 億元人民幣或 4.18 億美元，而截至 2017 年 12 月 31 日為 7.65 億元人民幣。

As we look ahead, our financial goals are to further grow our business and improve our operation efficiency.

展望未來，我們的財務目標是進一步發展我們的業務並提高我們的運營效率。

With that in mind, we are currently projecting net revenue for the fourth quarter to be between RMB 1.04 billion and RMB 1.08 billion.

考慮到這一點，我們目前預計第四季度的淨收入將在人民幣 10.4 億元至人民幣 10.8 億元之間。

Thank you for your attention.

感謝您的關注。

We would like now to open the call to your questions.

我們現在想打開您的問題的電話。

Operator, please go ahead.

接線員，請繼續。

(Operator Instructions) And our first question comes from the line of Alex Yao from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Alex Yao。

(foreign language) So I have 2 questions.

（外語）所以我有兩個問題。

One is about the partnership with Tencent.

一是與騰訊的合作。

Now that Tencent increased the shareholding in Bilibili in the quarter, what are the areas you guys will further collaborate?

現在騰訊在本季度增持了嗶哩嗶哩的股份，你們將在哪些領域進一步合作？

Can you guys elaborate on the partnership over the next couple of quarters?

你們能否詳細說明未來幾個季度的合作夥伴關係？

And then secondly is on advertising.

其次是關於廣告。

Can you guys give us an update in terms of the advertising progress?

你們能告訴我們有關廣告進展的最新情況嗎？

Any metrics such as ad load or CPM will be helpful.

廣告負載或 CPM 等任何指標都會有所幫助。

And then also, on the back of a slowing macro consumption and potentially ad budget cut, how do you guys think about the advertising growth outlook in the coming quarters?

此外，在宏觀消費放緩和廣告預算可能削減的背景下，你們如何看待未來幾個季度的廣告增長前景？

(foreign language)

（外語）

Alex, thanks a lot for your questions.

亞歷克斯，非常感謝你的問題。

I'll take your question.

我會回答你的問題。

So in October, we are happy to announce we have further established a strategic collaboration with Tencent, specifically on the animation industry as well as jointly game operation.

所以在 10 月份，我們很高興地宣布，我們與騰訊進一步建立了戰略合作，特別是在動漫產業以及聯合遊戲運營方面。

(foreign language)

（外語）

On the animation collaboration front, we are going to exchange and purchase of existing animation copyrights, jointly procure, produce and invest in animation projects as well as seek investment opportunities in the comic and animation industry.

在動漫合作方面，我們將交換和購買現有的動漫版權，共同採購、製作和投資動漫項目，並在動漫產業中尋找投資機會。

(foreign language)

（外語）

So Tencent and Bilibili are 2 of the major players in the animation industry, so by working with Tencent, this will intensively expand our content offering and effectively decrease our content investment in the animation copyright procurement.

所以騰訊和嗶哩嗶哩是動漫行業的兩大巨頭，通過與騰訊的合作，將大力拓展我們的內容供給，有效減少我們在動漫版權採購上的內容投入。

(foreign language)

（外語）

So on the games front, we have achieved agreement on jointly operating more Tencent games, and we think that's very positive for our pipeline that we'll be able to offer more diverse, more content to our game lovers on our platform.

所以在遊戲方面，我們已經就共同運營更多騰訊遊戲達成了協議，我們認為這對我們的管道非常有利，我們將能夠在我們的平台上為我們的遊戲愛好者提供更多樣化、更多的內容。

(foreign language)

（外語）

So both of the animation and game collaboration, in some extent, it will extend our content offering on our platform, further diversify our monetization capabilities.

因此，無論是動畫還是遊戲的合作，在一定程度上都會擴展我們在平台上提供的內容，進一步豐富我們的盈利能力。

(foreign language)

（外語）

So as for your second question on the advertising business progress, we think we have delivered a solid quarter of advertising business in Q3, specifically on the performance-based advertising now is contributing more than 40% of our total revenue.

