Bilibili Inc (BILI) 2023 Q3 法說會逐字稿

Good day, and welcome to the Bilibili Third Quarter 2023 Financial Results and Business Update Conference Call. Today's conference call is being recorded.

大家好，歡迎參加嗶哩嗶哩2023年第三季財務業績及業務更新電話會議。今天的電話會議正在錄製中。

At this time, I would like to turn the conference over to Juliet Yang, Executive Director of Investor Relations. Thank you. Please go ahead.

現在，我想將會議交給投資者關係執行總監Juliet Yang。謝謝。請繼續。

Thank you, operator. During this call, we'll discuss business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties, including those mentioned in our most recent filing with the SEC and Hong Kong Stock Exchange.

謝謝接線生。在本次電話會議中，我們將討論業務前景並做出前瞻性陳述。這些評論是基於我們今天的預測和預期。由於一系列風險和不確定因素，包括我們最近提交給美國證券交易委員會和香港證券交易所的文件中提到的風險和不確定因素，實際事件或結果可能與今天的新聞稿和本次討論中提到的情況存在重大差異。

The non-GAAP financial measures we provide are for comparison purpose only. The definition of these measures and a reconciliation table are available in the news release we issued earlier today.

我們提供的非公認會計準則 (Non-GAAP) 財務指標僅供比較之用。這些指標的定義及對帳表可在我們今天稍早發布的新聞稿中找到。

As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at ir.bilibili.com.

溫馨提示：本次電話會議正在錄製中。此外，投資人簡報和本次電話會議的網路直播回放將在嗶哩嗶哩投資者關係網站 ir.bilibili.com 上提供。

Joining us today from Bilibili 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. I will now turn the call over to Mr. Fan, who will read the prepared remarks on behalf of Mr. Chen.

今天，嗶哩嗶哩的高層管理人員將與我們一同出席，包括董事會主席兼首席執行官陳睿先生、董事會副主席兼首席營運官李嘉莉女士以及首席財務官范志強先生。現在，我將把發言權交給范志強先生，他將代表陳睿先生宣讀準備好的演講稿。

Thank you, Juliet, and thank you, everyone, for participating in our 2023 third quarter conference call to discuss our financial and operating results. I'm pleased to deliver today's opening remarks on behalf of Mr. Chen.

謝謝朱麗葉，也謝謝大家參加我們2023年第三季的電話會議，討論我們的財務和營運表現。我很高興代表陳先生致今天的開場白。

The record-high community growth we achieved in the third quarter is a testament to the power of our self-driven content ecosystem. It is continuously drawing in more users and keeping them highly engaged. Notably, our DAUs increased by 14% year-over-year, surpassing the 100 million milestone and landing at 103 million in the third quarter.

我們在第三季度實現的社群成長創歷史新高，充分證明了我們自主驅動的內容生態系統的強大力量。它不斷吸引更多用戶，並保持他們的高度參與。值得注意的是，我們的每日活躍用戶年增14%，突破1億大關，第三季達到1.03億。

MAUs also grew to a record high of 341 million and DAU-to-MAU ratio in this quarter improved to 30.2%. Meanwhile, our users' daily time spent also reached a historical high of 100 minutes with total user time spent increasing by 19% year-over-year. We are encouraged by the strong user growth momentum and the direct correlation with our monetization efforts.

本季，每月活躍用戶數也創下3.41億的歷史新高，每日活躍用戶與月活躍用戶比率提升至30.2%。同時，我們用戶的每日使用時間也創下100分鐘的歷史新高，總用戶使用時間成長19%。強勁的用戶成長動能及其與獲利能力的直接關聯令我們倍受鼓舞。

Improving margins, narrowing losses and maintaining growth have been our key objectives this year. In the third quarter, we leveraged our expanding traffic more efficiently, integrating commercialization scenarios and products into our content ecosystem to drive quality top line growth. This is evident in our advertising and VAS business, which grew by 21% and 17% year-over-year, respectively. Furthermore, our gross profit increased by 38% year-over-year, and our gross profit margin rose to 25%, up from 18% in the same period last year, marking the fifth consecutive quarter of gross margin improvement.

提升利潤率、收窄虧損、維持成長是我們今年的核心目標。第三季度，我們更有效地利用不斷增長的流量，將商業化場景和產品融入內容生態系統，推動收入實現高品質成長。廣告和增值服務業務表現突出，分別較去年同期成長21%和17%。此外，我們的毛利年增38%，毛利率從去年同期的18%上升至25%，這是毛利率連續第五季改善。

Our tight expense control measures reduced our total operating expenses by 12%, including a 19% decrease in (corrected by company after the call) S&M expenses and an 8% decrease in G&A expenses, and a 6% decrease in R&D expenses, all on a year-over-year basis.

我們嚴格的費用控制措施使我們的總營運費用減少了 12%，其中銷售與市場費用減少了 19%（電話會議後公司進行了更正），一般與行政費用減少了 8%，研發費用減少了 6%，所有費用均與去年同期相比有所下降。

As a result, our adjusted operating loss and adjusted net loss both narrowed by 51% year-over-year in the third quarter. Notably, we achieved an important milestone of generating positive operating cash flow in the third quarter, demonstrating our business operations have entered a positive cycle and marking a step forward in our profitability goals.

因此，我們第三季的調整後營運虧損和調整後淨虧損年比均收窄了51%。值得一提的是，我們在第三季實現了營運現金流轉正的重要里程碑，這表明我們的業務營運已步入良性循環，並朝著獲利目標邁進了一步。

2023 has been a year with continued changes across industries and markets. To adapt to the new paradigm, we are increasing our focus on our core business, trimming expenses in areas yielding lower returns. In the fourth quarter, we have further streamlined our organization and expect our total headcount to be around 9,100 by end of 2023, compared with 11,000 at the end of 2022. Additionally, future project plans will continue to be ROI-focused.

2023年是產業和市場持續變革的一年。為了適應新的模式，我們更加專注於核心業務，並削減了回報較低的領域的開支。第四季度，我們進一步精簡了組織架構，預計到2023年底，我們的員工總數將達到約9,100人，而2022年底為11,000人。此外，未來的專案計劃將繼續以投資回報率為導向。

With these measures, we will become nimbler as an organization to better align ourselves with the new environment, setting the stage for Bilibili's long-term success.

