Bilibili Inc (BILI) 2025 Q1 法說會逐字稿

Good day and thank you and welcome to the Bilibili first-quarter 2025 financial results and business update conference call. Today's conference is being recorded.

大家好，謝謝大家，歡迎參加嗶哩嗶哩 2025 年第一季財務業績和業務更新電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Juliet Yang, executive director of Investor relations. Please go ahead.

現在，我想將會議交給投資者關係執行董事 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期望。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風險和不確定因素，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 these measure and the reconciliation table are available in the news release we issued earlier today. As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at ir.bilibili.com.

我們提供的非公認會計準則財務指標僅供比較之用。這些指標的定義和對帳表可以在我們今天早些時候發布的新聞稿中找到。提醒一下，本次會議正在錄製中。此外，投資者簡報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 高層管理人員包括董事會主席兼首席執行官陳睿先生、董事會副主席兼首席營運官李卡莉女士以及首席財務官范志軍先生。

I will now turn the call to Mr. Chen.

現在請陳先生發言。

Thank you, Juliet, and thank you everyone for joining us today to discuss our 2025 first quarter results.

謝謝你，朱麗葉，也謝謝大家今天加入我們討論我們的 2025 年第一季業績。

We started 2025 on promising ground, delivering solid financial results and healthy community development in the first quarter. Our total revenues accelerated year over year, increasing by 24% to RMB7 billion, driven by strong performances in our high-margin advertising and games businesses. Advertising revenues were up 20% year over year to RMB2 billion, supported by our ongoing product enhancements and infrastructure upgrades. Fueled by the sustained popularity of our SLG title San Mou, our games revenues also rose 76% year-over-year to RMB1.73 billion. The continued top-line expansion in these high-margin businesses, combined with operating efficiency, provided us with greater operating leverage. In the first quarter, our gross profit increased by 58% year-over-year, with gross profit margin expanding to 36.3%, up from 28.3% in the same period last year. As a result, we sustained positive adjusted net profit of RMB362 million and narrowed our GAAP net loss by 99% year over year in the first quarter.

2025 年伊始，我們便充滿希望，第一季取得了穩健的財務表現和健康的社區發展。由於高利潤率的廣告和遊戲業務的強勁表現，我們的總收入年增 24%，達到 70 億元人民幣。由於我們持續的產品改善和基礎設施升級，廣告收入較去年同期成長 20%，達到 20 億元人民幣。受惠於 SLG 遊戲《三謀》的持續熱銷，我們的遊戲收入也年增 76% 至 17.3 億元。這些高利潤業務的持續營收擴張，加上營運效率，為我們提供了更大的營運槓桿。第一季度，我們的毛利年增58%，毛利率從去年同期的28.3%擴大至36.3%。因此，我們第一季的調整後淨利為人民幣3.62億元，且以美國通用會計準則計算的淨虧損年減了99%。

While further strengthening our financial performance, we continued to grow our community and enhance user engagement. The successful collaboration with CCTV's Chinese New Year Gala also helped bring the Bilibili name to a broader audience. In the first quarter, DAUs reached 107 million, and MAUs climbed to a new high of 368 million. Meanwhile, our compelling and diverse content drove users' average daily time spent to a record 108 minutes.

在進一步加強財務表現的同時，我們繼續發展社群並增強用戶參與度。與中央電視台春節聯歡晚會的成功合作也幫助嗶哩嗶哩這個名字被更廣泛的受眾所認識。第一季度，每日活躍用戶達1.07億，每月活躍用戶攀升至3.68億的新高。同時，我們引人入勝且多樣化的內容使用戶每天的平均使用時間達到了創紀錄的 108 分鐘。

Next month, Bilibili will turn 16. Looking back, it has been an incredible journey, one that is truly unique. Over the years, our community has grown tremendously. What is most remarkable is that the sense of connection between users and creators and the welcoming, inspiring vibe that defines Bilibili has stayed the same. Over this time, our users have grown with us too. Today, the average age of our active users is 26, a life stage where consumption needs and purchasing power are both on the rise. As the go-to platform for Gen Z+ to discover high-quality, creative video content in China, we are in a great position to meet their evolving needs and unlock even more monetization opportunities.

下個月，Bilibili 將迎來 16 歲生日。回首過去，這是一段令人難以置信的、真正獨特的旅程。多年來，我們的社區得到了極大的發展。最引人注目的是，使用者和創作者之間的聯繫感以及 Bilibili 所特有的熱情、鼓舞人心的氛圍始終如一。在這段時間裡，我們的用戶也與我們一起成長。如今，我們的活躍用戶平均年齡為26歲，正處於消費需求和購買力不斷上升的人生階段。作為中國 Z+ 世代發現高品質、創意影片內容的首選平台，我們能夠滿足他們不斷變化的需求並釋放更多的獲利機會。

With that overview, let's take a closer look at our core pillars of content, community and commercialization.

透過這項概述，讓我們仔細看看我們的內容、社群和商業化的核心支柱。

Beginning with content and community. As we look at today's video landscape, it's clear that people have more content than ever, especially with the explosion of short videos. But what really stands out is that people are craving and spending more time on high-quality content. At Bilibili, that has always been our focus. We have built a community known for the best content out there, and we will keep prioritizing and promoting quality above all else.

從內容和社群開始。縱觀當今的影片領域，我們可以清楚地看到，人們擁有的內容比以往任何時候都多，尤其是短影片的爆炸性成長。但真正引人注目的是，人們渴望並花更多時間在高品質的內容上。在 Bilibili，這一直是我們的重點。我們已經建立了一個以最佳內容而聞名的社區，我們將繼續優先考慮並促進品質高於一切。

This commitment is showing up in our numbers. In the first quarter, users spent an average of 108 minutes on our platform every day, compared to 105 minutes in the same period last year, marking a new record. Our monthly paying users also reached an all-time high of 32 million, as our users discover and connect with more quality content they love. Monthly interactions were nearly 16.7 billion in the first quarter, and our official member count reached 264 million by the end of Q1, up 12% from last year. On top of that, their 12-month retention rate stayed strong at around 80%.

這項承諾已體現在我們的數字上。第一季度，用戶每天在我們平台上的平均停留時間為108分鐘，而去年同期為105分鐘，創下新高。隨著我們的用戶發現並接觸到更多他們喜愛的優質內容，我們的每月付費用戶數量也達到了 3,200 萬的歷史新高。第一季月互動量接近167億，截至第一季末，官方會員數達2.64億，較去年同期成長12%。最重要的是，他們的 12 個月保留率保持在 80% 左右的強勁水平。

The quality of our content is also showing up in our content categories. Our core ACG content continues to thrive, and our game content is a great example. In the first quarter, game-related watch time increased 14% year over year, drawing in both long-time fans and new gamers who come to Bilibili for reviews, walkthroughs, and game IP content. As Gen Z+ users mature and their spending power increases, many are turning to Bilibili with real purchase intent, looking for trusted, unbiased recommendations. That's reflected in our travel and lodging and home appliance-related content, with watch time growing by over 20% year-over-year in Q1.

