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

大家好，歡迎參加 Bilibili 2023 年第三季財務業績和業務更新電話會議。今天的電話會議正在錄音。現在，我想把會議交給投資者關係執行董事朱麗葉·楊（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 filings with the SEC and Hong Kong Stock Exchange.

謝謝你，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期望。由於存在許多風險和不確定性，包括我們最近向美國證券交易委員會和香港證券交易所提交的文件中提到的風險和不確定性，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存在重大差異。

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

我們提供的非公認會計準則財務指標僅供比較之用。這些措施的定義和調節表可在我們今天早些時候發布的新聞稿中找到。提醒一下，本次會議正在錄製中。此外，投資者介紹和本次電話會議的網路直播重播將在 Bilibili IR 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.

今天就加入我們的 Bilibili 高階管理層包括： 董事會主席兼執行長陳銳先生；李嘉莉女士，董事會副主席兼營運長；范先生，財務長。

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

我現在把電話轉給范先生，由范先生代陳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，謝謝大家參加我們的 2023 年第三季電話會議，討論我們的財務和營運表現。我很高興能代表陳先生致今天的開幕詞。

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創紀錄的社群成長證明了我們自我驅動的內容生態系統的力量。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 DAU 年比成長 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 the 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.

月活躍用戶數也成長至 3.41 億的歷史新高。本季 DAU 與 MAU 比率提升至 30.2%。同時，用戶日均使用時長也創歷史新高，達到100分鐘，用戶總使用時間成長19%。強勁的用戶成長動能以及與我們的貨幣化工作的直接相關性令我們感到鼓舞。

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.

提高利潤率、縮小虧損、維持成長是我們今年的主要目標。第三季度，我們更有效地利用不斷擴大的流量，將商業化場景和產品融入內容生態系統，推動營收的高品質成長。

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.

這在我們的廣告和增值服務業務中體現得尤為明顯，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%，標誌著毛利率連續第五個季度改善。

Our tight expense control measures reduced our total operating expenses by 12%, including a 19% decrease in sales and marketing expenses and 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總營運費用減少了 12%，其中銷售和行銷費用年減 19%，一般及行政費用減少 8%，研發費用減少 6%。

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，第三季調整後營業虧損和調整後淨虧損均較去年同期收窄51%。值得注意的是，我們在第三季實現了產生正向營運現金流的重要里程碑，顯示我們的業務營運已進入良性循環，標誌著我們的獲利目標又向前邁進了一步。

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年是各產業和市場持續變化的一年。為了適應新的範式，我們正在加大對核心業務的關注，削減回報較低領域的支出。第四季度，我們進一步精簡了組織，預計到 2023 年底我們的總員工人數將達到 9,100 人左右，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重點。

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

透過這些措施，我們作為一個組織將變得更加靈活，更好地適應新環境，為嗶哩嗶哩的長期成功奠定基礎。有了這個概述，讓我們更詳細地看看我們的內容、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 more wider fan base during the third quarter.

從內容和社群開始。代表我們社區品質的關鍵指標持續上升。第三季度，我們平台上的每日活躍內容創作者數量增加了 21%，每月新內容提交量為 2,100 萬，較去年同期成長 37%。第三季更多的內容創作者贏得了更廣泛的粉絲群。

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.

粉絲過萬的內容創作者數量較去年同期成長36%。每日影片總觀看次數較去年同期成長 26% 至 47 億，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，用戶在我們身上花費的時間比以往任何時候都多，用戶每天花費的時間達到了 100 分鐘的歷史最高水平。

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，我們的用戶月互動量也較去年同期成長18%，達到170億。截至第三季末，參加並通過社區考試的正式會員數量達到2.24億，年增23%。他們的 12 個月保留率仍然保持在 80% 左右的強勁水平。

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 and maternity and automotive.

我們的內容類別不斷擴大，吸引了更多用戶，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生活階段，新的類別出現，例如家居裝飾、人際關係、母嬰和汽車。

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.

例如，第三季家居裝飾和家電類別的新內容提交量年增近90%。同時，該類別的內容創作者及其收入以及同一類別產生的廣告收入都顯著提高。

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，嗶哩嗶哩共有168萬名內容創作者產生收入，較去年同期成長34%。影片和直播商業的採用也為更多創作者實現商業價值帶來了額外的管道。第三季透過影片和直播商業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, BilibiliWorld 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，我們的兩大標誌性線下活動Bilibili World和Bilibili Macro Link吸引了超過20萬名上海年輕人聚集在一起，體驗我們獨特的社區文化。如此高的上座率凸顯了嗶哩嗶哩在年輕一代中的影響力，並為我們帶來了更多的品牌廣告商和增量預算分配。

Lastly, I'd like to talk about commercialization. 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.

