Bilibili Inc (BILI) 2024 Q3 法說會逐字稿

Good day, and welcome to the Bilibili third-quarter 2024 financial results and business update conference call.

大家好，歡迎參加嗶哩嗶哩 2024 年第三季財務業績及業務更新電話會議。

Today's conference is being recorded.

今天的會議正在錄製。

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

現在，我想將會議交給投資者關係執行總監 Juliet Yang。

Please go ahead.

請繼續。

Thank you, operator.

謝謝您，接線生。

During this call, we'll discuss our business outlook and make forward-looking statements.

在本次電話會議中，我們將討論我們的業務前景並做出前瞻性陳述。

These comments are based on our predictions and expectations as of today.

這些評論是基於我們今天的預測和預期。

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.

由於存在許多風險和不確定因素，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因素，實際事件或結果可能與今天的新聞稿和本討論中提到的存在重大差異。

The non-GAAP financial measures we provide are for comparison purpose only.

我們提供的非公認會計準則財務指標僅供比較之用。

The definition of these measures and a reconciliation table are available in the news release we issued earlier today.

這些措施的定義和對帳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.

提醒一下，本次會議正在錄音。

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.

此外，投資者介紹和本次電話會議的網路重播將在 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.

今天與我們一起出席的 Bilibili 高階管理層有董事會主席兼執行長陳睿先生；董事會副主席兼營運長李嘉莉女士；以及財務長Sam Fan先生。

I will now turn the call to Mr. Chen.

現在我將電話轉給陳先生。

Thank you, Juliet, and thank you, everyone, for participating in our third-quarter 2024 conference call to discuss our financial and operating results.

謝謝朱麗葉，也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。

I'm pleased to deliver today's opening remarks.

我很高興致今天的開幕詞。

The third quarter of 2024 was a landmark quarter for Bilibili.

2024年第三季對於嗶哩嗶哩來說是一個具有里程碑意義的一個季度。

We are excited to share that we achieved our first quarterly adjusted net profit while setting new records across our community metrics.

我們很高興地告訴大家，我們實現了第一個季度調整後淨利潤，同時創下了社區指標的新紀錄。

These milestones are a strong testament to our ability to deliver profitable growth and the unique community value that we continue to unlock.

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將繼續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.

詳細看看我們的財務狀況：第三季總營收加速成長，年增 26%，達到 73 億元人民幣。

Driven by our successful diversification into the strategy game genre, games revenue led our growth, surging by 84% year over year.

在我們成功實現向策略遊戲類型多元化的推動下，遊戲收入引領了我們的成長，年增了 84%。

Meanwhile, our advertising business maintained its strong performance in the third quarter, recording a 28% year-over-year increase.

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.

高利潤率的遊戲和廣告業務的營收貢獻不斷增加，推動我們的毛利年增 76%，推動我們的毛利率從去年同期的 25.0% 躍升至 34.9%。

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.

結果，我們成功超額完成了第三季盈虧平衡的承諾，實現調整後營業利潤2.72億元人民幣，調整後淨利2.36億元。

While making remarkable financial progress, we continue to grow and cultivate our community.

在取得顯著財務進步的同時，我們繼續發展和培養我們的社區。

Both DAUs and MAUs reached record highs in the third quarter, hitting 107 million and 348 million, respectively.

第三季度，DAU 和 MAU 均創下歷史新高，分別達到 1.07 億和 3.48 億。

Meanwhile, the average daily time spent per user rose to a new high of 106 minutes.

同時，每位使用者每天的平均使用時間也上升至106分鐘的新高。

With robust user retention and engagement, our users have stayed with us and grown with the platform.

憑藉強大的用戶保留率和參與度，我們的用戶一直留在我們身邊並與平台共同成長。

The average age of Bilibili users is now 25.

Bilibili 使用者的平均年齡為 25 歲。

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.

隨著這些用戶進入新的生活階段，消費能力不斷增強，我們將繼續推出更多樣化的內容和服務，滿足他們不斷變化的需求。

Moving ahead, we remain committed to building a welcoming and inspiring video community with all the videos you like.

展望未來，我們將繼續致力於打造一個包含您喜歡的所有影片的受歡迎且鼓舞人心的影片社群。

Our turn to profitability marks a new starting point in our journey.

我們走向獲利，標誌著我們旅程的一個新起點。

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.

透過該概述，讓我們更詳細地了解我們的核心內容、社群和商業化支柱。

Beginning with content and community.

從內容和社群開始。

In the third quarter, our average daily video views exceeded 5.7 billion, up 23% year over year.

第三季度，我們日均影片觀看量超過57億次，較去年同期成長23%。

The growth reflects the effectiveness of our strategy to broaden content categories and encourage high-quality content creation.

這一增長反映了我們拓寬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.

我們的主要類別保持了其受歡迎程度，同時與消費相關的類別也持續上漲。

This is being driven by increasing user demand as the young generation becomes the mainstream of consumer society.

隨著年輕一代成為消費社會的主流，用戶需求不斷增長，推動了這一趨勢。

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.

時尚、家電裝飾影片觀看量較去年同期成長超過25%，汽車、孕嬰、運動健身類影片觀看量較去年同期成長超過40%。

The diverse commercialization channels we offer continue to empower our content creators to realize their commercial value while pursuing what they love.