至於你關於廣告業務進展的第二個問題，我們認為我們在第三季度實現了穩定的廣告業務季度，特別是基於效果的廣告現在貢獻了我們總收入的 40% 以上。

That demonstrates our progress and potential of this business line.

這證明了我們在這條業務線上的進步和潛力。

(foreign language)

（外語）

So as for the brand advertising, we also delivered a solid growth.

因此，在品牌廣告方面，我們也實現了穩健的增長。

We continued to expand the different forms of advertising based on our content ecosystem, specifically on some of the original advertising content as well as some of the brand advertising on our self-produced variety shows.

我們在內容生態的基礎上不斷拓展不同的廣告形式，特別是在一些原創的廣告內容以及自產綜藝節目中的一些品牌廣告。

(foreign language)

（外語）

The number of advertisers in third quarter were over 660 which grew over 1,500% year-on-year.

第三季度廣告客戶數量超過660家，同比增長超過1,500%。

(foreign language)

（外語）

And we think we still have a lot of room to grow on the advertising business front.

而且我們認為我們在廣告業務方面仍有很大的發展空間。

(foreign language)

（外語）

That comes from, one, the increase of number of advertisers to improve the algorithm and to improve the advertising efficiencies.

這來自於，一是廣告客戶數量的增加，以改進算法並提高廣告效率。

(foreign language)

（外語）

So as for the ad load of our performance-based ads in Q3 was only 5%.

因此，第三季度我們基於效果的廣告的廣告負載僅為 5%。

So we think, on that frontier, there's still a lot of room to increase.

所以我們認為，在這個前沿，還有很大的提升空間。

(foreign language)

（外語）

So the ad load ratio, number of advertisers as well as the algorithm efficiencies are the 3 main factors that will affect our performance-based advertising revenue.

因此，廣告負載率、廣告客戶數量以及算法效率是影響我們基於績效的廣告收入的 3 個主要因素。

We think all 3 factors has a lot of room to grow, leading a large potential in our performance-based advertising business.

我們認為這三個因素都有很大的增長空間，在我們的基於績效的廣告業務中具有巨大的潛力。

Okay, I'll add more color on our advertising business.

好的，我會為我們的廣告業務添加更多色彩。

Our top 5 industry for advertising business in Q3 are for brand advertising, the food/beverage, game, communication, digital and beauty products.

我們第三季度廣告業務排名前五的行業分別是品牌廣告、食品/飲料、遊戲、通訊、數字和美容產品。

And for the print ads, they are game, education, e-commerce, information and software.

而平面廣告則是遊戲、教育、電子商務、信息和軟件。

Our next question comes from the line of Eddie Leung from Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Eddie Leung。

Two questions.

兩個問題。

The first one is about your paying memberships.

第一個是關於您的付費會員資格。

Could you talk a little bit about your strategy to grow the membership program, not just in the near term but perhaps into 2019?

您能否談談您發展會員計劃的戰略，不僅在短期內，而且可能到 2019 年？

And then the second question is about your deferred revenue.

然後第二個問題是關於您的遞延收入。

It's quite interesting to see your deferred revenue actually coming down in third quarter, but on the other hand the revenue guidance is actually quite stable from the second quarter.

看到您的遞延收入實際上在第三季度下降，這很有趣，但另一方面，收入指導實際上與第二季度相比相當穩定。

So just wondering why there is a discrepancy.

所以只是想知道為什麼會有差異。

(foreign language)

（外語）

(foreign language)

（外語）

So in the third quarter, we achieved a remarkable growth of our number of paying users, and that were largely driven by the increase of our premium membership.

因此，在第三季度，我們的付費用戶數量實現了顯著增長，這在很大程度上是由我們的高級會員增加所推動的。

(foreign language)

（外語）

So from earlier this year, in Q1, we started to monetize through our premium membership subscription model of our business.