透過這些措施，我們將變得更加靈活，更好地適應新環境，為嗶哩嗶哩的長期成功奠定基礎。

With that overview, let's look at our core pillars of content, community and commercialization in more detail.

透過這個概述，讓我們更詳細地了解內容、社群和商業化的核心支柱。

Beginning with content and community. The key metrics that represent the quality of our community continue to rise. The number of daily active content creators on our platform increased by 21% in the third quarter, and the monthly new content submissions were 21 million, up 37% both year-over-year. More content creators earned wider fan base during the third quarter. The number of content creators with over 10,000 followers grew by 36% year-over-year. Total daily video views increased by 26% year-over-year to 4.7 billion, among which Story Mode video views grew by 45% year-over-year. As I mentioned, users are spending more time with us than ever before, with users' daily time spent reaching an all-time high of 100 minutes.

首先從內容和社群開始。衡量我們社區品質的關鍵指標持續提升。第三季度，我們平台上每日活躍內容創作者數量增加了21%，每月新增內容提交量為2,100萬，較去年同期成長37%。第三季度，更多內容創作者贏得了更廣泛的粉絲群。擁有超過10,000名粉絲的內容創作者數量年增了36%。每日影片總觀看次數較去年同期成長26%，達到47億次，其中故事模式影片觀看次數較去年同期成長45%。正如我所提到的，用戶在我們平台上花費的時間比以往任何時候都多，用戶每日使用時長達到了100分鐘的歷史新高。

Meanwhile, monthly interactions among our users also increased by 18% year-over-year, reaching 17 billion. By the end of the third quarter, we had 224 million official members who have taken and passed our community exam, a 23% increase year-over-year and their 12-month retention rate remained strong at around 80%.

同時，用戶月互動量較去年同期成長18%，達到170億次。截至第三季末，我們已擁有2.24億名參加並通過社區考試的正式會員，年增23%，其12個月留存率維持在80%左右的強勁水準。

Our content categories continue to expand, attracting more users and bringing new commercial opportunities for both content creators and the platform. Inevitably, our users and content creators enter new life stages and new categories emerge, such as home decoration, relationships, baby maternity and automotive. For example, new content submissions in home decoration and appliances genre grew by nearly 90% year-over-year in the third quarter. In parallel, content creators in this category and their earnings, as well as advertising revenues generated from the same category, have all meaningfully improved.

我們的內容類別持續擴展，吸引了更多用戶，並為內容創作者和平台帶來了新的商業機會。不可避免的是，我們的使用者和內容創作者進入了新的人生階段，新的類別也應運而生，例如家居裝飾、人際關係、母嬰和汽車。例如，第三季居家裝潢和家電類目新增內容提交量年增近90%。同時，該類別的內容創作者及其收入，以及該類別產生的廣告收入均顯著提升。

Meanwhile, we have created more direct monetization opportunities for our content creators. A total of 1.68 million content creators generated income on Bilibili in the third quarter, up 34% from the same period last year. The adoption of video and live commerce has also brought additional channels for more creators to realize their commercial value. The number of content creators who earned money through video and live commerce in the third quarter grew by over 160% year-over-year.

同時，我們為內容創作者創造了更多直接的變現機會。第三季度，共有168萬內容創作者在嗶哩嗶哩平台實現了收入，年增34%。影片和直播的興起也為更多創作者帶來了更多實現商業價值的管道。第三季度，透過影片和直播賺錢的內容創作者數量較去年同期成長超過160%。

Additionally, this summer, our two signature offline events, Bilibili World and Bilibili Macro Link, attracted a gathering of over 200,000 young people in Shanghai to experience our unique community culture. The remarkable attendance underscores Bilibili's influence among the young generation and brought us more brand advertisers with incremental budget allocation.

此外，今年夏天，我們兩大標誌性線下活動——嗶哩嗶哩世界和嗶哩嗶哩宏鏈——在上海吸引了超過20萬年輕人，體驗了我們獨特的社群文化。如此高的參與人數彰顯了嗶哩嗶哩在年輕一代中的影響力，也為我們帶來了更多品牌廣告主，並帶來了額外的廣告預算。

Lastly, I'd like to talk about commercialization.

最後我想談談商業化。

Total revenue for the third quarter was RMB 5.8 billion, flat year-over-year. Advertising revenues and VAS revenues increased by 21% and 17% year-over-year, while offset by 33% year-over-year decrease in game revenues. We are encouraged by the progress in our ads and VAS business, where the revenue growth potential has a direct correlation with DAU growth. Meanwhile, we have taken a closer look at our game business and made certain adjustments to better align ourselves with the new industry landscape.

第三季總收入為人民幣58億元，與去年同期持平。廣告收入和增值服務收入較去年同期成長21%和17%，但遊戲收入較去年同期下降33%抵消了這一成長。我們對廣告和加值服務業務的進展感到鼓舞，這兩大業務的收入成長潛力與每日活躍用戶成長直接相關。同時，我們對遊戲業務進行了更深入的審視，並做出了一些調整，以更好地適應新的產業格局。

Looking at this in more detail.

更詳細地看一下這一點。

Our growing and engaging community is the foundation of commercialization. As people spend more time and engage in more community activities, they are more willing to pay for Bilibili content and services. Looking at our VAS business. VAS revenue for the period increased by 17% year-over-year to RMB 2.6 billion, mainly led by our live broadcasting business. The ongoing interaction of live broadcasting into our video universe continues to yield results. More content creators are stepping into live broadcasting as hosts, further enriching our live broadcasting offerings and enabling them to earn income.

我們不斷壯大且互動性強的社區是商業化的基礎。隨著人們投入更多時間並參與更多社區活動，他們更願意為嗶哩嗶哩的內容和服務付費。談到我們的增值服務業務，期內增值服務收入年增17%，達到人民幣26億元，主要由我們的直播業務帶動。直播與我們視訊世界的持續互動持續取得成效。越來越多的內容創作者以主播的身份進入直播領域，進一步豐富了我們的直播產品，並使他們能夠獲得收入。

By the end of September, our premium members grew to 21.1 million with over 80% on annual subscription or auto-renewal packages, underscoring the trust and the loyalty we have built with our brand. In the third quarter, we launched the highly anticipated self-produced anime Link Click Season 2, , which was well-received by many new and old fans. In September, we announced 68 new Chinese anime titles at our 6th Made by Bilibili Chinese Anime press event. Most of these titles will be released in the next few years, ensuring a continuous stream of beloved content for our premium members.

