Bilibili Inc (BILI) 2025 Q2 法說會逐字稿

Good day and welcome to the Bilibili second-quarter 2025 financial results and business updates conference call. Today's conference is being recorded.

大家好，歡迎參加嗶哩嗶哩 2025 年第二季財務業績及業務更新電話會議。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 filing 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 this measure and a reconciliation table are available in the news release we issued earlier today.

我們提供的非公認會計準則財務指標僅供比較之用。我們今天早些時候發布的新聞稿中提供了該指標的定義和對帳表。

As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at ir.bilibili.com.

提醒一下，本次會議正在錄製中。此外，投資者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嗶哩嗶哩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凱莉女士以及首席財務官範志軍先生。

I will now turn the call over to Mr. Chen.

現在我將把電話轉給陳先生。

Thank you, Juliet, and thank you to everyone for joining us today to discuss our 2025 second quarter results. We maintain strong momentum in the second quarter, delivering solid revenue growth alongside our thriving community of high value, loyal young users.

謝謝你，茱麗葉，也謝謝大家今天加入我們討論我們的 2025 年第二季業績。我們在第二季度保持了強勁的發展勢頭，實現了穩健的收入成長，同時我們的高價值、忠誠的年輕用戶社群也蓬勃發展。

Total net revenues for the second quarter grew by 20% year over year to RMB7.3 billion, driven by the continued strength of our core games and advertising businesses. Games revenues rose 60% year over year to RMB1.6 billion, propelled by new seasons of our popular SLG title. San Guo: Mou Ding Tian Xia (San Mou). Advertising revenues increased 20% year over year to RMB2.4 billion, supported by greater AI integration that made our ads more efficient and effective, underpinned by operating efficiency, our growth in games and advertising drove a 46% year over year increase in gross profit, with gross margin expanding to 36.5% from 29.9% in the same period last year.

第二季總淨收入年增 20%，達到人民幣 73 億元，這得益於核心遊戲和廣告業務的持續強勁成長。受我們廣受歡迎的 SLG 遊戲新一季的推動，遊戲收入年增 60%，達到 16 億元人民幣。三國：牟丁天下（三某）。廣告收入較去年成長20%至人民幣24億元，得益於人工智慧的深度融合，廣告更有效率、更有效率。在營運效率的支撐下，遊戲及廣告業務的成長帶動毛利年增46%，毛利率由去年同期的29.9%提升至36.5%。

As a result, we achieved GAAP net profit of RMB218 million and adjusted net profit of RMB561 million. Our performance reflects our growing influence among China's Gen Z plus audience. By providing users with high quality content they love, we foster deeper engagement that fuels our commercial ecosystem. In the second quarter, DAUs reached a new high of 109 million, up 7% year over year, and MAUs grew by 8% to 363 million. MPUs also grew by 9% to 31 million. The average daily time spent rose to 105 minutes, up 6 minutes compared to the same period last year, reflecting our continued focus on high quality videos that capture and hold our community's interest in meaningful and fulfilling content. Our growing influence among our core users is showing up both online and offline. This year's Bilibili World and Bilibili Macro link grew in record crowd. Over 400,000 participants attended the three-day event, 60% more than last year, making it one of the largest offline animation expos in China. The strong turnout reflects the vitality of our brand and the power of our community, showing the tremendous potential of our young users. Their tastes are already shaping mainstream trends and countless more interest within our community are waiting to be unleashed.

結果，我們實現 GAAP 淨利人民幣 2.18 億元，調整後淨利 5.61 億元。我們的表現反映了我們在中國 Z 世代觀眾中日益增長的影響力。透過向用戶提供他們喜愛的高品質內容，我們促進了更深入的參與，從而推動了我們的商業生態系統的發展。第二季度，每日活躍用戶 (DAU) 達到 1.09 億的新高，較去年同期成長 7%；每月活躍用戶 (MAU) 成長 8%，達到 3.63 億。MPU 也成長了 9%，達到 3,100 萬。每日平均觀看時間上升至 105 分鐘，比去年同期增加了 6 分鐘，這反映出我們持續專注於高品質視頻，以吸引並保持社區對有意義且充實的內容的興趣。我們在核心用戶中的影響力日益增強，這種影響在線上和線下都得到了體現。今年的嗶哩嗶哩世界和嗶哩嗶哩宏觀連動的參與人數創下了歷史新高。為期三天的展會吸引了超過40萬名觀眾，較去年增長60%，成為國內規模最大的線下動漫博覽會之一。如此高的參與度體現了我們品牌的活力和社群的力量，彰顯了我們年輕用戶的巨大潛力。他們的品味已經塑造了主流趨勢，我們社區中無數的興趣正在等待被釋放。

Looking ahead, we will sharpen our focus on delivering the best PUGV community experience, attracting more users and growing alongside them. At the same time, we will continue to proactively invest in monetization initiatives to drive sustainable profitability. Through these efforts, we are confident in our ability to create long-term value for all of our stakeholders.

展望未來，我們將更專注於提供最佳的 PUGV 社群體驗，吸引更多用戶並與他們共同成長。同時，我們將繼續積極投資貨幣化計劃，以實現可持續盈利。透過這些努力，我們有信心為所有利害關係人創造長期價值。

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. We remain firm believers that high-quality content and an engaging community are essential to the lives of today's young generation. Gen Z plus comes to Bilibili not for quick hit, but for meaningful content they care about. And we're seeing that translate into stronger influence, longer watch time, and greater commercial potential across every corner of our platform.