因此，從今年早些時候，在第一季度，我們開始通過我們業務的高級會員訂閱模式獲利。

We see the progress for the last 3 quarters as very strong and very healthy.

我們認為過去三個季度的進展非常強勁且非常健康。

(foreign language)

（外語）

So for example, majority of our premium memberships are from our yearly subscribers or monthly automatically renew members.

例如，我們的大多數高級會員來自我們的年度訂閱者或每月自動續訂會員。

(foreign language)

（外語）

So the progress is in line with our estimation.

所以進展符合我們的估計。

That is because, first of all, we have very deep user insights regarding their interest and behavior.

這是因為，首先，我們對用戶的興趣和行為有非常深刻的洞察力。

And our users' stickiness to -- their stickiness and loyalty to Bilibili platform is much higher than they are to other platforms.

而我們的用戶對嗶哩嗶哩平台的粘性和忠誠度遠高於對其他平台的粘性和忠誠度。

(foreign language)

（外語）

So as long as we provide the content they like, they will continue to spend on our platform.

所以只要我們提供他們喜歡的內容，他們就會繼續在我們的平台上消費。

And this trend is likely to last a very long time.

而且這種趨勢很可能會持續很長時間。

(foreign language)

（外語）

So from the first 3 quarters of this year, we noticed that a majority of the user who pay for our membership is paying for the -- our copyright animation and documentary content.

因此，從今年前三個季度開始，我們注意到大多數為我們的會員付費的用戶都在為我們的版權動畫和紀錄片內容付費。

(foreign language)

（外語）

And for this animation and documentary content aspect, we'll continue to invest and increase our content offering.

對於動畫和紀錄片內容方面，我們將繼續投資並增加我們的內容供應。

So we are confident this increase will continue.

因此，我們相信這種增長將繼續下去。

(foreign language)

（外語）

So the monetization strategy and the content offering will be tightly linked to the nature of our users and linked to the areas that we have most advantage such as animation and documentary.

因此，貨幣化策略和內容提供將與我們用戶的性質緊密相關，並與我們最具有優勢的領域（如動畫和紀錄片）相關聯。

We won't be splurging too crazily to other content categories.

我們不會對其他內容類別過於瘋狂地揮霍。

(foreign language)

（外語）

So we are confident to say that our -- the number of premium membership will grow like the past 3 quarters, very healthily and sustainably.

因此，我們有信心說，我們的高級會員數量將像過去三個季度一樣增長，非常健康和可持續。

(foreign language)

（外語）

Okay, I will take the second question about the balance of the revenue.

好的，我將回答第二個關於收入餘額的問題。

As you know that the major component for our deferred revenue balance, they're from our online games.

如您所知，我們遞延收入餘額的主要組成部分來自我們的在線遊戲。

We amortized our mobile game revenue, the growth in revenue, over the user life cycle.

我們在用戶生命週期內攤銷我們的手機遊戲收入，即收入增長。

For example, for FGO, we amortized FGO's growth in revenue in 6- to 7-month period.

例如，對於 FGO，我們在 6 至 7 個月內攤銷了 FGO 的收入增長。

So in Q3, we recognized -- in Q4, we recognized, the mostly, accounting wise, the growth in revenue for Q2 and Q3 for FGO.

因此，在第三季度，我們認識到 - 在第四季度，我們主要從會計方面認識到 FGO 第二季度和第三季度的收入增長。

So you will see in our guidance we indicated that there will be some quarter-over-quarter decrease for our game revenues, that is single-digit decrease.

因此，您將在我們的指導中看到，我們的遊戲收入將出現環比下降，即個位數的下降。

And on the content -- that will be offset by the increase for our advertising and then live broadcasting and the value-added services.

而在內容上——這將被我們的廣告、直播和增值服務的增長所抵消。

And based on our current projections, for our growth in revenue for our game business in Q4, we estimate that the balance of our deferred revenue will resume increased trend in end of this year.

