使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Good day, and welcome to the Bilibili third-quarter 2024 financial results and business update conference call. Today's conference is being recorded.
大家好,歡迎參加 Bilibili 2024 年第三季財務業績和業務更新電話會議。今天的會議正在錄製中。
At this time, I would like to turn the conference over to Juliet Yang, Executive Director of Investor Relations. Please go ahead.
現在,我想把會議交給投資者關係執行董事朱麗葉·楊(Juliet Yang)。請繼續。
Juliet Yang - Executive Director, IR
Juliet Yang - Executive Director, IR
Thank you, operator.
謝謝你,接線生。
During this call, we'll discuss our 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 the Hong Kong Stock Exchange. The non-GAAP financial measures we'll 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.
在這次電話會議中,我們將討論我們的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。我們將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。
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.
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'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.
今天加入我們的還有 Bilibili 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。
I will now turn the call to Mr. Chen.
我現在將電話轉給陳先生。
Rui Chen - Chairman of the Board, Chief Executive Officer
Rui Chen - Chairman of the Board, Chief Executive Officer
Thank you, Juliet, and thank you, everyone, for participating in our third-quarter 2024 conference call to discuss our financial and operating results. I'm pleased to deliver today's opening remarks.
謝謝朱麗葉,謝謝大家參加我們的 2024 年第三季電話會議,討論我們的財務和營運表現。我很高興發表今天的開幕詞。
The third quarter of 2024 was a landmark quarter for Bilibili. We are excited to share that we achieved our first quarterly adjusted net profit while setting new records across our community metrics. These milestones are a strong testament to our ability to deliver profitable growth and the unique community value that we continue to unlock.
2024年第三季對於嗶哩嗶哩來說是具有里程碑意義的季度。我們很高興與大家分享,我們實現了第一個季度調整後淨利潤,同時在社區指標上創造了新記錄。這些里程碑有力地證明了我們實現盈利成長的能力以及我們不斷釋放的獨特社區價值。
Looking at our financials in more detail, total revenues in the third quarter accelerated, rising by 26% year over year, reaching RMB7.3 billion, driven by our successful diversification into the strategy game genre. Games revenue led our growth, surging by 84% year over year. Meanwhile, our advertising business maintained its strong performance in the third quarter, recording a 28% year-over-year increase.
更詳細地看我們的財務數據,在我們成功多元化進入策略遊戲類型的推動下,第三季總收入加速成長,年增 26%,達到 73 億元人民幣。遊戲收入引領我們的成長,年增 84%。同時,我們的廣告業務在第三季保持強勁表現,較去年同期成長28%。
The increasing top-line contribution from our high-margin games and advertising business propelled our gross profit, up by 76% year over year, driving our gross profit margin jump to 34.9% from 25.0% in the same period last year. As a result, we successfully exceeded our commitment to reaching breakeven in the third quarter, achieving an adjusted operating profit of RMB272 million and an adjusted net profit of RMB236 million.
高利潤遊戲和廣告業務的營收貢獻不斷增加,推動毛利年增76%,毛利率由去年同期的25.0%躍升至34.9%。結果,我們成功超額完成了第三季度實現盈虧平衡的承諾,實現調整後營業利潤人民幣2.72億元、調整後淨利潤人民幣2.36億元。
While making remarkable financial progress, we continue to grow and cultivate our community. Both DAUs and MAUs reached record highs in the third quarter, hitting 107 million and 348 million, respectively. Meanwhile, the average daily time spent per user rose to a new high of 106 minutes, with robust user retention and engagement. Our users have stayed with us and grown with the platform.
在取得顯著財務進展的同時,我們繼續發展和培養我們的社區。第三季 DAU 和 MAU 均創下歷史新高,分別達到 1.07 億和 3.48 億。同時,每位用戶的平均每日花費時間升至 106 分鐘的新高,用戶留存率和參與度強勁。我們的用戶一直與我們在一起並與平台一起成長。
The average age of Bilibili users is now 25. As these users enter new life stages with increasing spending power, we will continue to curate more diverse content and services that cater to their evolving needs. Moving ahead, we remain committed to building a welcoming and inspiring video community with all the videos you like.
目前嗶哩嗶哩用戶的平均年齡為25歲。展望未來,我們仍然致力於建立一個歡迎和鼓舞人心的視頻社區,提供您喜歡的所有視頻。
Our return to profitability marks a new starting point in our journey. We will continue to invest in key infrastructure that supports content creation and distribution, reinforcing our leading position in the high-quality video content space and creating value for all our stakeholders.
我們恢復獲利標誌著我們旅程的新起點。我們將繼續投資支持內容創作和分發的關鍵基礎設施,鞏固我們在高品質視訊內容領域的領先地位,並為所有利害關係人創造價值。
With that overview, let's look at our core content, community, and commercialization pillars in more detail, beginning with content and community. In the third quarter, our average daily video views exceeded 5.7 billion, up 23% year over year. The growth reflects the effectiveness of our strategy to broaden content categories and encourage high-quality content creation.
有了這個概述,讓我們從內容和社群開始,更詳細地了解我們的核心內容、社群和商業化支柱。第三季度,我們的日均影片觀看次數超過 57 億次,較去年同期成長 23%。這一增長反映了我們擴大內容類別和鼓勵高品質內容創作的策略的有效性。
While our leading categories maintained their popularity, consumption-related categories continued rising. This is being driven by increasing user demand as the young generation becomes the mainstream of consumer society. Video views in fashion and home appliances and decoration grew by over 25% year over year, while views in automotive, baby and maternity, sports and fitness categories surged by more than 40% compared with the same period last year.
在主導品類維持熱度的同時,消費相關品類持續成長。隨著年輕一代成為消費社會的主流,用戶需求的成長推動了這一趨勢。時尚家電、裝潢影片觀看量較去年同期成長超過25%,汽車、母嬰、運動健身類影片觀看量較去年同期激增超過40%。
The diverse commercialization channels we offer continue to empower our content creators to realize their commercial value while pursuing what they love. For the first nine months of 2024, nearly 2.7 million content creators received income through various channels on our platform. Content creators' total income through our various advertising and VAS products grew by 24% during this period. Notably, content creators' total income through our fan charging product saw an over 400% increase year over year in the same period.