從內容和社群開始。我們堅信，高品質的內容和活躍的社群對於當今年輕一代的生活至關重要。Z+ 世代來到嗶哩嗶哩不是為了快速獲得點擊，而是為了他們關心的有意義的內容。我們看到，這轉化為我們平台各個角落更強大的影響力、更長的觀看時間和更大的商業潛力。

Driven by high-quality PUGV content, the average daily time spent reached 105 minutes in the second quarter, up 6 minutes year-over-year. Notably, the watch time for videos longer than five minutes increased nearly 20% year-over-year in Q2, proving Bilibili's undeniable user mindshare to consume mid- to-long form, meaningful content. Not only are people spending more time, but more people are paying for premium content.

在優質PUGV內容的帶動下，第二季每日平均觀看時長達105分鐘，較去年同期成長6分鐘。值得注意的是，第二季超過五分鐘的影片觀看時間年增近 20%，證明了嗶哩嗶哩在用戶心目中對中長篇、有意義的內容的熱愛不容置疑。人們不僅花了更多時間，也有更多人為優質內容付費。

Monthly paying users increased by 9% year-over-year to 31 million, driven by membership, fan-charging and live broadcasting. In the meantime, our community remains engaged and loyal. The number of official members was up by 11% year-over-year to 270 million, with the 12-month retention rate remaining around 80%.

受會員、粉絲付費和直播等因素推動，每月付費用戶年增9%至3100萬。同時，我們的社區依然保持活躍和忠誠。正式會員數年增11%至2.7億，12個月留存率維持在80%左右。

We maintained our dominant leadership in ACG content. Chinese animated content performed strongly during the second quarter, with watch time up 34% year-over-year, driven by popular titles such as a record of A Record of Mortal's Journey to Immortality (Fan Ren Xiu Xian Zhuan), The Tales of Herding Gods (Mùshén Jì) and Ling Cage season 2. Game content remained one of our top categories, with watch time increasing by 21% year-over-year, making Bilibili an essential platform for game developers to engage deeply with the gamer community and strengthen their IP. It is also no surprise that AI-related content continues to be a breakout category. Watch time grew 61% year-over-year, cementing Bilibili's role as the go-to platform for Gen Z+ to learn, explore and create with AI. Likewise, AI advertiser demand increased by about 150%, highlighting the great synergy between content value and commercial potential.

我們在ACG內容領域保持領先地位。中國動畫內容在第二季度表現強勁，觀看時長年增 34%，這得益於《凡人修仙傳》、《牧神記》和《靈籠》第二季等熱門劇集的創紀錄增長。遊戲內容仍然是我們最熱門的類別之一，觀看時間同比增長 21%，這使得嗶哩嗶哩成為遊戲開發商深入接觸遊戲玩家社群並加強其 IP 的重要平台。人工智慧相關內容繼續成為突破性類別也不足為奇。觀看時間年增 61%，鞏固了嗶哩嗶哩作為 Z+ 世代學習、探索和利用 AI 進行創作的首選平台的地位。同樣，AI廣告商的需求也增加了約150%，凸顯了內容價值與商業潛力之間的巨大協同作用。

Meanwhile, consumption-related content categories continue to grow, driven by evolving user behavior. As our Gen Z plus users become more financially independent, they increasingly rely on peer creators for trusted reviews and tutorials when making purchase decisions. This has boosted engagement across verticals. Watch time for home appliance content rose 14% year-over-year, parenting and early education rose more than 50% and travel and lodging saw an 11% increase, reflecting growing interest in experience-driven consumption.

同時，受用戶行為變化的推動，與消費相關的內容類別持續成長。隨著我們的 Z 世代用戶在經濟上變得更加獨立，他們在做出購買決定時越來越依賴同行創作者提供值得信賴的評論和教程。這促進了各個垂直領域的參與。家電類內容觀看時間較去年同期成長14%，育兒早期教育內容觀看時間較去年同期成長50%以上，旅遊住宿類內容觀看時間較去年成長11%，體驗式消費趨勢持續增強。

We continue to enhance our products and services to help creators make more money. In the first half of the year, about 2 million creators earned income on Bilibili through various channels. Creators’ total income from our fan-charging program more than doubled in the first half of the year, once again showing users increasing willingness to pay for quality content. The number of creators monetizing through Sparkle ads and video and livestream e-commerce also grew 19% and 49% year-over-year, respectively, in the first half of the year.

我們不斷改進我們的產品和服務，以幫助創作者賺取更多收入。上半年，約有200萬名創作者透過各種管道在B站獲得收入。今年上半年，創作者透過粉絲付費方案獲得的總收入成長了一倍多，這再次顯示用戶對優質內容的付費意願日益增強。今年上半年，透過Sparkle廣告和視訊直播電商獲利的創作者數量也分別較去年同期成長了19%和49%。

Now let's talk about our commercial businesses and their progress. Our commercial growth demonstrates how our growing influence among younger users is directly translating into commercial value. Advertising is one of the most direct business lines that shows this. In the second quarter, our ad business grew 20% year-over-year, reaching RMB2.4 billion, and continuing to outpace the industry's average growth rate.

