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. Today's conference call is being recorded.

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。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. Please go ahead.

現在，我想將會議交給投資者關係執行總監 Juliet Yang。請繼續。

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

謝謝您，接線生。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。這些評論是基於我們今天的預測和預期。由於多種風險和不確定因素，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. The definition of this measure and a reconciliation table are available in the news release we issued earlier today. As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at ir.bilibili.com.

我們提供的非公認會計準則財務指標僅供比較之用。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。提醒一下，本次會議正在錄音。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. We closed the year with our first GAAP net profit in the fourth quarter, while achieving solid growth across the board. We attribute these achievements to the unique proposition of our video community, the growing value of our user base and our enhanced commercialization efficiency. Looking at these in more detail.

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

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。第四季總營收為人民幣77億元，全年總營收為人民幣268億元，分別較去年同期成長22%和19%。在我們廣告產品和基礎設施持續改善的推動下，我們的廣告業務保持了強勁成長，第四季營收年增 24%，全年營收成長 28%。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. 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.

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%。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. 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. Our user base represents nearly 70% of China's Gen Z plus population with an average age of 25. They are the golden cohort of consumers with rising spending power and consumption demand.

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。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。我們的用戶群佔中國 Z 世代人口的近 70%，平均年齡為 25 歲。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. As the hub for the young generation, Bilibili is uniquely positioned to meet these evolving needs while unlocking greater commercial value.

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。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. 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. In this context, high-quality and exclusive data assets are becoming increasingly significant. 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. Building on the momentum of 2024, we look forward to driving even greater value for our users, creators and stakeholders in the year ahead.

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。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。在此背景下，優質、獨特的數據資產變得越來越重要。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。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. Beginning with content and community, growing with our users continues to fuel the natural expansion of our high-quality content offerings. In Q4, our average daily video views exceeded 4.8 billion, up 14% year-over-year. On top of our dominance in ACG-related content, we have also built strong user mind share in pan entertainment and pan knowledge categories. Meanwhile, as our users enter new life stages, our content offerings are naturally expanding into broader lifestyle and consumption related areas. In 2024, video views in automotive and baby and maternity grew by nearly 40% and over 70% year-over-year, respectively.

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。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。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%。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。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。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. 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. This year's honorees covering over 100 million followers and spanning diverse categories are known for their high quality and fulfilling content. Over 90% of them have been creating content on Bilibili for more than five years.

內容創作者也是我們生態系統的基石。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，表彰他們非凡的才華和對社區的傑出貢獻。今年的獲獎作品粉絲超過1億，類別多樣，以高品質、豐富的內容著稱。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. Meanwhile, we remain committed to empowering content creators to earn more income through our diverse commercialization channels, while pursuing their creative passion. In 2024, nearly 3.1 million content creators earned income on our platform. Content creators’s total income through our advertising products and VAS services increased by 21% year-over-year. 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，前 100 名內容創作者中有 36 名是首次獲獎。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。2024年，近310萬個內容創作者在我們的平台上獲得了收入。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%。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. 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. Monthly interactions grew by 10% year-over-year, exceeding 15.5 billion. 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%.

轉向我們的社區指標。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。月互動量年增10%，超過155億次。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. The event once again proved a must-watch for young audiences, attracting over 230 million views. In addition, during the recent Chinese New Year holiday, we partnered with CCTV for the Spring Festival Gala. 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.

此外，我們很高興以 2024 年最美麗的夜晚——新年前夕聯歡晚會來結束 2024 年。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。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。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. 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.

播出當天，我們的DAU相比2024年除夕增加了近20%。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. First, we made some exciting headway in our advertising business. 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. Ad revenue per DAU also increased by over 20% year over year for both Q4 and the full year of 2024. We attribute our industry-leading ad growth to the growing value of our user base as well as our improved ad efficiency.