最後我想談談商業化。第三季總收入為人民幣58億元，較去年同期持平。廣告收入和增值服務收入較去年同期成長21%和17%，但被遊戲收入較去年同期下降33%所抵銷。

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.

我們對廣告和增值服務業務的進展感到鼓舞，這些業務的收入成長潛力與每日活躍用戶成長直接相關。同時，我們也更仔細地審視了我們的遊戲業務，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. 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.

更詳細地看看這個。我們不斷發展和參與的社區是商業化的基礎。隨著人們花費更多的時間並參與更多的社區活動，他們更願意為 Bilibili 的內容和服務付費。

Looking at our VAS business. VAS revenue for the 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.

看看我們的加值服務業務。增值服務收入年增17%至人民幣26億元，主要由直播業務帶動。直播與我們的視訊世界的持續互動不斷產生成果。

More content creators are stepping into live broadcasting as hosts, further enriching our live broadcasting offerings and enabling them to earn income. 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.

越來越多的內容創作者開始涉足直播領域，進一步豐富我們的直播內容，讓他們獲得收入。截至 9 月底，我們的高級會員數量已增至 2,110 萬，其中超過 80% 的會員購買了年度訂閱或自動續訂套餐，這凸顯了我們對品牌建立的信任和忠誠度。

In the third quarter, we launched the highly anticipated self-produced anime, Link Click Season 2, Shiguang Dailiren Di Er Ji, which was well received by many new and old fans. In September, we announced 68 new Chinese anime titles at our sixth 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.

第三季度，我們推出了備受期待的自製動漫《連連看第二季》《時光帶里人第二季》，受到了許多新舊粉絲的好評。 9 月，我們在第六屆 Bilibili 製作中國動漫新聞發布會上宣布了 68 部新的中國動漫作品。這些遊戲大部分將在未來幾年內發布，確保我們的高級會員能夠源源不絕地獲得喜愛的內容。

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.

轉向我們的廣告業務。隨著我們在廣告產品中進一步跨場景整合銷售轉換工具，我們現在正在更有效地將優質流量轉化為廣告收入的大幅成長。

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.

第三季廣告總營收年增21%，達16億元，主要由效果廣告帶動，較去年同期成長超過40%。值得注意的是，我們強勁的廣告收入成長促進了毛利的顯著成長，基於效果的廣告帶來了更高的收入貢獻。

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.

第三季度，我們前五名的廣告垂直行業是遊戲、數位產品和家電、電子商務、食品和飲料以及汽車。儘管第三季度傳統上是電子商務廣告的淡季，但我們強化的廣告解決方案使我們能夠在這個競爭激烈的行業中獲得更大的廣告預算份額。

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.

在第四季雙11期間，我們進一步加強與電商平台的數據合作，升級視訊和直播廣告產品。雙11期間，我們的視訊和直播電商產品總GMV年增超過250%。

Turning to our game business. Total revenues was 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.

轉向我們的遊戲業務。總收入為人民幣9.92億元，季增11%，年減33%。年比下降的原因是《太空獵手 3》2022 年夏季發布的基數較高，以及今年第三季新遊戲表現弱於預期。

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.

我們的舊遊戲《碧藍航線》和《FGO》在此期間保持穩定。 2023 年 8 月 30 日，我們推出了獨家授權的 ACG 遊戲《Pretty Derby》。 2023年9月8日，遊戲因內容優化而暫時從App Store下架，我們正努力盡快恢復下載存取。

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.

過去兩年，遊戲產業發生了巨大變化。在第四季度初，我們仔細審查了我們內部的遊戲開發項目。我們進一步精簡了內部開發團隊，並終止了不符合我們標準的專案。整合這些業務將有助於減少我們未來的研發費用。

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.

不過，作為年輕一代的視訊社區，我們在遊戲產業擁有天然的優勢。我們的目標是進一步利用我們不斷增長的廣告能力來增強我們的遊戲發行能力，並有選擇地投資於我們的內部開發，為我們的用戶帶來高品質的遊戲，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.