我們提供的多元化商業化管道繼續幫助我們的內容創作者在追求自己熱愛的事物的同時實現他們的商業價值。 2024 年前 9 個月,近 270 萬內容創作者透過我們平台上的各種管道獲得了收入。在此期間,內容創作者透過我們的各種廣告和增值服務產品獲得的總收入成長了 24%。值得注意的是,內容創作者透過粉絲收費產品所獲得的總收入年增超過400%。
Turning to our community metrics, in the third quarter, our DAU spent nearly 106 minutes on our platform every day, compared with 100 minutes in the same period last year. Our monthly interactions surpassed 19.3 billion, marking a 14% year-over-year increase. By the end of Q3, our official members grew to 251 million, with our 12-month retention rate remaining around 80%.
談到我們的社區指標,第三季度,我們的 DAU 每天在我們平台上花費的時間接近 106 分鐘,而去年同期為 100 分鐘。我們的月互動量超過 193 億,年增 14%。截至第三季末,我們的正式會員數量已增至 2.51 億,12 個月的留存率維持在 80% 左右。
Additionally, our sponsored esports team, Bilibili Game, BLG, fought their way to second place in the League of Legends S14 World Championship, marking a new record in the team's history. We are proud of their achievement and look forward to their continued success in the upcoming year. Events like these continue to support our leadership in the game community and make Bilibili the top choice for young generations.
此外,我們贊助的電競戰隊Bilibili Game BLG在《英雄聯盟》S14世界賽中力爭獲得第二名,創造了戰隊史上的新紀錄。我們為他們的成就感到自豪,並期待他們在未來一年繼續取得成功。此類活動將繼續支持我們在遊戲社群中的領導地位,並使嗶哩嗶哩成為年輕一代的首選。
Last but not least, we are excited to share that our MSCI ESG rating was upgraded to an A this year, a testament to our steady ESG improvements over the past few years. This achievement underscores our dedication to advancing our ESG practices, where we use our influence to impact communities and society positively.
最後但並非最不重要的一點是,我們很高興與大家分享,我們的 MSCI ESG 評級今年已升級至 A,這證明了我們在過去幾年中穩步改善的 ESG。這項成就凸顯了我們致力於推進 ESG 實踐,並利用我們的影響力對社區和社會產生積極影響。
Now, I'd like to talk about the progress of our commercialization in each of our business lines. First, on our games business, in the third quarter, our games revenues increased by 84% year over year to RMB1.8 billion, driven by the outstanding performance of our strategy game, San Guo: Mou Ding Tian Xia, San Mou. The game's initial performance reinforces our confidence in the longevity of San Mou. We will continue to roll out new content updates and gameplay to deliver better gaming experiences to users. San Mou's success shows the vast potential that lies within our game community. We plan to leverage our unique game industry advantage to further explore other game opportunities in different genres.
現在我想談談我們各個業務線的商業化進展。首先,在我們的遊戲業務方面,第三季度,我們的遊戲收入年增84%至人民幣18億元,受惠於我們的策略遊戲《三國:謀鼎天下》、《三謀》的優異表現。遊戲的初步表現增強了我們對三謀長壽的信心。我們將持續推出新的內容更新和玩法,為用戶帶來更好的遊戲體驗。三謀的成功展示了我們遊戲社群的巨大潛力。我們計劃利用我們獨特的遊戲產業優勢,進一步探索不同類型的其他遊戲機會。
Meanwhile, we remain committed to bringing the best ACG titles to our users. Our legacy titles, FGO and Azur Lane, maintained their popularity as they celebrated their eighth- and seventh-year anniversaries, respectively. In addition, we launched the Japanese RPG game, Jujutsu Kaisen: Phantom Parade/Zhou Shu Hui Zhan: Huanying Youxing, in overseas markets in November which was well received.
同時,我們仍然致力於為用戶帶來最好的二次元遊戲。我們的經典作品《FGO》和《碧藍航線》在分別慶祝八週年和七週年紀念日時依然保持著高人氣。此外,我們於11月在海外市場推出了日式RPG遊戲《柔術會戰:幻影巡遊/週書會戰:幻影遊行》,受到好評。
Turning to our advertising business, our advertising business continued to outperform the industry in the third quarter. Advertising revenues increased by 28% year over year to RMB2.1 billion. Robust revenue growth in our performance-based ads was the largest contributor, increasing nearly 50% year over year in the third quarter.
廣告業務方面,第三季我們的廣告業務持續跑贏產業。廣告收入較去年同期成長28%至人民幣21億元。效果廣告收入的強勁成長是最大的貢獻者,第三季較去年同期成長近 50%。
We also achieved decent year-on-year growth in brand and native ad revenues, reinforcing our strength in integrated marketing capabilities. Our top five advertising industry verticals in the third quarter were games, e-commerce, digital products and home appliances, internet services, and automotive. As more and more e-commerce platforms recognize the commercial value of our unique young user base, they allocated larger advertising budgets to our platform. We saw a particular uptick over the summer vacation and back-to-school season, resulting in an 80% year-over-year surge in e-commerce advertising revenues. Meanwhile, we are also attracting more advertisers from emerging verticals. In the third quarter, ad revenues from education, baby and maternity, and travel and lodging all grew by over 100% year over year.
我們的品牌和原生廣告收入也取得了不錯的年成長,增強了我們的整合行銷能力。第三季排名前五名的廣告業垂直產業是遊戲、電子商務、數位產品和家電、網路服務和汽車。隨著越來越多的電商平台認識到我們獨特的年輕用戶群的商業價值,他們為我們的平台分配了更大的廣告預算。我們看到暑假和返校季的成長尤其明顯,導致電子商務廣告收入較去年同期成長 80%。同時,我們也吸引了更多來自新興垂直領域的廣告主。第三季度,教育、母嬰、旅遊住宿等廣告收入較去年同期增幅均超過100%。
In addition, we continue to enhance our ad infrastructure to improve efficiency, and we have seen early benefits from these efforts. For example, as we roll out a more user-friendly and effective ad placement system, the number of performance-based advertisers increased by over 40% year over year in the third quarter. We plan to further incorporate AI technologies into our smart ad delivery system and launch a series of tools for ad material creation with higher efficiency and lower costs. These initiatives are expected to attract and retain more advertisers on our platform.
此外,我們繼續增強廣告基礎設施以提高效率,並且我們已經看到了這些努力的早期效益。例如,隨著我們推出更人性化、更有效率的廣告投放系統,第三季效果型廣告主數量年增超過40%。我們計劃進一步將人工智慧技術融入我們的智慧廣告投放系統中,並推出一系列更高效、更低成本的廣告素材製作工具。這些舉措預計將吸引並留住更多廣告商在我們的平台上。
Turning to our VAS business, revenues from our VAS business increased by 9% year over year to RMB2.8 billion in the third quarter. This quarter, we welcomed the more users to join and enjoy our live broadcasting universe as we continued expanding our content offerings to meet their diverse interests. Simultaneously, we remain focused on refining our operations to ensure sustainable business growth while improving margins.