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業的同時實現他們的商業價值。

For the first nine months of 2024, nearly 2.7 million content creators received income through various channels on our platform.

2024年前九個月，近270萬個內容創作者透過我們平台的各種管道獲得了收入。

Content creators' total income through our various advertising and VAS products grew by 24% during this period.

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%。

Notably, content creators' total income through our fan charging product saw an over 400% increase year over year in the same period.

值得注意的是，內容創作者透過我們的粉絲收費產品獲得的總收入在同一時期同比增長了400％以上。

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.

談到我們的社區指標，第三季度，我們的 DAU 每天在我們的平台上花費近 106 分鐘，而去年同期為 100 分鐘。

Our monthly interactions surpassed 19.3 billion, marking a 14% year-over-year increase.

我們的月互動量超過193億次，較去年同期成長14%。

By the end of Q3, our official members grew to 251 million, with our 12-month retention rate remaining around 80%.

截至第三季末，我們的正式會員數量增加至2.51億，12個月留存率維持在80%左右。

Additionally, our sponsored e-sports 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.

此外，我們贊助的電競戰隊嗶哩嗶哩遊戲BLG在英雄聯盟S14世界總決賽中奮力奪得亞軍，創下了戰隊史上的新紀錄。

We are proud of their achievement and look forward to their continued success in the upcoming year.

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。

Events like these continue to support our leadership in the game community and make Bilibili the top choice for young generations.

這類活動持續支持我們在遊戲社群中的領導地位，並使 Bilibili 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.

最後但同樣重要的一點是，我們很高興地宣布，我們的 MSCI ESG 評級今年升級至“A”，這證明了我們在過去幾年中 ESG 評級的穩步提升。

This achievement underscores our dedication to advancing our ESG practices, where we use our influence to impact communities and society positively.

這項成就彰顯了我們致力於推進 ESG 實踐的決心，我們利用自己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.

現在我想談談我們各個業務線商業化的進展。

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

首先，在我們的遊戲業務方面，第三季度，我們的遊戲收入同比增長 84%，達到人民幣 18 億元，這得益於我們的策略遊戲《三國：謀定天下》的出色表現

(San Mou).

（三某）。

The game's initial performance reinforces our confidence in the longevity of San Mou.

遊戲的初期表現增強了我們對三牟長久表現的信心。

We will continue to roll out new content updates and gameplay to deliver better gaming experiences to users.

我們將繼續推出新的內容更新和玩法，為用戶提供更好的遊戲體驗。

San Mou's success shows the vast potential that lies within our game community.

三麼的成功顯示了我們的遊戲社群有著巨大的潛力。

We plan to leverage our unique game industry advantage to further explore other game opportunities in different genres.

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.

同時，我們仍致力於為用戶帶來最好的ACG內容。

Our legacy titles, FGO and Azur Lane, maintained their popularity as they celebrated their eighth- and seventh-year anniversaries, respectively.

我們的經典遊戲《FGO》和《碧藍航線》分別迎來了八週年和七週年紀念，依然保持了較高的人氣。

In addition, we launched the Japanese RPG game, Jujutsu Kaisen: Phantom Parade (Zhou Shu Hui Zhan: Huan Ying Ye Xing), in overseas markets in November, which was well received.

此外，我們11月在海外市場推出了日本RPG遊戲《咒術海戰：幻影夜行》，並獲得好評。

Turning to our advertising business, our advertising business continued to outperform the industry in the third quarter.

談到我們的廣告業務，我們的廣告業務在第三季持續表現優於同業。

Advertising revenues increased by 28% year over year to RMB2.1 billion.

廣告收入較去年同期成長28%至人民幣21億元。

Robust revenue growth in our performance-based ads was the largest contributor, increasing nearly 50% year over year in the third quarter.

我們基於效果的廣告收入的強勁成長是最大的貢獻者，第三季年增近 50%。

We also achieved decent year-on-year growth in brand and native ad revenues, reinforcing our strength in integrated marketing capabilities.

我們的品牌和原生廣告收入也實現了年成長，增強了我們的整合行銷能力。

Our top five advertising industry verticals in the third quarter were games, e-commerce, digital products and home appliances, internet services, and automotive.

我們第三季的前五大廣告產業垂直領域是遊戲、電子商務、數位產品及家電、網路服務和汽車。

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.

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。

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.

我們發現暑假和返校季節出現了特別的上升趨勢，導致電子商務廣告收入比去年同期增加了 80%。

Meanwhile, we are also attracting more advertisers from emerging verticals.

同時，我們也吸引更多來自新興垂直領域的廣告主。

In the third quarter, ad revenues from education, baby and maternity, and travel and lodging all grew by over 100% year over year.

第三季度，教育、孕嬰童、旅遊住宿等廣告收入較去年同期成長均超過100%。

In addition, we continue to enhance our ad infrastructure to improve efficiency, and we have seen early benefits from these efforts.

此外，我們繼續增強我們的廣告基礎設施以提高效率，並且我們已經從這些努力中看到了早期效益。

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.

例如，隨著我們推出更用戶友好、更有效的廣告投放系統，第三季基於效果的廣告客戶數量年增了 40% 以上。

We plan to further incorporate AI technologies into our smart ad delivery system and launch a series of tools for ad material creation.