截至九月底，我們的高級會員數量已增至2110萬，其中超過80%的用戶選擇年度訂閱或自動續費套餐，這彰顯了我們品牌建立的信任和忠誠度。第三季度，我們推出了備受期待的自製動畫《連連看》第二季，受到了許多新舊粉絲的熱烈歡迎。九月，我們在第六屆嗶哩嗶哩國產動畫記者會上宣布了68部全新國產動畫作品。這些作品大部分將在未來幾年內陸續上線，確保我們的高級會員能夠持續享受喜愛的內容。

Turning to our advertising business. As we further integrate sales conversion tools within our ad products across scenarios, we are now more effectively converting our high-quality traffic into substantial ad revenue growth.

談到我們的廣告業務。隨著我們進一步將銷售轉換工具融入各個場景的廣告產品中，我們現在能夠更有效地將優質流量轉化為可觀的廣告收入成長。

In the third quarter, total advertising revenues grew by 21% year-over-year, reaching RMB 1.6 billion, mainly led by performance-based ads, which grew by over 40% year-over-year. Notably, our strong ad revenue growth contributed to meaningful gross profit growth, with higher revenue contribution from our performance-based ads.

第三季度，總廣告收入年增21%，達到人民幣16億元，主要由效果廣告驅動，其年增超過40%。值得一提的是，我們強勁的廣告收入成長帶來了顯著的毛利成長，其中效果廣告的營收貢獻有所提升。

For the third quarter, our top 5 ad verticals were games, digital products and home appliances, e-commerce, food and beverage and automotive. Despite the third quarter traditionally being an off-peak season for e-commerce advertising, our strengthened advertising solutions enabled us to secure a greater share of advertising budgets in this competitive industry. During the Double 11 shopping festival in the fourth quarter, we further strengthened our data collaboration with e-commerce platforms and upgraded our video and live commerce ad products. The total GMV from our video and live commerce products increased by over 250% year-over-year for the Double 11 shopping season.

第三季度，我們前五的廣告垂直領域分別為遊戲、數位及家電、電商、食品飲料和汽車。儘管第三季度傳統上是電商廣告的淡季，但我們強化的廣告解決方案使我們在這個競爭激烈的行業中獲得了更大的廣告預算份額。在第四季的雙十一購物節期間，我們進一步加強了與電商平台的數據合作，並升級了視訊和直播廣告產品。雙十一購物節期間，我們視訊和直播產品的總交易額年增超過250%。

Turning to our game business. Total revenues were RMB 992 million, representing an increase of 11% quarter-over-quarter, and a decrease of 33% year-over-year. The reason for the year-over-year decrease was due to a high base from the 2022 summer release of Space Hunter 3, as well as weaker-than-expected new game performance in the third quarter this year. Our legacy games, Azur Lane and FGO, remained stable during the period. On August 30, 2023, we launched our exclusively licensed ACG title, Pretty Derby. On September 8, 2023, the game was temporarily removed from the App Store for content refinement, and we are working diligently to resume download access as soon as possible.

遊戲業務方面，總收入為人民幣9.92億元，較上季成長11%，較去年同期下降33%。年比下降的原因是2022年夏季上線的《宇宙獵人3》基數較高，今年第三季新遊戲表現比預期弱。我們的經典遊戲《碧藍航線》和《FGO》在本季保持穩定。 2023年8月30日，我們推出了獨家授權的ACG遊戲《夢幻德比》。 2023年9月8日，遊戲因內容優化而從App Store暫時下架，我們正努力盡快恢復下載。

The game industry has changed dramatically in the past 2 years. At the beginning of the fourth quarter, we closely reviewed our in-house game development projects. We further streamlined our in-house development team and discontinued projects that did not meet our standards. Consolidating these operations will help reduce our future R&D expenses. That said, as a video community for the young generation, we possess natural advantages in the game industry. We aim to further leverage our growing advertising capabilities to strengthen our game distribution power, as well as selectively invest in our in-house development to bring high-quality games to our users and create value for our business partners.

過去兩年，遊戲產業發生了翻天覆地的變化。第四季度初，我們仔細審查了內部遊戲開發項目。我們進一步精簡了內部開發團隊，並終止了不符合標準的專案。整合這些業務將有助於降低我們未來的研發費用。然而，作為一個面向年輕一代的視訊社區，我們在遊戲產業擁有天然優勢。我們的目標是進一步利用不斷增長的廣告投放能力來增強遊戲發行能力，並選擇性地投資於內部開發，為用戶帶來優質遊戲，並為我們的業務合作夥伴創造價值。

In summary, we are dedicated to reach our financial goal of gross profit improvement and loss reduction this year. We have delivered on this goal with a 38% increase in gross profit and a 51% reduction of both adjusted operating loss and adjusted net loss in the third quarter and we will continue on this path. At the same time, we strongly believe in the power of good content and community. 100 million DAUs is just another beginning for us to build on. We will stay true to our mission and continue to enrich the everyday lives of the young generation in China.

總而言之，我們致力於實現今年毛利提升、虧損減少的財務目標。第三季度，我們實現了毛利成長38%、調整後營運虧損和調整後淨虧損均減少51%的目標，並將繼續朝著這一目標邁進。同時，我們堅信優質內容和優質社群的力量。 1億日活躍用戶只是我們繼續前進的另一個起點。我們將不忘初心，繼續豐富中國年輕一代的日常生活。

This concludes Mr. Chen's remarks. I will now provide a brief overview of our financial results for the third quarter of 2023.

陳總的發言到此結束。接下來，我將簡要介紹我們2023年第三季的財務表現。

As mentioned in Mr. Chen's remarks, our financial profile has significantly improved. We continue to gain operating leverage while building our community and video ecosystem. We have increased our gross profit margin and narrowed our adjusted net loss for 5 consecutive quarters.

正如陳先生在演講中提到的，我們的財務狀況已顯著改善。在建構社群和視訊生態系統的同時，我們持續提升營運槓桿。我們的毛利率已連續五季提高，調整後淨虧損也已收窄。

Total net revenues for the third quarter were RMB 5.8 billion, on par with the same period last year. Our total net revenues breakdown by revenue stream was approximately 45% VAS, 28% advertising, 17% mobile games, and 10% from our IP derivatives and other business.