增值業務方面,第三季增值業務收入較去年同期成長9%至人民幣28億元。本季度,我們歡迎更多用戶加入並享受我們的直播世界,我們繼續擴展我們的內容以滿足他們多樣化的興趣。同時,我們仍然專注於完善我們的運營,以確保業務可持續成長,同時提高利潤率。
Our premium membership program grew steadily year over year, reaching nearly 22 million members in the third quarter. Over 80% of these members are on annual subscription or auto renewal packages. Additionally, other VAS products experienced rapid growth. Fan charging revenues surged by over 500% year over year during the quarter, demonstrating our users' strong willingness to pay for good content.
我們的高級會員計畫逐年穩定成長,第三季會員人數達到近 2,200 萬人。其中超過 80% 的會員採用年度訂閱或自動續約套餐。此外,其他加值服務產品也經歷了快速成長。本季粉絲收費收入年增超過 500%,顯示出用戶對優質內容的強烈付費意願。
As we celebrate our first quarter of profitability, I want to thank our dedicated team, our loyal user community, and our supportive partners and shareholders. Looking back over the past 15 years, we've made significant breakthroughs in our content offerings, expanded our user base, and developed diverse commercialization products. These efforts have helped build a unique video community with a one-of-a-kind user experience in a competitive industry landscape.
當我們慶祝第一季獲利時,我要感謝我們敬業的團隊、忠誠的用戶社群以及支持我們的合作夥伴和股東。回顧過去15年,我們在內容產品上取得了重大突破,擴大了用戶基礎,並開發了多樣化的商業化產品。這些努力幫助建立了一個獨特的視訊社區,在競爭激烈的行業環境中提供了獨特的用戶體驗。
Turning profitable is just a new beginning. Building on this milestone, we will continue to reinforce our business' positive growth cycle to drive sustainable profits in the future.
扭虧為盈只是一個新的開始。在此里程碑的基礎上,我們將繼續加強業務的正成長週期,以推動未來的可持續利潤。
With that, I will turn the call over to Sam to share more financial details.
這樣,我會將電話轉給 Sam,以分享更多財務詳細資訊。
Xin Fan - Chief Financial Officer
Xin Fan - Chief Financial Officer
Thank you, Mr. Chen. Hello, everyone. This is Sam. I will now provide a brief overview of our financial results for third quarter of 2024. For a closer look at our financial results, we encourage you to refer to our press release issued earlier today. As a reminder, all amounts are in RMB, unless otherwise noted.
謝謝陳先生。大家好。這是薩姆。現在,我將簡要概述我們 2024 年第三季的財務業績。請注意,除非另有說明,所有金額均以人民幣為單位。
In the third quarter, we greatly improved our financial profile. We accelerated our year-over-year revenue growth across our core businesses, continued expanding our margins, and turned profitable on a non-GAAP basis.
第三季度,我們的財務狀況大大改善。我們加速了核心業務的年收入成長,繼續擴大利潤率,並在非公認會計原則的基礎上實現盈利。
Total revenues for the third quarter were RMB7.3 billion, up 26% year over year. Our total revenue breakdown by revenue stream for Q3 was approximately 38% VAS, 29% advertising, 25% mobile games, and 8% from our IP directives and other businesses.
第三季總營收為人民幣73億元,較去年同期成長26%。第三季我們按收入來源劃分的總收入約為 38% 的增值服務、29% 的廣告、25% 的手機遊戲以及 8% 來自我們的智慧財產權指令和其他業務。
Our cost of revenues increased by 9% year over year to RMB4.8 billion in the third quarter, while gross profit rose 76% year over year to RMB2.5 billion. Our gross profit margin reached 34.9% in Q3, up from 25% in the same period last year. The significant improvement in our gross profit and gross profit margin this quarter indicates the elasticity and potential of our business model.
第三季度,我們的營收成本年增9%至人民幣48億元,毛利年增76%至人民幣25億元。第三季我們的毛利率達到34.9%,高於去年同期的25%。本季我們的毛利和毛利率的顯著改善顯示了我們業務模式的彈性和潛力。
Our total operating expenses were up 2% year over year to RMB2.6 billion in the third quarter. Sales and marketing expenses increased by 21% year over year to RMB1.2 billion, mainly due to increased marketing expenses for our exclusively licensed games. G&A expenses were RMB505 million, which was relatively flat year over year. R&D expenses were RMB906 million, down 15% year over year due to a higher base of termination expenses for certain game projects in Q3 last year.
第三季我們的總營運費用年增 2% 至人民幣 26 億元。銷售及行銷費用年增21%至人民幣12億元,主要是由於我們獨家授權遊戲的行銷費用增加。一般及行政費用為 5.05 億元,較去年同期相對持平。研發費用為人民幣9.06億元,年減15%,原因是去年第三季部分遊戲項目終止費用基數較高。
Our adjusted operating profit and adjusted net profit turned positive at RMB272 million and RMB236 million, respectively, marking significant gains from year-over-year losses. Our adjusted net profit ratio in the third quarter was 3%, compared with an adjusted net loss ratio of 15% in the same period a year ago.
調整後營業利潤和調整後淨利分別轉正為人民幣2.72億元和人民幣2.36億元,較去年同期大幅轉虧為盈。我們第三季調整後淨利率為3%,去年同期調整後淨虧損率為15%。
Cash flow-wise, we generated RMB2.2 billion in positive operating cash flow in the third quarter and RMB4.6 billion positive operating cash flow in the first nine months of the year. As of September 30, 2024, we had cash and cash equivalents, time deposits, and short-term investments of RMB15.2 billion, or USD2.2 billion. With a healthy cash balance, we announced a share repurchase program of up to USD200 million for our securities for the next 24 months, showcasing our commitment to enhance shareholder returns in the long term.
現金流方面,第三季我們實現了 22 億元的正經營現金流,今年前 9 個月實現了 46 億元的正經營現金流。截至2024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152億元人民幣(約22億美元)。憑藉健康的現金餘額,我們宣布了未來 24 個月內高達 2 億美元的股票回購計劃,體現了我們對提高股東長期回報的承諾。
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
Operator
(Operator instructions) Lei Zhang, Bank of America Securities.