現在我想談談我們業務線商業化的進展。首先，我們的廣告業務取得了一些令人興奮的進展。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。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。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 ad infrastructure, optimizing ad matching algorithms and upgrading ad products. 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. Meanwhile, despite the challenging macro environment, brand and native ad revenues also saw double-digit year over year growth in 2024.

2024年，我們進一步開放生態系統，以擁抱更多的廣告機會，同時增強我們的廣告基礎設施，優化廣告配對演算法並升級廣告產品。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%。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. In 2024, the number of advertisers on our platform grew by over 30% year over year. Games, digital products and home appliances, e-commerce, Internet services and automotive were the top five industry verticals in the fourth quarter.

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。2024年，我們平台上的廣告主數量年增30%以上。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 3C and home appliance advertisers to strengthen their brand equity, influence purchasing decisions and drive direct sales conversions. Additionally, we are attracting more advertisers from emerging verticals. In the fourth quarter, revenues from transportation and education advertisers grew by over 100% year over year. 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. In 2025, we will continue deploying our best resources to build a more efficient ad platform and ad products.

在近期宏觀刺激政策的推動下，B站為3C及家電廣告主增強品牌資產、影響購買決策、推動直銷轉換發揮了重要作用。此外，我們正在吸引更多來自新興垂直領域的廣告商。第四季度，交通、教育廣告主收入年增超過100%。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。2025年，我們將持續投入最優質的資源，打造更有效率的廣告平台和廣告產品。

Industry-wise, we will continue to explore opportunities in our leading game vertical, including the launch of Bilibili Mini Games and more. We will also actively pursue wider and deeper partnerships with consumer brand advertisers, connecting them with our high-value user base.

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。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. 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. The growth was driven by our Hit Strategy Game, San Guo: Mou Ding Tian Xia, and contribution from our Japanese ACG title, (Jujutsu Kaisen: Phantom Parade) which we launched in overseas markets in November 2024. San Mou's sustained popularity gives us confidence in its long-term potential. DAUs remained stable across the first five game seasons through our focus on high-quality gameplay while carefully balancing commercialization. We will also enter into a sixth game season on February 22. As we expand its content and features, we believe more young players will be drawn to the SLG genre, 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. We'll actively explore opportunities like San Mou to better serve the new generation of gamers.

談談我們的遊戲業務。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。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（《咒術海戰：幻影遊行》）的貢獻。三麼的持續受歡迎程度令我們對其長期潛力充滿信心。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。我們還將於 2 月 22 日進入第六個賽季。隨著我們不斷擴展其內容和功能，我們相信更多的年輕玩家將會被 SLG 類型遊戲所吸引，從而鞏固《三謀》作為我們的旗艦常青遊戲之一的地位。這款遊戲的成功也是我們遊戲類型多元化策略的里程碑，彰顯了我們遊戲社群的實力。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. 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. During the year, both live broadcasting and premium memberships sustained healthy growth, with the gross margin for live broadcasting continuing to improve. By the end of the year, our premium memberships reached 22.7 million with over 80% on annual subscriptions or auto renewal packages.

最後，讓我們來看看我們的增值業務。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。年內，直播及高級會員均維持健康成長，直播毛利率持續提升。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. 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. 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. The program's early success also highlights our platform's strength and our users strong willingness to pay for quality content.

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

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。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。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. Sam, please go ahead.

說完這些，我會把電話轉給 Sam，讓他分享更多財務細節。山姆，請繼續。

Thank you, Mr. Chen. Hello, everyone. This is Sam. 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. We encourage you to refer to our press release issued earlier today for a closer look at our full year results.

謝謝你，陳先生。大家好。這是薩姆。由於時間原因，在今天的電話會議上，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的全年業績。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. 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.

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。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. 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.

第四季總淨營收為77億元人民幣，較去年同期成長22%。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. Our gross profit margin reached 36.1% in Q4, up 10 percentage-points from 26.1% in the same period last year. Our strong gross profit and margin growth highlight the flexibility and the scalability of our business model.