現在我們來談談我們的商業業務及其進展。我們的商業成長表明，我們在年輕用戶中日益增長的影響力正在直接轉化為商業價值。廣告是最直接體現這一點的業務線之一。第二季度，我們的廣告業務年增20%，達到人民幣24億元，持續高於業界平均成長速度。

During the second quarter, we continued to advance our ad infrastructure, improving ad conversion efficiency through recommendation algorithms, creative generation and smart ad placements. Through deeper LLM integration with multimodal content understanding, we are capturing user intent more precisely and delivering smarter, more personalized ad recommendations. The upgrades we've made to the AIGC tools are also helping advertisers generate high-performing creative app at scale. In the second quarter, roughly 10% of new ad titles and over 30% of ad covers were created using these tools, helping advertisers reach users more effectively with content that resonates with their target audiences. We also offer smart ad placement tools to allocate, sequence and monitor ad performance in real time, significantly reducing manual operations at the same ad spend. These enhancements are boosting both efficiency and scalability, improving eCPM by more than 10% year-over-year and fueling around 30% year-over-year growth in performance-based advertising revenue in the second quarter. Revenues for brand and native advertising also maintained healthy momentum. Industry-wise, games, digital products and home appliances, e-commerce, Internet services and automotive were our top five advertising verticals in the second quarter. The number of advertisers increased by over 20% year-over-year, reflecting our growing appeal to brands. Leveraging our dominant user mindshare, game developers are allocating larger ad budgets to Bilibili to engage more deeply with young gamers. Demand for 3C and digital products remained robust, supported by our leadership in these categories and national subsidy tailwinds. In e-commerce, Bilibili delivered an average new customer acquisition rate of about 60% for advertisers across industries under the Xing Huo Plan during this year's 618 season. GMV from products priced above RMB1,000 increased nearly 50% year-over-year, further demonstrating our users' strong purchasing power and our ability to convert user engagement into high-intent transactions.

第二季度，我們持續推動廣告基礎建設，透過推薦演算法、創意產生和智慧廣告投放提高廣告轉換效率。透過將 LLM 與多模式內容理解進行更深入的整合，我們可以更精確地捕捉使用者意圖並提供更聰明、更個人化的廣告推薦。我們對 AIGC 工具所做的升級也幫助廣告商大規模產生高效能創意應用程式。第二季度，大約 10% 的新廣告標題和超過 30% 的廣告封面都是使用這些工具創建的，幫助廣告商更有效地利用與目標受眾產生共鳴的內容來接觸用戶。我們也提供智慧廣告投放工具，即時分配、排序和監控廣告效果，在相同廣告支出的情況下大幅減少人工操作。這些改進提高了效率和可擴展性，使 eCPM 同比增長超過 10%，並推動第二季度基於效果的廣告收入同比增長約 30%。品牌和原生廣告收入也維持健康成長動能。從業界來看，遊戲、數位產品及家電、電子商務、網路服務和汽車是我們第二季的五大廣告垂直產業。廣告主數量較去年同期成長超過20%，反映出我們對品牌的吸引力日益增強。利用我們主導的用戶份額，遊戲開發商正在向嗶哩嗶哩分配更大的廣告預算，以便更深入地吸引年輕遊戲玩家。受惠於我們在 3C 和數位產品領域的領導地位以及國家補貼政策的推動，市場對 3C 和數位產品的需求仍然強勁。在電商領域，嗶哩嗶哩今年618「星火計畫」為各行業廣告主帶來了平均約60%的新增客戶獲取率。1000元以上商品的GMV年增近50%，進一步證明了我們用戶強大的購買力以及我們將用戶參與轉化為高意向交易的能力。

Turning to our games business. In the second quarter, revenues increased by 60% year-over-year to RMB1.6 billion, owing to San Mou's enduring strength in its first year, and evergreen titles FGO and Azur Lane, which recently celebrated their ninth and eighth anniversary, respectively.

轉向我們的遊戲業務。第二季度，營收年增 60% 至人民幣 16 億元，這得益於《三昧》上線第一年的強勁表現，以及近期分別迎來九週年和八週年的經典遊戲《FGO》和《碧藍航線》。

To mark San Mou's first year anniversary, we rolled out and upgraded Season 8 on May 31, featuring new gameplay, characters and in-game events, backed by a targeted marketing push. Both engagement and retention have been solid as we enhance onboarding, monetization path and returning-user experiences. Building on this strong momentum, we are developing new game seasons, piloting mini-program offerings and preparing for San Mou's international rollout later this year. Looking at our game pipeline, we have a number of games in the approval process, including multiple ACG titles and casual games. Once approved, we are prepared to bring them to our community and further expand our presence in the gaming space.

為了紀念三昧一週年，我們於 5 月 31 日推出併升級了第 8 季，推出了新的遊戲玩法、角色和遊戲內活動，並進行了有針對性的營銷推廣。隨著我們增強入職培訓、獲利途徑和回訪用戶體驗，用戶的參與度和留存率都得到了穩固提升。基於這一強勁勢頭，我們正在開發新的遊戲季、試行小程式產品，並為今年稍後三謀的國際推廣做準備。從我們的遊戲管道來看，我們有許多遊戲正在審批中，其中包括多款 ACG 遊戲和休閒遊戲。一旦獲得批准，我們準備將它們帶入我們的社群並進一步擴大我們在遊戲領域的影響力。

And finally, let's look at our VAS business. Revenues grew 11% year-over-year to RMB2.8 billion, driven by steady momentum across live broadcasting, premium memberships and other value-added services. Our focus remains on refining live broadcasting operations by fostering more quality content and diversifying monetization features to support steady growth. Through refined operations, gross profit margin for live broadcasting continued to improve in the second quarter. Premium memberships maintained stable growth, reaching 23.7 million at the end of the period, with over 80% on annual or auto-renewal plans, demonstrating their loyalty and commitment to our platform.

最後，讓我們來看看我們的增值業務。受直播、高級會員和其他增值服務的穩定成長推動，營收年增 11% 至人民幣 28 億元。我們的重點仍然是透過培育更多優質內容和多樣化貨幣化功能來完善直播運營，以支持穩定成長。透過精細化經營，第二季直播毛利率持續提升。高級會員數量保持穩定增長，期末達到 2,370 萬，其中超過 80% 的會員採用年度或自動續訂計劃，展現了他們對我們平台的忠誠度和承諾。

Meanwhile, our other VAS products continued to grow rapidly in the second quarter, especially our fan charging program, which increased by more than 100% year-over-year, with more users showing their support for the creators and high-quality content they love.