我們的內容品質也體現在我們的內容類別中。我們的核心 ACG 內容持續蓬勃發展，我們的遊戲內容就是一個很好的例子。第一季度，遊戲相關觀看時間年增 14%，吸引了長期粉絲和新玩家，他們來到 Bilibili 尋找評論、演練和遊戲 IP 內容。隨著 Z+ 世代用戶的成熟和消費能力的增強，許多人開始帶著真正的購買意圖轉向嗶哩嗶哩，尋求值得信賴、公正的推薦。這反映在我們的旅遊住宿和家電相關內容中，第一季的觀看時間年增了 20% 以上。

Additionally, being the hub for curious minds and the best knowledge video library, we saw a big surge in our AI-related content. More young people are coming to Bilibili to explore and learn about AI, and AI-related watch time more than doubled from Q1 last year, along with a 400% increase in advertiser demand.

此外，作為好奇心的中心和最好的知識影片庫，我們的人工智慧相關內容數量激增。越來越多的年輕人來到嗶哩嗶哩探索和學習人工智慧，人工智慧相關內容的觀看時間較去年第一季成長了一倍多，廣告商需求增加了 400%。

Behind all of this is our amazing creator community. By the end of Q1, the number of creators with over 1,000, 10,000, 100,000, and 1 million followers all grew by more than 20% year over year. About 1.5 million creators made money on Bilibili during the quarter, not just through ads or live streaming, but also by using our e-commerce tools and various fan support programs. In fact, creators' total income from our fan-charging program was up over 200% in Q1, showing how users truly appreciate and are willing to pay for quality content.

這一切的背後是我們令人驚嘆的創作者社群。截至第一季末，粉絲數超過1000、10000、100000和100萬的創作者數量同比增長均超過20%。本季度，約有 150 萬創作者在 Bilibili 上賺錢，他們不僅透過廣告或直播賺錢，還透過使用我們的電子商務工具和各種粉絲支援計畫賺錢。事實上，創作者從我們的粉絲收費計劃中獲得的總收入在第一季度增長了 200% 以上，這表明用戶真正欣賞優質內容並願意為其付費。

Lastly, our partnership with CCTV for the Chinese New Year Gala gave us a big boost in brand awareness. It both attracted new users and strengthened engagement with our existing community. What's more, viewers can now revisit all the past Chinese New Year Galas right here on Bilibili. It's another great example of how we curate the quality content and deliver value through our unique community. Meanwhile, our self-produced Chinese anime, The Tales of Herding Gods, Mu Sheng Ji, was well received. It's garnered over 560 million views so far and is showing strong potential to become Bilibili's next long-lasting anime IP. We also released our self-produced title TO BE HERO X, Tu Bian Yingxiong X, worldwide in April. It quickly gained traction, ranking number one on MyAnimeList for Best Spring Title 2025.

最後，我們與中央電視台合作舉辦春節聯歡晚會，大大提升了我們的品牌知名度。它既吸引了新用戶，也加強了我們與現有社群的互動。此外，觀眾現在可以在 Bilibili 上重溫過去的所有中國新年晚會。這是我們如何透過獨特的社群策劃優質內容並提供價值的另一個很好的例子。同時，我們自主製作的中國動漫《牧神記》也獲得了廣泛好評。迄今為止，該劇的觀看次數已超過 5.6 億次，並顯示出成為 Bilibili 下一個長期動漫 IP 的強大潛力。我們也於4月在全球發行了自主製作的遊戲《英雄無敵X》、《恐龍英雄X》。它迅速獲得了關注，在 MyAnimeList 的 2025 年春季最佳作品評選中排名第一。

Now, let's talk about our commercial businesses and their progress. Our advertising business continued to deliver solid results in the first quarter, with revenues growing 20% year over year to RMB2 billion. As our users mature and have more spending power, they increasingly look to Bilibili for content that informs their lifestyle and consumption choices. This trust within our community and the influence of our quality content have become powerful drivers for advertisers. In the first quarter, the number of advertisers placing orders on our platform increased by more than 35% year-over-year.

現在我們來介紹一下我們的商業業務及其進展。我們的廣告業務在第一季持續取得穩健的業績，營收年增 20%，達到 20 億元人民幣。隨著我們用戶的成熟和消費能力的增強，他們越來越多地從嗶哩嗶哩尋找能夠指導他們的生活方式和消費選擇的內容。我們社群內的這種信任和我們優質內容的影響力已成為廣告商的強大驅動力。第一季度，我們平台下單的廣告主數量較去年同期成長超過35%。

Meanwhile, we have been integrating a large language model to help us better understand users' interests and commercial intent, enabling more accurate ad targeting and smarter ad delivery. We also upgraded our AIGC ad content tools to help advertisers generate more tailored and effective ad titles and covers at scale, allowing them to reach users more efficiently through compelling and user-friendly storytelling. These enhancements have fueled the growth of our performance-based advertising, which grew by over 30% year-over-year in Q1, while brand and native ads continued to show steady momentum.

同時，我們一直在整合大型語言模型，以幫助我們更了解使用者的興趣和商業意圖，從而實現更精準的廣告定位和更聰明的廣告投放。我們還升級了 AIGC 廣告內容工具，幫助廣告商大規模產生更具針對性、更有效的廣告標題和封面，使他們能夠透過引人入勝且用戶友好的故事講述更有效地接觸用戶。這些增強推動了我們基於效果的廣告的成長，第一季基於效果的廣告同比增長超過 30%，而品牌廣告和原生廣告繼續呈現穩定的勢頭。

Industry wise, we strengthened our position in core verticals, while attracting more advertisers from emerging sectors. In the first quarter, our top five ad verticals were games, Internet services, e-commerce, digital products and home appliances, and automotive. Powered by our vibrant and highly engaged gaming community, game ads continued to contribute a strong share of our ad revenues, with new formats like Bilibili mini games driving additional growth. Moreover, we saw a notable increase from sectors targeting younger consumers as they enter new life stages with evolving needs. In the first quarter, ad revenues from home appliances and decorations grew by nearly 40% year-over-year. Similarly, AI-related ad revenues surged by 400% year over year, reflecting Bilibili's growing appeal to emerging industries, looking to engage our young, high-value user base through innovative ad formats.