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，並推出一系列廣告素材創作工具。

With higher efficiency and lower costs, these initiatives are expected to attract and retain more advertisers on our platform.

憑藉更高的效率和更低的成本，這些措施有望吸引和留住更多平台廣告商。

Turning to our VAS business, revenues from our VAS business increased by 9% year over year to RMB2.8 billion in the third quarter.

談到我們的增值服務業務，第三季我們的增值服務業務收入年增 9% 至 28 億元人民幣。

This quarter, we welcomed more users to join and enjoy our live broadcasting universe as we continued expanding our content offerings to meet their diverse interests.

本季度，我們歡迎更多用戶加入並享受我們的直播世界，我們繼續擴大內容供應以滿足他們的多樣化興趣。

Simultaneously, we remain focused on refining our operations to ensure sustainable business growth while improving margins.

同時，我們仍致力於完善運營，以確保業務可持續成長並提高利潤率。

Our premium membership program grew steadily year over year, reaching nearly 22.0 million members in the third quarter.

我們的高級會員計畫較去年同期穩定成長，第三季會員數量達到近 2,200 萬。

Over 80% of these members are on annual subscription or auto renewal packages.

超過 80% 的會員都購買年度訂閱或自動續約套餐。

Additionally, other VAS products experienced rapid growth.

此外，其他加值產品也呈現快速成長。

Fan charging revenues surged by over 500% year over year during the quarter, demonstrating our users' strong willingness to pay for good content.

本季粉絲收費收入年增超過500％，顯示用戶對優質內容有強烈的付費意願。

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.

在我們慶祝第一季獲利之際，我要感謝我們敬業的團隊、忠實的用戶社群以及支持我們的合作夥伴和股東。

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.

回顧過去15年，我們在內容方面取得了重大突破，用戶群不斷擴大，商業化產品也豐富多元。

These efforts have helped build a unique video community with a one-of-a-kind user experience in a competitive industry landscape.

這些努力有助於在競爭激烈的行業環境中建立一個擁有獨一無二用戶體驗的獨特視訊社群。

Turning profitable is just a new beginning.

實現盈利只是一個新的開始。

Building on this milestone, we will continue to reinforce our business' positive growth cycle to drive sustainable profits in the future.

在此里程碑的基礎上，我們將繼續加強業務的正成長週期，以推動未來永續獲利。

With that, I will turn the call over to Sam to share more financial details.

說完這些，我會把電話轉給 Sam，讓他分享更多財務細節。

Thank you, Mr. Chen.

謝謝你，陳先生。

Hello, everyone.

大家好。

This is Sam.

這是薩姆。

I will now provide a brief overview of our financial results for third quarter of 2024.

現在，我將簡要概述我們 2024 年第三季的財務表現。

For a closer look at our financial results, we encourage you to refer to our press release issued earlier today.

為了更詳細地了解我們的財務業績，我們建議您參閱我們今天早些時候發布的新聞稿。

As a reminder, all amounts are in RMB, unless otherwise noted.

溫馨提示，除非另有說明，所有金額均以人民幣計算。

In the third quarter, we greatly improved our financial profile.

第三季度，我們的財務狀況大大改善。

We accelerated our year-over-year revenue growth across our core businesses, continued expanding our margins, and turned profitable on a non-GAAP basis.

我們的核心業務收入較去年同期加速成長，利潤率持續提升，並在非公認會計準則下獲利。

Total revenues for the third quarter were RMB7.3 billion, up 26% year over year.

第三季總營收為73億元人民幣，較去年同期成長26%。

Our total revenue breakdown by revenue stream for Q3 was approximately 38% VAS, 29% advertising, 25% mobile games, and 8% from our IP derivatives and other businesses.

依收入來源劃分，我們第三季的總收入組成約為：增值服務 38%、廣告 29%、手機遊戲 25%、IP 衍生性商品及其他業務 8%。

Our cost of revenues increased by 9% year over year to RMB4.8 billion in the third quarter, while our gross profit rose 76% year over year to RMB2.5 billion.

第三季度，我們的營業成本年增9%至人民幣48億元，而毛利年增76%至人民幣25億元。

Our gross profit margin reached 34.9% in Q3, up from 25.0% in the same period last year.

我們的毛利率在第三季達到了34.9%，高於去年同期的25.0%。

The significant improvement in our gross profit and gross profit margin this quarter indicates the elasticity and potential of our business model.

本季我們的毛利和毛利率的大幅提升，體現了我們商業模式的彈性和潛力。

Our total operating expenses were up 2% year over year to RMB2.6 billion in the third quarter.

第三季度，我們的總營運費用年增2%至人民幣26億元。

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.

銷售及行銷費用年增21%至人民幣12億元，主要由於我們獨家授權遊戲的行銷費用增加。

G&A expenses were RMB505 million, which was relatively flat year over year.

一般及行政開支為5.05億元人民幣，與去年同期基本持平。

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.

研發費用為 9.06 億元，年減 15%，主要是因為去年第三季部分遊​​戲項目終止費用基數較高所致。

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.

經調整營業利潤及經調整淨利分別轉為正值2.72億元人民幣及2.36億元人民幣，較上年同期的虧損大幅收復。

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.

