Bilibili Inc (BILI) 2024 Q4 法說會逐字稿

Good day, and welcome to the Bilibili fourth quarter and fiscal year 2024 financial results and business update conference call.

大家好，歡迎參加嗶哩嗶哩第四季和2024財年財務業績和業務更新電話會議。

Today's conference call is being recorded.

今天的電話會議正在錄音。

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 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 measure 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 this measure and a reconciliation table are available in the news release we issued earlier today.

我們今天稍早發布的新聞稿中提供了此項措施的定義和對帳表。

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 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 高階管理人員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 today's call to discuss our fourth quarter and 2024 year-end results. 2024 marked a pivotal year for Bilibili.

謝謝朱麗葉，也謝謝大家參加今天的電話會議討論我們的第四季和 2024 年年終業績。 2024年對嗶哩嗶哩來說，是關鍵的一年。

We closed the year with our first GAAP net profit in the fourth quarter, while achieving solid growth across the board.

我們在第四季度首次實現 GAAP 淨利潤，結束了這一財年，同時實現了全面穩健的成長。

We attribute these achievements to the unique proposition of our video community, the growing value of our user base and our enhanced commercialization efficiency.

我們將這些成就歸功於我們視訊社群的獨特主張、我們用戶群不斷增長的價值以及我們提高的商業化效率。

Looking at these in more detail.

更詳細地看一下這些。

First, on our financial performance, we are very happy with the progress made in improving our overall financial metrics this year.

首先，就我們的財務表現而言，我們對今年整體財務指標改善的進展感到非常高興。

Total revenues came in at RMB7.7 billion in the fourth quarter, and RMB26.8 billion for the full year, reflecting year-over-year increases of 22% and 19%, respectively, driven by continued improvements in our ad products and infrastructure.

第四季總收入為人民幣 77 億元，全年總收入為人民幣 268 億元，分別比去年同期增長 22% 和 19%，這得益於我們廣告產品和基礎設施的持續改進。

Our advertising business sustained strong growth, with revenues increasing 24% year-over-year in the fourth quarter and 28% for the year.

我們的廣告業務持續強勁成長，第四季營收年增24%，全年營收成長28%。

Meanwhile, our mobile games revenues surged by 79% year-over-year in the fourth quarter and 40% for the year as we successfully expanded into the strategy game genre.

同時，隨著我們成功拓展至策略遊戲類型，我們的手機遊戲營收在第四季年增 79%，全年成長 40%。

The rapid growth of these high-margin businesses and improved operating leverage drove our Q4 gross profit margin to 36.1%, contributing to 68% year-over-year growth in gross profit.

這些高利潤業務的快速成長及經營槓桿的提高，推動我們第四季的毛利率升至36.1%，貢獻毛利年增68%。

Building on these, we successfully achieved our first quarter of net profit on a GAAP basis at RMB89 million, and our adjusted net profit reached RMB452 million in Q4.

在此基礎上，我們成功實現第一季GAAP淨利8,900萬元人民幣，第四季調整後淨利達4.52億元。

While opening a new chapter of profitability, our community remains vibrant and highly engaged.

在開啟獲利新篇章的同時，我們的社區依然充滿活力且高度參與。

In the fourth quarter, DAUs and MAUs reached 103 million and 340 million, respectively, with users spending an average of 99 minutes daily on our platform.

第四季度，DAU和MAU分別達到1.03億和3.4億，用戶每天在我們平台上的平均花費時間為99分鐘。

Our user base represents nearly 70% of China's Gen Z plus population with an average age of 25.

我們的用戶群佔中國 Z 世代人口的近 70%，平均年齡為 25 歲。

They are the golden cohort of consumers with rising spending power and consumption demand.

他們是消費能力和消費需求不斷提升的黃金消費者群。

We are also seeing a growing desire among users for fulfillment and empowerment through high-quality video content.

我們也看到，用戶越來越渴望透過高品質的影片內容獲得滿足感和力量。

As the hub for the young generation, Bilibili is uniquely positioned to meet these evolving needs while unlocking greater commercial value.

作為年輕一代的中心，嗶哩嗶哩擁有獨特的優勢，可以滿足這些不斷變化的需求，同時釋放更大的商業價值。

In addition, under the tailwind of fast-evolving AI technology, the rise of open source models, like DeepSeek is opening up new frontiers for innovation.

此外，在人工智慧技術快速發展的推動下，DeepSeek 等開源模型的崛起正在為創新開闢新的前沿。

These models will enable more companies like us to skip the demanding and capital-intensive process of developing a model on our own and build on the foundation to develop and implement solutions in a cost-effective way.

這些模型將使更多像我們這樣的公司能夠跳過自行開發模型的苛刻且資金密集型的過程，並在此基礎上以經濟高效的方式開發和實施解決方案。

In this context, high-quality and exclusive data assets are becoming increasingly significant.

在此背景下，優質、獨特的數據資產變得越來越重要。

With our extensive accumulation of high-quality video content and rich community interaction data over the past decade, we are uniquely positioned to apply these AI innovations and fully unleash the potential of our community.

憑藉我們過去十年累積的大量優質影片內容和豐富的社群互動數據，我們擁有獨特的優勢來應用這些人工智慧創新，充分釋放我們社群的潛力。

Building on the momentum of 2024, we look forward to driving even greater value for our users, creators and stakeholders in the year ahead.

借助 2024 年的發展勢頭，我們期待在新的一年為我們的用戶、創作者和利害關係人創造更大的價值。

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

透過上述概述，讓我們更詳細地了解內容、社群和商業化的核心支柱。

Beginning with content and community, growing with our users continues to fuel the natural expansion of our high-quality content offerings.

從內容和社群開始，與用戶共同成長，並不斷推動我們優質內容的自然擴展。

In Q4, our average daily video views exceeded 4.8 billion, up 14% year-over-year.

第四季度，我們日均影片觀看量超過48億次，較去年同期成長14%。

On top of our dominance in ACG-related content, we have also built strong user mind share in pan entertainment and pan knowledge categories.

除了在ACG相關內容方面佔據主導地位之外，我們還在泛娛樂和泛知識類別中建立了強大的用戶心智份額。

Meanwhile, as our users enter new life stages, our content offerings are naturally expanding into broader lifestyle and consumption related areas.

同時，隨著使用者進入新的生活階段，我們提供的內容自然也會擴展到更廣泛的生活方式和消費相關領域。

In 2024, video views in automotive and baby and maternity grew by nearly 40% and over 70% year-over-year, respectively.

2024年，汽車、母嬰類影片觀看量分別年增近40%和7​​0%以上。

Content creators are also the cornerstone of our ecosystem.

內容創作者也是我們生態系統的基石。

In January, we honored the top creators at our 2024 Bilibili Power Up Award Ceremony, recognizing their incredible talent and outstanding contributions to our community.

今年 1 月，我們在 2024 年 Bilibili Power Up 頒獎典禮上向頂尖創作者致敬，以表彰他們非凡的才華和對社區的傑出貢獻。

This year's honorings covering over 100 million followers and spanning diverse categories are known for their high quality and fulfilling content.