總而言之，我們致力於實現今年毛利改善、虧損減少的財務目標。我們已經實現了這一目標，第三季毛利潤成長了 38%，調整後營業虧損和調整後淨虧損均減少了 51%。我們將繼續沿著這條道路走下去。

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

同時，我們堅信優質內容和社群的力量。 1 億 DAU 只是我們的另一個開始。我們將不忘初心，繼續豐富中國年輕一代的日常生活。陳先生的發言到此結束。我現在將簡要概述我們 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.

正如陳總在演講中提到的，我們的財務狀況有了顯著改善。我們在建立社區和視訊生態系統的同時，繼續獲得營運槓桿。我們連續五個季度提高了毛利率並縮小了調整後的淨虧損。

Total net revenues for the third quarter were RMB 5.8 billion, on par with the same period last year. Our total net revenues, breaking down by revenue stream, were 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。按收入來源劃分，我們的總淨收入約為： 45% 的加值服務； 28% 廣告； 17% 手機遊戲； 10%來自我們的智慧財產權衍生性商品和其他業務。

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.

收入成本較去年同期下降8%至人民幣44億元，帶動毛利潤達人民幣15億元，較去年同期成長38%。我們的毛利率達到25%，高於去年同期的18%。我們預計第四季毛利率將繼續改善。

Our total operating expenses were down 12% year-over-year to RMB 2.6 billion. In the third quarter, we cut our sales and marketing expenses by 19% year-over-year to RMB 992 million while our DAUs reached a record high. Sales and marketing 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 26 億元。第三季度，我們的銷售和行銷費用年減 19% 至 9.92 億元人民幣，而 DAU 創歷史新高。銷售和行銷費用佔總收入的 17%，而去年同期為 21%。一般及行政費用為人民幣4.99億元，較去年同期下降8%。研發費用11億元，年減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. Notably, we generated positive operating cash flow in the third quarter, demonstrating our business operation has entered into a positive cycle.

因此，第三季調整後營業虧損和調整後淨虧損年減 51%。第三季調整後淨虧損率為15%，較去年同期的30%有所改善。值得注意的是，第三季我們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。

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. 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.

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145億元人民幣（20億美元）。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。

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. 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.

截至2023年9月30日，2026年4月票據、2027年票據及2026年12月票據的未償還本金總額為8.62億美元。我們相信我們的現金狀況足以支付我們所有剩餘的可轉換債券。由於遊戲收入低於預期，我們目前預計 2023 年全年營收將在 225 億元至 235 億元的人民幣下限。

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

感謝您的關注。我們現在想開始回答您的問題。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)

（操作員說明）為了今天電話會議所有參與者的利益，如果您想用中文向管理層提出問題，請立即用英語重複您的問題。公司將在問答環節對管理階層的發言提供交替傳譯。請注意，英文翻譯僅供方便之用。如有任何差異，以管理層的原始語言聲明為準。 （操作員說明）

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張學慶的電話。

(foreign language) And 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 actually your company has internally proposed a grow-up, doubling DAU. So could management share your path and timetable for achieving this goal that 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。第三季DAU首度突破1億大關，用戶時長也創歷史新高，您對用戶成長潛力有何看法？最近，有媒體報告說，實際上你們公司內部已經提出了將 DAU 擴大一倍的建議。那麼管理階層能否分享你們實現這目標的路徑和時間表，目前它應該增加用戶獲取的費用？

(foreign language)

（外語）

[Interpreted] I think in the big movement of the utilization, 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】我覺得在使用的大動作中，一個好的影片產品自己越做越大是一個很自然的過程。所以我們內部在講用戶成長策略的時候，一直強調提升內容品質、改善用戶體驗，而不是主要透過獲取用戶。

(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】所以從去年第二季開始，我們就一直強調用戶獲取策略的投資報酬率。由於我們在銷售和行銷方面的支出減少，我們的每日活躍用戶數實際上正在增​​長。

(foreign language)

（外語）

[Interpreted] And that is why we have been focusing on improving the operating efficiency, improving our product capability and pursue simultaneous commercialization as well as the user growth virtuous 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、追求商業化同步以及用戶成長的良性循環。

(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DAU已經突破1億大關。我們的每月活躍用戶數也創下了歷史新高。這是我們過去一年的用戶成長策略成功的有力證據。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，使用者基礎將是關鍵的競爭優勢之一。我們獲得的用戶群越大，內容創作者和商業化就會越多。

(foreign language)

（外語）

[Interpreted] And 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 has -- its revenue growth has direct correlation with DAU growth.