第三季總淨收入為人民幣58億元，與去年同期持平。依收入來源劃分，我們的總淨收入約佔45%增值服務業務、28%廣告業務、17%手機遊戲業務以及10%來自IP衍生性商品及其他業務。

Our cost of revenues decreased by 8% year-over-year to RMB 4.4 billion, driving our gross profit to RMB 1.5 billion, up 38% year-over-year. Our gross profit margin reached 25%, up from 18% in the same period last year. We expect our gross profit margin to continue to improve in the fourth quarter.

我們的營業成本年減8%至人民幣44億元，帶動毛利潤年增38%至人民幣15億元。毛利率達25%，高於去年同期的18%。我們預計第四季毛利率將繼續提升。

Our total operating expenses were down 12% year-over-year to RMB 2.6 billion. In the third quarter, we cut our (corrected by company after the cal) S&M expenses by 19% year-over-year to RMB 992 million, while our DAUs reached a record high. (corrected by company after the call) S&M expenses were 17% of total revenue compared with 21% in the same period last year. G&A expenses were RMB 499 million, down 8% year-over-year. R&D expenses were RMB 1.1 billion, down 6% year-over-year.

我們的總營運費用年減12%至人民幣26億元。第三季度，我們的銷售與市場推廣費用（經公司調整後）較去年同期下降19%至人民幣9.92億元，而我們的每日活躍用戶（DAU）則創下歷史新高。 （經公司調整後）銷售與市場推廣費用佔總營收的17%，去年同期為21%。一般及行政管理費用為人民幣4.99億元，較去年同期下降8%。研發費用為人民幣11億元，較去年同期下降6%。

As a result, we narrowed our adjusted operating loss and adjusted net loss both by 51% year-over-year in the third quarter. Our adjusted net loss ratio in the third quarter was 15%, improving from 30% for the same period a year ago.

因此，我們第三季的調整後營業虧損和調整後淨虧損年減了51%。第三季的調整後淨虧損率為15%，低於去年同期的30%。

Notably, we generated positive operating cash flow in the third quarter, demonstrating our business operation has entered into a positive cycle. As of September 30, 2023, we had cash and cash equivalents, time deposits and short-term investments of RMB 14.5 billion or USD 2.0 billion.

值得注意的是，我們在第三季實現了正的經營現金流，顯示我們的業務營運已進入良性循環。截至2023年9月30日，我們的現金及現金等價物、定期存款及短期投資為人民幣145億元（約20億美元）。

In the third quarter, we repurchased an aggregate principal amount of USD 14.5 million December 2026 Notes with an aggregate cash consideration of USD 13 million. As of September 30, 2023, the aggregate outstanding principal amount of April 2026 Notes, 2027 Notes and the December 2026 Notes was USD 862 million. We believe our cash position is sufficient to cover all of our remaining convertible bonds.

第三季度，我們回購了本金總額為1,450萬美元的2026年12月票據，現金對價總額為1,300萬美元。截至2023年9月30日，2026年4月票據、2027年票據及2026年12月票據的未償本金總額為8.62億美元。我們相信，我們的現金狀況足以涵蓋所有剩餘的可轉換債券。

Due to lower-than-expected game revenues, we now expect our 2023 full-year revenues to be at the lower end of RMB 22.5 billion to RMB 23.5 billion range.

由於遊戲收入低於預期，我們目前預計 2023 年全年收入將在人民幣 225 億元至人民幣 235 億元的低端範圍內。

Thank you for your attention. We would now like to open the call to your questions. Operator, please go ahead.

謝謝您的關注。現在我們開始回答您的問題。接線員，請繼續。

(Operator Instructions) For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. The company will provide consecutive interpretation for management's statements during the Q&A session. Please note that English interpretation is for convenience purposes only. In the case of any discrepancy, management's statements in their original language will prevail. (Operator Instructions)

（操作員指示）為了方便今天電話會議的所有參與者，如果您希望用中文向管理層提問，請立即用英語重複您的問題。公司將在問答環節為管理階層的發言提供交替傳譯。請注意，英文翻譯僅為方便起見。如有任何差異，以管理原文為準。 （操作員指示）

Our first question comes from the line of Zhang Xueqing from CICC.

我們的第一個問題來自中金公司的張學慶。

(foreign language) Congrats on the third quarter. My question is about user growth. As the DAUs passed the milestone of 100 million for the first time in the third quarter and users' time spent reached a historical high as well, so what's your views on user growth potential? And recently, the media reported that your company has internally proposed a grow-up, doubling DAU. So could management share your path and timetable for achieving this goal whether it should currently increase the expense in user acquisition?

（外語）恭喜第三季。我的問題是關於用戶成長的。第三季度，每日活躍用戶（DAU）首次突破1億大關，用戶使用時長也創下歷史新高，您如何看待用戶成長潛力？最近媒體報道，公司內部提出了一個成長目標，將DAU翻倍。管理階層能否分享一下實現這目標的路徑和時間表？目前是否應該增加用戶獲取方面的支出？

(foreign language)

（外語）

[Interpreted] I think in the big movement of videolization, it's a very natural process for a good video product to grow bigger and bigger by itself. That's why when we are talking about user growth strategy internally, we have been emphasizing on improving the content quality, improving the user experience, not mainly through the user acquisitions.

[解讀] 我認為在視訊化大浪潮中，優秀的視訊產品自然而然地發展壯大是一個非常自然的過程。因此，當我們在內部討論使用者成長策略時，我們一直強調提升內容品質、提升使用者體驗，而不是主要透過使用者獲取。

(foreign language)

（外語）

[Interpreted] That's why starting from second quarter of last year, we have been emphasizing on the ROIs of our user acquisition strategy. As we are spending less in sales and marketing, we are actually growing more and more DAUs.

[解讀] 這就是為什麼從去年第二季開始，我們就一直強調用戶獲取策略的投資報酬率。隨著我們在銷售和行銷方面的支出減少，我們的每日活躍用戶 (DAU) 實際上卻在不斷成長。

(foreign language)

（外語）

[Interpreted] And that is why we have been focusing on improving the operating efficiency, improving our product capability and pursuing simultaneous commercialization as well as the virtuous user growth cycle.