根據我們目前的預測，對於我們第四季度遊戲業務收入的增長，我們估計我們的遞延收入餘額將在今年年底恢復增長趨勢。

Our next question comes from the line of Alex Poon from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Alex Poon。

(Operator Instructions)

（操作員說明）

(foreign language) I'll ask my questions in English.

（外語）我會用英語問我的問題。

I have one question.

我有一個問題。

My question is regarding the MAU target.

我的問題是關於 MAU 目標的。

Could you give us a reassessment of your current MAU target for 2019 and 2020?

您能否重新評估一下您當前的 2019 年和 2020 年 MAU 目標？

Given your content offering is much more diversified, you have partnerships with Tencent and other parties inside and outside of China, and user behavior data is very strong, and step-up in sales and marketing efforts, et cetera, could you give us a -- is there any upside to -- further upside to 140 million, the previous MAU target for 2020?

鑑於您的內容提供更加多樣化，您與騰訊和中國境內外的其他各方有合作夥伴關係，用戶行為數據非常強大，並且在銷售和營銷方面的努力等等，您能給我們一個 - - 是否有任何上漲空間 - 進一步上漲至 1.4 億，即之前的 2020 年 MAU 目標？

(foreign language)

（外語）

So as for the user growth trend for the next 2 years, we'll be still consistent with what we have communicated.

所以對於未來2年的用戶增長趨勢，我們還是和我們溝通的一致。

(foreign language)

（外語）

So by year of 2020, we're looking at an average MAU of 140 million to 150 million, and by 2019, an average of yearly MAU will be 110 million to 120 million.

因此，到 2020 年，我們預計平均 MAU 將達到 1.4 億到 1.5 億，到 2019 年，平均每年的 MAU 將達到 1.1 億到 1.2 億。

(foreign language) I have a follow-up question on the 140 million to 150 million MAU in 2020.

（外語）我有一個關於2020年1.4億到1.5億MAU的後續問題。

Could you give us some breakdown regarding the demographics, composition of this MAU?

你能給我們一些關於這個 MAU 的人口統計和構成的細分嗎？

If we can break down into students and non-students and also by tier cities, it would be greatly helpful.

如果我們能將學生和非學生以及一線城市分為學生和非學生，那將是非常有幫助的。

(foreign language)

（外語）

So Mr. Chen's estimate is as the platform grows bigger and bigger, the demographic of that platform will be closer to the demographic of the country.

所以陳先生估計，隨著平台越來越大，這個平台的人口會越來越接近全國人口。

(foreign language)

（外語）

So take our -- this year's user profile for example.

以我們今年的用戶資料為例。

We're seeing an average age of 21 years old for our platform, and our new users' average age is 19.8 years old.

我們看到我們平台的平均年齡為 21 歲，而我們的新用戶的平均年齡為 19.8 歲。

So that is already 1 year older than the previous profile, and that's closer to our -- to China's Internet demographic profile.

所以這已經比之前的資料早了 1 年，這更接近我們的 - 更接近中國的互聯網人口統計資料。

(foreign language)

（外語）

So our new users that were registered this year, we see further penetration to the third- and fourth-tier city and that percentage has grown -- increased by 2% year-on-year.

所以我們今年註冊的新用戶，我們看到進一步滲透到三四線城市，這個百分比已經增長——同比增長 2%。

(foreign language)

（外語）

As for the content preferences, we also see an increase in the consumption of more general entertainment content, and that's also in line with what's the general public or the general young generation's interest and behavior.

在內容偏好方面，我們也看到了對更普遍的娛樂內容的消費增加，這也符合大眾或廣大年輕一代的興趣和行為。

(foreign language)

（外語）

So as for the whole platform, because we are a very decentralized community, people with different interests can find their own specific content.

所以對於整個平台來說，因為我們是一個非常去中心化的社區，不同興趣的人可以找到自己的具體內容。

So even though we see an older demographic coming in and more general content consumption behavior as well as lower-tier penetration city, but as for the old users, the absolute perception of the content quality and content diversification for them is only getting better and better.