【解讀】而對網路產品來說，使用者基礎也是我們商業化的基礎。從嗶哩嗶哩的商業化模式可以看出，廣告和直播的收入成長與DAU成長有直接的相關性。

(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 revenue 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.

【解讀】第三季度，我們的廣告收入和增值服務收入較去年同期分別成長21%和17%。正如你所看到的，我們已經制定了策略，或者在廣告和增值服務（特別是直播）的流量成長和收入成長之間形成了良性循環。同時，這兩個部門成長的收入也轉化為──其中一部分也轉化為我們內容創作者的收入，也將在我們的平台上產生更多的內容創作。因此，從內容生態系統的角度來看，這對我們整個內容生態系統也非常正面。

(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】目前來看，我們的用戶規模仍然有很大的成長潛力。當我做使用者研究時，我發現對B站用戶來說，口碑效應非常好。對產品感覺良好的人自然會傳播口碑並介紹新用戶。如果你看一下過去一年的數據，我們不僅實現了非常強勁的用戶成長，而且在社群成長、影片觀看次數和內容創作者數量方面的許多指標也都超過了我們。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 it's -- we think it's a very natural desire for all human beings to find good content and find brands who share the same interest.

[解讀]我相信我們的內容生態系統會持續繁榮，嗶哩嗶哩應該能夠吸引越來越多的用戶，因為我們認為尋找好的內容、找到有共同興趣的品牌是全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 who are making money by investing in that user acquisition strategy. That is the mid- to long-term user growth strategy for us.

【解讀】未來，我們仍將主要依賴產品改進、內容拓展來推動用戶成長，並配合以ROI為中心的銷售和行銷，只有在ROI有意義的情況下才會投資於用戶獲取。這意味著僅獲取透過投資該用戶獲取策略來賺錢的用戶。這就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 in margin improvement, loss narrowing and maintain 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】去年底，我為公司提出了三個重點目標，就是提高利潤率、縮小虧損、維持成長。我們希望同時實現這三個目標，而不是透過犧牲前兩個目標來實現最後一個目標。

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) So 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?

（外文）那麼管理階層能否幫忙闡述廣告業務的關鍵驅動因素，特別是本季的ERS以及雙11促銷活動期間的表現如何？另外，能否介紹一下你們在直播電商和短視訊電商方面的進展？最後，我們應該如何預期 2024 年的細分市場成長？

(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.

【解讀】第三季度，我們的廣告收入較去年同期成長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%。而且，它也推動了毛利率——公司層面毛利的提高。

(foreign language)

（外語）

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

【解讀】所以我們全面介紹了過去兩個季度我們廣告業務的重點策略和驅動力，就是橫向的行業解決方案以及中間平台力量的提升。

(foreign language)

（外語）

[Interpreted] So 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 health care industry, which also grew by 20% quarter-over-quarter. Going forward, we will continue to strengthen on those industries' performance.

【解讀】所以從產業垂直角度來看，遊戲和電商已經非常強勢了。儘管第三季是傳統淡季，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其他整合解決方案。例如，我們看到汽車和醫療保健行業表現良好，季度環比增長了 20%。展望未來，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】我們還在平台層面提升了廣告效率，在不同場景下釋放更多商業價值。其中，效果廣告第三季年增40%，成為廣告業務的主要成長動力。

(foreign language)

（外語）

[Interpreted] In terms of the Double 11 shopping festival performances, 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11購物節表現而言，我們認為整體體驗－整體表現超出了我們的預期。主要電商平台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，繼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 baby and maternity verticals.

例如，阿里巴巴星火計畫的廣告收入較今年6月18日購物節增加了160%以上。我們與70多家品牌廣告商合作，為廣告主帶來新用戶。轉換到阿里巴巴的流量中有超過 50% 是這些品牌所有者的新用戶。而母嬰垂直產業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，其實已經證明了嗶哩嗶哩效果廣告的轉換價值。這就是為什麼除了阿里巴巴的星火計畫之外，我們最近還推出了與京東合作的京火計畫。

(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 grew by 100%.

【解讀】雙11期間，我們的視訊和直播電商產生的GMV年增超過250%。我們在內容社群內逐漸建立了消費和交易氛圍。購物季期間，電商相關影片數量成長超230%，電商直播場次也成長100%。

Bilibili's content creator, @MrMiDeng, his live e-commerce GMV has reached RMB 1.68 billion, which increased by over 400%. From 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.