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。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。我們強勁的毛利和利潤率成長突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. 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. G&A expenses were RMB506 million, flat year over year. R&D expenses were RMB919 million, down 31% year over year, mainly due to a one-off game termination expense in Q4 2023.

第四季度，我們的總營運費用年減 10% 至 27 億元人民幣。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。一般及行政開支為人民幣5.06億元，與去年同期持平。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. 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.

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

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。我們全年也實現自由現金流43億元。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. 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.

2024 年 11 月，我們完成了 2026 年 12 月票據的回購權要約。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. The program underscores our commitment to enhancing shareholder returns and reaffirms our confidence in our business's cash flow generation. 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.

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。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。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. We would now like to open the call to your questions. Operator, please go ahead.

感謝您的關注。我們現在想開始回答你們的問題。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. So after we reaching breakeven last year, how should we think about our overall strategy into 2025? And we have seen an explosive opportunity for AI. How should we think about AI to integrate with our community?

（譯）我的問題是關於 2025 年的。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？我們已經看到了人工智慧的爆發式成長機會。我們該如何思考人工智慧與我們的社群的融合？

(Foreign Language)

（外語）

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

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。現在看來，我們很高興我們已經在 2024 年底提前成功實現了這一目標。

(Foreign Language)

（外語）

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. Now we have reached profitability and achieved a positive operation circle across our commercialization, and we'll add another engine to that business model and achieve sustainable, healthy community growth will be our ultimate target. And for this year, we'll stick to our mission to expand our margin, increase profitability and maintain a healthy growth of our 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。如今我們已經實現盈利，並在整個商業化過程中實現良性的營運循環，我們將為這一商業模式增添另一個引擎，實現可持續的、健康的社區成長將是我們的最終目標。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。

(Foreign Language)

（外語）

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. From a user perspective, high-quality content has been an irreplaceable positioning for Bilibili. This is also the same reason that our user has been using our platform for a very long time. We were thinking about the strategy going forward high-quality content or videos will be the center of all of our planning. 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。從使用者角度來看，優質內容一直是B站無可取代的定位。這也是我們的用戶長期使用我們平台的原因。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。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。

(Foreign Language)

（外語）

First of all, I would like to touch upon high-quality content plus PUGV’s value. I believe that we have already entered an era where there's a very sufficient supply of video content, and probably, the era of mass video consumption. The era has already ended. Therewill be no shortage of video content supply anymore, especially for short form video. And the future of video lies in the quality, not quantity and Bilibili has a strong user mind share of high-quality content. We have gathered the most talented content creator and the user who appreciate high content the most. We believe this is a common understanding across majority of the video users. And being the high-quality video content platform we will become even more competitive and stand at competitive advantage position in the next era of video market.

首先我想談談優質內容和PUGV的價值。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，也可能是一個大眾視訊消費的時代。這個時代已經結束了。視訊內容供應將不再短缺，尤其是短視頻。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。我們聚集了最有才華的內容創作者和最欣賞高品質內容的用戶。我們相信這是大多數視訊用戶的共同認識。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。

(Foreign Language)

（外語）

And here, I'll give an example of one of our content creator, his name is Shi Pin Dao He has been producing a series of food documentaries. And as a documentary producer ourselves, we know the competitive advantage of this particular content creator, which he already earned over tens of millions of GMVs through monetizing his documentary content. 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.

這裡我舉個例子，我們的一位內容創作者叫美食島，他一直在製作一系列美食紀錄片。作為一名紀錄片製作人，我們知道這位內容創作者的競爭優勢，他已經透過紀錄片內容貨幣化賺取了超過數千萬的 GMV。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。

(Foreign Language)

（外語）

And the second point I would like to raise as the high-quality content plus our self-developed IP assets. I think everyone has been very impressed last year by the success of black myth: Wu Kong and this year's blockbuster animate Ne Zha. And those two success examples 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 quality content.