在產業方面，我們鞏固了在核心垂直領域的地位，同時吸引了更多來自新興領域的廣告商。第一季度，我們的五大廣告垂直領域分別是遊戲、網路服務、電子商務、數位產品及家電、汽車。在我們充滿活力且高度參與的遊戲社群的推動下，遊戲廣告繼續為我們的廣告收入貢獻了很大一部分，而嗶哩嗶哩小遊戲等新形式則推動了額外的成長。此外，隨著年輕消費者進入新的生活階段，需求也不斷變化，針對年輕消費者的產業也出現了顯著成長。第一季家電及裝飾廣告收入較去年同期成長近40%。同樣，與人工智慧相關的廣告收入同比增長了 400％，這反映出嗶哩嗶哩對新興行業的吸引力日益增強，希望透過創新的廣告形式吸引年輕、高價值的用戶群。

Turning to our game business, game revenues rose by 76% year-over-year to RMB1.73 billion, attributed to the continued strong performance of our SLG title, San Guo: Mou Ding Tian Xia (San Mou). Meanwhile, our legacy ACG titles, FGO and Azur Lane, continued to deliver stable revenues and demonstrated impressive longevity in the first quarter.

談到我們的遊戲業務，遊戲收入年增 76% 至人民幣 17.3 億元，這得益於我們的 SLG 遊戲《三國：謀定天下》的持續強勁表現（三某）。同時，我們的傳統 ACG 遊戲《FGO》和《碧藍航線》在第一季繼續帶來穩定的收入，並展現出令人印象深刻的長壽。

We are encouraged to see that San Mou is evolving into a long-cycle title with enduring appeal. With our expanded game development capabilities and upgraded gameplay, San Mou's active users and engagement in Season 7 improved from previous seasons, demonstrating the game's continued draw for core SLG players. On May 31, we will kick-off Season 8, marking the game's biggest update since its initial launch. This highly anticipated anniversary edition will include a refreshed map, new characters, and special in-game events. These updates enhance the gaming experience and are designed to attract more younger players to the SLG genre. We expect this launch to mark a meaningful milestone in San Mou's continued growth and long-term success.

我們欣慰地看到，《三某》正在演變成一部具有持久吸引力的長週期作品。隨著我們擴大遊戲開發能力和升級遊戲玩法，《三謀》第七季的活躍用戶和參與度較前幾季有所提升，表明該遊戲對核心 SLG 玩家的吸引力持續增強。5 月 31 日，我們將啟動第 8 季，這是該遊戲自首次發布以來最大的更新。這個備受期待的周年紀念版將包括更新的地圖、新角色和特殊的遊戲內活動。這些更新增強了遊戲體驗，旨在吸引更多年輕玩家玩 SLG 遊戲。我們期望此次發表會將成為三牟持續成長和長期成功的一個有意義的里程碑。

The momentum behind San Mou also highlights our gaming community's strength and our ability to build differentiated experiences that resonate with diverse player groups. In addition to San Mou's international launch later this year, we have several new games in our pipeline awaiting approval. As we expand our game portfolio, we are focused on creating titles with lasting value by leveraging our leadership in the gaming space to reimagine gameplay for the next generation of gamers.

三謀背後的發展動能也凸顯了我們遊戲社群的實力，以及我們打造與不同玩家群產生共鳴的差異化體驗的能力。除了今年稍晚《三謀》將在國際上推出之外，我們還有幾款新遊戲正在等待批准。隨著我們擴大遊戲組合，我們專注於利用我們在遊戲領域的領導地位為下一代遊戲玩家重新構想遊戲玩法，創造具有持久價值的遊戲。

And finally, let's look at our VAS business. Revenues from our VAS business increased by 11% year-over-year to RMB2.81 billion. Our live broadcasting business regained momentum during the first quarter, fueled by the supply of more quality content and more paying users. We also further refined our operations and incentive plan, which led to a meaningful improvement in the business' margin profile.

最後，讓我們來看看我們的增值業務。增值業務收入年增11%至人民幣28.1億元。由於更多優質內容和更多付費用戶的推動，我們的直播業務在第一季恢復了成長勢頭。我們還進一步完善了營運和激勵計劃，從而使業務利潤率狀況得到了顯著改善。

We are also unlocking more value from our broader VAS portfolio. Gen Z+ users show a strong willingness to pay for content they care about. By the end of the quarter, premium memberships exceeded 23.5 million, with over 80% on annual or auto-renew plans, a clear sign of user loyalty. In addition, revenues from our fan-charging program surged by over 200% year over year, highlighting the potential of our direct-to-creator monetization tools.

我們也從更廣泛的加值服務產品組合中釋放出更多價值。Z+ 世代用戶表現出強烈的為自己關心的內容付費的意願。截至本季末，高級會員數量已超過 2,350 萬，其中超過 80% 為年度或自動續約會員，這清楚地表明了用戶的忠誠度。此外，我們的粉絲收費計畫的營收年增超過 200%，凸顯了我們直接面向創作者的貨幣化工具的潛力。

And lastly, while we are making solid progress on our commercialization efforts, we are also staying true to our role as a responsible cultural brand and corporate citizen. In April, we published our 2024 ESG report, sharing the steps we are taking to create social value and build a more sustainable business. We are proud to have received an A rating from MSCI for our ESG performance. While we keep growing our ecosystem with high-quality content, we are also committed to pushing the industry forward through innovation, both in technology and storytelling, while continuing to spread positive energy and making a real difference in society.

最後，我們在商業化進程穩步推進的同時，也始終堅守負責任的文化品牌和企業公民的使命。今年 4 月，我們發布了 2024 年 ESG 報告，分享了我們為創造社會價值和建立更永續的業務所採取的措施。我們很榮幸我們的 ESG 表現獲得了 MSCI 的 A 級評級。我們在不斷透過高品質內容拓展生態系統的同時，也致力於透過科技和故事敘事的創新推動產業向前發展，同時繼續傳播正能量，為社會帶來真正的改變。

As we move through the year, we will focus on advancing our commercialization capabilities with more enhanced and efficient commercial offerings. At the same time, we will continue promoting high-quality content that defines our vibrant community. In addition, we are actively embracing GenAI to optimize user experience, monetization efficiency, and unlock new growth opportunities.

隨著時間的推移，我們將致力於透過更強大、更有效率的商業產品來提升我們的商業化能力。同時，我們將繼續推廣定義我們充滿活力的社區的高品質內容。此外，我們正在積極擁抱GenAI，以優化用戶體驗、提高貨幣化效率並釋放新的成長機會。

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 first quarter highlights. We encourage you to refer to our press release issued earlier today for a closer look at our results.

謝謝陳先生。大家好。這是薩姆。為了節省今天的電話會議時間，我將回顧我們第一季的亮點。我們鼓勵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結果。

In the first quarter, we accelerated revenue growth and further expanded our margins, fueled by the strong performance of our high-margin games and advertising businesses while sustaining positive non-GAAP net profit.