我們第三季的調整後淨利率為3%，而去年同期的調整後淨虧損率為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.

現金流方面，第三季我們實現正經營現金流22億元人民幣，今年前九個月我們實現正經營現金流46億元人民幣。

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.

截至 2024 年 9 月 30 日，我們的現金和現金等價物、定期存款和短期投資為人民幣 152 億元，即 22 億美元。

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.

在現金餘額充足的情況下，我們宣布了未來 24 個月內最高達 2 億美元的股票回購計劃，彰顯了我們致力於長期提高股東回報的承諾。

Thank you for your attention.

感謝您的關注。

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

我們現在想開始回答你們的問題。

Operator, please go ahead.

接線員，請繼續。

(Operator instructions) Lei Zhang, Bank of America Securities.

(操作員指令) 美國銀行證券張雷。

(spoken in foreign language) Thanks, management, for taking my question, and congrats on the strong results.

（用外語說）感謝管理層回答我的問題，並祝賀取得的良好成績。

Since Rui Zong speaks English on the call for the first time, it's very well and pretty impressive.

由於宗睿第一次在電話中講英語，所以說得非常流利，令人印象深刻。

My question is really high-level, and I want to know management's strategic view on Bilibili after achieving breakeven this quarter.

我的問題確實很高層次，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。

What is our key focus in user and commercialization going forward?

我們未來在用戶和商業化方面的重點是什麼？

And how to strengthen our position in the video industry?

如何鞏固我們在視訊產業的地位？

Thank you.

謝謝。

(interpreted) So actually, the English prepared remarks that was spoken by me was not really spoken by me.

（翻譯）所以實際上，我說的英文準備好的發言並不是我真正說的。

It's generated by AI.

它是由人工智慧產生的。

It's our self-developed proprietary index TTS model that only used 15 seconds of my speech during one of the events and generated that English prepared remark.

這是我們自主研發的專有索引式 TTS 模型，它只使用了我在一次活動中的 15 秒講話，就產生了那句英文準備好的評論。

I was quite surprised when I first hear it.

我第一次聽到這個消息時非常驚訝。

It just sounded like me.

這聽起來就像我。

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.

這顯示了人工智慧應用程式為嗶哩嗶哩帶來的巨大潛力，例如幫助我們的內容創作者製作敘述或更好地與用戶即時互動。

We are quite looking forward to further leverage that to our applications.

我們非常期待進一步將其運用到我們的應用程式中。

Indeed, this marks our very first quarter of adjusted profitability.

事實上，這標誌著我們第一個調整後獲利的季度。

And just now, I was receiving a lot of congratulations from friends and investors.

剛才我收到了很多朋友和投資人的祝賀。

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.

但事實上，我們確實相信這是我們的商業模式參與和產業擴張的自然結果。

And we just made it happen faster.

我們只是讓它更快發生。

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.

因此，在談論期貨之前，我想先回顧一下我們目前的狀況以及推動我們獲利的邏輯。

First of all, industry that we are in, the video industry is a very large market, and China itself is the largest stand-alone market.

首先我們所在的產業，視訊產業是一個非常大的市場，中國本身是最大的單機市場。

And video is a large business.

影片是一門大生意。

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.

在該行業內，Bilibili 在中國視頻市場上建立了一個非常獨特的 PUGV 社區，以高品質的視訊內容而聞名，並且我們已經獲得了用戶心態。

So when we are thinking about 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.

因此，當我們思考哪裡可以找到最高品質的內容或有才華的內容創作者、中長篇影片的首選目的地是哪裡時，Bilibili 總是第一個浮現出來的品牌名稱。

And you can barely think of number two in this market.

你幾乎想不到這個市場還有第二名。

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.

而且由於視訊市場如此之大，而影片將作為這一管道的主要媒體平台，因此品牌知名度、用戶心態就如黃金一樣珍貴。

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.

所以隨著4G、5G網路的普及，我們的市場從影片內容供給不足發展到影片內容供給充足。

And from users' perspective, they have evolved from wanting to look at any video to wanting to look at high-quality video, unique video.

從用戶的角度來看，他們已經從想要看任何影片發展到想要看高品質的影片、獨特的影片。

So in some extent, we are experiencing an upgrade in content consumption in terms of video market.

所以從某種程度上來說，我們正在經歷視訊市場內容消費的升級。

And riding on that trend, Bilibili has unique advantages because we have that user mindset and brand awareness about those high-quality, unique content.

借助這一趨勢，嗶哩嗶哩擁有獨特的優勢，因為我們擁有針對這些高品質、獨特內容的用戶思維和品牌意識。

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.

我們知道，嗶哩嗶哩擁有最密集的Z世代+用戶群體，即90後到2000後的一代，而且由於我們在過去15年中擁有非常高的粘性用戶群體和用戶留存率，我們的用戶一直留在我們身邊並與我們一起成長。

And the average age of Bilibili now has come to 25 year old.

如今B站的平均年齡已經達到了25歲。

So 25 also means their commercial value is increasing every day.

所以25也意味著他們的商業價值每天都在增加。

That's why we see this as an inevitable trend that our commercialization will accelerate, and it's a natural outcome of reaching profitability.