[解讀] 這就是為什麼我們一直專注於提高營運效率，提升產品能力，追求同步商業化以及良性的用戶成長循環。

(foreign language)

（外語）

[Interpreted] In the third quarter, our DAU has surpassed 100 million milestone. We also reached a record high of MAU numbers. And this is a strong evidence that we have succeeded in our user growth strategy in the past year. And this is just a new beginning for us.

[解讀] 第三季度，我們的每日活躍用戶 (DAU) 突破了 1 億大關。月活躍用戶 (MAU) 也創下了歷史新高。這有力地證明了我們過去一年的用戶成長策略取得了成功。而這對我們來說，只是一個新的開始。

(foreign language)

（外語）

[Interpreted] The reason why we have been focusing on user growth is, I think, for all the Internet product, the user base will be one of the key competitive strengths. The larger user base we get, the more content creator as well as the commercialization will come with it.

[解讀] 我們之所以一直關注使用者成長，是因為我認為，對於所有網路產品來說，使用者規模都是關鍵的競爭優勢之一。使用者規模越大，內容創作者就越多，商業化就越容易實現。

(foreign language)

（外語）

[Interpreted] For Internet product, user base is also the foundation for our commercialization. As you can see from Bilibili's commercialization model, advertising and live broadcasting-'s revenue growth has direct correlation with DAU growth.

【解讀】對於網路產品來說，使用者規模也是我們商業化的基礎。從B站的商業化模式可以看出，廣告和直播的收入成長與DAU的成長是直接相關的。

(foreign language)

（外語）

[Interpreted] In the third quarter, our ad revenue and VAS revenue grew by 21% and 17%, respectively, year-on-year. And as you can see, we have already come to a strategy or formed a virtuous cycle between our traffic growth and our revenue growth in advertising and VAS, specifically live broadcasting. At the same time, the revenues that grew from these two sectors has also converted to -- a certain part of that also converted to our content creators' income and also will generate more content creation on our platform. So from a content ecosystem perspective, it has also been very positive to our overall content ecosystem.

第三季度，我們的廣告收入和增值服務收入分別較去年同期成長21%和17%。如您所見，我們已經制定了一套策略，或者說，在流量成長與廣告和增值服務（尤其是直播）收入成長之間形成了良性循環。同時，這兩個部門的收入成長也轉化為內容創作者的收入，並將在我們的平台上創造更多內容。因此，從內容生態系統的角度來看，這對我們整體的內容生態系統也產生了非常正面的影響。

(foreign language)

（外語）

[Interpreted] At this point, we still see great growth potential for our user scale. When I do the user research, I discover that for Bilibili users, there's a great word-of-mouth effect. People who feel good about the product will naturally spread words and introduce new users. And if you look at the past year's data, not only we have achieved very strong user growth, we have also exceeded in many metrics in terms of community growth, video views and content creators' numbers. That means that we have achieved a virtuous cycle in between the content, user as well as the community.

[解讀] 目前，我們的用戶規模仍有巨大的成長潛力。我在做用戶研究時發現，B站用戶口碑效應很強。對產品感覺良好的人會自然地傳播訊息，並帶來新用戶。回顧過去一年的數據，我們不僅實現了非常強勁的用戶成長，還在社群成長、影片觀看次數和內容創作者數量等諸多指標上超越了競爭對手。這意味著我們在內容、使用者和社群之間實現了良性循環。

(foreign language)

（外語）

[Interpreted] I believe our content ecosystem continues to prosper, Bilibili should be able to attract more and more users because we think it's a very natural desire for all human beings to find good content and find friends who share the same interests.

[解讀]我相信我們的內容生態系統繼續繁榮，Bilibili 應該能夠吸引越來越多的用戶，因為我們認為找到好的內容和找到有共同興趣的朋友是所有人類非常自然的願望。

(foreign language)

（外語）

[Interpreted] Going forward, we will still largely rely on the product improvement, content expansion to drive our user growth and pair with ROI-focused sales and marketing and only invest in user acquisition when the ROI makes sense. That means only to acquire users when we are making money by investing in that user acquisition. That is the mid- to long-term user growth strategy for us.

[解讀] 展望未來，我們仍將主要依靠產品改進和內容拓展來推動用戶成長，並結合注重投資回報率的銷售和行銷策略，只在投資回報率合理的情況下進行用戶獲取投資。這意味著，只有當我們透過投資用戶獲取獲利時，我們才會進行用戶獲取。這是我們的中長期用戶成長策略。

(foreign language)

（外語）

[Interpreted] End of last year, I have raised the three key objectives for the Company, which is margin improvement, loss narrowing and maintaining growth. We want to achieve these three targets at the same time, not by sacrificing the first two targets to achieve the last one.

[解讀] 去年年底，我提出了公司的三大關鍵目標：提高利潤率、收窄虧損、維持成長。我們希望這三個目標能夠同步實現，而不是為了最後一個目標而犧牲前兩個目標。

The next question comes from the line of Fang Wei from Mizuho.

下一個問題來自瑞穗的方偉。

(foreign language) Can management help elaborate on the key drivers for the ad business, especially ERS in the quarter and how's the performance during the Double 11 promotional campaign? In addition, can you update us on your progress on live streaming e-commerce and short video e-commerce? And lastly, how should we expect segment growth for 2024?

（外語）管理階層能否詳細說明廣告業務的關鍵驅動因素，尤其是本季的ERS（即時廣告收入），以及雙11促銷活動期間的表現如何？此外，您能否介紹一下直播電商和短視訊電商的進展？最後，我們對2024年各細分領域的成長有何預期？

(foreign language)

（外語）

[Interpreted] In the third quarter, our advertising revenue grew by 21% year-over-year. Ad revenue as a percentage of total revenue has grown from 23% in the same period last year to 28% in the third quarter of this year. And also, it has drove the gross margin -- gross profit improvement on the company level.

第三季度，我們的廣告收入年增21%。廣告收入佔總收入的比例從去年同期的23%成長到今年第三季的28%。同時，這也推動了公司毛利率的提升。

(foreign language)

（外語）

[Interpreted] We've introduced our key strategy and the driving forces of our ad business in the past 2 quarters comprehensively, which has been the one horizontal industry solution as well as the middle platform power improvement.