同時，我們的其他增值產品在第二季度繼續保持快速增長，尤其是粉絲充電計劃，同比增長超過100%，更多用戶表達了對喜愛的創作者和優質內容的支持。

Looking ahead, our focus remains on what sets Bilibili apart: high-quality content that resonates with China's Gen Z plus generation. This is the foundation of our growing influence and the engine behind our expanding commercial opportunities. At the same time, we are actively embracing the transformative opportunities brought by AI, from enhancing operational efficiency to elevating user experience, accelerating monetization and expanding our global reach. These advancements further strengthen our foundation for sustained growth and long-term profitability.

展望未來，我們仍將重點放在嗶哩嗶哩的與眾不同之處：與中國 Z 世代產生共鳴的高品質內容。這是我們影響力不斷增強的基礎，也是我們商業機會不斷擴大的引擎。同時，我們積極擁抱人工智慧帶來的變革機遇，從提高營運效率到提升用戶體驗、加速貨幣化和擴大我們的全球影響力。這些進步進一步鞏固了我們持續成長和長期獲利的基礎。

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

謝謝陳先生。大家好。這是薩姆。

In the interest of time on today's call, I will review our second quarter highlights. We encourage you to refer to our press release issued earlier today for a closer look at our results. In the second quarter, we continued to grow revenues, expand our margins and grow our profitability driven by growth across our commercial businesses, particularly in our high-margin advertising and games businesses.

為了節省今天的電話會議時間，我將回顧我們第二季的亮點。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。在第二季度，我們繼續增加收入，擴大利潤率並提高獲利能力，這得益於我們商業業務的成長，特別是高利潤率的廣告和遊戲業務。

Total net revenues for the second quarter were RMB7.3 billion, up 20% year-over-year. Our revenue breakdown for Q2 was approximately 39% from VAS, 33% from advertising, 22% from games, and 6% from our IP derivatives and other businesses.

第二季總淨營收為73億元人民幣，較去年同期成長20%。我們第二季的營收組成約為：增值業務佔39%，廣告佔33%，遊戲佔22%，IP衍生性商品及其他業務佔6%。

Our cost of revenues increased by 9% year-over-year to RMB4.7 billion in the second quarter, while our gross profit rose 46% year-over-year to RMB2.7 billion. Our gross profit margin reached 36.5% in Q2, compared with 29.9% in the same period last year. Our expanding gross profit and margin show that our model is built to scale.

我們第二季的營業成本年增 9% 至人民幣 47 億元，而毛利年增 46% 至人民幣 27 億元。我們的毛利率在第二季達到了36.5%，而去年同期為29.9%。我們不斷擴大的毛利和利潤率表明我們的模式是按規模建立的。

Our total operating expenses were RMB2.4 billion, remaining stable compared with the same period last year. S&M expenses increased 1% year-over-year to RMB1 billion. G&A expenses were RMB510 million, up 4% year-over-year. R&D expenses were RMB866 million, down 3% year-over-year, mainly related to R&D efficiency improvements. These efforts allowed us to maintain positive operating results. Our operating profit was RMB252 million, and our adjusted operating profit was RMB573 million, both compared with losses in Q2 2024. Adjusted operating profit margin reached 7.8% in the second quarter.

我們的總營業費用為人民幣24億元，與去年同期相比維持穩定。銷售與市場支出較去年同期成長 1%，至人民幣 10 億元。一般及行政費用費用為人民幣5.10億元，年增4%。研發費用為人民幣8.66億元，較去年同期下降3%，主要由於研發效率的提升。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 2.52 億元，調整後營業利潤為 5.73 億元，而 2024 年第二季均出現虧損。第二季調整後營業利益率達7.8%。

Net profit was RMB218 million and adjusted net profit was RMB561 million, versus losses in the prior year period. Our adjusted net profit ratio in the second quarter was 7.6%, compared with an adjusted net loss ratio of 4.4% in the same period a year ago.

淨利為人民幣2.18億元，調整後淨利為人民幣5.61億元，去年同期為虧損。我們第二季的調整後淨利率為7.6%，而去年同期的調整後淨虧損率為4.4%。

Cash flow-wise, we generated about RMB2 billion in operating cash flow in the second quarter. As of the 30 June, 2025, we had cash and cash equivalents, time deposits and short-term investments of RMB22.3 billion, or USD3.1 billion.

從現金流來看，我們第二季的營運現金流約為20億元。截至2025年6月30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223億元，或31億美元。

During the second quarter, we enhanced our shareholder return by repurchasing approximately 5.6 million Class Z ordinary shares, each equal to one ADS, for a total of HKD783 million, or USD100 million, as part of our ongoing share repurchase program. These shares have all been canceled as of the end of the second quarter of 2025.

在第二季度，作為我們正在進行的股票回購計畫的一部分，我們透過回購約 560 萬股 Z 類普通股（每股相當於一股美國存託憑證）來提高股東回報，共計 7.83 億港元，即 1 億美元。截至2025年第二季末，該等股份已全數註銷。

Under our USD200 million share repurchase program approved by the Board in November 2024, we've repurchased a total of 6.4 million shares so far, at a total cost of USD116 million leaving about USD84 million available for future buybacks as of June 30, 2025.

根據董事會於 2024 年 11 月批准的 2 億美元股票回購計劃，我們迄今已回購了總計 640 萬股股票，總成本為 1.16 億美元，截至 2025 年 6 月 30 日，剩餘約 8,400 萬美元可用於未來回購。

Thank you for your attention. We would now like to open the call to your questions. Operator?