所以我們認為這是我們商業化加速的必然趨勢，也是實現獲利的自然結果。

And going forward, we think there's vast potential for our commercialization to be unleashed.

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.

而在未來——過去我們曾表示，我們的重點將放在社區發展和商業成長。

After reaching the profitability, our focus will remain unchanged.

在達到獲利之後，我們的重點不會改變。

On commercialization, I'll share one thing, that is, we will remain even more focused on the core business, such as games and advertising.

關於商業化，我分享一個觀點，就是我們會更專注於核心業務，像是遊戲、廣告等。

Because for those two business segments, they have higher market TAM, and by its nature, it has higher gross margin.

因為這兩個業務部門擁有較高的市場TAM，本質上擁有較高的毛利率。

And that will result in more efficiency in terms of our commercialization growth.

這將提高我們的商業化成長效率。

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.

我們商業化的成功也將支持我們內容生態系統的繁榮，我們一直在追求內容生態系統和商業化成長之間形成正面的飛輪效應。

As a matter of fact, in the first nine months of this year, leveraging our various commercial outlet, 2.7 million content creators have received income on Bilibili platform, and those commercialization, in one way, is helping our content creators to realize their commercial value and, hence, motivate their further and more content creation.

事實上，今年前九個月，透過各種商業管道，已經有270萬內容創作者在嗶哩嗶哩平台上獲得了收入，這些商業化在某種程度上幫助我們的內容創作者實現了他們的商業價值從而激勵他們進一步創作更多內容。

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.

我想強調的一點是，對於嗶哩嗶哩的商業化管道來說，它不僅僅是廣告，因為我們是一個綜合平台，我們提供除了廣告之外的更多工具來幫助他們實現商業價值，建立與粉絲之間的連結。

For example, on top of the native ad Sparkle advertising platform, we have our Fan-charging program.

例如，在原生廣告Sparkle廣告平台之上，我們還有粉絲充電計畫。

We also have a Crafts Studio to encourage content creators to monetize their still, such as handcrafts and drawing, and also Premium Courses to help them make money in various ways.

我們還設有一個工藝工作室，鼓勵內容創作者將他們的靜態作品（例如手工藝品和繪畫）貨幣化，還有高級課程，幫助他們透過各種方式賺錢。

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.

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能夠形成正面的飛輪效應。

And the growth of our commercialization will, in fact, help Bilibili to become an even healthier organization and achieve sustainable, profitable growth.

事實上，我們商業化的成長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。

Next question, please, operator.

接線員，請問下一個問題。

Daniel Chen, JPMorgan.

摩根大通的 Daniel Chen。

(spoken in foreign language) So my question is on advertising, which is very strong.

（用外語說）所以我的問題是關於廣告的，這個主題非常突出。

We have grown 28% year over year in the third quarter.

我們第三季年增了28%。

So what's the key driver behind the third-quarter advertising growth?

那麼第三季廣告成長的關鍵驅動力是什麼？

And also for the fourth quarter, do we see there is a change in the kind of macro environment for the advertising demand?

那麼對於第四季度，我們是否看到廣告需求的宏觀環境發生了變化？

And also lastly, how is our performance in the 11.11 festival for our e-commerce-related business?

最後，我們的電商相關業務在雙十一表現怎麼樣？

Thank you.

謝謝。

(interpreted) Bilibili's Q3 advertising revenue indeed was a good performance.

(解讀)Bilibili第三季的廣告收入確實表現不錯。

It reached close to RMB2.1 billion and maintained a strong growth rate of 28%.

達到近21億元，並維持28%的強勁成長率。

And behind that, performance-based ads grew nearly 50%, and this is helping us driving our gross margin on a group level.

除此之外，以成效為基礎的廣告成長了近 50%，這有助於我們在集團層級提高毛利率。

In Q3, we continued our "Yi-Heng, N-Zong" strategy.

第三季度，我們延續「翼恆、N縱」策略。

To be more specific on Yi-Heng, that was more referring to the platform infrastructure construction.

對於逸恆來說，更具體一點，更多的是平台基礎建設。

On the first point, we released more ad inventory while emphasizing on maintaining a good user experience.

第一點，我們在註重維持良好使用者體驗的同時，也投放了更多的廣告位。

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.

透過保持多螢幕、多場景策略，商業庫存在我們的主頁資訊流和故事模式上迅速增長，並且在最近一到兩個季度內在推薦、搜尋、PC甚至平板電腦平台上實現了廣告收入的成長。

Looking forward, there's more potential for additional revenue from live streaming, video within video players, and also hot topic search.

展望未來，直播、視訊播放器中的影片以及熱門話題搜尋還有更多增加收入的潛力。

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.

除此之外，透過自然流量、商業流量和原生廣告的融合，更多優質廣告獲得了更多的分發，有效地擴大了我們的廣告庫存。

At the same time, we have achieved "content is good commercial, and good commercial is a good content" effect.

同時，我們也做到了「內容就是好商業，好商業就是好內容」的效應。

The second point is that we further optimized our ad placement system.

第二點是我們進一步優化了廣告投放系統。

In the third quarter, the number of clients in mobile smart app placement increased by 700% year on year.

第三季度，行動智慧投放客戶數量年增700%。

We will continue to improve our products and tools to make ad placement easier.