第二點我想說的是優質內容加上我們自主研發的IP資產。我想大家對去年黑色神話《悟空》的成功以及今年的動畫大片《哪吒》印象深刻。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大於求的趨勢下，高品質內容的需求更大，人們將更傾向於為頂級品質內容工作。

And Bilibili ourself, we have built a strong portfolio of self-developed IP. For example, our original Chinese anime, A Mortal's Journey (inaudible). We have been running for five consecutive years and have become a well-established Chinese 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.

而 Bilibili 本身也已經建立了強大的自主開發 IP 組合。例如，我們的原創中國動漫《凡人修仙傳》（聽不清楚）。我們已經連續營運五年了，已經成為一個知名的中國IP。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。

(Foreign Language)

（外語）

And if you tell me that 10 years ago, the Bilibili ’s highest viewership and paid membership and anime would be a topic around the mortal to immortal type of topic, themes, I would be surprised. But on the second thought, this type of IP would already have a large established viewer and similar to the -- Journey to the West.

如果你告訴我，10 年前，Bilibili 的最高收視率和付費會員以及動漫是圍繞從凡人到仙人的話題、主題，我會感到驚訝。但轉念一想，這種類型的 IP 已經擁有大量固定觀眾，類似《西遊記》。

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

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。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。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。

(Foreign Language)

（外語）

And the last point I would like to raise is the power of the combination of AI plus high-quality content. 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. 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. And the evolvement of the large language model actually really needs more high-quality data assets to unleash its value. And Bilibili happens to be that place that continuously generate high-quality video content and the real-time user feedback towards that content. And for that perspective, it's the best combination between Bilibili and the future AI opportunity.

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。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。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。而大型語言模型的演進其實真的需要更多優質的數據資產才能釋放出它的價值。而B站恰恰就是一個持續產出優質視訊內容，並且即時提供用戶對內容回饋的地方。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。

(Foreign Language)

（外語）

On top of the high-quality video 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 which are just in sync with the video content itself, and for that part, it is really a gold mine for the data assets for AI to train. 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 within the Bilibili data assets.

除了優質的視頻數據資產之外，B站的另一個優勢是，除了視頻內容之外，我們還有海量優質的評論和彈幕，這些評論和彈幕都是由數以百萬計的用戶生成的，與視頻內容本身是同步的，而對於這一部分來說，對於AI來說，這真的是一個可以用來訓練的數據資產金礦。並且隨著 DeepSeek 等開源且經濟高效的 AI 模型的出現，它也在不斷發展。這使得嗶哩嗶哩能夠更好地利用低成本的人工智慧模型來進一步釋放和發現嗶哩嗶哩資料資產中的價值。

And we have been doing a lot of tests in the past few weeks and months. There's a lot of surprise for us. I will be introducing more progress in the following quarters. Please stay tuned and we are very excited to share with you.

在過去的幾週和幾個月裡我們做了很多測試。這對我們來說有很多驚喜。我將在接下來的幾季介紹更多進展。請繼續關注，我們非常高興與您分享。

All right. That concludes Mr. Chen's answer. Next question, please.

好的。陳先生的回答到此結束。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. Could you manage share more color on the driver for the strong 2024 advertisement growth? And for the advertisement outlook for 2025, what has management observed year-to-date from the advertiser sentiment, et cetera? And what will be the key focus point and buy stock for your advertisement business in 2025?

恭喜您2024年的廣告業績非常強勁。能否詳細介紹 2024 年廣告強勁成長的驅動因素？對於 2025 年的廣告前景，管理層從今年迄今為止的廣告商情緒等方面觀察到了什麼？2025年，您的廣告業務的重點和購買庫存是什麼？

(Foreign Language)

（外語）

Indeed that our ad business was performing very good in 2024. Total ad revenue reached nearly RMB8.2 billion for the full year, marking a 28% year-over-year growth. That is among the highest growth rate across the industry.