感謝您的關注。我們現在想開始回答你們的問題。操作員？

(Operator Instructions) Xueqing Zhang, CICC.

(操作員指示) 張學慶，CICC。

(interpreted) Congratulations on the strong quarter. My question is about the user ecosystem. We have noticed that the company's DAU and MAU growth accelerated in the first half of this year. And the average daily time spend has also continued to increase. So what are the main drivers? And what's your outlook for the future?

（翻譯）祝賀本季業績強勁。我的問題是關於用戶生態系統。我們注意到，今年上半年公司的DAU和MAU成長加快。且每天平均花費的時間也持續增加。那麼主要驅動因素是什麼呢？您對未來有何展望？

In addition, Bilibili world set a record with 400,000 participants. So what opportunities can we see for the Bilibili community from BW success. Thank you.

此外，B站世界創下了40萬人參與的紀錄。那麼，我們可以從 BW 的成功中看到 Bilibili 社群有哪些機會呢？謝謝。

(interpreted) In the past 16 years, we have been focusing on providing the highest quality content and fostering or driving welcoming community culture. And under the current Internet environment, we think the high-quality content and supportive constructive community environment, it's what's in scarcity.

（翻譯）在過去的 16 年裡，我們一直專注於提供最高品質的內容，並培養或推動受歡迎的社區文化。在當前的網路環境下，我們認為高品質的內容和支持性的建設性社區環境才是稀缺的。

In the current video landscape, we think there's an oversupply of video content. People are not lacking content to watch, but they're lacking high-quality content to watch. The same thing goes with the content, the feedback of voice from the nascent. There is plenty of voices across all apps, but what truly missing is those supportive, resonating voice from welcoming, friendly communities.

在目前的影片領域，我們認為影片內容供過於求。人們不是缺少內容可看，而是缺少高品質的內容可看。內容也是如此，來自新生兒的聲音回饋。所有應用程式中都有很多聲音，但真正缺少的是來自熱情友好的社區的支持和共鳴的聲音。

So that's what Bilibili will continue to focus on by curating the highest quality content and also fostering a welcoming community environment that allow people to connect over the same interest and resonate with each other.

因此，Bilibili 將繼續專注於策劃最高品質的內容，並創造一個友善的社區環境，讓人們透過相同的興趣進行聯繫並相互產生共鳴。

We believe that by mastering both high-quality content and a thriving community culture, user will naturally come that will be drawn into this unique experience. And the user's specifics in second quarter, DAU grew by 7%, and MAU grew by 8%. That's a result of our focusing on the quality content as well as the welcoming community environment.

我們相信，透過掌握高品質的內容和蓬勃發展的社群文化，使用者自然會被這種獨特的體驗所吸引。而第二季的用戶具體情況，DAU成長了7%，MAU成長了8%。這是我們注重優質內容以及友善的社區環境的結果。

Just like the upgrade we see in lifestyle consumption. Content consumption is also evolving and more importantly, the upgrade in content consumption, particularly in aesthetic and taste is largely one way. Once someone received and have been launched high-quality content, it's very hard for them to go backwards. And over the past 15 years, we have really established a strong presence in users' mindshares in categories like animated games and knowledge-based content. And there's still a lot of things we can do to further expand surrounding users interest network.

就像我們看到的生活方式消費的升級一樣。內容消費也在不斷演變，更重要的是內容消費的升級，特別是美感和品味的升級很大程度上是一種方式。一旦有人收到並推出了高品質的內容，他們就很難回頭了。在過去的 15 年裡，我們在動畫遊戲和知識內容等領域確實在使用者心中佔據了重要地位。而我們還可以做很多事情來進一步擴大周邊用戶的興趣網絡。

And in addition to that, we think there are more to be done beyond just PUGC, for example, podcast, picture ,and tax-based content, AI-based virtual companionship, there are lots of potential and a tremendous room for us to expand into.

除此之外，我們認為除了 PUGC 之外還有很多事情要做，例如播客、圖片和基於稅收的內容、基於人工智慧的虛擬陪伴，這些都有很大潛力和巨大的擴展空間。

So to summarize, we think that it's an integral part for high-quality content as well as a good and welcoming community environment that's actually self-sustaining and ever-evolving. For example, we think the high quality content can attract those people who can truly appreciate this type of content and the friendly, welcoming support from the users will continue to motivate our content creator to continuously create good content.

總而言之，我們認為它是高品質內容不可或缺的一部分，也是一個良好且受歡迎的社區環境，實際上是自我維持和不斷發展的。例如，我們認為高品質的內容可以吸引那些真正欣賞這種內容的人，而用戶友好、熱情的支持將繼續激勵我們的內容創作者不斷創造出好的內容。

That's why on Bilibili, we've noticed that a talented content creator can be easily discovered by our users. And at the same time, they can quickly adapt and evolve into a larger, more influential content creator.

這就是為什麼在嗶哩嗶哩，我們注意到有才華的內容創作者很容易被我們的用戶發現。同時，他們也能快速適應並發展成為更大、更有影響力的內容創造者。

And even for the same content, I can see everywhere, but the number of interactions and the quality of that interaction is always the best on Bilibili. And also for those high-quality content creators, their fund base, their stickiness is the highest, the strongest on Bilibili, and that is a well-established and common knowledge among the content creators in China.

而且即使是同樣的內容，我到處都能看到，但是互動的數量和互動的品質在B站上永遠是最好的。而且對於那些高品質的內容創作者來說，他們的資金基礎、他們的黏性在B站是最高的、最強的，這是中國內容創作者的共識。

And that's why you see many high-quality content has been discovered on Bilibili platforms. For example, a few years ago, the first PV of Black Myth: Wu Kong was discovered by Bilibili users and quickly become viral and so influential across the Internet.