今年的頒獎典禮涵蓋超過1億粉絲，涵蓋多個類別，品質高，內容豐富。

Over 90% of them have been creating content on Bilibili for more than five years.

其中超過90％的人已在嗶哩嗶哩上創作內容五年以上。

Notably, 36 out of the top 100 content creators were first-time winners.

值得注意的是，前 100 名內容創作者中有 36 名是首次獲獎。

Meanwhile, we remain committed to empowering content creators to earn more income through our diverse commercialization channels, while pursuing their creative passion.

同時，我們仍致力於透過多樣化的商業化管道幫助內容創作者在追求創作熱情的同時獲得更多收入。

In 2024, nearly 3.1 million content creators earned income on our platform.

2024年，近310萬個內容創作者在我們的平台上獲得了收入。

Content creators total income through our advertising products and VAS services increased by 21% year-over-year.

內容創作者透過我們的廣告產品和增值服務獲得的總收入年增21%。

Notably, our fan charging program has been a standout feature where creators' total earnings increased by nearly 500% in 2024.

值得注意的是，我們的粉絲收費計劃是一項突出的功能，創作者的總收入在 2024 年增長了近 500%。

Turning to our community metrics.

轉向我們的社區指標。

Our DAUs were more engaged and spent an average of 99 minutes per day on our platform in the fourth quarter compared with 95 minutes in the same period last year.

我們的每日活躍用戶參與度更高，第四季平均每天在我們平台上花費 99 分鐘，而去年同期為 95 分鐘。

Monthly interactions grew by 10% year-over-year, exceeding 15.5 billion.

月互動量年增10%，超過155億次。

By the end of the year, our official memberships increased by 12% to 258 million, and their 12-month retention rate continued to be around 80%.

截至年底，我們的官方會員數量成長12%，達到2.58億，12個月留存率持續維持在80%左右。

Moreover, we were thrilled to close 2024 with our New Year's Eve Gala, the most beautiful night of 2024.

此外，我們很高興以跨年晚會來結束 2024 年，這是 2024 年最美麗的夜晚。

The event once again proved a must-watch for young audiences, attracting over 230 million views.

這次活動再次證明是年輕觀眾必看的節目，吸引了超過 2.3 億次觀看。

In addition, during the recent Chinese New Year holiday, we partnered with CCTV for the Spring Festival Gala.

此外，在最近的農曆新年假期期間，我們與中央電視台合作舉辦了春節聯歡晚會。

As its exclusive bullet chat live broadcasting platform and content partner, we offered a unique and interactive viewing experience for this iconic most watched TV event in China.

作為其獨家的彈幕直播平台和內容合作夥伴，我們為這場中國收視率最高的標誌性電視賽事提供了獨特的互動觀看體驗。

On the day of the broadcast, our DAUs increased by nearly 20% compared with Chinese New Year's Eve in 2024.

播出當天，我們的DAU相比2024年除夕增加了近20%。

These community events have reinforced our leadership among China's young generation while expanding our appeal to a broader user group, bringing more people to our vibrant community.

這些社群活動加強了我們在中國年輕一代中的領導地位，同時擴大了我們對更廣泛用戶群的吸引力，為我們充滿活力的社群帶來了更多的人。

Now I'd like to talk about the progress of our commercialization in our business lines.

現在我想談談我們業務線商業化的進展。

First, we made some exciting headway in our advertising business.

首先，我們的廣告業務取得了一些令人興奮的進展。

Our total ad revenues grew by 24% to RMB2.4 billion for the fourth quarter and increased by 28% and to RMB8.2 billion for the full year, both on a year over year basis.

我們第四季的總廣告收入年增24%至人民幣24億元，全年增長28%至人民幣82億元。

Ad revenue per DAU also increased by over 20% year over year for both Q4 and the full year of 2024.

2024 年第四季和全年每 DAU 廣告收入也較去年同期成長了 20% 以上。

We attribute our industry-leading ad growth to the growing value of our user base as well as our improved ad efficiency.

我們將行業領先的廣告成長歸功於我們用戶群價值的不斷增長以及我們廣告效率的提高。

In 2024, we further opened our ecosystem to embrace more advertising opportunities while enhancing our add infrastructure, optimizing ad matching algorithms and upgrading ad products.

2024年，我們進一步開放生態系統，以擁抱更多的廣告機會，同時增強廣告基礎設施，優化廣告配對演算法，升級廣告產品。

These improvements fueled our strong and sustained advertising growth throughout the year, particularly in performance-based ad revenues, which grew over 40% year over year for the full year.

這些改進推動了我們全年廣告業務強勁而持續的成長，特別是基於效果的廣告收入，全年同比增長超過 40%。

Meanwhile, despite the challenging macro environment, brand and native ad revenues also saw double-digit year over year growth in 2024.

同時，儘管宏觀環境充滿挑戰，但 2024 年品牌和原生廣告收入也實現了兩位數的同比增長。

As we gained deeper insights into our users' consumption preferences and patterns throughout the year, more advertisers turned to Bilibili to reach new consumers with better ROI.

隨著我們對用戶全年的消費偏好和模式有了更深入的了解，越來越多的廣告商轉向嗶哩嗶哩，以更好的投資回報率接觸新的消費者。

In 2024, the number of advertisers on our platform grew by over 30% year over year.

2024年，我們平台上的廣告主數量年增30%以上。

Games, digital products and home appliances, e-commerce, Internet services and automotive were the top five industry verticals in the fourth quarter.

遊戲、數位產品及家電、電子商務、網路服務和汽車是第四季前五大垂直產業。

With the recent macro stimulus policy, Bilibili played an important role in empowering 3D and home appliance advertisers to strengthen their brand equity, influence purchasing decisions and drive direct sales conversions.

在近期宏觀刺激政策的推動下，嗶哩嗶哩在幫助3D和家電廣告商增強品牌資產、影響購買決策和推動直接銷售轉換方面發揮了重要作用。

Additionally, we are attracting more advertisers from emerging verticals.

此外，我們正在吸引更多來自新興垂直領域的廣告商。

In the fourth quarter, revenues from transportation and education advertisers grew by over 100% year over year.

第四季度，交通、教育廣告主收入年增超過100%。

Looking ahead, we remain optimistic about our ad business growth as we are still in the early stages of unlocking the commercial value of our community.

展望未來，我們仍然對廣告業務成長持樂觀態度，因為我們仍處於釋放社區商業價值的早期階段。

In 2025, we will continue deploying our best resources to build a more efficient ad platform and add products.

2025年，我們將繼續部署最佳資源，建立更有效率的廣告平台並增加產品。

Industry-wise, we will continue to explore opportunities in our leading game vertical, including the launch of Bilibili Mini Games and more.

產業方面，我們將繼續探索領先遊戲垂直領域的機遇，包括推出嗶哩嗶哩小遊戲等。

We will also actively pursue wider and deeper partnerships with consumer brand advertisers, connecting them with our high-value user base.

我們也將積極與消費品牌廣告商建立更廣泛、更深入的合作關係，將他們與我們的高價值用戶群聯繫起來。

Turning to our games business.