[解讀]我們全面介紹了過去兩季我們廣告業務的關鍵策略和驅動力，即單一橫向產業解決方案以及中台力量的提升。

(foreign language)

（外語）

[Interpreted] From an industry vertical perspective, game and e-commerce has been very strong. Despite Q3 being a traditional slow season, ad revenue from e-commerce still grew by 90% year-on-year. Additionally, we have been actively exploring other integrated solutions with other industries. For example, we've seen positive performance from automotive and healthcare industry, which also grew by 20% quarter-over-quarter. Going forward, we will continue to strengthen on those industries' performance.

[解讀] 從垂直產業角度來看，遊戲和電商業務表現強勁。儘管第三季是傳統的淡季，電商廣告收入仍較去年同期成長90%。此外，我們一直在積極探索與其他行業的整合解決方案。例如，我們看到汽車和醫療保健產業表現良好，較上季成長了20%。未來，我們將持續加強這些產業的業績。

(foreign language)

（外語）

[Interpreted] We have also improved our ad efficiency on a platform level, unleashing more commercial value across different scenarios. And particularly, performance-based ads grew by 40% year-over-year in the third quarter, which has become the main growth driver of our ads business.

[解讀] 我們在平台層面提升了廣告效率，在不同場景下釋放了更多商業價值。其中，效果廣告在第三季年增40%，已成為我們廣告業務的主要成長動力。

(foreign language)

（外語）

[Interpreted] In terms of the Double 11 shopping festival performance, we think the overall experience -- overall performance has exceeded our expectations. Ad revenue from the main e-commerce platforms grew by over 80% year-over-year. We'll continue to adhere into the open-loop strategy and continue to deepen our data collaboration with the top e-commerce platforms.

[解讀] 就雙十一購物節的表現而言，我們認為整體體驗－整體表現－已經超越了我們的預期。來自主要電商平台的廣告收入較去年同期成長超過80%。我們將繼續堅持開環策略，並持續深化與頭部電商平台的數據合作。

For example, ad revenue generated by the Alibaba Xinghuo project grew over 160% compared with the June 18th shopping festival this year. We've worked with more than 70 brand advertisers to bring new users to the advertisers. Over 50% of the traffic converted to Alibaba were new users to those brand owners. And this ratio even reached 89% for the baby and maternity vertical.

例如，阿里巴巴星火計畫的廣告收入與今年618購物節相比成長了160%以上。我們與70多家品牌廣告主合作，為廣告主帶來了新用戶。轉換到阿里巴巴的流量中，超過50%是這些品牌主的新用戶。在母嬰垂直領域，這一比例甚至達到了89%。

(foreign language)

（外語）

[Interpreted] The incremental ad budget brought by Alibaba's Xinghuo project has actually proven the conversion value of Bilibili's performance ads. That's why in addition to Alibaba's Xinghuo project, we launched Jinghuo project, a collaboration program with Jingdong recently.

【解讀】阿里巴巴星火計畫帶來的增加廣告預算，其實已經證明了B站效果廣告的轉換價值。因此，除了阿里巴巴的星火項目，我們最近還與京東合作推出了「京火計畫」。

(foreign language)

（外語）

[Interpreted] During the Double 11 shopping festival, the GMV generated from our video and live e-commerce increased more than 250% year-over-year. And we have gradually built up our consumption and trading atmosphere within our content community. During the shopping season, the number of e-commerce-related video increased by over 230% and the number of live e-commerce sessions has also grown by 100%.

【解讀】雙十一期間，我們的視訊和直播電商GMV年成長超過250%，內容社群的消費和交易氛圍也逐漸建立。雙十一期間，電商相關影片數量增加超過230%，直播電商場次也增加了100%。

Bilibili's content creator, @Mr. MiDeng, his live e-commerce GMV has reached RMB 1.68 billion, which increased by over 400%. For the trading atmosphere as well as the ad revenue growth, we're confident we can continue to build on this momentum and continue to grow our e-commerce-related advertising revenue.

B站內容創作者@米燈先生，其直播電商GMV已達16.8億元人民幣，較去年同期成長超過400%。鑑於良好的交易氛圍和廣告收入的成長，我們有信心繼續保持這一勢頭，並持續提升電商相關的廣告收入。

(foreign language)

（外語）

[Interpreted] For the fourth quarter and 2024's advertising revenue growth trajectory, we remain confident. Here are some ways we are hoping to continue to enhance and improve. First of all, we all know Bilibili's content can deeply influence users' mindset and brand perception. We will be very focused and continue to build our brand ad capability. The Sparkle Platform will be the lever and performance-based ads will be our growth accelerator.

[解讀] 對於第四季以及2024年的廣告收入成長軌跡，我們依然充滿信心。以下是我們希望繼續提升和改進的一些方面。首先，我們都知道嗶哩嗶哩的內容能夠深刻地影響使用者的心態和品牌認知。我們將高度專注，並持續建立我們的品牌廣告能力。 Sparkle平台將成為槓桿，而以效果為基礎的廣告將成為我們的成長加速器。

(foreign language)

（外語）

[Interpreted] Secondly is that we will continue to upgrade our advertising model. We have been emphasizing that the integrated marketing solutions will be Bilibili's strong advantage. The reason why is that is we can reach users from multiple media scenarios and achieve multiple ad revenue growth. In 2024, we'll continue to upgrade and help our ad clients to build their brand equity within Bilibili's content community and help them to build a sustainable and measurable growth model.

[解讀] 其次，我們將繼續升級我們的廣告模式。我們一直強調，整合行銷解決方案將是嗶哩嗶哩的強大優勢。這得益於我們能夠觸及來自多個媒體場景的用戶，並實現多重廣告收入成長。 2024年，我們將繼續升級，幫助我們的廣告客戶在嗶哩嗶哩的內容社群中建立品牌資產，並幫助他們建立可持續、可衡量的成長模式。

(foreign language)

（外語）

[Interpreted] Thirdly is to improve the effectiveness and efficiency of our traditional ad scenarios and find new scenarios that's suitable for different advertising strategy. Going forward, we'll continue to find a way to better collaborate between natural traffic and commercial traffic to improve our overall ad efficiency.