第一季度，我們加速了營收成長並進一步擴大了利潤率，這得益於我們高利潤率的遊戲和廣告業務的強勁表現，同時保持了正的非公認會計準則淨利潤。

Total net revenues for the first quarter were RMB7 billion, up 24% year over year. Our revenue breakdown by revenue stream for Q1 was approximately 40% VAS, 29% advertising, 25% mobile games, and 6% from our IP derivatives and other businesses.

第一季總淨營收為70億元人民幣，較去年同期成長24%。我們第一季的收入按收入來源劃分約為：增值服務 40%、廣告 29%、手機遊戲 25%、IP 衍生性商品及其他業務 6%。

Our cost of revenues increased by 10% year over year to RMB4.46 billion in the first quarter, while our gross profit rose 58% year over year to RMB2.54 billion. Our gross profit margin reached 36.3% in Q1, compared with 28.3% in the same period last year. Our expanding gross profit and margin show how well our model adapts and scales as the business grows.

第一季度，我們的營業成本年增10%至人民幣44.6億元，而毛利年增58%至人民幣25.4億元。我們的毛利率在第一季達到了36.3%，而去年同期為28.3%。我們不斷增長的毛利和利潤率表明我們的模式隨著業務的成長能夠很好地適應和擴展。

Our total operating expenses increased 4% year over year to RMB2.52 billion. Sales and marketing expenses increased 26% year over year to RMB1.17 billion. The increase was mainly due to a one-off marketing expense related to our partnership with CCTV for the 2025 Chinese New Year Gala and higher year-over-year promotion expenses for our SLG game, San Mou. G&A expenses were RMB516 million, down 3% year over year. R&D expenses were RMB841 million, down 13% year over year, mainly related to R&D efficiency improvements.

我們的總營運費用年增4%至人民幣25.2億元。銷售及行銷費用較去年同期成長26%至人民幣11.7億元。成長的主要原因是與中央電視台合作舉辦2025年春節聯歡晚會相關的一次性營運費用，以及我們的SLG遊戲《三謀》的同比推廣費用增加。一般及行政開支為人民幣5.16億元，較去年同期下降3%。研發費用為人民幣8.41億元，較去年同期下降13%，主要由於研發效率的提升。

These efforts allowed us to maintain positive operating results. Our operating profit was RMB15 million, and our adjusted operating profit was RMB342 million, both compared with losses in Q1 2024. We also maintained a positive adjusted net profit of RMB362 million versus a loss in the prior-year period, and we narrowed our GAAP net loss by 99% year over year to RMB11 million. Our adjusted net profit ratio in the first quarter was 5% compared with an adjusted net loss ratio of 8% in the same period a year ago.

這些努力使我們保持了積極的經營績效。我們的營業利潤為 1,500 萬元，調整後營業利潤為 3.42 億元，而 2024 年第一季均出現虧損。我們也維持了人民幣 3.62 億元的正調整後淨利潤，而去年同期則為虧損，並且我們的 GAAP 淨虧損同比縮小 99% 至人民幣 1,100 萬元。我們第一季的調整後淨利率為5%，而去年同期的調整後淨虧損率為8%。

Cash flow wise, we generated over RMB1.3 billion in operating cash flow in the first quarter. As of the 31st of March 2025, we had cash and cash equivalents, time deposits, and short-term investments of RMB17.4 billion, or US$2.4 billion.

現金流方面，第一季我們產生了超過13億元的營運現金流。截至 2025 年 3 月 31 日，我們的現金及現金等價物、定期存款及短期投資為人民幣 174 億元，或 24 億美元。

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。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Lincoln Kong, Goldman Sachs.

林肯孔（Lincoln Kong），高盛。

(spoken in foreign language)

（用外語說）

Thank you, management, for taking my question. So, congrats on a very solid first quarter result. So, my question is about the content. I think last quarter, Rui Zong, you mentioned about to enhance building our quality content. So, what's our specific plan this year to increase the user mindset or quality contents? And in terms of the AI applications, is there any progress or specific rollout we should expect? Thank you.

謝謝管理層回答我的問題。因此，恭喜您第一季取得了非常穩健的業績。所以，我的問題是關於內容的。我記得上個季度，宗睿您曾提到要加強我們優質內容的建置。那麼我們今年在提升用戶認知或優質內容方面有什麼具體的計畫？在人工智慧應用方面，我們是否可以期待任何進展或具體推出？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) I think we're in the era where there is too much content, especially where the short video content is becoming increasingly abundant. For example, you can even watch short video content on shopping apps. And what we have observed is that users are not lacking in content to watch, rather they are seeking high-quality content. And what we observe is that users are dedicating more time to engage with premium-quality content. The growing demand for quality content mirrors the changes in consumer habits. People are willing to pay for content that brings them a sense of fulfillment and quality.

(翻譯)我覺得我們處在一個內容過多的時代，尤其是短影片內容越來越豐富。例如，您甚至可以在購物應用程式上觀看短影片內容。我們觀察到，用戶並不缺乏可觀看的內容，而是在尋求高品質的內容。我們觀察到，用戶花費更多時間來獲取優質內容。對優質內容的需求不斷增長反映了消費者習慣的變化。人們願意為能為他們帶來滿足感和品質的內容付費。

(spoken in foreign language)

（用外語說）

(interpreted) Quality content is what we have been focused on and stand for. I think Bilibili is probably one of the biggest content platform that holds the high-quality content standards. And when people come to Bilibili, what they are consuming stands for a long-term sense of fulfillment, not for a short-term stimulation or a hormone-driven type of satisfaction. And this will help Bilibili to stand and thrive in the next era of video competition.

(翻譯) 優質內容是我們一直在關注和堅持的。我認為嗶哩嗶哩可能是最大的、擁有高品質內容標準的平台之一。當人們來到嗶哩嗶哩時，他們消費的是一種長期的滿足感，而不是短期的刺激或荷爾蒙驅動的滿足感。這將有助於嗶哩嗶哩在下一個視訊競爭時代站穩腳跟並蓬勃發展。

(spoken in foreign language)

（用外語說）

(interpreted) This is showing in our Q1 data. For example, in Q1, the average daily user time spent reached a historical high of 108 minutes. Additionally, users are increasingly willing to pay for premium content. Our average monthly paying user hit a new record of 32 million, and revenue from our fan-charging feature grew over 200% year-over-year. And this is all highlighting the substantial revenue in video platform, which is people directly paying for content that they love and care about.