確實，我們的廣告業務在 2024 年表現非常好。全年廣告總收入近82億元，較去年同期成長28%。這是整個行業中最高的成長率之一。

(Foreign Language)

（外語）

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

值得注意的是，我們高利潤的基於效果的廣告年增超過 40%。這也推動了我們廣告業務整體毛利率的大幅提升。這對我們集團整體毛利率來說也是一個很大的優勢。

(Foreign Language)

（外語）

The success, the reason that drives our advertising revenue comes from two uniqueness that Bilibili platform process. 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. Those two reasons are the fundamental drivers for those advertisers to put ads on Bilibili platform.

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。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。這兩個原因是這些廣告商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. This makes Bilibili the most ideal and effective platform for advertisers to engage with young consumers based on our communication with various advertisers. It has been a consensus that Bilibili is a perfect platform to help connect and communicate with young generation. And it's also a very effective platform to influence young users' purchasing decisions.

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。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。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。它也是一個非常有效的影響年輕用戶購買決策的平台。

(Foreign Language)

（外語）

And we also attribute our success to our continuous improvement to our one horizontal and N verticals commercialization strategy. So regarding to the one horizontal that refers to our ad infrastructure and ad our product abilities. First of all, overall that in 2024, the number of advertisers grew over 30% year over year. We are attracting more advertisers across different industries to come to invest on our platform. And also, we improved our app product to attract more ad budget from different advertisers. For example, now in Q4, over 65% of native advertisers also purchased the content promotion product on our platform, and that ratio was 50% a year ago.

我們的成功也歸功於我們對「一橫N縱」商業化策略的不斷改進。因此，關於涉及我們的廣告基礎設施和廣告產品能力的一個水平。首先，總體而言，到 2024 年，廣告商數量將年增 30% 以上。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。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。例如現在第四季度，超過65%的原生廣告主也在我們的平台上購買了內容推廣產品，而一年前這個比例是50%。

(Foreign Language)

（外語）

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. Currently, AI participate in over 10% of ad material creation regarding to the covers and the titles. For that part, we saw a very significant improvement in the ad conversion rate.

此外，人工智慧在提高廣告效率方面發揮了非常重要的作用。透過我們的 AIGC 工具，我們正在幫助廣告商提高材料創作效率和整體點擊率。目前，超過10%的廣告素材創作都有AI參與，包括封面和標題。對於這部分，我們看到廣告轉換率有了非常顯著的提高。

(Foreign Language)

（外語）

And let's touch based on the N verticals strategies. In 2024, Bilibili continues to secure more ad budget from key industries while also attracting new advertisers from emerging sectors 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. And recently, we launched Bilibili Mini Games program, which has gained a lot of traction and show strong momentum among our advertisers. And we believe that will be one of the growth drivers for us to continue to gain more shares within the game advertising sector.

讓我們根據 N 個垂直戰略來進行討論。2024年，嗶哩嗶哩將繼續從重點產業獲得更多廣告預算，同時也為遊戲等重點產業吸引來自新興領域的新廣告主。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。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。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。

(Foreign Language)

（外語）

And secondly, on our e-commerce sectors, in 2024, we remained committed to the open-loop strategy, further strengthening our partnership with all the major e-commerce platforms. In the past Double 11 shopping festival, our overall GMV increased by over 150% year-over-year, and Bilibili brought over 50% new consumers to the merchants for all participated industries. That ratio is very valuable under this very intensive competitive environment within the e-commerce industry.

其次，在電子商務領域，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。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。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。

(Foreign Language)

（外語）

Another example would be in the digital products and home appliances sectors. As people know that the young users have very strong needs for digital products, and as the average age of our users 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. It contributes the highest incremental revenues in Q4 within our ad sectors.