嗶哩嗶哩的內容創作者@MrMiDeng，他的直播電商GMV已達16.8億元人民幣，成長超400%。從交易氛圍以及廣告收入成長來看，我們有信心能夠繼續保持這一勢頭，繼續增加電子商務相關的廣告收入。

(foreign language)

（外語）

[Interpreted] As 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 is that 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 that will be our growth accelerator.

【解讀】對於第四季和2024年的廣告收入成長軌跡，我們仍然充滿信心。以下是我們希望繼續加強和改進的一些方法。首先，我們都知道嗶哩嗶哩的內容可以深刻影響使用者的心態和品牌認知。我們將非常專注，並繼續打造​​我們的品牌廣告能力。 Sparkle 平台將成為槓桿和以效果為基礎的廣告，成為我們的成長加速器。

(foreign language)

（外語）

[Interpreted] And secondly is 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 we can reach user from multiple media scenario and achieve multiple ad revenue growth. And 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】第二就是我們會不斷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。原因是我們可以從多種媒體場景接觸到用戶，實現廣告收入的倍數成長。 2024年，我們將繼續升級並幫助我們的廣告客戶在嗶哩嗶哩內容社群中建立品牌資產，並幫助他們建立可持續且可衡量的成長模型。

(foreign language)

（外語）

[Interpreted] Thirdly is to improve the effectiveness and efficiency of our traditional ad scenarios and find new scenarios that's simple 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】第三是提高我們傳統廣告場景的效果和效率，找到適合不同廣告策略的簡單的新場景。展望未來，我們將持續尋找自然流量和商業流量更好協作的方法，以提高整體廣告效率。

(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, fear of staging; 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，我們會密切關注我們品牌－廣告客戶的四個關鍵需求：第一，新品發布；第二，廣告客戶的需求。第二，害怕上演；第三，基於交易的廣告需求；最後是季節性行銷活動。我們將基於這四個關鍵需求，繼續建立非常有效的廣告解決方案。這就是為什麼我對我們第四季的廣告收入成長仍然非常有信心。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集團的 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 -- continue to be in Tencent. One of our peer recently exited their game business. So 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）我自己翻譯一下。所以我們注意到——我的問題是關於遊戲業務的。我們注意到遊戲競爭格局依然存在──持續在騰訊。我們的一位同行最近退出了他們的遊戲業務。那麼您對自己內部遊戲研發進度的看法，您如何看待這裡的遊戲業務？我們的遊戲《漂亮德比》有什麼更新嗎？

(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.

[解讀]首先，我要談談漂亮德比。我們非常重視這個遊戲。同時，我們也重視使用者體驗。所以我們會盡快進行小規模的內容優化和技術升級，並將遊戲重新上架App Store。

(foreign language)

（外語）

[Interpreted] And one thing I want to add is that for users who already download the game, their feedback and experience, the feedback has been very positive.

[解讀]我想補充的一件事是，對於已經下載遊戲的用戶來說，他們的回饋和體驗，回饋都是非常正面的。

(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】正如您所提到的，今年遊戲市場競爭非常激烈。我認為還不止於此。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，很難獲得新用戶，並且已經成為一個更飽和的市場。

(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】過去的一年，市場上的遊戲玩家仍在增量，但成功的秘訣就是帶來優質的遊戲。但在市場已經飽和的情況下，僅有品質是不夠的，除非你擁有頂尖的遊戲品質和正確的時機。

(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 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】到了今年年底，我們注意到今年推出的新遊戲大部分都沒有達到最初的預期。但這些遊戲的品質都很好。原因是這款遊戲已經推出了 3 年——可能是 3 年前，當時玩家仍在不斷增長。他們的目標是打造一款好遊戲，不一定是頂級遊戲或最獨特的遊戲。而3年後，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 means new users and new income and 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】從使用者角度來說，他們會注意到今年有很多新遊戲。但它們看起來都差不多，可能有不同的藝術設計。而對於那些遊戲開發者來說，他們已經變成了一場細節上的激烈競爭。這些激烈的競爭並不一定意味著新用戶、新收入和新利潤。他們不一定要嘗試這款看起來與其他遊戲相同的新遊戲，因為他們已經有了一款自己一直熱衷的遊戲。

(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】所以這並不一定意味著遊戲市場正在萎縮或較不活躍。相反，我們仍然看到遊戲玩家一直非常活躍。從嗶哩嗶哩的數據來看，我們遊戲內容垂直領域的觀眾、DAU和花費的時間其實都在增加很多。他們也密切關注新遊戲。但能夠轉化真正的新用戶的新遊戲必須非常獨特，與市場上現有的遊戲截然不同。

(foreign language)

（外語）

[Interpreted] Having said that, we think the time has changed. The standards to invest in new games has 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. And lastly is focus on the ROI. And in the past, the copycat type of project setup or the rat race type of R&D investment does not work anymore.