談談我們的遊戲業務。

Our games revenues increased by 79% to RMB1.8 billion in Q4 and 40% to RMB5.6 billion for 2024, both on a year over year basis.

我們的遊戲營收在第四季年增 79% 至人民幣 18 億元，2024 年年增 40% 至 56 億元。

The growth was driven by our Hit Strategy Game, San Guo: Mou Ding Tian Xia, and contribution from our Japanese ACG title, (spoken in foreign language) which we launched in overseas markets in November 2024.

成長主要得益於我們的熱門策略遊戲《三國：謀定天下》以及我們於 2024 年 11 月在海外市場推出的日本 ACG 遊戲（以外語版本）的貢獻。

Sanmo's sustained popularity gives us confidence in its long-term potential.

Sanmo 的持續受歡迎程度讓我們對其長期潛力充滿信心。

DAUs remained stable across the first five game seasons through our focus on high-quality gameplay while carefully balancing commercialization.

透過專注於高品質的遊戲玩法並仔細平衡商業化，DAU 在前五個遊戲季中保持穩定。

We will also enter into a sixth game season on February 22.

我們還將於 2 月 22 日進入第六個賽季。

As we expand its content and features, we believe more young players will be drawn to the SLG genre.

隨著我們擴大其內容和功能，我們相信會有更多的年輕玩家被 SLG 類型遊戲所吸引。

Solidifying San Mou as one of our flagship evergreen titles, the game's success is also a milestone in our strategy to diversify game genres, highlighting the strength of our gaming community.

《三昧》作為我們經典旗艦遊戲之一的地位得到鞏固，該遊戲的成功也是我們遊戲類型多元化策略的一個里程碑，彰顯了我們遊戲社群的實力。

We'll actively explore opportunities like San Mou to better serve the new generation of gamers.

我們將積極探索類似《三麼》這樣的機會，更好地服務新一代遊戲玩家。

And finally, let's look at our VAS business.

最後，讓我們來看看我們的增值業務。

Revenues from our VAS business increased by 8% in Q4 to RMB3.1 billion and 11% for the full year to RMB11 billion, both on a year-over-year basis.

我們增值服務業務的營收在第四季年增 8% 至人民幣 31 億元，全年年增 11% 至人民幣 110 億元。

During the year, both live broadcasting and premium memberships sustained healthy growth, with the gross margin for live broadcasting continuing to improve.

年內，直播及會員業務均維持健康成長，直播毛利率持續提升。

By the end of the year, our premium memberships reached 22.7 million with over 80% on annual subscriptions or auto renewal packages.

截至年底，我們的高級會員數量已達 2,270 萬，其中超過 80% 為年度訂閱或自動續訂套餐。

As we nurture a healthy live broadcasting ecosystem and a steady premium membership program, we continue to explore products and services uniquely suited to our community features.

在我們培育健康的直播生態系統和穩定的高級會員計劃的同時，我們不斷探索獨特適合我們社區特色的產品和服務。

Notably, our newly introduced fan charging program, which allows paid users to access exclusive, high-quality videos from subscribe creators, attracted over 8 million participants in 2024.

值得注意的是，我們新推出的粉絲收費計劃允許付費用戶訪問訂閱創作者的獨家高品質視頻，該計劃在 2024 年吸引了超過 800 萬參與者。

Revenues from the fan charging programs surged by over 400% year over year during the year, creating a new revenue stream for talented creators to monetize their content.

今年粉絲收費計畫收入年增超過400%，為有才華的創作者透過內容獲利創造了新的收入來源。

The program's early success also highlights our platform's strength and our users strong willingness to pay for quality content.

該計劃的早期成功也凸顯了我們平台的實力以及用戶為優質內容付費的強烈意願。

In summary, building on our unique community and distinctive product offering, we will continue to unlock its full commercial potential, driving sustainable growth and increased profitability.

總而言之，基於我們獨特的社區和獨特的產品，我們將繼續釋放其全部商業潛力，推動永續成長和提高獲利能力。

We are also excited to ride the new wave of AI advancements and further expand beyond what we could have previously imagined.

我們也很高興能夠乘著人工智慧進步的新浪潮，進一步拓展我們之前無法想像的範圍。

Above all, our core mission remains unchanged, to provide a space where creators and fans come together, connect through shared passion and enjoy the content and experiences they love.

最重要的是，我們的核心使命始終不變，那就是提供一個讓創作者和粉絲聚集在一起、透過共同的熱情聯繫並享受他們喜愛的內容和體驗的空間。

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。

Sam, please go ahead.

山姆，請繼續。

Thank you, Mr. Chen.

謝謝你，陳先生。

Hello, everyone.

大家好。

This is Sam.

這是薩姆。

In the interest of time on today's call, I will review our fourth quarter highlights as Mr. Chen's remarks have touched on our full year results at a high level.

由於今天的電話會議時間有限，我將回顧我們第四季度的亮點，因為陳先生的演講已經高度觸及了我們全年的業績。

We encourage you to refer to our press release issued earlier today for a closer look at our full year results.

我們建議您參閱我們今天早些時候發布的新聞稿，以更深入地了解我們的全年業績。

Throughout the year, we steadily improved our financials, showing the elasticity of our business and our ability to generate profits amid growth.

全年我們的財務狀況穩步改善，顯示出我們的業務彈性和在成長中創造利潤的能力。

We can see the fruits of our efforts in our fourth quarter results, showing continued revenue growth in our core high-margin advertising and games businesses, continued margin expansion and our first full quarter of GAAP profitability.

我們可以在第四季度的業績中看到我們努力的成果，顯示我們核心的高利潤廣告和遊戲業務的收入繼續增長，利潤率繼續擴大，並且我們第一個完整季度實現了 GAAP 盈利。

Total net revenues for the fourth quarter were RMB7.7 billion, up 22% year over year.

第四季總淨營收為77億元人民幣，較去年同期成長22%。

Our total revenue breakdown by revenue stream for Q4 was approximately 40% VAS, 31% advertising, 23% mobile games and 6% from our IP derivatives and other businesses.

我們第四季的總收入按收入來源劃分為約 40％ 增值服務、31％ 廣告、23％ 手機遊戲以及 6％ 來自我們的 IP 衍生品及其他業務。

Our cost of revenues increased by 5% year over year to RMB4.9 billion in the fourth quarter, while our gross profit rose 68% year over year to RMB2.8 billion.

第四季度，我們的營業成本年增5%至人民幣49億元，而毛利較去年同期成長68%至人民幣28億元。

Our gross profit margin reached 36.1% in Q4, up 10 percentage-points from 26.1% in the same period last year.

第四季度，我們的毛利率達到36.1%，較去年同期的26.1%上升了10個百分點。

Our strong gross profit and margin growth highlights the flexibility and the scalability of our business model.

我們強勁的毛利和利潤率成長凸顯了我們商業模式的靈活性和可擴展性。

Our total operating expenses were down 10% year over year to RMB2.7 billion in the fourth quarter.

第四季度，我們的總營運費用年減 10% 至 27 億元人民幣。

Sales and marketing expenses increased by 10% 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10%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 RMB506 million, flat year over year.