另一個例子是數位產品和家電領域。大家都知道年輕用戶對於數位產品的需求非常強烈，而且隨著我們用戶的平均年齡進入25歲，對家電的需求也不斷增加。再加上國家補貼和刺激，在家電產業，我們看到數位產品和家電產業的成長非常強勁。它為我們廣告領域第四季的增量收入貢獻了最高。

(Foreign Language)

（外語）

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. If we are looking at 2025 and beyond, what we need to do is to continue to strengthen our advertising infrastructure and to drive efficiency. 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。如果我們著眼於2025年及以後，我們需要做的是繼續加強我們的廣告基礎設施並提高效率。我們對2025年廣告業務的成長整體保持樂觀和信心，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。

Xueqing Zhang, CICC.

張學清，中金公司。

My question is about your margins. The company's gross profit margin has reached 36% in Q4. How do you view the trends of the gross margin and net margin in 2025 and in the mid- to long term?

我的問題是關於你的利潤。第四季公司毛利率已達36%。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. Our profitability was mainly driven by gross profit and the gross profit margin expansion, which is healthy and sustainable. In Q4, our gross margin reached a record high of 36%, making 10th consecutive quarters of improvement. The key contributors to this improvement include the rising share of high-margin gaming and advertising revenues. They now contribute over half of our total revenue, account for 54% of total revenue in Q4. And our fixed costs, including content, staff, server and bandwidth costs further declined their proportion of revenue from 25% in Q1 to 17% in Q4.

這是薩姆。謝謝雪清，我會回答你的問題。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。第四季度，我們的毛利率創下36%的新高，連續10季實現改善。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。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%。我們的固定成本，包括內容、員工、伺服器和頻寬成本，佔營收的比例從第一季的25%進一步下降到第四季的17%。

Looking ahead, we expect the growth of revenue will continue driving the steady gross margin expansion in 2025. Over the long term, we are confident that gross margin will reach 40% to 45%. On the expense side, our operating expenses as a percentage of total revenues declined from 36% to 33% in 2024, and they have more room to further reduction in the future. We already achieved 6% operating profit on non-GAAP basis in Q4. In the long run, our operating profit margin target remains 15% to 20%.

展望未來，我們預計2025年營收的成長將持續推動毛利率的穩定擴大。從長期來看，我們有信心毛利率達到40%-45%。在費用方面，我們的營業費用佔總收入的比例從36%下降到2024年的33%，未來還有進一步下降的空間。我們在第四季度已經實現了 6% 的非 GAAP 營業利潤。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) [As Season 6 of the game San Mou is about to launch, can management give more color on the current performance and outlook of the game in 2025? And what is the key game pipeline?] (added by company after the call)

（外語）[《三謀》第六季即將上線，管理階層能否透露更多關於該遊戲目前的表現以及 2025 年的前景？關鍵的遊戲管道是什麼？

(Foreign Language)

（外語）

For us, the top priority for San Mou is long-term operation, as I discussed in the previous quarter. And the target life cycle for this game will be at least five years. And based on the performances of the first five seasons, we think the team and the game has meet that requirement. And the game has consistently ranked among the industry best in terms of user engagement, retention and the revenue generation.

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。這款遊戲的目標生命週期至少為五年。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。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。

(Foreign Language)

（外語）

That's why I feel quite confident for the next five years that San Mou will continue to contribute steady performances. And we are also confident that because SLG, by its nature, has a longer life cycle, the target that I 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.

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。而且我們也很有信心，因為SLG本質上有更長的生命週期，所以我一直帶給團隊的目標就是希望把《三國無雙》打造成一款玩家可以玩一輩子的遊戲。

(Foreign Language)

（外語）

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

這就是為什麼每當有新的遊戲季節時，遊戲就會回到最暢銷遊戲排行榜上，至少是暢銷遊戲排行榜前十名。

(Foreign Language)

（外語）

And the reason why we are very confident is that we have the determination and also the experience in 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. Another game, Azure Lane, which is celebrating its eighth year anniversary, we continue to see the overall grossing improving year over year. That's why we are very confident and also determined to make San Mou a long lasting and long life cycle game.