(操作員指示)張磊,美國銀行證券。
Lei Zhang - Analyst
Lei Zhang - Analyst
(spoken in foreign language) Thanks, management, for taking my question, and congrats on the strong results. Since [Rui Chen] speaks English on the call for the first time, it's very well and pretty impressive. My question is really high-level, and I want to know management's strategic view on Bili after achieving breakeven this quarter. What is our key focus in user and commercialization going forward? And how to strengthen our position in the video industry? Thank you.
(用外語發言)感謝管理階層提出我的問題,並祝賀取得了優異的成績。由於[陳銳]第一次在電話中說英語,所以說得非常好,令人印象深刻。我的問題非常高層次,我想知道管理層在本季度實現盈虧平衡後對嗶哩嗶哩的戰略看法。我們未來在用戶和商業化方面的重點是什麼?以及如何鞏固我們在視訊產業的地位?謝謝。
Rui Chen - Chairman of the Board, Chief Executive Officer
Rui Chen - Chairman of the Board, Chief Executive Officer
(interpreted) So actually, the English prepared remarks that was spoken by me was not really spoken by me. It's generated by AI. It's our self-developed proprietary index TPS model that only used 15 seconds of my speech during one of the events and generated that English prepared remark.
(解釋)所以實際上,我說的英語準備好的發言並不是我真正說的。它是由人工智慧產生的。這是我們自主開發的專有索引TPS模型,僅使用了我在其中一場活動中的15秒演講並產生了英語準備好的評論。
I was quite surprised when I first hear it. It just sounded like me. And that shows the vast potential of the AI application could do for Bilibili, such as helping our content creators to make those narratives or engage better in real-time with their users. We are quite looking forward to further leverage that to our applications.
當我第一次聽到的時候我很驚訝。聽起來就像我。這表明人工智慧應用程式可以為 Bilibili 帶來巨大的潛力,例如幫助我們的內容創作者進行敘述或更好地與用戶即時互動。我們非常期待在我們的應用程式中進一步利用它。
Indeed, this marks our very first quarter of adjusted profitability. And just now, I was receiving a lot of congratulations from friends and investors. But as a matter of fact, we do believe this is a natural outcome of the involvement of our business model and expansion of the industry. And we just made it happen faster.
事實上,這標誌著我們調整後獲利能力的第一個季度。剛才,我收到了很多朋友和投資人的祝賀。但事實上,我們確實相信這是我們商業模式介入和產業擴張的自然結果。我們只是讓它發生得更快。
So before I get into futures, I would like to look back a little bit on where we stand right now and the logic that's driving our profitability. First of all, industry that we are in, the video industry is a very large market, and China itself is the largest and a low market. And video is a large business. And within that industry, Bilibili has built a very unique one-of-a-kind PUGV community in China video market known for the high-quality video content, and we have secured that user mindset.
因此,在進入期貨之前,我想回顧一下我們目前的處境以及推動我們獲利的邏輯。首先我們所處的產業,視訊產業是一個非常大的市場,而中國本身就是一個最大的、低端的市場。影片是一門大生意。在這個行業中,嗶哩嗶哩在中國視訊市場建立了一個非常獨特的、獨一無二的 PUGV 社區,以高品質的視訊內容而聞名,我們已經確保了這種用戶心態。
So when we are thinking about what is the highest -- where to find highest quality of content or to find talented content creators, what's the go-to destination for mid to longer length of videos, Bilibili is always the number one brand name that pops up. And you can barely find -- think of number two in this market. And because video is such a large market, and video will serve as the main media platform for this outlet, the brand awareness, the user mindset is as precious as gold.
因此,當我們思考什麼是最高的——哪裡可以找到最高品質的內容,哪裡可以找到有才華的內容創作者,中長視頻的首選目的地是什麼時,嗶哩嗶哩總是排名第一的品牌。你幾乎找不到——想想這個市場上的第二名。而由於影片是如此如此大的市場,而影片將作為這個管道的主要媒體平台,品牌知名度、用戶心態就如金子一樣珍貴。
So as the adoption of 4G, 5G network, our market has evolved from lack of supply of video content to enough supply of video content. And from users' perspective, they have evolved from wanting to look at any video to wanting to look at high-quality video, unique video. So in some extent, we are experiencing an upgrade in content consumption in terms of video market. And riding on that trend, Bilibili has a unique advantage because we have that user mindset and brand awareness about those high-quality, unique content.
所以隨著4G、5G網路的採用,我們的市場已經從視訊內容供應不足發展到視訊內容供應充足。而且從用戶的角度來說,他們已經從想看什麼視頻,演變到想看高品質的影片、獨特的影片。所以從某種程度上來說,影片市場正在經歷內容消費的升級。借助這一趨勢,嗶哩嗶哩擁有獨特的優勢,因為我們對這些高品質、獨特的內容擁有用戶心態和品牌意識。
As we know that Bilibili has the highest condensity of Gen Z plus cohort, the 90s to 2000 generation, and because we have very high sticky user cohort and user retention rate over the past 15 years, our user has stayed and grown with us. And the average age of Bilibili now has come to 25 years.
我們知道,嗶哩嗶哩擁有最高密度的90後至2000後的Z+群體,並且由於我們在過去15年中擁有非常高的黏性用戶群體和用戶保留率,因此我們的用戶一直與我們一起成長。而現在嗶哩嗶哩的平均年齡已經來到了25歲。
So 25 also means their commercial value is increasing every day. That's why we see this as an inevitable trend that our commercialization will accelerate, and it's a natural outcome of reaching profitability. And going forward, we think there's vast potential for our commercialization to be unleashed.
所以25也意味著他們的商業價值每天都在增加。所以我們認為這是我們商業化加速的必然趨勢,是實現獲利的自然結果。展望未來,我們認為我們的商業化潛力巨大。
And in the future -- in the past, we have stated our focus will be focusing on community growth and commercial growth. After reaching the profitability, our focus will remain unchanged.
在未來——過去,我們曾說過我們的重點將是社區發展和商業成長。實現盈利後,我們的重點不會改變。
On commercialization, I'll share one thing that it will remain even more focused on the core business, such as games and advertising. Because for those two business segments, they have higher market TAM, and by its nature, it has higher gross margin. And that will result in more efficiency in terms of our commercialization growth.