一般及行政開支為人民幣5.06億元，與去年同期持平。

R&D expenses were RMB919 million, down 31% year over year, mainly due to a one-off game termination expense in Q4 2023.

研發費用為 9.19 億元，年減 31%，主要因 2023 年第四季一次性遊戲終止費用。

Our operating profit and net profit turned positive to RMB126 million and RMB89 million for the fourth quarter, respectively, marking significant gains from year over year losses.

第四季度，公司營業利潤和淨利分別轉正至1.26億元和0.89億元，較去年同期的虧損有了較大幅度的扭轉。

Furthermore, our adjusted operating profit and adjusted net profit reached RMB463 million and RMB452 million, respectively.

此外，我們的調整後營業利潤和調整後淨利分別達到人民幣4.63億元和人民幣4.52億元。

Our adjusted net profit ratio in the fourth quarter was 6% compared with an adjusted net loss ratio of 9% in the same period a year ago.

我們第四季的調整後淨利率為6%，而去年同期的調整後淨虧損率為9%。

Cash flow wise, we generated RMB1.4 billion in operating cash flow in the fourth quarter and RMB6 billion for the full year.

現金流方面，第四季我們實現營運現金流14億元，全年實現營運現金流60億元。

We also recorded RMB4.3 billion in free cash flow for the full year.

我們全年也實現自由現金流43億元。

As of December 31, 2024, we had cash and cash equivalents, time deposits and short-term investments of RMB16.5 billion or USD2.3 billion.

截至 2024 年 12 月 31 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 165 億元或 23 億美元。

In November 2024, we completed the repurchase rights offer for our December 2026 notes.

2024 年 11 月，我們完成了 2026 年 12 月票據的回購權要約。

After the completion of this transaction, the aggregate outstanding principal amount of April 2026 notes, 2027 notes and December 2026 notes was USD13.4 million.

本次交易完成後，2026年4月票據、2027年票據及2026年12月票據未償還本金總額為1,340萬美元。

Lastly, we announced a share repurchase program of up to USD200 million in November 2024 for a 24-month period.

最後，我們宣布了一項為期 24 個月、總額高達 2 億美元的股票回購計劃，將於 2024 年 11 月實施。

The program underscores our commitment to enhancing shareholder returns and reaffirms our confidence in our business's cash flow generation.

該計劃強調了我們致力於提高股東回報的承諾，並重申了我們對業務現金流創造的信心。

As of the end of the year, we had repurchased approximately 0.8 million ADRs under this program for a total cost of USD16.4 million.

截至年底，我們已根據該計劃回購了約80萬股ADR，總成本為1,640萬美元。

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)

（操作員指令）

Lincoln Kong, Goldman Sachs.

高盛的林肯孔（Lincoln Kong）。

(interpreted) My question is about 2025.

（譯）我的問題是關於 2025 年的。

So afterward reaching breakeven last year, how should we think about our overall strategy into 2025?

那麼在去年實現收支平衡之後，我們該如何考慮2025年的整體策略？

And we have seen an explosive opportunity for AI.

我們已經看到了人工智慧的爆發式成長機會。

How should we think about AI to integrate with our community?

我們該如何思考人工智慧與我們的社群的融合？

So first of all, I would like to highlight that achieving both GAAP and non-GAAP profitability with a goal that we set around 2022.

因此，首先我想強調的是，我們的目標是在 2022 年左右實現 GAAP 和非 GAAP 獲利。

And looking at now we have very -- we are very glad that we have successfully reached ahead of schedule by end of 2024.

現在看來，我們非常高興我們已經在 2024 年底前提前成功實現了目標。

Looking at 2025, indeed, is a brand-new chapter for us, and we will stick to the model that we have stick on in the past, which is content plus community.

展望2025年，對我們來說確實是嶄新的篇章，我們會堅持過去一直堅持的模式，也就是內容加社群。

Now we have reached profitability and achieved a positive operation circle within our commercialization -- across our commercialization, and we'll add another engine to that business model and achieve sustainable, healthy community growth will be our ultimate target.

現在我們已經實現盈利，並在商業化過程中實現良性的營運循環，我們將為該商業模式添加另一個引擎，實現可持續的、健康的社區成長將是我們的最終目標。

And for this year, we'll stick to our mission to expand our margin, increase profitability and maintain a healthy growth of our community.

今年，我們將堅持我們的使命，擴大利潤、提高獲利能力並維持社區的健康發展。

We think about the strategy going beyond 2025, I would like to reverse the thinking behind how Bilibili can sustain a very healthy growth for the past 15 years.

我們思考2025年以後的策略，我想扭轉一下嗶哩嗶哩在過去15年能夠保持非常健康成長的思路。

From a user perspective, high-quality content has been a irreplaceable positioning for Bilibili.

從使用者角度來看，優質內容一直是B站無可取代的定位。

This is also the same reason that our user has been using our platform for a very long time.

這也是我們的用戶長期使用我們平台的原因。

We were thinking about the strategy going forward high-quality content or videos will be the center of all of our planning.

我們正在考慮未來的策略，高品質的內容或影片將成為我們所有規劃的中心。

And we believe the high-quality content is something that can transcend economic cycles and serves as a gateway to the next era of video industry.

我們相信，高品質的內容能夠超越經濟週期，成為視訊產業邁向下一個時代的大門。

First of all I would like to touch upon high-quality content plus PUGV value.

首先我想談談優質內容和PUGV的價值。

I believe that we have already entered an era where there's a very sufficient supply of video content, and probably, there's been -- the era of mass video consumption, the era has already ended.

我認為我們已經進入了一個視訊內容供給非常充足的時代，而且很可能，大眾視訊消費的時代已經結束了。

There's no -- will be no shortage of video content supply anymore, especially for short video.

視訊內容供應不再短缺，尤其是短視頻。

And the future of video lies in the quality, not quantity and Bilibili has a strong user mind share of high-quality content.

影片的未來在於品質而不是數量，而嗶哩嗶哩的優質內容在用戶心目中佔有很高的份額。

We have gathered the most talented content creator and the user who appreciate high content.

我們聚集了最有才華的內容創作者和欣賞高品質內容的用戶。

We believe this is a common understanding across majority of the video users.

我們相信這是大多數視訊用戶的共同認識。

And being the high-quality video content platform we will become even more competitive and then competitive advantage position in the next era of video market.

作為優質視訊內容平台，我們將在下一個視訊市場時代變得更具競爭力，並佔據競爭優勢。

And here, I'll give an example of one of our content creator, his name is

這裡我舉一個我們內容創作者的例子，他的名字是

(inaudible).

（聽不清楚）。

He has been producing a series of food documentaries.

他一直在製作一系列美食紀錄片。

And as a documentary producer ourselves, we know the competitive advantage of this material content creator, which he already earned over tens of millions of GMs through monetizing his documentary content.

作為一名紀錄片製作人，我們非常清楚這位實質內容創作者的競爭優勢，他已經透過紀錄片內容獲利賺取了數千萬 GM。

And from that example, you can tell that the users are very willing to pay for high-quality content and there is a great commercial value lies within the high-quality content.