我們之所以非常有信心，是因為我們有決心，也有營運長生命週期遊戲的經驗。例如FGO，在推出九年後，我們仍然看到這款遊戲的營收維持兩位數的成長。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。這就是為什麼我們非常有信心並且決心將《三昧》打造成一款歷久不衰、生命週期長的遊戲。

(Foreign Language)

（外語）

And because San Mou is also on the other hand, a new game, and we emphasize and very care about what our players are saying, we continuously listen to the player feedback on gaming experiences and mechanism and actively collaborating the game developer to incorporate these insights and feedback and adjust the game accordingly. For example, in the upcoming games season six on February 22, a lot of the updates and improvement is made according to the user feedback. 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.

另一方面，因為《三謀》也是一款新遊戲，我們非常重視並關心玩家的意見，我們不斷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。例如，在2月22日即將開始的遊戲第六季中，許多更新和改進都是根據用戶的回饋做出的。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。

(Foreign Language)

（外語）

And we're also preparing for the major updates for this June, which is going to be the one-year anniversary for San Mou. We're looking to bring a lot of significant updates to increase the game play and improve the overall game experience 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。我們希望帶來大量重大更新，以增加遊戲玩法並改善《三昧》的整體遊戲體驗。

(Foreign Language)

（外語）

Multi-platform expansion will also be one of the strategy for this game this year. Last Q4, we have launched the game on the PC portal. 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.

多平台擴張也將是這款遊戲今年的策略之一。去年第四季度，我們在 PC 入口網站上推出了這款遊戲。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。

(Foreign Language)

（外語）

And for the second half of this year, the oversea launch will be one of the most important tasks for San Mou. But right now, we're focused on the development of the traditional Chinese version of San Mou. To better serve the overseas players, we will refine the game experience and adjust the game ecosystem design to better fit different countries gamers preferences. We're also hoping to make San Mou a favorite SLG strategy game for young players overseas.

而今年下半年，海外佈局將是三某最重要的任務之一。但現在我們專注於《三昧》繁體中文版的開發。為了更好地服務海外玩家，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玩家的喜好。我們也希望將《三昧》打造成海外年輕玩家喜愛的SLG策略遊戲。

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

陳先生的問答環節到此結束，我們可以進入最後一個問題。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 your user base and enhance your brand awareness? And also wondering if you could help comment more on your partnership with CCTV New Year Gala?

展望 2025 年，您能否分享如何進一步擴大用戶群和提高品牌知名度的想法？另外，您能否就您與中央電視台春節聯歡晚會的合作發表更多評論？

(Foreign Language)

（外語）

Firstly, I'll talk about the partnership with the Spring Festival Gala, this year, for the very first time we partnered with CCTV's Spring Festival Gala, as its exclusive bullet chat live streaming platform. At the same time, CCTV also opened an official Spring Festival Gala account on Bilibili, brings users the highlights from the past 42 years of the Gala’s history. And our users are welcoming this content with great enthusiasm.

首先講一下和春晚的合作，今年我們第一次和央視春晚合作，成為春晚的獨家彈幕直播平台。同時，中央電視台還在嗶哩嗶哩開通了春晚官方帳號，為用戶帶來春晚42年來的精彩片段。我們的用戶也非常熱情地歡迎這些內容。

(Foreign Language)

（外語）

As a 40 years old, I've been watching Spring Festival Gala for 40 years. But I find out there's going to be new chemistry paring the high-quality content in the past with the young generation's feedback through bullet chat and commentaries – it is really sparks new content and new experience.

我今年40歲了，看春晚有40年了。但我發現，將過去的高品質內容與年輕一代透過彈幕聊天和評論進行的回饋結合起來，會產生新的化學反應——這確實會激發新的內容和新的體驗。

(Foreign Language)

（外語）

And I'll talk about some of the results from this project. First of all, I would say, through this Spring Festival Gala project, we have achieved various targets. First of all, on the user front. On Chinese New Year Eve, Bilibili's overall DAU increased by 20% year over year compared to the New Year's Eve in 2024. As a platform with over 1 million DAU, one single project can bring 20% DAU increase, that's an amazing result.