這就是為什麼你會看到在 Bilibili 平台上發現了許多高品質內容。例如幾年前，《黑神話：悟空》的第一個PV被嗶哩嗶哩用戶發現並迅速走紅，在網路上產生了巨大影響。

And also a few years ago, we co-produced the mini animation, Nobody , that was also discovered by Bilibili users and become viral and popular recognizing by Bilibili's community. And now we are very glad to see that it is a big movie now and we're getting even more wide recipients from audience and its grossing has exceeded RMB1 billion.

而且幾年前我們合作製作的迷你動畫《Nobody》也被嗶哩嗶哩用戶發現，並在嗶哩嗶哩社區中廣受歡迎。現在我們很高興地看到，它已經成為一部大片，獲得了越來越廣泛的觀眾群體，票房已經突破了10億元。

Another Example would be yesterday, at 4am, Black Myth: Zhongkui was premiered on Bilibili platform. Within less than 2 days, its total video views have already exceeded 12 million. That's why you see many, many good contents will be the most appreciative and discovered by Bilibili users, because we have established that environment that allow high quality content to thrive.

再例如昨天凌晨4點，《黑神話：鐘馗》在嗶哩嗶哩平台首播。不到兩天時間，其影片總觀看次數已突破1,200萬。這就是為什麼你會看到很多很多好的內容會受到嗶哩嗶哩用戶的最大讚賞和發現，因為我們已經建立了允許高品質內容蓬勃發展的環境。

This year, Bilibili World has broke many records. We have attractive audience from more than 20 country regions with over 400,000 people attended the events. Among them, 70% came from outside of Shanghai and 11% of the tickets were purchased by foreign passports.

今年，B站打破了多項紀錄。我們擁有來自 20 多個國家和地區的熱情觀眾，共有超過 40 萬人參加了這項活動。其中，70%的旅客來自上海市外，11%的旅客使用外國護照購買機票。

And it's safe to say that Bilibili has become the largest ACG event in China, both in terms of scale and influence. And even for the Shanghai city has invented the word of ACG consumption or Bilibili, because the event draw a large number of young people to Shanghai, boosting local off-line consumption and even become a new cultural landmark for the city.

可以說，B站無論是規模還是影響力，都已經成為了中國最大的ACG盛會。甚至上海也發明了「二次元消費」或「嗶哩嗶哩」這個詞，因為該活動吸引了大量年輕人來到上海，帶動了當地的線下消費，甚至成為這座城市新的文化地標。

And its core, Bilibili is a real-world reflection of Bilibili brand and community offline. People not only use Bilibili product, they also come to off-line events that named after Bilibili. This shows that we affirmed the influence of IP, as well as our community. It's safe to say that Bilibili brand has become a part of the lifestyle of the young generation in China.

而其核心，Bilibili是Bilibili品牌和社群線下在現實世界的體現。人們不僅使用嗶哩嗶哩產品，還參加以嗶哩嗶哩命名的線下活動。這說明我們肯定了IP的影響力，也肯定了我們社群的影響力。可以肯定地說，Bilibili品牌已經成為中國年輕一代生活方式的一部分。

Thank you, operator. Next question, please.

謝謝您，接線生。請回答下一個問題。

Miranda Zhuang, Bank of America Securities.

美國銀行證券公司的米蘭達·莊 (Miranda Zhuang)。

My question is about the advertising business. So second quarter ad business, big expectation again. Can management share what are the drivers? And looking ahead into second half, what are the trends you are seeing for the industry and what's your expectation about companies at business strength? And what kind of new products and technologies will roll out?

我的問題是關於廣告業務的。因此，第二季的廣告業務再次受到高度期待。管理階層能否分享一下驅動因素是什麼？展望下半年，您認為產業趨勢如何？您對企業的經營實力有何預期？又將推出哪些新產品、新技術？

(interpreted) In the second quarter, our advertising business maintained a strong growth outpacing the overall industry. Quarterly revenue reached a record high of RMB2.4 billion, up 20% year-over-year. Speaking of the drivers behind that growth, we continue to focus on the one horizontal and vertical strategy. In this quarter, we continued to be strengthening our ad infrastructure, product and technology efficiency, allow us to further unleash our users value and traffic value.

(解讀)第二季度，我們的廣告業務維持了強勁成長，成長超過整個產業。季度營收創歷史新高，達24億元人民幣，較去年同期成長20%。談到成長背後的驅動力，我們繼續關注橫向和縱向策略。本季度，我們持續加強廣告基礎設施建設、產品和技術效率，進一步釋放用戶價值和流量價值。

The following 3 points will support that. One is during the quarter, we further enhanced our integrated campaign combining seeding and conversion. In the second quarter, over 50% of the Sparkle app also leveraged our Qifei program, which is the traffic acquisition program we have in our ad system.

以下三點可以證明這一點。一是在本季度，我們進一步加強了結合播種和轉換的綜合活動。在第二季度，超過 50% 的 Sparkle 應用程式也利用了我們的 Qifei 計劃，這是我們廣告系統中的流量獲取計劃。

Number two is that we continued to strengthen our marketing data and staff structure, leveraging the multi-model large model to significantly improve our ad delivery efficiency. Last thing is we continued to optimize the deep conversion capabilities. The share of deep conversion doubled in the second quarter year-over-year, and there's still room for us to improve, and that directly leads to an uplift in our overall ad ECPM.