從這個例子中，你可以看出用戶非常願意為高品質的內容付費，並且高品質的內容具有巨大的商業價值。

And the second point I would like to raise as the high-quality content plus our self-developed IP assets.

第二點我想說的是優質內容加上我們自主研發的IP資產。

I think everyone has been very impressed last year by the success of black myth and this year's blockbuster animate

我想去年《黑色神話》的成功和今年的大片《動畫》給每個人都留下了深刻的印象

(inaudible).

（聽不清楚）。

And those two success example further approved our argument that under this trend of oversupply of video content or content in general, the high-quality content has larger demand and people will be more inclined to work over the top content -- top quality content.

這兩個成功的例子進一步證實了我們的觀點，在影片內容或整體內容供過於求的趨勢下，高品質內容的需求更大，人們將更傾向於製作頂級內容——頂級品質內容。

And Bilibili ourself, we have built a strong portfolio of self-developed IP.

而 Bilibili 本身也已經建立了強大的自主開發 IP 組合。

For example, our original Chinese anime, A Mortal's Journey

例如我們的原創中國動漫《凡人修羅場》

(inaudible).

（聽不清楚）。

We have been running for five consecutive quarters, years and have become a well-established Chinese IP.

我們已經連續營運了五個季度、五年，成為了一個成熟的中國IP。

And particularly last year in 2024, both its viewership and paid membership had record highs within our community, and we plan to continue to develop that type of high-quality IPs.

特別是去年，即 2024 年，其收視率和付費會員數量在我們的社區中都創下了歷史新高，我們計劃繼續開發此類優質 IP。

And if you tell me that 10 years ago, the Bilibili highest viewership and paid membership and anime would be a topic around the mortal to immortal type of topic, themes, I would be surprised.

如果你告訴我，10 年前，Bilibili 最高的觀看人數和付費會員以及動漫會圍繞從凡人到不朽的話題、主題，我會感到驚訝。

But on the second thought, this type of IP would have -- already have a large established viewer and similar to the -- journey to the West.

但再想想，這種類型的 IP 已經擁有大量固定觀眾，與《西遊記》類似。

So that is another supporting evidence that our users or user in general will appreciate high-quality content and reward it with much higher revenue.

所以這是另一個支持證據，證明我們的用戶或一般用戶會欣賞高品質的內容，並給予更高的收入。

And I believe that Bilibili, as a platform and the center, the highest-quality PUGV platform, there will be more and more high-quality IP content emerged from our platform.

而且我相信B站作為平台和中心，最優質的PUGV平台，會有越來越多的優質IP內容從我們的平台上湧現。

And in no time, we should be able to produce those very high-quality and worldwide known IPs for the mass audience to see.

很快，我們就能夠製作出那些高品質、全球知名的 IP 供大眾觀看。

And the last point I would like to raise is the power of the combination of AI plus high-quality content.

我最後想說的一點是人工智慧加上優質內容的結合的力量。

I think everyone was very excited about the immerse opportunity that AI brings starting from two years ago, and that brings a lot of excitement and progress within every sector.

我認為從兩年前開始每個人都對人工智慧帶來的沉浸式機會感到非常興奮，這給每個領域帶來了很多興奮和進步。

And Bilibili's value lies within the era of AI is that we have the best Chinese video content and data assets across the world.

而B站的價值在AI時代就在於我們擁有全球最優秀的中文影片內容與數據資產。

And the evolvement of the large language model actually really need more high-quality data assets to unleash value.

而大型語言模型的演進其實確實需要更多優質的數據資產才能釋放價值。

And Bilibili happens to the that place that continuous generate high-quality video content and the real-time user feedback towards that content.

而B站恰恰就是持續產出優質視訊內容，並即時對內容進行用戶回饋的地方。

And for that perspective, it's the best combination with -- between Bilibili and the future AI opportunity.

從這個角度來看，這是嗶哩嗶哩與未來人工智慧機會的最佳結合。

On top of the high-quality video asset data asset, another advantage that Bilibili has is that on top of the video content, we have a large mass number of high-quality comment and bullet chats, which generated by millions and millions of users who are -- which are just in sync with the video content itself, and for that part is really a go mine for the data assets for AI to train.

除了優質的視訊資產數據資產之外，B站的另一個優勢是，除了視訊內容之外，我們還擁有大量優質的評論和彈幕，這些評論和彈幕是由數以百萬計的用戶生成的，與視頻內容本身是同步的，對於這一部分來說，這實際上是人工智能訓練數據資產的好礦。

And it continues to evolve with the emergence of open source and cost-effective AI model like DeepSeek, it makes Bilibili in a much better position to leverage that low cost AI model to further unleash and discover the value lies in the Bilibili data assets.

隨著 DeepSeek 等開源且具有成本效益的 AI 模型的出現，它的不斷發展，使得 Bilibili 能夠更好地利用低成本的 AI 模型來進一步釋放和發現 Bilibili 資料資產中的價值。

And we have been doing a lot of tests in the past few weeks and months.

在過去的幾週和幾個月裡我們做了很多測試。

There's a lot of surprise for us.

這給我們帶來了很多驚喜。

I will be introduced more progress in the following quarters.

我將在接下來的幾季介紹更多進展。

Please stay tuned and we are very excited to share with you.

請繼續關注，我們非常高興與您分享。

All right.

好的。

That concludes Mr. Chen's answer.

陳先生的回答到此結束。

Next question, please.

請回答下一個問題。

Felix Liu, UBS.

瑞銀的 Felix Liu。

Congratulations on the very strong advertisement performance in 2024.

恭喜您2024年的廣告業績非常強勁。

Could you manage share more color on the driver for the strong 2024 advertisement growth?

能否詳細介紹 2024 年廣告強勁成長的驅動因素？

And for the advertisement outlook for 2025, what has management observed year-to-date from the advertiser sentiment, et cetera?

對於 2025 年的廣告前景，管理層從今年迄今的廣告商情緒等方面觀察到了什麼？

And what will be the key focus point and buy stock for your advertisement business in 2025?

2025年，您的廣告業務的重點和購買庫存是什麼？

Indeed that our ad business was performing very good in 2024.

確實，我們的廣告業務在 2024 年表現非常好。

Total ad revenue reached nearly RMB8.2 billion for the full year, marking a 28% year-over-year growth.

全年廣告總收入近82億元，較去年同期成長28%。

That is among the highest growth rate across the industry.

這是整個行業中最高的成長率之一。

Notably, our high-margin performance-based ads saw over 40% year-over-year growth that's also driving a significant improvement in our overall gross margin for the advertising business.

值得注意的是，我們高利潤的基於效果的廣告同比增長超過 40％，這也推動了我們廣告業務整體毛利率的顯著提升。

And that is a big plus to our overall gross margin on a group level as well.

這對我們集團整體毛利率來說也是一個很大的優勢。

The success, the reason that drives our advertising revenue comes from two uniqueness that Bilibili platform process.