我們將繼續改進我們的產品和工具，使廣告投放變得更加容易。

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.

再例如，隨著Sparkle和我們的廣告系統的整合，Q3季度Sparkle廣告參與推廣的比例達到了近60%，進一步證明了我們Sparkle Plus啟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, auto generated content, has also improved our ad efficiency.

第三點是創意中心和AIGC的推出，自動產生內容，也提高了我們的廣告效率。

We plan to roll out additional AIGC tools to help advertisers automatically create or modify ad materials, further lowering their cost and barriers.

我們計劃推出更多的AIGC工具，幫助廣告商自動製作或修改廣告素材，進一步降低他們的成本和門檻。

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 and to connect with our users.

在第四季度，我們將繼續增強廣告投放體驗，提高演算法效率，我們希望吸引更多新的廣告商到嗶哩嗶哩來創造內容並與用戶建立聯繫。

And the "N-Zong" refers to the industry vertical ad solutions.

而「N-Zong」則是指業界垂直廣告解決方案。

And the top five ad verticals in Q3 coming from, #1, games; number #2, e-commerce; #3, digital products; #4, online services; #5, automotive.

第三季排名前五名的廣告垂直領域如下：第一，遊戲；第二名，電子商務； #3、數位產品； #4、線上服務； 5、汽車。

In these leading verticals that we have clear advantage, we continue to expand our market share.

在這些我們具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。

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.

以遊戲領域為例，除了我們在該領域的經驗類型外，小遊戲領域的每日廣告投放量較上季成長了 200%。

In digital products and home appliances, we attract top tech brands like Apple, Huawei, and Vivo to launch their new products on Bilibili.

在數位產品和家電方面，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他們的新產品。

And in Q3, we captured more advertising brands during non-shopping festival periods, with e-commerce ad revenue up nearly 80% year over year.

第三季度，我們在非購物節期間捕獲了更多廣告品牌，電商廣告收入較去年同期成長近80％。

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.

傳統上，我們看到電子商務平台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節吸引了更多廣告預算，這反映了我們高價值-優質年輕觀眾。

And brand advertisers for those e-commerce players, they saw the value in our platform, as well as in our users.

對於那些電子商務參與者來說，品牌廣告商看到了我們平台和用戶的價值。

And while strengthening our advantageous categories, advertisers from more industries are choosing Bilibili.

在加強優勢品類的同時，更多產業的廣告主選擇了嗶哩嗶哩。

In Q3, sectors like education, baby and maternity, travel and lodging, et cetera, have all achieved high growth, and we'll continue to expand to more industry verticals.

第三季度，教育、母嬰、旅遊住宿等產業都實現了較高的成長，我們將繼續向更多的垂直產業拓展。

For the 11.11, we maintained our open loop strategy, become a deep trusted partner for e-commerce platforms like Alibaba, JD, Pinduoduo, and VIPshop.

雙11，我們保持開放環策略，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。

GMVs from video and live e-commerce increased over 150% year on year, and participating content creators rose by 80%.

視訊及直播電商GMV年成長超150%，參與內容創作者數量成長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.

我們為這些商家帶來的客戶中，3C及數位、家居、美妝、母嬰等各行業的新客率平均超過50%。

We have become the key source for new customers across all e-commerce platforms.

我們已成為各電子商務平台新客戶的主要來源。

And this also helped us to achieve a close to 50% year-on-year increase in ad revenue during the 11.11 period.

這也幫助我們在11.11期間實現了廣告收入年增近50％。

And you asked about macro environment - how does that bring changes to the advertising industry.

您問到宏觀環境—這會為廣告業帶來什麼改變。

Well, from our perspective, under the current macro environment, there is still some uncertainties in advertisers' budget, but the condition varies by different industries.

從我們的角度來看，在當前的宏觀環境下，廣告商的預算仍然存在一些不確定性，但不同行業的情況有所不同。

For example, sectors supported by the national subsidy policies, such as the digital products and home appliances, are seeing a strong recovery.

例如受國家補貼政策支持的數碼、家電等產業復甦勢頭強勁。

And food and beverage, healthcare, and education are beginning to regain market confidence in a more gradual way, while the budgets remain tight in sectors such as automotive, beauty and fashion, and real estate.

食品飲料、醫療保健和教育產業正開始以更漸進的方式恢復市場信心，而汽車、美容時尚和房地產等行業的預算仍然緊張。

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.

儘管我們預期不同產業會出現短期波動，但我們對中長期國內經濟仍保持樂觀和信心。

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.

回顧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。

That concludes Carly's answers.

這就是卡莉的回答。

Thank you.

謝謝。

And operator, next question, please.

接線員，請問下一個問題。

Yang Liu, Morgan Stanley.

摩根士丹利的劉洋。

(spoken in foreign language) My question is about the game business, which grew more than 80% in the third quarter.

（外語）我的問題是關於遊戲業務的，該業務在第三季度增長了80％以上。

My question is about San Mou's performance and what is the outlook and the operation planning in the future for this game.

我的問題是三某的表現以及對這個遊戲未來的展望和營運規劃。

And also, I would like to hear management's thoughts on user acquisition for this game and also the future pipeline in Bilibili's game business and also the potential new genres in the future?