二是我們不斷強化行銷數據與人員結構，利用多模式大模型大幅提升廣告投放效率。最後，我們持續優化深度轉換能力。第二季深度轉換的市佔比去年翻了一番，而且我們仍有提升的空間，這也直接帶動了我們整體廣告ECPM的提升。

And from an industry standpoint, in the second quarter, our top five advertiser verticals, there's a slight change, which are seeing digital products and home appliances, e-commerce, online services and automotive, and the number of advertisers increased over 20% year-over-year in the second quarter.

從行業角度來看，第二季度，我們排名前五的廣告主垂直行業略有變化，分別是數碼產品及家電、電子商務、線上服務和汽車，第二季度廣告主數量同比增長超過20%。

Looking in more details. Game remains our largest verticals. We continue to leverage our high-quality full-chain conversion capability. We further strengthened our market share in premium game advertising, while expanding to new scenarios such as building mini games and game live streaming creating incremental revenue opportunities.

了解更多細節。遊戲仍然是我們最大的垂直領域。我們將繼續發揮我們高品質的全鏈轉換能力。我們進一步加強了在優質遊戲廣告中的市場份額，同時擴展到建立小遊戲和遊戲直播等新場景，創造了增量收入機會。

And professional reviews from our professional content creators and in-depth content from those creators continue to attract advertisers to target the young consumers. In the second quarter, home decorations ad revenue grew nearly 70% year-over-year. We will continue to deepen our vertical marketing solutions, while consolidating our leadership in key industries. At the same time, we're looking to expanding into broader consumer categories.

我們的專業內容創作者提供的專業評論以及這些創作者提供的深度內容繼續吸引廣告商瞄準年輕消費者。第二季度，家裝廣告收入較去年同期成長近70%。我們將繼續深化垂直行銷解決方案，同時鞏固我們在重點產業的領導地位。同時，我們也在尋求拓展更廣泛的消費者類別。

I wanted to add some 618 data for your reference. First of all, we continue to plus on our open loop strategy and attract more advertisers to come to Bilibili and see us as a must-invest platform during major sale seasons. The number of advertisers during the 618 campaign increased 60% year-over-year. And the engagement between creators and consumers continue to rise.

我想添加一些 618 數據供您參考。首先，我們繼續加強我們的開放循環策略，吸引更多的廣告商來到嗶哩嗶哩，並將我們視為主要銷售季節的必投資平台。618活動期間廣告主數量較去年同期增加60%。創作者和消費者之間的互動不斷提升。

During the 618 campaign, the total GMV grew over 33% year-over-year and the number of creators exceeding RMB10 billion GMV grew over 60% year-over-year. And here's some data points to show the consumer trend on Bilibili.

618期間，整體GMV年增超過33%，百億級創作者數量較去年同期成長超過60%。這裡有一些數據點可以顯示嗶哩嗶哩的消費趨勢。

Digital appliance grew over 50% during the season, household up 85% even for categories such as maternity and child care, food and beverage and even watches, all grew over 60% year-over-year, showing Bilibili users' strong consumption power as they grow with the platform.

本季數位家電年增率超過50%，家居用品年增85%，甚至母嬰、食品飲料、手錶等品類年增率超過60%，展現了嗶哩嗶哩用戶伴隨平台成長的強大消費力。

For the second half outlook, there are 2 points we invite you to take a closer look. One is a broader application and linkage products and technologies across multiple endpoints and scenarios, including but not limited to PC, OTT, story mode, live streaming, search and trending topics. And the scenario that we can link the consumer with the advertiser. We will be putting more effort into.

對於下半年的展望，有兩點我們請您仔細研究一下。一是更廣泛的應用，跨越多終端、多場景的連動產品和技術，包括但不限於PC、OTT、故事模式、直播、搜尋、熱門話題等。我們可以將消費者與廣告商連結起來。我們會更加努力。

The second point will be on AI. We believe that AI will continue to drive improvement, not only on efficiency but also delivering actual advertising revenue. One thing is that we'll continue to implement ongoing iteration of our recommendation algorithm enabling deeper content understanding and more precise app targeting based on our user interest and historical behavior.

第二點是關於人工智慧。我們相信人工智慧將持續推動改進，不僅提高效率，還能帶來實際的廣告收入。一件事是，我們將繼續實施我們的推薦演算法的持續迭代，以便根據我們的用戶興趣和歷史行為進行更深入的內容理解和更精確的應用程式定位。

Another point would be the AIGC advertising tools to help our advertisers to generate at covers and titles or even content tailored to Bilibili's users language and creative style at scale. Currently about 30% of the ad covers are AI generated and there will be more room for us to push the number forward.

另一點是 AIGC 廣告工具可以幫助我們的廣告主大規模產生適合 Bilibili 使用者語言和創意風格的封面和標題甚至內容。目前大約有30%的廣告封面是由AI生成的，我們還有很大的提升空間。

And lastly is on AI-powered automated ad deliver products. We will be launching more of those products to improve our advertisers' cost control capability as well as scaling capabilities. From industry vertical standpoint, in the near term, we think the advertisers' budget are migrating from multiple platforms to a few core platforms, platforms that are indispensable and unique will capture larger shares of client budget.

最後是關於人工智慧驅動的自動廣告投放產品。我們將推出更多此類產品，以提高廣告商的成本控制能力和擴展能力。從產業垂直角度來看，短期內，我們認為廣告商的預算正在從多個平台轉移到幾個核心平台，不可或缺且獨特的平台將佔據客戶預算的更大份額。

And in the longer term, as China's consumer market involves, advertisers will be placing more emphasizing on building their brands on top of the pure cells conversion budget, because no advertiser can afford to ignore the influence and purchasing power of young people. And on that aspect, Bilibili is at a very unique position.