成功，推動我們廣告收入的原因來自於 Bilibili 平台流程的兩個獨特性。

One is the high-quality user base, and secondly is that we have strong mind share for strong content offering in terms of high-quality content.

一是高品質的使用者基礎，二是我們在優質內容方面擁有強大的心智共享能力。

Those two reasons are the fundamental drivers for those advertisers to put at ads on Bilibili platform.

這兩個原因是廣告主在嗶哩嗶哩平台上投放廣告的根本驅動力。

In 2024, our users' average age bridged 25 years old, a stage of life where consumer demand grows rapidly.

2024年，我們的用戶平均年齡將達到25歲，這是消費需求快速成長的人生階段。

This makes Bilibili the most ideal and effective platform for advertise to -- advertisers to engage with young consumers based on our communication with various advertisers.

根據我們與各類廣告商的溝通，這使得嗶哩嗶哩成為廣告商與年輕消費者互動的最理想、最有效的平台。

It has been a consensus that Bilibili is a perfect platform to help connect and communicate with young generation.

人們一致認為，Bilibili是一個幫助與年輕一代聯繫和溝通的完美平台。

And it's also a very effective platform to influence young users' purchasing decisions.

它也是一個非常有效的影響年輕用戶購買決策的平台。

And we also attribute our success to our continuous improvement to our one horizontal and verticals commercial efficiency strategy and so regarding to the one horizontal that refers to our ad infrastructure and add our product abilities, first of all, overall that in 2024, the number of advertisers grew over 30% year over year.

我們的成功也歸功於我們對橫向和縱向商業效率策略的不斷改進，橫向指的是我們的廣告基礎設施，並增加了我們的產品能力，首先，總體而言，到 2024 年，廣告商數量同比增長超過 30%。

We are attracting more advertiser across different industry to come to invest on our platform.

我們正在吸引更多不同行業的廣告商來我們的平台上投資。

And also, we improved our app product to attract more ad budget from different advertiser.

此外，我們還改進了我們的應用產品，以吸引來自不同廣告商的更多廣告預算。

For example, now in Q4, over 65% of native advertisers will also purchase the content promotion product on our platform, and that ratio was 50% a year ago.

例如現在第四季度，超過65%的原生廣告主也會購買我們平台上的內容推廣產品，而一年前這個比例是50%。

And moreover, AI played a very important role in helping to drive ad efficiencies with our AIGC tools that we are helping our advertisers to improve material creation efficiencies and overall click-through rate.

此外，人工智慧在幫助提高廣告效率方面發揮了非常重要的作用，我們透過 AIGC 工具幫助廣告商提高素材創作效率和整體點擊率。

Currently, AI participate in over 10% of ad material creation regarding to the covers and the titles.

目前，超過10%的廣告素材創作都有AI參與，包括封面和標題。

For that part, we saw a very significant improvement in the ad conversion rate.

對於這部分，我們看到廣告轉換率有了非常顯著的提高。

And let's touch based on the end verticals strategies.

讓我們根據終端垂直戰略來討論一下。

In 2024, Bilibili continues to secure more ad budget from key industries while also attracting new advertisers from emerging sectors.

2024年，嗶哩嗶哩將繼續從重點產業獲得更多廣告預算，同時也吸引來自新興產業的新廣告商。

For the key industries such as games, in 2024, while solidifying our new game open beta testing budgets, we also continued to gain more shares from mini games budgeting.

對於遊戲等重點產業，2024年，我們在鞏固新遊戲公測預算的同時，也持續從小遊戲預算中獲得更多份額。

And recently, we launched Bilibili Mini Games program, which has gained a lot of traction and show strong momentum among our advertisers.

最近，我們推出了嗶哩嗶哩小遊戲計劃，該計劃在我們的廣告商中獲得了極大的關注並顯示出強勁的發展勢頭。

And we believe that will be one of the growth drivers for our -- for us to continue to gain more shares within the game advertising sector.

我們相信這將成為我們在遊戲廣告領域繼續獲得更多份額的成長動力之一。

And secondly, on our e-commerce sectors, in 2024, we remain committed to the open-loop strategy, further strengthening our partnership with all the major e-commerce platforms.

其次，在我們的電子商務領域，2024年，我們將繼續致力於開環策略，進一步加強與所有主要電子商務平台的合作關係。

In the past Double 11 shopping festivals, our overall GMV increased by over 150% year-over-year, and Bilibili brought over 50% new consumers to the merchants for all participated industries.

在剛剛過去的雙11，我們的整體GMV年成長超過150%，B站為所有參與產業的商家帶來了超過50%的新增消費者。

That ratio is very valuable under this very intensive competitive environment within the e-commerce industry.

在電子商務產業如此激烈的競爭環境下，這個比例非常有價值。

Another example would be in the digital products and home appliances sectors.

另一個例子是數位產品和家電領域。

As people know that the young users have very strong needs for digital products, and as the average age of our user entered 25, there's also a growing demand for home appliances as well plus with the national subsidy, the stimulation, within the home appliance sectors, we saw a very strong growth in the digital products and home appliances sectors.

大家都知道年輕用戶對於數位產品的需求非常強烈，隨著我們用戶的平均年齡進入25歲，對於家電的需求也在不斷增長，再加上國家補貼、刺激，在家電行業，我們看到數位產品和家電行業的增長非常強勁。

It contributes the highest incremental revenues in Q4 within our ad sectors.

它為我們第四季的廣告領域貢獻了最高的增量收入。

And we talked about what we have done in 2024, and we believe the advertising sector is a fully competitive market and requires real competitive edge to deliver real results in order to gain shares.

我們談到了我們在 2024 年所做的事情，我們相信廣告業是一個充分競爭的市場，需要真正的競爭優勢才能取得真正的成果，從而獲得份額。

If we are looking beyond -- looking at 2025 and beyond, what we need to do is continue to strengthen our advertising infrastructure and to drive efficiency.

如果我們放眼長遠——展望2025年及以後，我們需要做的就是繼續加強我們的廣告基礎設施並提高效率。

We remain overall optimistic and confident about the growth of our advertising business in 2025, and we expect to maintain above industry growth rate.

我們對2025年廣告業務的成長總體上仍然保持樂觀和信心，並預計將保持高於行業的成長率。

That concludes Mr. Chen's answer, next question please.

陳先生的回答到此結束，請回答下一個問題。

Wei Fang, Mizuho.

魏芳，瑞穗。

Operator, I think Mr. Fang's line is disconnected.

接線員，我想方先生的電話斷線了。

Excuse me, Mr. Fang, are you still on the line?

打擾一下，方先生，您還在通話中嗎？

Xueqing Zhang, CICC.

張學清，中金公司。

My question about your margins.

我的問題是關於你的利潤。

The company's gross profit margin has reached 36% in Q4.

第四季公司毛利率已達36%。

How do you view the trends of the gross margin and net margin in 2025 and in the mid- to long term?

您如何看待2025年以及中長期的毛利率、淨利率趨勢？

This is Sam. thank you, Xueqing, I will take your question.

這是薩姆。謝謝雪清，我會回答你的問題。

Our profitability was mainly driven by gross profit and the gross profit margin expansion, which is healthy and sustainable.