（解釋）這在我們的第一季數據中有所體現。例如，第一季，用戶日均使用時長達到歷史最高水準108分鐘。此外，用戶越來越願意為優質內容付費。我們的平均每月付費用戶數量創下了3,200萬的新紀錄，粉絲充電功能的收入年增超過200％。這一切都凸顯了視訊平台的豐厚收入，也就是人們直接為自己喜愛和關心的內容付費。

(spoken in foreign language)

（用外語說）

(interpreted) Quality will stand for and play a even bigger and more important role in our strategy. Into 2025, we will continue to position high-quality content as one of Bilibili's most important attributes. We'll also help our content creator, the talented content creator to gain fans more quickly and also receive better monetary rewards.

(翻譯) 品質將在我們的策略中發揮更大、更重要的作用。進入2025年，我們將繼續把優質內容定位為Bilibili最重要的屬性之一。我們還將幫助我們的內容創作者，有才華的內容創作者更快獲得粉絲，並獲得更好的金錢獎勵。

(spoken in foreign language)

（用外語說）

(interpreted) Upholding high-quality as the standard, we can see the strategy working from the content category development. First of all, on the core ACG content, the pan knowledge content, and it's gradually evolving into lifestyle-related, consumption-related, all of these content categories are thriving and expanding on Bilibili.

(解讀) 堅持以高品質為標準，從內容品類的拓展就可以看出此策略的成效。首先，從核心的ACG內容，到泛知識內容，逐漸向生活風格類、消費類的內容演變，這些內容類別在B站上都在蓬勃發展、不斷拓展。

(spoken in foreign language)

（用外語說）

(interpreted) For me, personally, I learned great knowledge and consumption-related advice on Bilibili such as how to wash a duvet cover and how to pick a right sofa. This is very easy and transparent. I find the content in Bilibili super helpful and fulfilling.

(翻譯) 就我個人而言，我在 Bilibili 上學到了很多知識和消費相關的建議，例如如何清洗羽絨被套以及如何挑選合適的沙發。這非常簡單且透明。我發現 Bilibili 上的內容非常有幫助且令人滿足。

(spoken in foreign language)

（用外語說）

(interpreted) In addition to the content category involvement, we are also providing various monetization avenues to help our quality content creators to make more money. For example, last month, I discovered this content creator with less than 1 million followers made over RMB1 million in a month through fan-charging program. And he's a knowledge sector content creator. Even though what he's talking about is quite niche and professional - probably won't bring him a lot of followers - but if you do something really good in the segment category, you can also earn a lot of love and appreciation and even monetary rewards on Bilibili through our monetization avenues.

(翻譯) 除了內容類別的參與，我們也提供各種貨幣化途徑，幫助我們的優質內容創作者賺取更多收入。例如上個月，我發現一個粉絲不到100萬的內容創作者透過粉絲儲值計劃，一個月就賺了100多萬元。他是一位知識領域內容創作者。雖然他談論的內容相當小眾和專業——可能不會給他帶來很多粉絲——但如果你在細分領域做得很好，你也可以透過我們的貨幣化途徑在嗶哩嗶哩上獲得很多喜愛和讚賞，甚至金錢獎勵。

(spoken in foreign language)

（用外語說）

(interpreted) Video content become a necessity in terms of spiritual consumption. We discover that the quality video in the longer-term will gradually pick up its potential and showing great value. Probably for people who just have the access to short video content or to do the video content, he might be attracted to those very short, stimulative content in a short period of time.

(解讀) 影片內容成為精神消費的必需品。我們發現，長期來看優質影片將逐漸發揮其潛力並展現出巨大的價值。可能對於剛接觸短影片內容或做影片內容的人來說，他可能會在短時間內被那些很短的、刺激性的內容所吸引。

But over a longer-time horizon, let's say, five years, people will naturally choose content that bring them a sense of fulfillment and those quality content. That's why we have been focused and will continue to focus on promoting quality content, fulfilling content.

但從更長遠的角度來看，比如說五年，人們自然會選擇那些能帶給他們滿足感和優質內容的內容。這就是為什麼我們一直專注於並將繼續致力於推廣優質內容和充實內容。

(spoken in foreign language)

（用外語說）

(interpreted) Lastly, I wanted to touch upon the high-quality content combined with the AI can bring great potential to our business. First of all, is that the quality content can transcend times. From early 2000 till now, we can easily see that only the quality content can live and continue to produce value, and currently, with the evolution of AI models, hinges on the access to high-quality training data. And Bilibili happens to own the world's largest repository of Chinese video content. The high-quality video content data will provide us a very unique and advantageous position in the time of AI-related opportunities.

(翻譯) 最後，我想談談高品質內容與人工智慧的結合可以為我們的業務帶來巨大的潛力。首先，優質內容是可以跨越時代的。從2000年初至今，我們可以很容易地看到，只有高品質的內容才能生存並持續產生價值，而目前，隨著人工智慧模型的演進，高品質的內容取決於能否獲得高品質的訓練資料。而嗶哩嗶哩剛好擁有全世界最大的中文影片內容庫。高品質的視訊內容數據將在人工智慧相關機會時代為我們提供非常獨特和有利的地位。

(spoken in foreign language)

（用外語說）

(interpreted) And currently, I would say the model itself has great computing power and inferencing power, and all the historical text-based data corpus has already been provided to various different models. But can they generate something new and provide creative and additional information is what all of the video manufacturing is trying to resolve.

(解釋) 目前，我想說模型本身俱有強大的計算能力和推理能力，並且所有基於歷史文本的資料語料庫都已經提供給各種不同的模型。但能否創造出一些新的東西，提供有創意的附加信息，是所有視頻製作者都在努力解決的問題。

And from that aspect, Bilibili stands a great advantage because our video content carries a much more densed set of information. For example, when I asked our own AI model which mobile phone can take a better human portrait, and our AI model can analyze the historical video data and summarize and subtract the right information to provide me with that solution. And this is something only Bilibili can do.

從這個方面來說，嗶哩嗶哩有很大的優勢，因為我們的影片內容承載著更密集的資訊。例如我問我們自己的AI模型哪款手機可以拍出更好的人像照片，我們的AI模型就可以分析歷史視頻數據，然後總結、減去正確的信息，為我提供那個解決方案。而這，也只有Bilibili能做到。

(spoken in foreign language)

（用外語說）

(interpreted) Well, probably AI can fake a lot of text-based messages online as of now, but it's still a long way for AI to produce a high-quality, reliable, trustworthy video content. And from that perspective, Bilibili holds a very valuable data asset on that.

(翻譯) 嗯，目前人工智慧可能可以在網路上偽造很多基於文字的訊息，但人工智慧要製作出高品質、可靠、值得信賴的影片內容還有很長的路要走。從這個角度來看，嗶哩嗶哩擁有非常寶貴的資料資產。

(spoken in foreign language)

（用外語說）

(interpreted) And Bilibili holds a unique and leading offerings in certain content categories such as animation, gaming and knowledge. And this, with the help of AI translation, we can easily multiply those values into multiple language and unleash much greater potential and value of that content categories.