我將談論該專案的一些成果。首先我想說，透過這次春晚項目，我們實現了各項目標。首先，在用戶方面。除夕當天，嗶哩嗶哩的整體DAU較2024年除夕年年增20%。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。

(Foreign Language)

（外語）

And second achievement is that we find bullet chats, as an irreplaceable part of Bilibili's user experience is attracting a lot of user to come specifically for the unique bullet chat experience while watching Spring Festival Gala. During the live stream, total bullet chat exceeded 100 million.

第二個成果是，我們發現彈幕作為B站使用者體驗中不可取代的一部分，吸引了不少用戶前來觀看春晚，感受獨特的彈幕體驗。直播期間，總彈幕量突破1億。

(Foreign Language)

（外語）

Another point is, Bilibili is well positioned to capture highest quality content on a nation-wide basis because by itself, Spring Gala is high quality and unique content. 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. And the success of this partnership have further solidify our judgment on Bilibili's positioning to host national-wide content and national-wide audiences.

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

(Foreign Language)

（外語）

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

而我們的多螢幕、多場景的策略和定位，也讓嗶哩嗶哩在春節、特別是跨年晚會的家庭觀影場景中，展現出了獨特的優勢，因為春晚是高清的橫版視頻內容，非常適合在大屏幕上觀看。因此，OTT用戶成長超出了我們合作期間的預期，並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。

(Foreign Language)

（外語）

And another success example would beone of the program that was showed during the New year Eve’s Gala is Bilibili's self-produced performance Chunyi Hongbao, which become a phenomenal show on the New Year Eve's Gala. That is the original song produced for our own show back in 2017, and we made it and put it on the New Year Eve’s Gala stage. It masters over 560 million views across platform, topped 183 trending list and surpassed tons of impressions. 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.

而另一個成功的例子則是跨年晚會上播出的節目之一——嗶哩嗶哩的自製節目《春意紅包》，成為了跨年晚會上的一場現象級演出。那是2017年我們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跨年晚會的舞台上。該影片在全平台的觀看量超過 5.6 億次，位居 183 個熱門榜單之首，並獲得了大量曝光。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做出優質、受國民喜愛的內容。

(Foreign Language)

（外語）

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, and at the same time, increased our user base and further expanded Bilibili name. It also becomes an integrated campaign within the Bilibili organization. On all the aspects, it has been a very successful project.

總結此次合作，該計劃的成功表明嗶哩嗶哩可以將年輕一代帶到全國性的除夕晚會上，同時增加我們的用戶群並進一步擴大嗶哩嗶哩的知名度。這也成為了 Bilibili 組織內部的綜合活動。從各方面來看，這是一個非常成功的計畫。

(Foreign Language)

（外語）

And to answer your previous question, how do we expand our influence through the Bilibili brand is that to do projects like this. 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. And we've done the similar things among the graduation season.

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。過去，我們的「最美之夜」—新年聯歡晚會是一個非常成功的活動，吸引了新用戶並提升了我們的品牌資產。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. And this year, we're also looking to do campaigns, tailored targeted campaigns among summer vacations. We think this type of collaboration and projects will further help us to improve our brand equity, improve our brand influences, and at the same time facilitate our user growth strategy.

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。今年，我們也計劃在暑假期間進行有針對性的活動。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. Thank you. Turn back to you, Operator.

就這樣。謝謝。轉回給你，操作員。

And that concludes the question-and-answer session. Thank you once again for joining Bilibili's fourth quarter and fiscal year 2024 financial results and business update conference call today. If you have any further questions, please contact Juliet Yang, Bilibili's Executive IR Director, or Piacente Financial Communications. Contact information for IR in both China and the US can be found on today's press release. Thank you, and have a great day.

問答環節到此結束。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。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。今天的新聞稿中可以找到中國和美國 IR 的聯絡資訊。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. The interpreter was provided by the company sponsoring this event.

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。翻譯由贊助此活動的公司提供。