[解讀] 第三，提升我們傳統廣告場景的效能和效率，尋找適合不同廣告策略的新場景。未來，我們將繼續探索自然流量和商業流量之間更好的協同方式，以提升我們整體的廣告效率。

(foreign language)

（外語）

[Interpreted] Lastly is that we'll pay close attention to the four key needs of our brand -- of our ad customers: number one, new product launch; number two, field of aging; number three, transaction-based ad needs; lastly is the seasonal marketing campaigns. We will build on these four key needs and to continue to build a very effective advertising solution. That's why I'm still very confident of our advertising revenue growth in the fourth quarter. And the year forward, we aim to continue to expand our market share going forward.

[解讀] 最後，我們將密切關注我們品牌－廣告客戶的四大關鍵需求：第一，新產品發布；第二，老化領域；第三，基於交易的廣告需求；最後是季節性行銷活動。我們將以這四個關鍵需求為基礎，繼續建立高效的廣告解決方案。因此，我仍然對第四季的廣告收入成長充滿信心。展望未來，我們的目標是繼續擴大市場份額。

Our next question comes from the line of Felix Liu from UBS.

我們的下一個問題來自瑞銀的 Felix Liu。

(foreign language) Let me translate myself. So we noticed that -- my question is on the game business. We noticed that the game competitive landscape remain -- continues to be intensive. One of our peers recently exited their game business. So may I get your thoughts on your own in-house game R&D progress, how you think of the game business from here? And any update on our game, Pretty Derby?

（外語）讓我自己翻譯一下。我們注意到——我的問題是關於遊戲業務的。我們注意到遊戲競爭格局仍然——持續激烈。我們的一位同行最近退出了他們的遊戲業務。所以，請問您對公司內部遊戲研發進度的看法，以及您如何看待遊戲業務的未來發展？我們的遊戲《Pretty Derby》有什麼新進展嗎？

(foreign language)

（外語）

[Interpreted] So firstly, I'll talk about the Pretty Derby. We really value this game. And at the same time, we value user experience. So that's why we will conduct minor content refinement and technical upgrade as soon as possible and bring the game back to the App Store.

[譯] 首先，我想談談《Pretty Derby》。我們非常重視這款遊戲，同時也非常重視使用者體驗。因此，我們將盡快進行小幅內容優化和技術升級，並將遊戲重新上架 App Store。

(foreign language)

（外語）

[Interpreted] One thing I want to add is that for users who already downloaded the game, their feedback on experience has been very positive.

[解讀]我想補充一點，對於已經下載了遊戲的用戶來說，他們的體驗回饋都非常正面。

(foreign language)

（外語）

[Interpreted] As you mentioned, there has been a very competitive landscape in the game market this year. I think it's more than that. We think that the overall game business or game industry has entered into a new phase, where it's very hard to gain new users and it has become a more saturated market.

[解讀] 正如您所說，今年遊戲市場的競爭非常激烈。我認為情況遠不止如此。我們認為整個遊戲業務或遊戲產業已經進入了一個新階段，在這個階段，獲得新用戶非常困難，而且市場已經更加飽和。

(foreign language)

（外語）

[Interpreted] In the past year, where we still see incremental growth of gamers in the market, the secret to success is to bring a good quality game. But in the market where it's a saturated market, only quality is not enough, unless you have the top of the top game quality and the right timing.

[解讀] 在過去的一年裡，我們仍然看到市場玩家數量正在逐步增長，成功的秘訣在於推出高品質的遊戲。但在已經飽和的市場中，僅有品質是不夠的，除非你擁有頂級的遊戲品質和合適的時機。

(foreign language)

（外語）

[Interpreted] As come to end of this year, we've noticed that we find that most of the new games launched this year have not met their original expectation. But the quality of those games have been good. The reason why is that is the game was set up 3 years -- probably 3 years ago, where there was still incremental gamer growth. Their target is to build a good game, not necessarily have to be the top game or the most unique game. And 3 years later, the time has changed.

[解讀] 接近年底，我們注意到，今年推出的大多數新遊戲都沒有達到最初的預期。但這些遊戲的品質都很好。原因在於這些遊戲是在三年前——大概三年前——成立的，當時玩家數量仍在穩定成長。他們的目標是打造一款優秀的遊戲，不一定要成為頂級遊戲或最獨特的遊戲。三年過去了，時代變了。

(foreign language)

（外語）

[Interpreted] From the user perspective, they would notice that for this year, there's a lot of new games. But they all look kind of the same, probably with different artistic designs. And for those game developers, they have turned into a rat race of the minor details. Those rat race wouldn't necessarily bring new users and new income, and the new profits for users. They don't necessarily have to try out this new game who looks the same with others, because they already have a game they've been devoted in.

[解讀] 從使用者的角度來看，他們會注意到今年有很多新遊戲。但它們看起來都差不多，可能只是美術設計不一樣。而對於遊戲開發者來說，他們已經陷入了為細節而進行的無止盡競爭。這種無止盡的競爭不一定能為用戶帶來新用戶、新收入和新利潤。他們不一定要嘗試這款看起來和其他遊戲一模一樣的新遊戲，因為他們已經有一款自己專注開發的遊戲了。

(foreign language)

（外語）

[Interpreted] So that means not necessarily the game market is shrinking or less active. On the contrary, we still see the gamer has been very active. From Bilibili's data perspective, the viewers in our game content verticals, the DAU and their time spent are actually increasing a lot. They also pay close attention to new games. But the new games, which can convert real new users, need to be very unique, very different from what the market is already offering.

[解讀] 所以這並不表示遊戲市場正在萎縮或活躍度下降。相反，我們仍然看到玩家非常活躍。從嗶哩嗶哩的數據來看，我們遊戲內容垂直領域的觀眾人數、每日活躍用戶（DAU）和玩家使用時長其實都在大幅成長。他們也密切關注新遊戲。但能夠轉化真正新用戶的新遊戲必須非常獨特，與市場現有產品截然不同。

(foreign language)

（外語）

[Interpreted] Given said that, we think the time has changed. The standards to invest in new games have changed. Now we think there are three key criteria for a new game to succeed. One is long-term operations. Second is to be the top of a niche market or be a super top title in the market. Lastly is to focus on the ROI. In the past, the copycat type of project setup or the rat race type of R&D investment do not work anymore.