我們的獲利能力主要來自毛利及毛利率的擴大，這是健康且可持續的。

In Q4, our gross margin reached a record high of 36%, making 10 consecutive quarters of improvement.

第四季度，我們的毛利率創下36%的新高，連續10季實現改善。

The key contributors to this improvement include the rising share of high-margin gaming and advertising revenues.

推動這項改善的主要因素包括高利潤的遊戲和廣告收入份額的上升。

They now contribute over half of our total revenue account for 54% of total revenue in Q4.

它們現在貢獻了我們總收入的一半以上，佔第四季總收入的 54%。

And our fixed life costs, including content, staff, server bank wide cost further declined their operation -- the portion of revenue from 25% in Q1 to 7% in Q4.

我們的固定生命成本，包括內容、員工、伺服器銀行等成本，在營運中所佔的收入比例從第一季的 25% 下降到第四季的 7%。

Looking ahead, we expect the growth of revenue will continue having the steady margin growth -- gross margin expansion in 2025.

展望未來，我們預計 2025 年營收將持續保持穩定成長，毛利率也將擴大。

Over the long term, we are confident that gross margin will reach 40% to 45%.

從長期來看，我們有信心毛利率達到40%-45%。

On the expense side, our operating expenses as a percentage of total revenues declined 36% to 30% in 2024, and they have more room to further reduction in the future.

在費用方面，我們的營業費用佔總收入的比例在 2024 年下降了 36% 至 30%，未來還有進一步下降的空間。

We already achieved 6% operating profit non-GAAP basis in Q4.

我們在第四季度已經實現了 6% 的非 GAAP 營業利潤。

In the long run, our operating profit margin target remains 15% to 20%.

從長遠來看，我們的營業利潤率目標仍然是15%至20%。

Operator, next question, please.

接線員，請問下一個問題。

Lei Zhang, Bank of America.

美國銀行的張雷。

(spoken in foreign language)

（用外語說）

For us, the top priority for San Mou is long-term operation, as I discussed in the previous quarter.

對我們來說，三麼的首要任務是長期運營，正如我在上一季所討論的那樣。

And we -- the target life cycle for this game will be at least five years.

我們——這款遊戲的目標生命週期至少為五年。

And based on the performances of the first five seasons, we think the team and the game has meet that requirement.

並且根據前五個賽季的表現，我們認為球隊和比賽已經滿足了這項要求。

And the game has consistently ranked among the industry best in terms of user engagement, retention and the revenue generation.

該遊戲在用戶參與度、保留率和創收方面一直名列業界最佳。

That's why I feel quite confident for the next five years that San Mou will continue to contribute steady performances.

這就是為什麼我對未來五年三某將繼續貢獻穩定的表現充滿信心。

And we are also confident that because SLG, by its nature, has a longer life cycle, the target that always bring to the team is that we're hoping to make San Mou a game that a player can play for a lifelong time.

而我們也堅信，因為SLG本質上有著更長的生命週期，所以我們團隊一直堅持的目標就是希望把《三國無雙》打造成一款玩家可以玩一輩子的遊戲。

And that's why we -- whenever there is a new game season, the game will be back on the top growing chart, at least top 10 growth in chart.

這就是為什麼每當有新的遊戲季節時，遊戲就會回到成長排行榜的頂部，至少在成長排行榜上排名前 10。

And the reason why we are very confident is that we have the determination and also experienced and running a long life cycle game, for example, FGO, after nine years of its launch, we still see a double-digit revenue growth for this game.

我們之所以非常有信心，是因為我們有決心，也有經驗運營一款長生命週期的遊戲，例如《FGO》，在推出九年後，我們仍然看到這款遊戲的收入增長達到兩位數。

Another game, Azure Lane, which is celebrating its eighth year anniversary, we continue to see the overall grossing improving year over year.

另一款遊戲《Azure Lane》即將迎來八週年紀念，我們看到其整體票房收入逐年提高。

That's why we are very confident and also determined to make San Mou a long lasting -- a long life cycle game.

這就是為什麼我們非常有信心並且決心將《三昧》打造成一款長久、長生命週期的遊戲。

And because San Mou is also on the other hand, a new game, and we've -- we emphasize and very care about how -- what our players are seeing, we continue to listen to the player feedback on gaming experiences and mechanism and actively club -- collaborating the game developer to incorporate these insights and feedback and adjust the game accordingly.

另一方面，因為《三謀》也是一款新遊戲，我們非常重視並且關心玩家看到的內容，我們會繼續聽取玩家對遊戲體驗和機制的反饋，並積極與遊戲開發商合作，採納這些見解和反饋，對遊戲進行相應的調整。

For example, in the game season -- upcoming games season six on February 22, a lot of the updates and improvement is made according to the user feedback.

例如在遊戲賽季——2月22日即將上線的遊戲第六季中，許多更新和改進都是根據用戶的回饋做出的。

For example, we'll be launching a new map, new battle strategies and new skin system and also bring a new weather system to enhance overall gameplay.

例如，我們將推出新地圖、新戰鬥策略和新皮膚系統，並帶來新天氣系統以增強整體遊戲體驗。

And we're also preparing for the major updates for this June, which is going to be the one-year anniversary for San Mou.

我們也正在為今年 6 月的重大更新做準備，因為這一年是三麼的一周年紀念日。

We're looking to bring a lot of significant updates to increase the game play and improve the overall game make shares for San Mou.

我們希望帶來大量重大更新，以增加遊戲玩法並提高整體遊戲的三謀份額。

Multi-platform expansion will also be one of the strategy for this game this year.

多平台擴張也將是這款遊戲今年的策略之一。

Last Q4, we have launched the game on the PC portal.

去年第四季度，我們在 PC 入口網站上推出了這款遊戲。

And this year, we're looking to bring this amazing game experience to multiple platforms and multiple scenarios to attract more users to enjoy the game.

今年，我們希望將這種令人驚嘆的遊戲體驗帶到多個平台和多個場景，以吸引更多用戶享受遊戲。

And for the second half of this year, the oversea launch will be one of the most important tasks for San Mou.

而今年下半年，海外佈局將是三某最重要的任務之一。

But right now, we're focused on the development of the traditional Chinese version of San Mou to better serve the overseas players.

但目前我們專注於開發《三昧》繁體中文版，以便更好地服務海外玩家。

We will refine the game experience, adjust the game ecosystem design to better fit to different countries gamers preferences.

我們將完善遊戲體驗，調整遊戲生態系統設計，以便更好地適應不同國家遊戲玩家的喜好。

We're also hoping to make San Mou a favorite SLG strategy gain for young players overseas.

我們也希望讓《三昧》成為海外年輕玩家最愛的SLG策略遊戲。

That concludes Mr. Chen's question-and-answer session, and we can move to one last question.

陳先生的問答環節到此結束，我們可以進入最後一個問題。

Operator, please go ahead.

接線員，請繼續。

Wei Fang, Mizuho.

魏芳，瑞穗。

Now looking ahead for 2025, can you help share your thoughts on how to further expand our user base enhance your brand awareness?