因此，即使我們看到更老的人群進入，更普遍的內容消費行為以及滲透率較低的城市，但對於老用戶來說，他們對內容質量和內容多樣化的絕對感知只會越來越好.

So we are quite confident to keep the stickiness of the community.

所以我們很有信心保持社區的粘性。

(foreign language)

（外語）

Yes.

是的。

So that's why you see under -- in Q3, even though our users grow drastically, the number of times spent and engagement level of our community and the retention level of our community continued to stay stable and even -- grow even stronger.

所以這就是為什麼你看到 - 在第三季度，儘管我們的用戶急劇增長，但我們社區的花費次數和參與度以及我們社區的保留水平繼續保持穩定，甚至 - 變得更加強大。

So we're not just growing our user base but also increase the stickiness and -- the experience of quality growth.

因此，我們不僅在擴大我們的用戶群，而且還增加了粘性和質量增長的體驗。

So we are confident going forward even though that we're going to expand our user base to 110 million to 120 million next year, 140 million to 150 million in 2020.

因此，即使我們明年將把用戶群擴大到 1.1 億到 1.2 億，到 2020 年將擴大到 1.4 億到 1.5 億，我們也有信心繼續前進。

We're still quite confident to say that we will be able to maintain an intact community, a very sticky and engaged community behavior.

我們仍然很有信心地說，我們將能夠維持一個完整的社區，一個非常粘稠和參與的社區行為。

(foreign language)

（外語）

So more importantly, I would like to highlight that, in Q3, out of the 93 million MAU, 80 million were from our mobile devices.

所以更重要的是，我想強調的是，在第三季度，在 9300 萬 MAU 中，有 8000 萬來自我們的移動設備。

That's also an evidence of our high-quality user component.

這也是我們高質量用戶組件的證明。

(foreign language)

（外語）

So as everybody know, mobile devices is becoming an inseparable part of young generation's life, and the high percentage of our mobile devices is evidence that -- the quality of our users' matrix.

眾所周知，移動設備正在成為年輕一代生活中不可分割的一部分，而我們移動設備的高比例證明了——我們用戶矩陣的質量。

And our next question comes from the line of Marcus Yang from Macquarie.

我們的下一個問題來自麥格理的 Marcus Yang。

(foreign language) Just 2 questions here.

（外語）這裡只有2個問題。

First of all, can you give us a quick update on your view in terms of the regulatory issues in China?

首先，您能否簡要介紹一下您對中國監管問題的看法？

We understand that though you announced those who streaming platforms had been banned for a while, for some time.

我們了解到，儘管您宣布流媒體平台已被禁止一段時間，但有一段時間。

And so I'd like to know if you have any incremental thoughts since the same quarter earnings call on the regulation issues.

因此，我想知道您是否有任何關於監管問題的季度收益電話會議以來的增量想法。

And also, we heard some game companies have been adopting like restrictions on minors.

而且，我們聽說一些遊戲公司已經對未成年人採取了類似的限制措施。

So I'd like to know your -- any potential impact on Bilibili and also your thoughts on this.

所以我想知道您對 Bilibili 的任何潛在影響以及您對此的看法。

And lastly, I think the FGOs, you mentioned that there would an update in the first quarter next year, so I just like to know on the premise of the approval license on this update.

最後，我想FGO，你提到明年第一季度會有更新，所以我想在這個更新的批准許可的前提下知道。

(foreign language)

（外語）

So as to your first question, I think it's a question about content security.

關於你的第一個問題，我認為這是一個關於內容安全的問題。

So this year, we have done a lot of work in terms of reinforcing our content security infrastructure.

所以今年，我們在加強我們的內容安全基礎設施方面做了很多工作。

That includes to do a full comprehensive review of our existing content library on our platform as well as increased the headcounts in the content auditor team.