[解讀] 話雖如此，我們認為時代已經改變了。投資新遊戲的標準也變了。現在我們認為一款新遊戲的成功有三個關鍵標準。一是長期營運。二是成為利基市場的領頭羊，或是成為市場上的超級頭部遊戲。最後是關注投資報酬率。過去那種複製照抄的項目模式，或是那種老鼠賽跑式的研發投入模式，現在已經行不通了。

(foreign language)

（外語）

[Interpreted] That's exactly the why we have been reviewing and adjusting our in-house development projects. Because some of the projects were established based on the old standards. And based on the new market and new standards, those projects are very likely to be loss-making when the games come online. That's why we are doing those adjustments and streamlining our projects.

[翻譯] 這正是我們一直在審查和調整內部開發專案的原因。因為有些項目是基於舊標準建立的。而根據新的市場和新的標準，這些項目在遊戲上線後很可能會虧損。這就是我們進行這些調整和精簡專案的原因。

(foreign language)

（外語）

[Interpreted] After this adjustment of our in-house development games, we still kept a few titles that we think will remain competitive in the current market. We will pay close attention to the money invested in and focus our limited resource on the very selective titles who can meet those new standards.

[翻譯] 在對自研遊戲進行調整後，我們仍然保留了一些我們認為在當前市場仍具有競爭力的遊戲。我們將密切關注資金投入，並將有限的資源集中用於那些符合新標準的精選遊戲。

(foreign language)

（外語）

[Interpreted] We think the things that we're doing with our project adjustment are correct. This movement is not only being done by Bilibili, and it's actually across the industry. AIt's not necessarily a bad thing. We have returned to the fundamental of game developing. For this industry, the key competitiveness is innovation. Who can really succeed in this industry is the one with the most brilliant idea or the one with the most innovative game-making can prevail and succeed.

[解讀] 我們認為我們正在進行的專案調整是正確的。這不僅僅是嗶哩嗶哩在做，實際上整個行業都在這樣做。這未必是壞事。我們回歸了遊戲開發的本質。對這個產業來說，關鍵的競爭力在於創新。在這個行業中，真正能夠取得成功的是那些擁有最絕妙創意的人，或者說那些擁有最具創新性遊戲製作的人，他們才能脫穎而出並取得成功。

(foreign language)

（外語）

[Interpreted] Lastly, I want to emphasize that on Bilibili platform, there are large amount of young users. We have young gamers who have been very, very active on our platform. And Bilibili is still the most popular game video content platform in China with very high condensity of young generations. And also, for our game development teams, they also have the sense and understanding of Chinese gamers. What we need to do is realize those advantage and translate that into game developing.

[解讀] 最後，我想強調的是，B站平台上擁有大量年輕用戶。我們平台上的年輕玩家非常活躍。 B站仍然是中國最受歡迎的遊戲影片內容平台，年輕一代的玩家密度很高。而且，我們的遊戲開發團隊也對中國遊戲玩家有著深刻的體會與體會。我們需要做的就是將這些優勢轉化為遊戲開發。

Next question comes from the line of Zhang Lei from Bank of America.

下一個問題來自美國銀行的張磊。

(foreign language) My questions are mainly regarding margins. So we noticed that we have a pretty distinct improvement in gross margin. And can you give us some outlook for Q4? And how should we look at your full year loss control target you made previously? And any change to our break-even target in 2024?

（外語）我的問題主要關於利潤率。我們注意到毛利率有相當明顯的提升。您能給我們講講第四季的展望嗎？您之前所訂定的全年虧損控制目標該如何看待？ 2024年的損益平衡目標有什麼改變嗎？

Okay, this is Sam. I will take this question. In Q3, our gross profit grew by 38% year-over-year and our GPM improved 5 consecutive quarters to 25%. We expect our gross profit margin can continue to improve sequentially in the Q4 as there is more revenue contribution from ad revenue. At the same time, we narrowed our non-GAAP operating loss by 51% in Q3. And we expect we can narrow our non-GAAP operating loss even more in Q4 compared with Q3.

好的，我是 Sam。我來回答這個問題。第三季度，我們的毛利年增 38%，毛利率連續五個季度改善，達到 25%。我們預計，由於廣告收入貢獻的增加，第四季的毛利率將繼續環比提升。同時，第三季的非 GAAP 營運虧損收窄了 51%。我們預計第四季的非 GAAP 營運虧損將比第三季進一步收窄。

That will help us to achieve our initial financial target that to reduce our non-GAAP operating loss by RMB 3 billion in 2023. So we do keep our initial financial goal unchanged. Notably, our operating cash flow has turned positive in Q3 indicating the business operation has entered into a positive cycle. We expect we can continue to generate positive operating cash flow in Q4.

這將有助於我們實現最初的財務目標，即在2023年將非公認會計準則下的營運虧損減少30億元。因此，我們維持最初的財務目標不變。值得注意的是，我們的營運現金流在第三季已轉為正值，表示業務營運已進入良性循環。我們預計第四季能夠繼續產生正值營運現金流。

Looking to 2024, we will continue our path of gross profit improvement and loss narrowing. On one hand, we have confidence in the growth of our high-margin business, like ad revenue, which will continue to contribute to gross profit growth. And that will be the main driver to narrow the loss. On the other hand, with some recent structural adjustments, we expect operating expenses, including R&D expenses, to further decline in 2024. Together, I think we will continue to work towards the goal of breakeven. Thank you.

展望2024年，我們將持續維持毛利成長和虧損收窄的動能。一方面，我們對高利潤業務（例如廣告收入）的成長充滿信心，這些業務將繼續推動毛利成長，並成為縮減虧損的主要驅動力。另一方面，鑑於近期的一些結構性調整，我們預計包括研發費用在內的營運費用將在2024年進一步下降。我相信，我們將繼續共同努力，實現損益平衡。謝謝。

That concludes the question-and-answer session. Thank you once again for joining Bilibili's Third Quarter 2023 Financial Results and Business Update Conference Call today. If you have any further questions, please contact Juliet Yang, Bilibili's Executive IR Director, or Piacante Financial Communications. Contact information for IR in both China and the U.S. can be found on today's press release. Thank you, and have a great day.

問答環節到此結束。再次感謝您參加嗶哩嗶哩2023年第三季財務業績及業務更新電話會議。如有任何疑問，請聯絡嗶哩嗶哩投資者關係執行總監Juliet Yang或Piacante Financial Communications。中國和美國投資者關係的聯絡方式請參閱今天的新聞稿。謝謝，祝您有美好的一天。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[本記錄中標記為 [已翻譯] 的部分由現場翻譯人員朗讀。 ]