展望 2025 年，您能否分享一下關於如何進一步擴大我們的用戶群並增強品牌知名度的想法？

And also wondering if you could help comment more on maybe down from your partnership with CCTV New Gala?

另外，您是否能就您與中央電視台新春晚的合作發表更多評論？

Firstly, I'll talk about the partnership with the Spring Festival Gala, this year, for the very first time we partnered with CCTV's stream Festival Gallo, as its exit bullet chat live streaming platform.

首先講一下和春晚的合作，今年我們首次和央視的春晚直播平台嘉年華合作，作為春晚的出口彈幕直播平台。

At the same time, CCTV also opened an official spring festival account on Bilibili, bring users the highlights from the past 42 years of the gala history.

同時，中央電視台還在嗶哩嗶哩開通了春晚官方帳號，為用戶帶來42年來春晚精彩片段。

And our users are welcoming this content with great enthusiasm.

我們的用戶也非常熱情地歡迎這些內容。

So 40 years old, so I've been watching spring fast will go up for 40 years.

所以 40 歲了，所以我已經觀察春宵 40 年了。

But I find out there's going to be new chemistry compared the high-quality content in the past with the young generation's feedback through bullet chat and commentaries is really sparks new content and new experience.

但我發現，過去的優質內容與年輕一代透過彈幕和評論的回饋相比，會產生新的化學反應，真正激發新的內容和新的體驗。

And I'll talk about some of the results from this project.

我將談論該專案的一些成果。

First of all, I would say, through this Spring Festival Gala project, we have achieved various targets.

首先我想說，透過這次春晚項目，我們實現了各項目標。

First of all, on the user front.

首先，在用戶方面。

On Chinese New Year Eve, Bilibili's overall DAU increased by 20% year over year compared to the New Year's Eve in 2024.

除夕當天，嗶哩嗶哩的整體DAU較2024年除夕年年增20%。

As a platform with over 1 million DAU, one single project can bring 20% DAU increase, that's an amazing result.

作為一個DAU超100萬的平台，單一專案就能帶來20%的DAU成長，這是一個很驚人的結果。

And second achievement is that we find bullet chats as a irreplaceable part of Bilibili's user experience.

第二個成就是，我們發現彈幕已經成為Bilibili使用者體驗中不可取代的一部分。

It's attracting a lot of user to come specifically for the unique bullet chat experience while watching Spring Festival Gala.

吸引了不少用戶前來，專門為享受看春晚時獨特的彈幕體驗。

During the live stream, total bullet chat exceeded 100 million.

直播期間，總彈幕數突破1億。

Another point is, Bilibili is well positioned to capture a highest quality content on a nation-wide basis because by itself, Spring Gala is high quality and unique content.

另外一點是，B站有能力在全國範圍內獲取最優質的內容，因為春晚本身就是高品質且獨特的內容。

Beyond live broadcasting, our user will come specifically to watch or to send bullet chat and commentary on Bilibili to gain exclusive and unique experience.

除了直播之外，我們的用戶還會特意來觀看或在 Bilibili 上發送彈幕和評論，以獲得獨特的體驗。

And the success of this partnership have further solidify our judgment on Bilibili's positioning to host national-wide content and national-wide audiences.

這次合作的成功，進一步堅定了我們對B站承載全國內容、覆蓋全國觀眾的定位的判斷。

And our multi-screen, multi-scenario strategy and positioning has showed Bilibili's unique advantage in fan-viewing settings during the spring faster malls and especially for New Year's Gala, which is a high-definition horizontal format video content is very well suited for the big screen viewing.

而我們的多螢幕、多場景的策略和定位，也讓嗶哩嗶哩在春晚、特別是跨年晚會等粉絲觀影場景中展現出了獨特的優勢，高清橫版的影片內容非常適合在大螢幕上觀看。

As a result, the OTT user growth exceeded our expectation during the partnership, and further reinforce our leadership and user mind share in the living room scenario.

因此，OTT用戶成長超出了我們合作期間的預期，進一步鞏固了我們在客廳場景的領導地位和用戶心智份額。

And another success example would be, one, is the program that was showed during the new year in gala is Bilibili's self-produced performance training home, which become a phenomenal show on the New Year's Gala.

另外一個成功的例子就是，一個是在跨年晚會上播出的節目是嗶哩嗶哩自己製作的表演訓練營，成為了跨年晚會上的現象級節目。

That is the original song produced for our own show back in 2017, and we made it and put it on the New Eve Gala stage.

那是我們在2017年為自己的節目製作的原創歌曲，我們把它製作出來並放在了New Eve Gala的舞台上。

It masked over 50 million views across platform, topped 183 trending list and surpassed tons of impressions.

該影片在各個平台上的觀看次數超過 5000 萬次，位居 183 個熱門榜單之首，並獲得了大量的曝光。

The success of this show also proves that Bilibili not only understand young people and also proved our ability to produce high-quality, nationally loved content on a wider stage.

這部劇的成功也證明了B站不僅懂年輕人，也證明了我們有能力在更廣闊的舞台上產出優質、受國民喜愛的內容。

To summarize the partnership, the success of the the program shows that Bilibili can bring young generation to the national wide New Year's Eve Festival Gala, at the same time, increased our user base further expanded Bilibili name, and also become their integrated campaign within the Bilibili organization.

總結此次合作，該計劃的成功表明Bilibili能夠將年輕一代帶到全國性的除夕晚會上，同時增加了我們的用戶群，進一步擴大了Bilibili的知名度，也成為Bilibili集團內部的綜合性活動。

On all the aspects, it has been a very successful project.

從各方面來看，這是一個非常成功的計畫。

And to answer your previous question, how do we expand our influence through the Bilibili brand is that to do projects like this.

回答你之前的問題，我們如何透過 Bilibili 品牌擴大我們的影響力，就是做這樣的專案。

In the past, our most beautiful nights, the New Year's Gala, has been a very successful campaign to attract new users and improve our brand equities.

過去，我們最美麗的夜晚——新年聯歡晚會，是一個非常成功的活動，可以吸引新用戶並提升我們的品牌資產。

And we've done the similar things among the graduation season.

我們在畢業季也做過類似的事。

And for this year, we have tried out new partnership during Chinese New Year, and we'll continue to launch more Chinese New Year's campaigns like this one going forward.

今年，我們在農曆新年期間嘗試了新的合作關係，今後我們將繼續推出更多類似的農曆新年活動。

And this year, we're also looking to do campaigns, tailored targeted campaigns among summer vacations.

今年，我們也計劃在暑假期間進行有針對性的活動。

We think this type of collaboration and projects will further help us to improve our brand equity, improve our brand influences, at the same time to facilitate our user growth strategy.

我們認為這種類型的合作和專案將進一步幫助我們提高品牌資產，提升品牌影響力，同時促進我們的用戶成長策略。

That's all.

就這樣。

Thank you.

謝謝。

Turn back to you, operator.

轉回給你，操作員。

And that concludes the question-and-answer session.

問答環節到此結束。

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

再次感謝您今天參加嗶哩嗶哩第四季度和2024財年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。