(翻譯) 而B站則在動畫、遊戲、知識等內容領域擁有獨特且領先的優勢。借助人工智慧翻譯，我們可以輕鬆地將這些價值轉化為多種語言，並釋放該內容類別的更大潛力和價值。

(spoken in foreign language)

（用外語說）

(interpreted) And also, from a commercial aspect, AI can also help us to improve our commercialization efficiency. I can elaborate on that in a later question if there's any.

(翻譯)而且從商業角度來說，人工智慧還可以幫助我們提高商業化的效率。如果有的話，我可以在稍後的問題中詳細說明。

Yeah, that concludes Mr. Chen's answer. Next question, please.

是啊，陳先生的回答就到此為止。請回答下一個問題。

Xueqing Zhang, CICC.

張學慶，中金公司。

(spoken in foreign language)

（用外語說）

Thank you, management, for taking my question. My question is about your game business. Can management reveal the performance of San Mou in Season 6 and 7? San Mou has been launched for one year in June. So, what are your expectations for the anniversary version? How does management view the growth rate of the game business in the second half of the year? And what's your game pipeline? Thank you.

謝謝管理層回答我的問題。我的問題是關於你們的遊戲業務。管理階層能透露一下第六季和第七季三某的表現嗎？今年六月，《三某》上線一週年了。那麼，你對週年紀念版有什麼期待呢？管理階層如何看待下半年遊戲業務的成長速度？您的遊戲流程是怎麼樣的？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) The most critical and important goal for San Mou operation team is to achieve a long-term healthy operation with at least five year or longer life cycle. And user retention is something that I care most about, and this is also the most important topic every time we have a staff meeting on this game operation. My ultimate goal is to help San Mou to become a game that the gamer can play for a lifetime.

(解讀)三某營運團隊最關鍵、最重要的目標是實現至少五年甚至更長生命週期的長期健康營運。而用戶留存是我最關心的事情，這也是我們每次針對這個遊戲的營運召開員工會議時最重要的議題。我的最終目標是幫助《三昧》成為一款玩家可以玩一輩子的遊戲。

(spoken in foreign language)

（用外語說）

(interpreted) The season-based game system is one of the most important mechanisms to help this game to sustain a long-term operation. Every game season we listen very carefully about users' feedback and adopt that into the next game design and promotion.

(解釋) 賽季遊戲系統是幫助遊戲維持長期運作的最重要機制之一。每個遊戲季我們都會仔細聽取使用者的回饋，並將其融入下一季的遊戲設計和推廣中。

(spoken in foreign language)

（用外語說）

(interpreted) As a matter of fact, the first day of game Season 7 marks the highest DAU daily record in the year of 2025 and also represents how we are incorporating each new season to optimize the game design and attract and retain users.

(解釋)事實上，第 7 季遊戲的第一天創下了 2025 年每日 DAU 的最高紀錄，也代表了我們如何結合每個新賽季來優化遊戲設計並吸引和留住用戶。

As one of the largest gaming content community in China, the Bilibili community itself empowers the long-term operation of San Mou. For example, we did a joint marketing campaign with San Mou with the leading game streamers, PDD and Wanrendi. And the campaign was quite successful and helped us to attract a lot of new users and awaken a lot of the dormant users.

B站作為國內最大的遊戲內容社群之一，社群本身也賦能了三昧的長期運作。例如，我們與三謀以及領先的遊戲主播PDD和萬人迷進行了聯合行銷活動。這次活動非常成功，幫助我們吸引了大量新用戶，並喚醒了大量休眠用戶。

(spoken in foreign language)

（用外語說）

(interpreted) And also, another example is our virtual streamers are actually attracting their followers to join Bilibili and do the live streaming sessions. And we find it quite interesting that one user probably has both ACG and SLG interest habits. And this is also bringing a lot of incremental new users to the game.

(翻譯) 另外，另一個例子是我們的虛擬主播實際上正在吸引他們的粉絲加入嗶哩嗶哩並進行直播。我們發現一個很有趣的現象，一個使用者可能同時具有ACG和SLG的興趣習慣。這也為遊戲帶來了大量新用戶。

(spoken in foreign language)

（用外語說）

(interpreted) Combined with those efforts and our operating strategy, we can see that San Mou, the current DAU level and paying ratio and ARPU has ranked among the top level in the industry.

(解讀)結合這些努力和我們的營運策略，我們可以看到，三謀目前的DAU水平和付費率以及ARPU已經位居行業前列。

(spoken in foreign language)

（用外語說）

(interpreted) Later this month, on May 31, we will launch Season 8. And also, this marks the anniversary edition of San Mou. And we will start the campaign to celebrate the anniversary with refreshed map, major new characters and limited anniversary game features and a lot of interesting in-game events. And we hope this anniversary edition will bring San Mou to a new level and a long-lasting life cycle.

（翻譯）本月晚些時候，即 5 月 31 日，我們將推出第 8 季。並且，這也是《三某》的周年紀念版。我們將透過更新的地圖、主要新角色和有限的周年紀念遊戲功能以及許多有趣的遊戲內活動來啟動慶祝週年紀念的活動。我們希望這個週年紀念版能夠將《三某》推向一個新的高度並擁有長久的生命週期。

(spoken in foreign language)

（用外語說）

(interpreted) Many people were asking me what's the next step after San Mou. My answer has always been, we wanted to be super focused on making San Mou sustainable and even more successful. I often said the next San Mou will be the next game season. We'll be focusing on making a better season each time and bringing new experience to our user.

(翻譯) 很多人問我，三某之後的下一步計畫是什麼。我的回答一直是，我們希望高度專注讓三牟永續發展，甚至取得更大的成功。我常說，下一個三毛將是下一個比賽賽季。我們將致力於每次打造更好的賽季並為用戶帶來新的體驗。

On top of that, we have two more initiatives with this game. One is, in the end of this year, we're looking to launch international version in traditional Chinese. This version is targeting for users in Hong Kong, Taiwan and Macau.

除此之外，我們對這款遊戲還有另外兩項措施。一是，我們計劃在今年底推出繁體中文的國際版本。此版本主要針對香港、台灣、澳門用戶。

And the second initiative is that we are planning to bring San Mou into multiple devices. End of last Q4, we launched the PC version, which helped us to win over a lot of the PC user. The next step we are looking to bring this game on the mini game platform. This potentially will also open doors for us to attract new additional users.