另外，我想聽聽管理層對這款遊戲的用戶獲取的看法，以及 Bilibili 遊戲業務的未來規劃以及未來可能出現的新類型？

Thank you.

謝謝。

(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.

(翻譯)《三國：謀定天下》遊戲目前已經進入第三季階段，即將進入第四季。

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.

因此，根據目前的表現，我們可以自豪地說《三昧》是今年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 of San Mou.

除了短期業績表現，我最關心的是三麼的壽命和永續經營。

And when I say longevity and long-term operation, I'm referring to at least five years -- 5 to 10 years.

當我說長壽和長期運行時，我指的是至少五年——五到十年。

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.

而為了達成長期營運的目標，我們在前期研發階段就已經在遊戲設計、營運策略等方面做了大量的規劃與準備。

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.

從前三季的表現來看，該劇的用戶參與度和留存率在業界同類劇集中名列前茅。

And the day after tomorrow, November 16, we will be launching the brand-new Game Season 4.

後天也就是11月16日，我們將推出全新的遊戲第4季。

And the new game season will be featuring new map characters and new story line gameplay.

新賽季將會推出新的地圖角色和新的故事情節玩法。

And we are quite confident the new version content update will provide users with even more engaging and fun gaming experience.

我們非常有信心新版本的內容更新將為用戶提供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's games.

大家可能都知道，《三某》與同類遊戲相比做了很多創新與差異化。

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.

背後的原因是，從第一天起，我們就從封閉測試到最新的第 3 季收集了大量用戶的回饋。

We have welcomed feedback and actively engaged with our users to listen to their advice and make adjustments based on their feedback.

我們歡迎回饋，並積極與用戶溝通，聽取他們的建議並根據他們的回饋做出調整。

And we also got the reputation of "the best game company that listens to the users' feedback".

並獲得了「最聽取用戶回饋的遊戲公司」的美譽。

And based on those user feedback, we have proactively adjusted within our new Season 4.

並根據這些用戶的回饋，我們在新的第 4 季中做出了主動調整。

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.

展望未來，在接下來的幾個季度中，我們將繼續傾聽用戶的意見，優化和改進我們的遊戲，為他們提供最佳體驗。

And when I say the longevity of this game, that gives my next year goal which the top priority will be continue to optimize San Mou's user experience and user engagement.

當我說到這款遊戲的壽命時，這給了我明年的目標，而首要任務是繼續優化《三謀》的使用者體驗和使用者參與度。

And for this particular strategy game genre, we'll be very focused on this one single title.

對於這種特定的策略遊戲類型，我們將高度專注於這一單一遊戲。

And because we also have an elite team of developers and operators, we will be really focusing our best resources on optimizing this game.

而且由於我們還擁有一支精英開發和營運團隊，我們將真正集中最好的資源來優化這款遊戲。

And in the second half of next year, we will be starting to preparing for the international launch of San Mou, starting with the traditional Chinese version.

明年下半年，我們將開始籌備《三某》的國際發行，首先是繁體中文版。

And we also look forward to bring this high-quality strategy game to the users worldwide.

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.

《三昧》的成功證明了我們為年輕一代重新發明新遊戲的策略，我們在這個策略類型上取得了成功。

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 to this new genre, and hopefully can bring another new pipe to Bilibili Game.

除了策略和 ACG 類型之外，明年我們還將探索一種新的類型，並將我們為年輕一代重新發明遊戲的方法應用於這種新類型，並希望為 Bilibili 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.

在 ACG 類型方面，大家可能已經注意到，我們已在 11 月 7 日在全球（日本和中國除外）成功推出了國際版《Jujutsu Kaisen》。

And so far, we have achieved very good results.

到目前為止，我們已經取得了非常好的成績。

The game reached top downloading charts number one in more than 70 countries and regions.

該遊戲在超過70個國家和地區的下載排行榜上排名第一。

And so far, the user feedback has been very positive.

到目前為止，用戶的回饋非常積極。

This marks a very successful attempt at our very first global distribution of ACG games.

這是我們首次在全球發行ACG遊戲的非常成功的嘗試。

And for this particular game, in 2025, it will also be one of our important games to sustain and propel.

對於這款特定的遊戲來說，在2025年，它也將成為我們要維持和推動的重要遊戲之一。

Thank you.

謝謝。

Next question, please.

請回答下一個問題。

Felix Liu, UBS.

瑞銀的 Felix Liu。

(spoken in foreign language) Thank you, management, for taking my question.

（以外語說）謝謝管理階層回答我的問題。

Congratulations on turning profitable this quarter.

恭喜您本季實現獲利。

My question is more on the financial side.

我的問題比較是關於財務方面。

So what is your GP margin and profit margin outlook after successfully turning profitable this quarter?

那麼，本季成功轉虧為盈後，貴公司的毛利率和利潤率前景如何？

And also, we noticed that you announced a share repurchase program.

另外，我們注意到您宣布了一項股票回購計劃。

So how should we think about your shareholder reward scheme going forward?

那麼我們該如何看待您未來的股東獎勵計畫呢？

Thank you.

謝謝。

This is Sam.

這是薩姆。

I will take your question.