[解讀]話雖如此，我們認為時代已經改變了。投資新遊戲的標準已經改變。現在我們認為新遊戲的成功需要三個關鍵標準。一是長期經營。其次是成為利基市場的頂級或市場中的超級頂級。最後是關注投資報酬率。而過去那種山寨式的立項或激烈的研發投入已經行不通了。

(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 is very likely to be loss-making when the game came online. That's why we are doing those adjustments and streamline our projects.

[解讀]這正是我們一直在審查和調整我們內部開發專案的原因。因為有些項目是按照舊標準建立的。而基於新的市場、新的標準，這些項目在遊戲上線後很可能會出現虧損。這就是我們正在進行這些調整並簡化我們的專案的原因。

(foreign language)

（外語）

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

【解讀】經過這次自研遊戲的調整，我們仍然有一些我們認為在當前市場上仍具有競爭力的遊戲。我們將非常密切地關注投資資金，並將我們有限的資源集中在能夠滿足這些新標準的精選遊戲上。

(foreign language)

（外語）

[Interpreted] We think the things that we're doing with our project adjustment is correct. This movement is not only being done by Bilibili, and it's actually across the industry. And it's not necessarily a bad thing. We have returned to the fundamental of game developing, which for this industry, the key competitiveness is innovation. And 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】我們認為我們專案調整所做的事情是正確的。這個運動不只是嗶哩嗶哩在做，實際上是整個行業都在做。這並不一定是壞事。我們回到了遊戲開發的根本，對這個產業來說，最關鍵的競爭力就是創新。而真正能在這個行業取得成功的人，只有擁有最出色創意的人，或是最有創新性的遊戲製作者，才能取得勝利並取得成功。

(foreign language)

（外語）

[Interpreted] Lastly, I want to emphasize that on Bilibili platform, there are large amounts 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站平台上有大量的年輕用戶。我們的年輕玩家在我們的平台上非常非常活躍。而嗶哩嗶哩仍然是中國最受歡迎的遊戲影片內容平台，年輕一代的密度非常高。而我們的遊戲開發團隊也有中國遊戲玩家的感覺和理解。我們需要做的就是認識到這些優勢並將其轉化為遊戲開發。

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) And questions routinely regarding margin. So we noticed that we have a pretty distant 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）以及有關保證金的常規問題。所以我們注意到我們的毛利率有了相當大的改善。您能給我們一些第四季的展望嗎？那麼，我們又該如何看待先前所訂定的全年損益目標呢？我們 2024 年的收支平衡目標有何改變？

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，這是山姆。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 5 個季度提高至 25%。我們預計第四季度我們的毛利率將繼續改善，因為廣告收入的收入貢獻更大。同時，我們第三季的非 GAAP 營運虧損縮小了 51%。我們預計第四季的非公認會計準則營運虧損將比第三季進一步縮小。

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 in check. Notably, our operating cash flow has turned positive in Q3 and 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 GAAP 營運虧損減少 30 億元。因此，我們確實控制了最初的財務目標。值得注意的是，第三季我們的經營現金流轉正，顯示業務經營已進入正循環。我們預計第四季能夠繼續產生正的營運現金流。

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，我們將持續毛利改善、虧損收窄的道路。一方面，我們對廣告收入等高利潤業務的成長充滿信心，這將繼續為毛利成長做出貢獻。這將是縮小損失的主要驅動力。另一方面，隨著最近的一些結構調整，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。我認為我們將繼續努力實現盈虧平衡的目標。謝謝。

And 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。再次感謝您今天參加 Bilibili 2023 年第三季財務業績和業務更新電話會議。如果您還有任何疑問，請聯絡 Bilibili 執行投資者關係總監 Juliet Yang 或 Piacante Financial Communications。您可以在今天的新聞稿中找到中國和美國 IR 的聯絡資訊。謝謝您，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.]

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]