關於商業化,我分享一件事,它會更專注於核心業務,例如遊戲和廣告。因為對於這兩個業務部門來說,它們的市場TAM較高,而且從本質上來說,它的毛利率也較高。這將提高我們商業化成長的效率。
And the success of our commercialization will also support the prosperity of our content ecosystem, and we have been pursuing that formation of the positive flywheel effect between content ecosystem and our commercialization growth. As a matter of fact, in the first nine months of this year, leveraging our various commercial outlet, 2.7 million content creator has received income on Bilibili platform, and those commercialization, in one way, is helping our content creator to realize their commercial value and, hence, motivate their further and more content creation.
而我們商業化的成功也會支撐我們內容生態的繁榮,我們一直在追求內容生態和商業化成長之間形成正向飛輪效應。事實上,今年前九個月,借助我們的各種商業管道,有270萬內容創作者在嗶哩嗶哩平台上獲得了收入,而這些商業化從某種程度上正在幫助我們的內容創作者實現他們的商業價值從而激勵他們進一步創造更多的內容。
And one thing I wanted to emphasize is that for Bilibili's commercialization outlets, it's more than just advertising because we are a comprehensive platform, and we provide more tools beyond advertising to help them realize their commercial value, establishing connection between their followers. For example, on top of the native ad Sparkle advertising platform, we have our fan charging program. We also have a crafts studio to encourage content creators to monetize their scale, such as handcrafts and drawing and also premium courses to help them make money in various ways.
我想強調的一件事是,對於嗶哩嗶哩的商業化管道來說,不僅僅是廣告,因為我們是一個綜合平台,我們提供了廣告以外的更多工具來幫助他們實現商業價值,在粉絲之間建立聯繫。例如,在原生廣告 Sparkle 廣告平台之上,我們有我們的粉絲收費程式。我們還有一個工藝品工作室,鼓勵內容創作者將其規模貨幣化,例如手工製作和繪畫,還有優質課程幫助他們以各種方式賺錢。
The profitability in Q3 is just a beginning, and we look forward to form a positive flywheel effect formed by our content ecosystem and commercialization growth. And the growth of our commercialization will, in fact, help Bilibili to become an even healthier organization and achieve sustainable, profitable growth.
第三季的獲利只是一個開始,我們期待內容生態和商業化成長形成正面的飛輪效應。事實上,我們商業化的發展將幫助嗶哩嗶哩成為一個更健康的組織,並實現可持續的獲利成長。
Juliet Yang - Executive Director, IR
Juliet Yang - Executive Director, IR
Next question, please, operator.
接線員,請下一個問題。
Operator
Operator
Daniel Chen, JPMorgan.
丹尼爾陳,摩根大通。
Daniel Chen - Analyst
Daniel Chen - Analyst
(spoken in foreign language) So my question is on advertising, which is very strong. We have grown 28% year over year in the third quarter. So what's the key driver behind the third-quarter advertising growth? And also for the fourth quarter, do we see there is a change in the kind of macro environment for the advertising demand? And also lastly, how is our performance in the 11.11 festival for our e-commerce-related business? Thank you.
(用外語發言)所以我的問題是關於廣告的,這是非常強烈的。第三季我們年增了 28%。那麼第三季廣告成長的關鍵驅動力是什麼?對於第四季度,我們是否看到廣告需求的宏觀環境發生了變化?最後,11.11電商相關業務表現如何?謝謝。
Ni Li - Vice Chairwoman of the Board, Chief Operating Officer
Ni Li - Vice Chairwoman of the Board, Chief Operating Officer
(interpreted) Bilibili's Q3 advertising revenue indeed was a good performance. It reached close to RMB2.1 billion and maintained a strong growth rate of 28%. And behind that, performance-based ads grew nearly 50%, and this is helping us driving our gross margin on a group level.
(解讀)嗶哩嗶哩Q3的廣告收入確實表現不錯。達到近21億元人民幣,並維持28%的強勁成長。在此背後,基於效果的廣告成長了近 50%,這有助於我們提高集團層面的毛利率。
In Q3, we continued our [Yiheng N-Zone] strategy. To be more specific on Yiheng, that was more referring to the platform infrastructure construction. On the first point, we released more ad inventory while emphasizing on maintaining a good user experience. By maintaining a multi-screen, multi-scenario strategy, commercial inventory grew rapidly on our home page feed and story mode and also generated increased ad revenue across recommendations, search, PC, and even tablet platform in recent one to two quarters.
第三季度,我們繼續實施【億恆N區】策略。具體到億恆來說,更多的是指平台基礎建設。第一點,我們投放了更多的廣告位,同時強調保持良好的使用者體驗。透過保持多螢幕、多場景的策略,我們的首頁 Feed 和故事模式的商業廣告庫存快速增長,並且在最近一到兩個季度在推薦、搜尋、PC 甚至平板平台上產生了廣告收入的成長。
Looking forward, there's more potential for additional revenue from live streaming video within video players and also hot topic search. And on top of that, through a blend of organic and commercial traffic and native ad integration, more high-quality ads received more distribution, effectively expanding our ad inventory. At the same time, we have achieved -- content is good commercial and good commercial is a good content effect.
展望未來,視訊播放器內的即時串流影片和熱門話題搜尋將有更大的額外收入潛力。最重要的是,透過自然流量和商業流量的結合以及原生廣告的整合,更多高品質的廣告獲得了更多的分發,有效地擴大了我們的廣告庫存。同時我們做到了──內容就是好的商業,好的商業就是好的內容效果。
The second point is that we further optimized our ad placement system. In the third quarter, the number of clients and mobile smart app placement increased by 700% year on year. We will continue to improve our products and tools to make ad placement easier. Another example would be with the integration of Sparkle and our ad system. The proportion of Sparkle ads that engaged in ad promotion reached nearly 60% in Q3, further demonstrating the effectiveness of our Sparkle Plus [Qifei], aka ads promotion services model.
第二點是我們進一步優化了廣告投放體系。第三季客戶數量和行動智慧應用程式投放量年增700%。我們將繼續改進我們的產品和工具,讓廣告投放變得更容易。另一個例子是 Sparkle 和我們的廣告系統的整合。第三季度,Sparkle廣告參與廣告推廣的比例達到近60%,進一步體現了我們的Sparkle Plus【奇飛】廣告推廣服務模式的有效性。
The third point would be the launch of Creative Center and AIGC, also (inaudible) generated content, has also improved our ad efficiency. We plan to roll out additional AIGC tools to help advertisers automatically create or modify ad materials, further lowering their cost and barriers. And in Q4, we'll continue to enhancing our ad placement experience, improving algorithm efficiency, and we want it to attract more new advertisers to Bilibili to create content to connect with our users.