我願意回答你的問題。

In Q3, we not only met our previous committed breakeven goal, but also exceeded by achieving an adjusted OP of RMB270 million.

第三季度，我們不僅實現了先前承諾的損益兩平目標，還超額完成了調整後營業利潤2.7億元。

This result demonstrates the potential of our business model.

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 saw a significant year-over-year increase of 76%, with the gross profit margin rising nearly 10 points from 25% to close to 35%.

我們第三季的營收成長了26%，毛利較去年同期大幅成長了76%，毛利率從25%上升了近10個百分點至接近35%。

This improvement was mainly due to the increase of shares of the high-margin game and advertising revenue, along with the effective control of our fixed costs.

這項改善主要得益於高利潤的遊戲和廣告收入份額的增加，以及我們對固定成本的有效控制。

We believe that with the continued growth of our advertising and gaming business, there are further room for long-term improvement in our gross profit margin.

我們相信，隨著廣告及遊戲業務的持續成長，我們的毛利率還有進一步長期提升的空間。

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.

另外值得一提的是，我們第三季的經營現金流已經達到了22億元，前三季的經營現金流已經達到了46億元。

This indicates that our business is heading to a healthy positive cycle.

這顯示我們的業務正在走向健康的良性循環。

That's also the background why we announced in our financial report the USD200 million repurchase plan to be carried out over the next 24 months to increase our return to our shareholders.

這也是我們在財務報告中宣布將在未來24個月內實施2億美元回購計畫以增加對股東的回報的背景。

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.

展望第四季度，如果你看我們的遞延收入餘額，第三季末的餘額比上一季增加了3.8億元人民幣，為第四季奠定了堅實的基礎。

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.

因此，我們預期遊戲和廣告業務收入將保持強勁的成長勢頭，毛利率將進一步環比改善，非公認會計準則營業收入將進一步改善。

That's it.

就是這樣。

For your next question, please.

請問您的下一個問題。

Lincoln Kong, Goldman Sachs.

高盛的林肯孔（Lincoln Kong）。

(spoken in foreign language) Thank you, management, for taking my question.

（以外語說）謝謝管理階層回答我的問題。

My question is about more of the macro policy.

我的問題比較是關於宏觀政策。

Since the end of September, we have seen quite a big shift in terms of those policies and more stimulus coming.

自九月底以來，我們看到這些政策發生了相當大的轉變，並且推出了更多的刺激措施。

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?

那麼從公司的業務層面，我們是否看到廣告、遊戲、直播、用戶付費傾向等方面出現了漸進式的改善趨勢？

Thank you.

謝謝。

(interpreted) From a business perspective, we are very pleased to see a series of positive economic policy being introduced.

(翻譯)從企業角度來說，我們很高興看到一系列積極的經濟政策出台。

We view this policy as highly encouraging signals that reflect the government's commitment to economic growth.

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。

And recently, we also felt the government's attention to private sectors and its determination to improve the business environment ourselves.

而最近我們也親自感受到了政府對民營企業的關注和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.

雖然其中一些政策仍在醞釀中，可能需要一些時間才能產生效果，但我們認為這只是一個時間問題，因為總體方向已經確定並且很明確。

Well, Bilibili is part of the platform economy, and the platform economy is a key part of the broader economy in China.

嗯，嗶哩嗶哩是平台經濟的一部分，平台經濟是中國整體經濟的重要組成部分。

So when the overall economy improves, Bilibili will undoubtedly benefit from that improvement.

因此，當整體經濟好轉時，嗶哩嗶哩無疑將從中受益。

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.

當然，作為一家公司，我們將更加關注自身的發展，特別是在實現社區和獲利成長、商業成長的道路上。

And we are planning for our next year and the year afterwards, we wouldn't factor in that the overall economy will improve drastically.

我們正在規劃明年和後年，我們不會考慮到整體經濟會大幅改善。

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 users.

我們將專注於如何改善我們自己的商業模式，改進我們的產品，為我們的用戶提供更好的內容。

Well, Bilibili has always been known for focusing on the long-term, sustainable, healthy development.

嗯，嗶哩嗶哩一直以注重長期、可持續、健康發展而聞名。

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.

而且因為我們的用戶也是年輕的一代，所以我非常期待那些能夠為公司、用戶、社會帶來更好未來的刺激政策的落地。

Thank you.

謝謝。

Operator, that concludes today's call.

接線員，今天的通話到此結束。

Thank you.

謝謝。

Thank you.

謝謝。

And that concludes the question-and-answer session.

問答環節到此結束。

Thank you once again for joining Bilibili's third-quarter 2024 financial results and business update conference call today.

再次感謝您今天參加嗶哩嗶哩 2024 年第三季財務業績和業務更新電話會議。

If you have any further questions, please contact Juliet Yang, Bilibili's Executive IR Director, or Piacente Financial Communications.

如果您還有其他問題，請聯絡 Bilibili 的投資人關係執行總監 Juliet Yang 或 Piacente Financial Communications。

Contact information for IR in both China and the US can be found on today's press release.

今天的新聞稿中可以找到中國和美國 IR 的聯絡資訊。

Thank you, and have a great day.

謝謝您，祝您有愉快的一天。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。

The interpreter was provided by the company sponsoring this event.

翻譯由贊助此活動的公司提供。