第二個舉措是，我們計劃將「三某」引入多種設備。去年第四季末，我們推出了PC版本，這幫助我們贏得了大量PC用戶。下一步我們希望將這款遊戲引入迷你遊戲平台。這也有可能為我們吸引新的用戶打開大門。

(spoken in foreign language)

（用外語說）

(interpreted) On top of San Mou, we will have two more important jobs to do. One is to sustain our legacy titles - our Azur Lane and FGO. We'll be celebrating Azur Lane's eighth year anniversary this month and celebrating FGO's ninth anniversary at end of the July. And for both of the games, you might be very familiar with a very sustainable and successful long-term operation. And from time to time, we can witness a new incremental increase from those two games. And we believe with the anniversary promotion, we should be welcoming a new peak of DAUs and MAUs.

(翻譯) 除了三謀之外，我們還有兩項重要工作要做。一是維持我們的傳統作品－《碧藍航線》和《FGO》。本月我們將慶祝《碧藍航線》八週年，七月底我們將慶祝《FGO》九週年。對於這兩款遊戲，您可能非常熟悉其非常可持續且成功的長期營運。有時，我們可以看到這兩款遊戲帶來新的增量成長。我們相信，透過週年慶促銷，我們將迎來DAU和MAU的新高峰。

(spoken in foreign language)

（用外語說）

(interpreted) The second strategy is on the new games. Currently, we have four to five games in line waiting for approval. We will also actively exploring more opportunities in new genres, similar to what we have done with San Mou to reinvent games, catering to new generation of gamers' preferences. We do think there are a few opportunities there, and we will continue to invest and explore.

（解釋）第二個策略是新遊戲。目前，我們有四到五款遊戲正在等待批准。我們也將積極探索新類型中的更多機會，類似於我們與三某合作重新發明遊戲，以滿足新一代遊戲玩家的喜好。我們確實認為那裡存在一些機會，我們將繼續投資和探索。

Okay, that concludes Mr. Chen's answer. Next question please.

好的，陳先生的回答到此結束。請問下一個問題。

Yiwen Zhang, China Renaissance.

張藝文，中國文藝復興。

(spoken in foreign language)

（用外語說）

So, first, congrats on the very solid print. So, my question regarding our advertising business. In Q1, we maintained 20% annual revenue growth, ahead of industry average. Can you elaborate what are the underlying drivers? Also, can you discuss how these drivers will play out in the future? And what is our outlook for ad growth here? Thank you.

因此，首先，恭喜您獲得了非常堅實的印刷效果。所以，我的問題是關於我們的廣告業務。第一季度，我們維持了20%的年收入成長，高於行業平均。能詳細說明背後的驅動因素是什麼嗎？另外，您能討論一下這些驅動因素在未來將如何發揮作用嗎？我們對這裡的廣告成長前景如何？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) In Q1, our advertising business continued to grow at a rate that is above industry average, reaching RMB2 billion in revenue and up 20% year over year. Notably, our high-margin performance-based ads grew by over 30% year on year and contributing significantly to our overall revenue growth and driving continued improvement in our gross margin.

(解讀) 第一季​​度，我們的廣告業務持續以高於行業平均水平的速度增長，收入達到人民幣20億元，同比增長20%。值得注意的是，我們高利潤的效果廣告年增超過30％，為我們的整體營收成長做出了重大貢獻，並推動了我們毛利率的持續提高。

(spoken in foreign language)

（用外語說）

(interpreted) The key driving factor behind that growth is the combination of high-value user and our strong brand association with high-quality content. This year, our average user age has come to 26. The year of 26, the audiences represent an increasing disposable income and a diverse consumption scenario. On top of the spiritual consumption, they also come to various product consumption. And the professional in-depth nature of our content continues to foster deep connection with our users and content creators. And all of that is leading to a continued growth in ad revenue per DAU.

(解釋) 這一成長背後的關鍵驅動因素是高價值用戶以及我們強大的品牌與高品質內容的結合。今年，我們的平均用戶年齡已經達到26歲。26歲，觀眾的可支配所得不斷增加，消費場景也更加多元。除了精神消費之外，他們還進行各種產品消費。我們內容的專業深度將繼續促進我們與用戶和內容創作者之間的深厚聯繫。所有這些都導致​​每日活躍用戶廣告收入持續成長。

(spoken in foreign language)

（用外語說）

(interpreted) In the past, we have stick on to the strategy of one horizontal, multiple vertical strategy. And the one horizontal refers to our product and infrastructure ability, and the multiple verticals refer to our integrated ad solution across different ad verticals.

(譯) 過去我們堅持一橫多縱的戰略。一個水平指的是我們的產品和基礎設施能力，多個垂直指的是我們跨不同廣告垂直領域的整合廣告解決方案。

Let me elaborate on this a little bit. Within the one horizontal strategy, we have continuously built a stronger ad infrastructure and product capabilities. And in Q1, what we have really improved is in the AI-related product improvement. We have continued to upgrade our marketing data infrastructure by using the multimodal AI ability to better understand our users' purchase intent and on category level interest, boosting our overall ad efficiency.

讓我稍微詳細闡述一下這一點。在一個橫向策略中，我們不斷建立更強大的廣告基礎設施和產品能力。而在第一季度，我們真正進步的是與人工智慧相關的產品的改進。我們不斷升級我們的行銷資料基礎設施，利用多模式人工智慧能力更好地了解用戶的購買意圖和類別層級的興趣，提高我們的整體廣告效率。

We have also improved our deep conversion capabilities, leading to a greater budget allocation towards deep conversion campaigns. The proportion of deep conversion ad spend more than doubled in Q1 and leads to an increase in our performance-based ad eCPM.

我們也提高了深度轉換能力，從而為深度轉化活動分配了更多的預算。第一季深度轉換廣告支出的比例增加了一倍多，並導致我們基於效果的廣告有效每千次曝光費用 (eCPM) 增加。

(spoken in foreign language)

（用外語說）

(interpreted) Another big improvement is in our GenAI-assisted ad material creation. Because Bilibili's product nature, covers and ad materials are quite important in terms of improving click through rate and improving our ad efficiency, we have upgraded our commercial AIGC tools using those GenAI models to help advertisers to auto-generate cover images and titles that really align with Bilibili's user language and also creative style. Currently, AIGC created accounts for over 30% of the performance ad spend.

(解釋) 另一個重大改進是我們的 GenAI 輔助廣告素材創作。因為Bilibili的產品特性，封面和廣告素材對於提升點擊率和廣告效率非常重要，所以我們升級了商業化的AIGC工具，使用GenAI模型幫助廣告商自動產生真正符合Bilibili用戶語言和創意風格的封面圖片和標題。目前，AIGC創造的成效廣告支出佔比超過30%。

(spoken in foreign language)

（用外語說）

(interpreted) But we talked a little bit our different ad verticals. First of all, games continue to remain our largest advertiser segment. And we continue to improve our conversion path and tools and increase our market share in the game ad market. And we also launched new formats such as Bilibili mini games and also game live stream ads that help opening up new ad inventories and new opportunities.