第三點是創意中心和 AIGC 的推出,也是(聽不清楚)產生的內容,也提高了我們的廣告效率。我們計劃推出更多 AIGC 工具,幫助廣告商自動創建或修改廣告素材,進一步降低成本和門檻。在第四季度,我們將繼續增強我們的廣告投放體驗,提高演算法效率,我們希望它能吸引更多新的廣告商到嗶哩嗶哩創造內容來與我們的用戶建立聯繫。
And the N-Zone refers to the industry vertical ad solutions and the top five ad verticals in Q3 coming from, number one, games; number two, e-commerce; digital products; and online services; number five, automotive. In these leading verticals that we have clear advantage, we continue to expand our market share. And one example on game sectors, apart from our experience genre in the sector, daily ad placement for mini games sector increased by 200% quarter over quarter. In digital products and home appliances, we attract top tech brands like Apple, Huawei, and Vivo to launch their new products on Bilibili.
N區指的是產業垂直廣告解決方案,第三季前五名的廣告垂直領域則來自第一,遊戲;第二,電子商務;數位產品;和線上服務;第五,汽車。在這些我們有明顯優勢的領先垂直領域,我們不斷擴大我們的市場份額。以遊戲領域為例,除了我們在該領域的體驗類型外,小遊戲領域的每日廣告投放量較上季成長了 200%。在數位產品和家電領域,我們吸引了蘋果、華為、Vivo等頂級科技品牌在嗶哩嗶哩上發表新品。
And in Q3, we captured more advertising brands during non-shopping festival periods, with e-commerce ad revenue up nearly 80% year over year. Traditionally, we see e-commerce platforms to place more ads in the big shopping festival seasons, but in Q3, we were actually attracting more advertising budget during the summer vacation and the back-to-school seasons, reflecting the high value of our high-quality young audiences.
第三季度,我們在非購物節期間獲得了更多的廣告品牌,電商廣告收入較去年同期成長近80%。傳統上,我們認為電商平台會在大型購物節期間投放更多廣告,但在第三季度,我們實際上在暑假和返校季期間吸引了更多廣告預算,反映了我們高價值的高價值-優質的年輕觀眾。
And Bilibili's brand advertiser for those e-commerce players, they saw the value in our platform, as well as in our users. And while strengthening our advantageous categories, advertiser from more industries are choosing Bilibili. In Q3, sectors like education, baby and maternity, travel and lodging, et cetera, have all achieved high growth and will continue to expand to more industry verticals.
而嗶哩嗶哩的品牌廣告商對於那些電子商務玩家來說,他們看到了我們平台以及我們用戶的價值。而在強化優勢品類的同時,更多產業的廣告主也開始選擇嗶哩嗶哩。第三季度,教育、母嬰、旅遊住宿等產業均達到高成長,並將持續向更多垂直產業拓展。
For the 11.11, we maintained our open loop strategy, become a deep trusted partner for e-commerce platforms like Alibaba, Jingdong, Pinduoduo, and VIP shops. GMVs from video and live e-commerce increased over 150% year on year, and participating content creators rose by 80%.
11.11,我們維持開環策略,成為阿里巴巴、京東、拼多多、唯品會等電商平台深度信賴的合作夥伴。影片、直播電商GMV年成長超150%,參與內容創作者成長80%。
Among the customers we bring to those merchant shops, new customer rates exceeded, on average, 50% across all sectors, including 3C and digital products, home decor, beauty and baby and maternity, et cetera. We have become the key source for new customers across all e-commerce platforms. And this also helped us to achieve a close to 50% year-on-year increase in ad revenue during the 11.11 period.
我們為這些商家帶來的客戶中,所有產業的新客戶率平均超過50%,包括3C及數位產品、居家裝潢、美妝母嬰等。我們已成為所有電子商務平台新客戶的主要來源。而這也幫助我們在11.11期間實現了廣告收入較去年同期接近50%的成長。
And you mentioned -- asked about macro environment, how does that bring changes to the advertising industry. Well, from our perspective, under the current macro environment, there is still some uncertainties in advertisers' budget, but the condition varies by industry -- different industries.
您提到-詢問宏觀環境,這為廣告業帶來了什麼樣的改變。那麼從我們的角度來看,在目前的宏觀環境下,廣告主的預算還是存在一些不確定性的,但是這個情況是因行業而異的,不同的行業。
For example, sectors supported by the national subsidy policies, such as the digital products and home appliances, are seeing a strong recovery. And on food and beverage, healthcare, and education are beginning to regain market confidence in a more gradual way, while the budget remains tight in sectors such as automotive, beauty and fashion, and real estate. Even though we expect short-term fluctuations across different industries, we remain optimistic and confident about the domestic economy in the mid to long term.
例如,數位產品、家電等受國家補貼政策支持的產業正在強勁復甦。在食品和飲料、醫療保健和教育方面,正開始以更漸進的方式恢復市場信心,而汽車、美容和時尚以及房地產等行業的預算仍然緊張。儘管我們預期不同產業會出現短期波動,但我們對國內經濟中長期發展仍保持樂觀與信心。
Going back to Bilibili's advertising revenue, we remain confident that we can maintain faster-than-industry average growth rate for our advertising revenue in Q4 and further increasing our shares across all various industry verticals.
回到嗶哩嗶哩的廣告收入,我們仍然有信心在第四季度保持高於行業平均水平的廣告收入增長率,並進一步提高我們在各個垂直行業的份額。
Juliet Yang - Executive Director, IR
Juliet Yang - Executive Director, IR
That concludes Carly's answers. Thank you. And operator, next question, please.
卡莉的回答到此結束。謝謝。接線員,請回答下一個問題。
Operator
Operator
Yang Liu, Morgan Stanley.
劉洋,摩根士丹利。
Yang Liu - Analyst
Yang Liu - Analyst
(spoken in foreign language) My question is about the game business, which grew more than 80% in the third quarter. My question is about San Mou's performance and what is the outlook and the operation planning in the future for this game. And also, I would like to hear management's thoughts on user acquisition and also -- user acquisition for this game and also the future pipeline in Bilibili's game business and also the potential new genres in the future? Thank you.