這包括對我們平台上現有的內容庫進行全面全面的審查，以及增加內容審計團隊的人數。

I think over half of our initially increased headcounts were allocated in the content auditor team, and we have set up 2 additional locations for content-auditor center other than Shanghai.

我認為我們最初增加的員工中有一半以上分配在內容審核團隊中，並且我們在上海以外的地方為內容審核中心設立了 2 個額外地點。

So we are investing a lot of manpower and time to enhance our content security infrastructure.

因此，我們正在投入大量人力和時間來增強我們的內容安全基礎設施。

(foreign language)

（外語）

So we will -- we are quite confident about our current structure of emplacing a very safety content environment.

所以我們會——我們對我們目前建立一個非常安全的內容環境的結構非常有信心。

And we are very determined to protect the integrity of our platform.

我們非常堅定地保護我們平台的完整性。

That includes to continuously review the existing content and execute even tighter new content approval process.

這包括不斷審查現有內容並執行更嚴格的新內容審批流程。

(foreign language)

（外語）

So as for your minor questions, actually, we have always been emplacing what the government required for all games, which is a real name registration system as well as a parent monitoring system to avoid overtime spend for minors.

所以關於你的小問題，其實我們一直在落實政府對所有遊戲的要求，即實名制，家長監控，避免未成年人超時。

(foreign language)

（外語）

So we have further reinforced our parent monitoring system to help the parents and society to control and avoid minors over -- spending too much time on mobile games.

所以我們進一步加強了家長監控系統，幫助家長和社會控制和避免未成年人過度——花太多時間在手機遊戲上。

(foreign language)

（外語）

So in the past, we have been fully compliant with all the government requirements, so we don't see a lot of risk at that front.

所以在過去，我們完全符合政府的所有要求，所以我們認為這方面的風險並不大。

(foreign language)

（外語）

So on the user profile front, our average age of our platform is 21 years old.

所以在用戶資料方面，我們平台的平均年齡是 21 歲。

The minors, who define as 14 and below, is far less than 10%.

定義為14歲及以下的未成年人，遠低於10%。

And the paying user is even less than that.

而付費用戶更是少之又少。

So even if there were to be more stringent minor control, that wouldn't have much of an impact on our revenue scale.

因此，即使有更嚴格的次要控制，也不會對我們的收入規模產生太大影響。

(foreign language)

（外語）

(foreign language)

（外語）

(foreign language)

（外語）

So as for the game approval status, we don't have new updates, but we have been actively preparing and exploring different alternatives for game development.

所以關於遊戲的審批狀態，我們沒有新的更新，但是我們一直在積極準備和探索不同的遊戲開發方案。

(foreign language)

（外語）

So as for the games in our pipeline, 4 of them have completed all the prerequisite process for approval, and 7 of them are nearly in completion.

因此，我們正在籌備的遊戲中，有 4 款已經完成了所有的審批前置程序，其中 7 款接近完成。

So as soon as the approval process reopens we should be able to have a number of games that's ready to launch.

因此，一旦重新啟動審批流程，我們應該能夠擁有許多準備發布的遊戲。

(foreign language)

（外語）

So as for the approval suspension, we're -- because it's an industry-wide phenomenon, we are just dealing with it with a calmly heart and exploring other alternatives.

因此，對於暫停批准，我們 - 因為這是一個全行業的現象，我們只是冷靜地處理它並探索其他替代方案。

(foreign language)

（外語）

So we think it's just a matter of time for the game approval to be reopened.

所以我們認為重新開放遊戲審批只是時間問題。

It won't be a permanent issue.

這不會是一個永久性的問題。

(foreign language)

（外語）

Okay.

好的。

So Mr. Chen feels like it's only a short-term impact, not a long-term impact, that the business is still intact, that there are still a lot of demand for mobile game content.

所以陳總覺得這只是短期的影響，不是長期的影響，業務還是完好的，手游內容的需求還是很大的。

So it's just a matter of time.