（翻譯）但是我們稍微談了一下不同的廣告垂直領域。首先，遊戲仍然是我們最大的廣告客戶群。我們將繼續改進我們的轉換路徑和工具，並增加我們在遊戲廣告市場的份額。我們也推出了嗶哩嗶哩小遊戲、遊戲直播廣告等新形式，有助於開拓新的廣告庫存和新機會。

(spoken in foreign language)

（用外語說）

(interpreted) And secondly is that as our user matures and average age become 26, they have come to a life stage where they have to face a lot of choices in terms of consumption-related needs. We have helped them, and also our trustworthy content creators have done a lot of reviews, walk-throughs and evaluations on those categories and establish great connection between their followers. For example, in Q1, our home appliances related advertising revenue grew over 35%, and baby & maternity and pets related advertisement revenue grew over 300% year-over-year.

(解釋)其次，隨著我們用戶的成熟，平均年齡達到 26 歲，他們已經進入了一個人生階段，在消費相關需求方面必須面臨很多選擇。我們已經幫助了他們，我們值得信賴的內容創作者對這些類別做了大量的評論、演練和評估，並在他們的追隨者之間建立了良好的聯繫。例如，第一季，我們的家電相關廣告收入年增超過35%，母嬰及寵物相關廣告收入較去年同期成長超過300%。

(spoken in foreign language)

（用外語說）

(interpreted) Lastly, on AI, as everybody know, Bilibili hosted the most curious minds who understand the AI-related knowledge. And Bilibili also hosts the largest AI-related knowledge type of video content. That's why almost all AI manufacturers and companies has put a lot of efforts in ad budget trying to connect with Bilibili users and convert them to become their users. That's why we've seen a big surge in AI-related advertising spending, and also this help us to drive the overall online services sector to become our top two ad verticals.

(翻譯) 最後，關於人工智慧，眾所周知，Bilibili 聚集了最具好奇心和對人工智慧相關知識了解的人。而B站也擁有最大的AI相關知識類影片內容。這就是為什麼幾乎所有的人工智慧製造商和公司都在廣告預算上投入了大量的精力，試圖與嗶哩嗶哩用戶建立聯繫，並將他們轉化為自己的用戶。這就是為什麼我們看到人工智慧相關廣告支出大幅成長的原因，這也有助於我們推動整個線上服務產業成為我們的兩大廣告垂直產業。

(spoken in foreign language)

（用外語說）

(interpreted) As for the guidance for the second half of this year, we're still quite confident to continue to grow at a pace that's above industry average, combined with our key advantage of high-quality premium content user mindset as well as the increasing user value, we remain very confident about our advertising business development and continue to expand our market share.

(解釋)至於今年下半年的指引，我們仍然非常有信心繼續以高於行業平均水平的速度增長，結合我們優質優質內容用戶心態以及不斷提升的用戶價值的關鍵優勢，我們對我們的廣告業務發展仍然非常有信心，並將繼續擴大我們的市場份額。

Okay. Next question, please.

好的。請回答下一個問題。

Felix Liu of UBS.

瑞銀的 Felix Liu。

(spoken in foreign language)

（用外語說）

Let me translate myself. First, thank you management for taking my questions and congratulations on the very strong Q1 results, especially the record level of profitability on both GP margin and net profit margin. The question is, first, on the margin trend in rest of this year, can management share your outlook on that? And my second question is on your mid-term GP margin and net profit margin target. Thank you.

讓我自己翻譯一下。首先，感謝管理層回答我的問題，並祝賀第一季業績非常強勁，尤其是毛利率和淨利潤率均創下歷史新高。問題是，首先，對於今年剩餘時間的利潤率趨勢，管理階層能否分享您對此的看法？我的第二個問題是關於您的中期毛利率和淨利率目標。謝謝。

Thank you, Felix. This is Sam. I will take your question. In Q1, our gross margin reached a record high of 36.3%, making 11 consecutive quarters of improvement. The key contributors to this improvement include the rising share of high-margin games and advertising revenue, which account for, if you added that together, like 50% of the total revenue compared with 47% in Q1 last year.

謝謝你，菲利克斯。這是薩姆。我回答你的問題。第一季度，我們的毛利率創歷史新高，達到36.3%，連續11個季度改善。推動這一成長的關鍵因素包括高利潤遊戲和廣告收入份額的上升，如果將兩者加在一起，則佔總收入的 50%，而去年第一季這一比例為 47%。

Secondly, the relatively fixed cost include content, staff, server cost, remain stable in terms of the absolute dollar value, further decline in the proportion of revenue from 25% last year to 20% this year, and gross margins of advertising and live broadcasting business have been improving in Q1. We are confident that both our gross margin and net margin will achieve gradual improvement throughout the year.

其次，內容、人員、伺服器等相對固定的成本，以絕對美元價值計算保持穩定，佔營收比重由去年的25%進一步下降至今年的20%，而廣告和直播業務的毛利率在Q1有所改善。我們有信心，全年我們的毛利率和淨利率都將逐步提高。

In the mid- to long-term, we are confident that our gross profit margin will reach 40% to 45%. In Q1, the proportion of operating expenses to revenue declined from 43% last year to 36% this year. Our adjusted operating margin improved from negative 9% in the same period last year to 5% in Q1 this year.

中長期來看，我們有信心毛利率達到40%-45%。第一季度，營業費用佔收入的比例從去年的43%下降到今年的36%。我們的調整後營業利益率從去年同期的負9%改善至今年第一季的5%。

For 2025, we expect R&D and G&A expenses to remain stable, while marketing expenses will fluctuate with game promotion cycles. As a result, the operating expenses as a percentage of total revenues will continue to decline. Our long-term operating margin target remain the same; that will be 15% to 20%.

對於 2025 年，我們預計研發和一般行政費用將保持穩定，而行銷費用將隨著遊戲推廣週期而波動。因此，營業費用佔總收入的百分比將持續下降。我們的長期營業利潤率目標維持不變，即 15% 至 20%。

Thank you for your question.

感謝您的提問。

Thank you. And that concludes the question-and-answer session. Thank you, once again, for joining Bilibili's first quarter 2025 financial results and business update conference call today.

謝謝。問答環節到此結束。再次感謝您今天參加嗶哩嗶哩2025年第一季財務業績及業務更新電話會議。

If you have any further questions, please contact Juliet Yang, Bilibili's Executive IR Director or Piacente Financial Communications. Contact information for IR in both China and the U.S. can be found on today's press release. Thank you, and have a great day.

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。