(用外語發言)我的問題是關於遊戲業務,第三季成長超過80%。我的問題是關於三謀的表現以及這款遊戲未來的展望和營運規劃。另外,我想聽聽管理層對用戶獲取的想法,以及這款遊戲的用戶獲取以及嗶哩嗶哩遊戲業務的未來管道以及未來潛在的新類型?謝謝。
Rui Chen - Chairman of the Board, Chief Executive Officer
Rui Chen - Chairman of the Board, Chief Executive Officer
(interpreted) The game San Guo: Mou Ding Tian Xia now has entered in the stage of game Season 3, and we're about to enter into game Season 4. So based on what we've seen so far, we can proudly say that San Mou is one of the best-performing games in the China gaming market this year.
(解說)《三國謀定天下》這款遊戲現在已經進入了第三季的階段,並且即將進入第四季的階段。中國遊戲市場表現最好的遊戲之一。
Besides the short-term performance, what I care the most is the longevity and sustainable operation at San Mou. And when I say longevity and long-term operation, I'm referring to at least five years -- 5 to 10 years. And to achieve the goal of long-term operation, we have made extensive plans in initial R&D phases and preparation in terms of the game design and operation strategy. Based on the performance of the first three seasons, we can say that the user engagement level and retention rates are among the highest in this genre in the industry.
除了短期業績外,我最關心的是三謀的長久性和永續經營。當我說長壽和長期營運時,我指的是至少五年——5到10年。而為了實現長期營運的目標,我們在研發初期就在遊戲設計和營運策略方面做了廣泛的規劃和準備。從前三季的表現來看,用戶參與度和留存率都屬於業界同類遊戲中最高的。
And the day after tomorrow, November 16, we will be launching the brand-new game Season 4. And the new game season will be featuring new map characters and new story line gameplay. And we are quite confident the new version content update will provide users with even more engaging and fun gaming experience.
後天,也就是11月16日,我們將推出全新的遊戲第4季。我們非常有信心新版本的內容更新將為用戶帶來更具吸引力和樂趣的遊戲體驗。
And many of you might know that San Mou has done a lot of innovation and differentiation compared to the similar genre games. The reason behind that is from day one, we have collected many, many users' feedback from our closed beta testing to the latest Season 3. We have welcomed feedback and actively engaged with our users to listen to their advice and make adjustments based on their feedback.
而很多人可能都知道,三謀相對於同類類型遊戲做了許多創新和差異化。 The reason behind that is from day one, we have collected many, many users' feedback from our closed beta testing to the latest Season 3. We have welcomed feedback and actively engaged with our users to listen to their advice and make adjustments based on their回饋.
And we also got the reputation of the best game company that listens to the users' feedback. And based on those user feedback, we have proactively adjusted within our new brand -- new Season 4. And going forward, the following seasons, we will continue to listen to our users and optimize and improve our games to give them best experience.
我們也獲得了最佳傾聽用戶回饋的遊戲公司的聲譽。根據這些用戶回饋,我們在新品牌——新第4 季中進行了主動調整。佳的體驗。
And when I say the longevity of this game, that gives my next year goal as the top priority will be continue to optimize San Mou's user experience and user engagement. And for this particular strategy game genre, we'll be very focused on this one single title.
當我說這款遊戲的長壽時,我明年的目標是首要任務,那就是繼續優化三謀的使用者體驗和使用者參與度。對於這種特殊的策略遊戲類型,我們將非常專注於這款遊戲。
And because we also have a big team of developers and operators, we will be really focusing our best resources on optimizing this game. And in the second half of this year, we will be starting to preparing for the international launch of San Mou, starting with the traditional Chinese version, and we also look forward to bring this high-quality strategy game to the users worldwide.
而且因為我們還擁有龐大的開發者和營運商團隊,所以我們將真正集中我們最好的資源來優化這款遊戲。而今年下半年,我們將開始籌備《三謀》的國際上線,從繁體中文版開始,我們也期待將這款高品質的策略遊戲帶給全球用戶。
And the success of San Mou is a testament to the strategy of reinventing new games for young generations and we have succeeded in this strategy genre. And on top of the strategy and the ACG genre, next year, we'll be looking to explore a new genre and adapting our methodology of reinventing games for young generations through this new genre and hopefully can bring another new pipe to Bilibili Game.
《三謀》的成功證明了為年輕一代重塑新遊戲的策略,我們在這一策略類型上取得了成功。除了策略和ACG類型之外,明年我們還將探索一種新的類型,並透過這種新類型調整我們為年輕一代重塑遊戲的方法,並希望能為嗶哩嗶哩遊戲帶來另一個新管道。
And in terms of the ACG genre, many of you might have noticed, we have successfully launched Jujutsu Kaisen, the international version, globally, except Japan and China, on November 7. And so far, we have achieved very good results. The game reached top downloading charts number one in more than 70 countries and regions. And so far, the user feedback has been very positive. This marks a very successful attempt at our very first global distribution of ACG games. And for this particular game, in 2025, it will also be one of our important games to sustain and propel.
而就ACG類型而言,許多人可能都注意到了,我們在11月7日已經在除日本和中國之外的全球範圍內成功推出了柔術回戰國際版。好的成績。遊戲在70多個國家和地區下載量排行榜上名列第一。到目前為止,用戶的回饋非常積極。這標誌著我們首次全球發行 ACG 遊戲的非常成功的嘗試。對於這款特定的遊戲,到 2025 年,它也將成為我們維持和推動的重要遊戲之一。
Juliet Yang - Executive Director, IR
Juliet Yang - Executive Director, IR
Thank you. Next question, please.
謝謝。請下一個問題。
Operator
Operator
Felix Liu, UBS.
劉菲利克斯,瑞銀。
Felix Liu - Analyst
Felix Liu - Analyst
(spoken in foreign language) Thank you, management, for taking my question. Congratulations on turning profitable this quarter. My question is more on the financial side. So what is your GP margin and profit margin outlook after successfully turning profitable this year -- this quarter? And also, we noticed that you announced a share repurchase program. So how should we think about your shareholder reward scheme going forward? Thank you.
(用外語發言)謝謝管理階層提出我的問題。恭喜本季扭虧為盈。我的問題比較是在財務方面。那麼,在今年本季成功轉虧為盈後,你們的毛利率和利潤率前景是多少?此外,我們注意到您宣布了一項股票回購計劃。那我們該如何考慮你們未來的股東獎勵計畫呢?謝謝。
Xin Fan - Chief Financial Officer
Xin Fan - Chief Financial Officer
This is Sam. I will take your question. In Q3, we not only met our previous committed breakeven goal, but also exceeded by achieving an adjusted OP of RMB270 million. This result demonstrates the potential of our business model.