所以這只是時間問題。

(foreign language)

（外語）

Okay.

好的。

We will wait for the good news.

我們將等待好消息。

And our last question comes from the line of Tian Hou from T.H. Capital.

我們的最後一個問題來自 T.H. 的 Tian Hou。首都。

The question is related to the margin trends.

這個問題與利潤率趨勢有關。

So if I look at the margin, it was slightly down.

因此，如果我查看邊距，它會略微下降。

So I wonder what's the reason.

所以我想知道是什麼原因。

Is that because the live broadcasting was increased and taking more portion?

是不是因為增加了直播，佔了更多的份額？

So the first one's what's the reason?

那麼第一個是什麼原因呢？

And then second is what's the trend going forward?

然後第二個是未來的趨勢是什麼？

So that's number one question.

所以這是第一個問題。

Number two is about the 2 games.

第二是關於 2 場比賽。

So I wonder -- so 2 games -- with the 2 major games, what's the percentage of total revenue those 2 games are taking.

所以我想知道 - 所以 2 場比賽 - 有 2 款主要遊戲，這 2 款遊戲佔總收入的百分比是多少。

And going forward what's, the portion of the total revenue is likely to come from these 2 games?

未來，總收入的一部分可能來自這兩款遊戲？

That's the 2 questions.

這是2個問題。

Okay, I will take the question.

好的，我會回答這個問題。

For the gross profit margin, we -- our current gross profit margin is 18%.

對於毛利率，我們——我們目前的毛利率是 18%。

And that is because we have some incremental costs for bandwidth costs and content costs.

那是因為我們有一些帶寬成本和內容成本的增量成本。

As well as the contribution from our game business, game revenues, they are decreasing mainly because the gross revenue for game in Q2 and Q3, they are a bit lower than Q1.

以及我們遊戲業務的貢獻，遊戲收入，它們正在下降，主要是因為第二季度和第三季度的遊戲總收入略低於第一季度。

And we also talked about, we saw very nice trends for game gross revenue in Q4.

我們還談到，我們看到第四季度遊戲總收入的趨勢非常好。

In next -- in Q1 next year, we'll see the resume of increased -- quarter increase of game revenues.

在接下來——明年第一季度，我們將看到遊戲收入繼續增長——季度增長。

So to answer your question, the margin will be improved in Q1 next year.

所以回答你的問題，明年第一季度利潤率會有所提高。

And the 2 new games, currently, we just launched the game this month or last month, and we saw an early momentum.

而這兩款新遊戲，目前，我們本月或上月才剛推出遊戲，我們看到了早期的勢頭。

(foreign language)

（外語）

Okay.

好的。

Yes, for FGO and Azur Lane, they are -- I think they are quite stable.

是的，對於 FGO 和 Azur Lane，它們是——我認為它們相當穩定。

And FGO's performance in Q4 is (technical difficulty) and we will (technical difficulty) the chapter of FGO in Q1 next year.

而FGO在Q4的表現是（技術難度），明年Q1我們會（技術難度）FGO的篇章。

There was a nice number of (technical difficulty).

有很多（技術難度）。

And that concludes the question-and-answer session.

問答環節到此結束。

I would like to turn the conference back over to the management for any additional and closing comments.

我想將會議轉回管理層，以獲取任何其他和結束的評論。

Please go ahead.

請繼續。

Thank you once again for joining us today.

再次感謝您今天加入我們。

If you have any further questions, please contact myself, Juliet Yang, Bilibili's Senior IR Director, or TPG Investor Relations.

如果您還有任何問題，請聯繫我本人、嗶哩嗶哩高級投資者關係總監 Juliet Yang 或 TPG 投資者關係部。

Our contact information for IR in both China and the U.S. can be found in today's press release.

我們在中國和美國的 IR 聯繫信息可在今天的新聞稿中找到。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝你。

Bye-bye.

再見。