這是薩姆。我會回答你的問題。第三季度,我們不僅實現了先前承諾的損益兩平目標,而且還超額實現了調整後營業利潤 2.7 億元。這結果證明了我們商業模式的潛力。
Our revenue in Q3 grew by 26% when gross profit was significant year-over-year increase of 76%, with the gross profit margin rising nearly 10 points from 25% to close to 35%. This improvement was mainly due to the increase of share of this high-margin game and advertising revenue, along with the effective control of our fixed costs. We believe that with the continued growth of our advertising and gaming business, they are furthest drone for long-term improvement in our gross profit margin.
第三季我們的營收成長了26%,毛利較去年同期大幅成長76%,毛利率上升了近10個百分點,從25%上升到接近35%。這項改善主要得益於該高利潤遊戲和廣告收入份額的增加,以及我們固定成本的有效控制。我們相信,隨著我們廣告和遊戲業務的持續成長,它們是我們毛利率長期改善的最遠的無人機。
Additionally, it's worth mentioning that our operating cash flow reached RMB2.2 billion in Q3, with the operating cash flow for the first three quarters reaching RMB4.6 billion. This indicates that our business is heading to a healthy positive cycle. That's also the background that we -- why we announced in our financial report USD200 million repurchase plan to be carried out over the next 24 months to increase our return to our shareholders.
另外,值得一提的是,第三季我們的營運現金流達到22億元人民幣,前三季的營運現金流量達到46億元。這顯示我們的業務正在走向健康的良性循環。這也是我們在財務報告中宣布未來24個月內進行2億美元回購計畫的背景,以增加我們對股東的回報。
Looking ahead to Q4, if you look at our deferred revenue balance, that balance in the end of Q3 increased by RMB380 million quarter over quarter, laying a solid foundation for Q4. So we expect the revenue from gaming and advertising business to maintain a strong growth momentum, with further quarter-over-quarter improvements in gross profit margin, and deliver further improved non-GAAP operating income. That's it.
展望第四季度,如果你看一下我們的遞延收入餘額,第三季末的遞延收入餘額較上季增加了3.8億元人民幣,為第四季奠定了堅實的基礎。因此,我們預期遊戲和廣告業務收入將維持強勁成長勢頭,毛利率較上季進一步改善,非公認會計準則營業收入進一步改善。就是這樣。
Juliet Yang - Executive Director, IR
Juliet Yang - Executive Director, IR
For your next question, please.
請回答您的下一個問題。
Operator
Operator
Lincoln Kong, Goldman Sachs.
林肯·孔,高盛。
Lincoln Kong - Analyst
Lincoln Kong - Analyst
(spoken in foreign language) Thank you, management, for taking my question. My question is about more of the macro policy. Since the end of September, we have seen quite a big shift in terms of those policy and more stimulus coming. So from the company's business level, have we seen any incremental better trends in terms of advertising, gaming, live streaming, or user paying propensity? Thank you.
(用外語發言)謝謝管理階層提出我的問題。我的問題更多的是關於宏觀政策。自九月底以來,我們看到這些政策發生了相當大的轉變,更多的刺激措施即將到來。那麼從公司業務層面來看,我們在廣告、遊戲、直播、用戶付費傾向等方面有沒有看到增量更好的趨勢呢?謝謝。
Rui Chen - Chairman of the Board, Chief Executive Officer
Rui Chen - Chairman of the Board, Chief Executive Officer
(interpreted) From a business perspective, we are very pleased to see a series of positive economic policy being introduced. We view this policy as highly encouraging signals that reflect the government's commitment to economic growth. And recently, we also felt the government's attention to private sectors and its determination to improve the business environment ourselves.
(解讀)從企業角度來看,我們很高興看到一系列積極的經濟政策不斷出台。我們認為這項政策是非常令人鼓舞的訊號,反映了政府對經濟成長的承諾。而近期,我們也感受到了政府對私人企業的重視以及自身改善營商環境的決心。
While some of these policies are still in the pipeline and might take time for their effects to materialize, but we think it's just simply a matter of time as the overall direction has been set and clear. Well, Bilibili is part of the platform economy, and the platform economy is a key part of the broader economy in China. So when the overall economy improves, Bilibili will undoubtedly benefit from that improvement.
雖然其中一些政策仍在醞釀中,可能需要一段時間才能發揮作用,但我們認為這只是時間問題,因為整體方向已經確定且明確。那麼,嗶哩嗶哩是平台經濟的一部分,而平台經濟是中國整體經濟的重要組成部分。因此,當整體經濟好轉時,嗶哩嗶哩無疑會從這種改善中受益。
Well, of course, as a company, we will be paying more attention to our own development, specifically on the path to achieve community and profitability growth, commercial growth, and we are planning for our next year and the year afterwards, we wouldn't factor in the overall economy will improve drastically. We'll be focusing on what we can do to improve our own business model to improve our product to give better content to our visitors.
那麼當然,作為一個公司,我們會更加關注我們自身的發展,特別是在實現社區和盈利增長、商業增長的道路上,我們正在規劃我們的明年和後年,我們不會’整體經濟的因素將大幅改善。我們將專注於改進我們自己的商業模式,改進我們的產品,為訪客提供更好的內容。
Well, Bilibili has always been known for focusing on the long-term, sustainable, healthy development, and because our users are also the young generation, so I'm very much looking forward to the landing of those stimulation policies that can bring the company, users, and the society to a better future. Thank you.
那麼嗶哩嗶哩一向以注重長期、可持續、健康發展著稱,而且因為我們的用戶也是年輕一代,所以我非常期待那些能為公司帶來刺激的政策落地。 。謝謝。
Juliet Yang - Executive Director, IR
Juliet Yang - Executive Director, IR
Operator, that concludes today's call. Thank you.
接線員,今天的通話到此結束。謝謝。
Operator
Operator
Thank you. And that concludes the question-and-answer session. Thank you once again for joining Bilibili's third-quarter 2024 financial results and business update conference call today.
謝謝。問答環節到此結束。再次感謝您今天參加嗶哩嗶哩2024年第三季財務業績及業務更新電話會議。
If you have any further questions, please contact Juliet Yang, Bilibili's Executive IR Director, or Piacente Financial Communications. Contact information for IR in both China and the US can be found on today's press release.
如果您還有任何疑問,請聯絡 Bilibili 執行 IR 總監 Juliet Yang 或 Piacente 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。
Thank you, and have a great day.
謝謝您,祝您有美好的一天。
Editor
Editor
Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.
此文字記錄中標記(翻譯)的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。