而從更長遠來看，隨著中國消費市場的深入，廣告商將會更加重視在純手機轉換預算之上打造自己的品牌，因為任何廣告商都不能忽視年輕人的影響力和購買力。從這個方面來說，B站處於非常獨特的地位。

So in summary, rather in long term or short term, as long as our community continue to price, the value of Bilibili's advertising business will become increasingly evident over time. We remain confident in our ability to sustain the growth above industry average Thank you.

所以總結一下，無論是長期還是短期，只要我們的社群繼續定價，Bilibili的廣告業務的價值就會隨著時間的推移越來越明顯。我們仍然有信心我們有能力維持高於行業平均的成長。謝謝。

Felix Liu, UBS.

瑞銀的 Felix Liu。

My question is on the game business. Can management share any color on the recently concluded San Mou first anniversary season 8. How should we think about the second half trend for San Mou as well as for next year? And on your new game pipeline, what are the key games that you would like to highlight?

我的問題是關於遊戲業務的。管理層能否分享一下最近結束的《三國演義》一周年第 8 季的情況？我們該如何看待三茂下半年以及明年的走勢？在您的新遊戲系列中，您想重點介紹哪些遊戲？

(interpreted) On June 13, San Mou celebrated its first anniversary. And during that season, the DAU broke a record -- a new record within the year of 2025. The achievement of San Mou on its first anniversary to demonstrate that the game has established itself and lay the foundation to become a long-lasting title. We are confident that San Mou will become a lifestyle with a life cycle of over five years and continue to contribute solid game revenue for us.

（翻譯）6月13日，三某公司迎來一週年。在那個季節，DAU 打破了一項紀錄——2025 年內的新紀錄。《三謀》在一周年之際取得的成績表明該遊戲已經站穩了腳跟，並為成為一款經久不衰的遊戲奠定了基礎。我們有信心，三昧將成為一種生命週期超過五年的生活方式，並持續為我們貢獻穩健的遊戲收入。

During the season 8, an anniversary celebration event, we have launched multiple new monetization tools such as the limited edition skins, which is well received by our users. We believe, for example, like the skin sales during the anniversary has met with our expectations and shows that we have explored a new monetization tool that's even more healthier and sustainable, compared to other tools.

在第八季週年慶活動期間，我們推出了限量版皮膚等多種新的盈利工具，受到了用戶的一致好評。例如，我們認為週年紀念日期間皮膚的銷售已經達到了我們的預期，並表明我們探索了一種與其他工具相比更健康、更永續的新貨幣化工具。

Going forward, we will have the new card monetization combining with the skins, as well as new innovative monetization model that will help us to make San Mou even more sustainable and healthy.

未來，我們將推出結合肌膚的卡牌變現方式，以及創新的變現模式，助力三麼更永續、更健康地發展。

The most important thing for us is to focus on making every game season, the best game season. As long as we continue to provide that experience, we think the users will actually stay and continue to play with this game.

對我們來說，最重要的是集中精力讓每個賽季都成為最好的賽季。只要我們繼續提供這種體驗，我們認為用戶實際上會留下來繼續玩這個遊戲。

On the one hand, we think the overall development capacity for San Mou has improved quite a lot. And each new game season will be featuring richer content. And moving forward, we will continue to optimize the game play, make it more fun, more balanced and make the game even more engaging.

一方面，我們認為三某的整體發展能力已經提升了不少。每個新的遊戲賽季都會有更豐富的內容。展望未來，我們將持續優化遊戲玩法，使其更有趣、更平衡、更具吸引力。

On top of the new user acquisition going forward, we'll be putting more emphasis on retaining and activating the old users, because this game has sustained a game seasons, and there will be a lot of old user or dormant users. It's very important for us to activate and we can dose existing users who have place on all, but have left or left the game for some reason. This will be a very important channel for us to maintain a healthy game communities. So as far as we see so far, the user retention rate has been maintained at very healthy level.

未來除了獲取新用戶之外，我們會更加重視老用戶的留存和激活，因為這款遊戲已經持續了一個遊戲季，會有很多老用戶或休眠用戶。對我們來說，啟動非常重要，我們可以對那些在所有遊戲中佔有一席之地但由於某種原因離開或退出遊戲的現有用戶進行處罰。這將是我們維護健康遊戲社群的一個非常重要的管道。就我們目前所見，用戶留存率一直保持在非常健康的水平。

We are expecting to launch the traditional Chinese version of San Mou in the end of this year or early next year, to the players in Hong Kong, Macau and Taiwan. And we are also going to explore potential releases in overseas markets such as Japan and Korea.

我們預計今年底或明年年初推出《三昧》繁體中文版，供香港、澳門和台灣地區的玩家使用。我們也將探索在日本和韓國等海外市場發行的可能性。

Looking at our pipeline, we currently have 45 games that's waiting for licensing approval. And once the approval is being obtained, the games will be releasing accordingly. In short term, we will be expecting to release a causal game based on our Sanguo IP, which I believe is quite fun and entertaining to look forward to.

從我們的產品線來看，目前我們有 45 款遊戲正在等待許可批准。一旦獲得批准，遊戲就會相應發布。短期內，我們期待推出一款基於三國IP的休閒遊戲，我相信這款遊戲會很有趣也很值得期待。

And going forward, we'll continue to execute on the strategy of creating games, reinventing games for the new generation of gamers and we'll be exploring new game genres and making innovation across different genres and there are a number of potential categories in our pipeline and we're quite looking forward to.

展望未來，我們將繼續執行創造遊戲、為新一代玩家重新發明遊戲的策略，我們將探索新的遊戲類型，並在不同類型之間進行創新，我們的產品線中有許多潛在的類別，我們對此非常期待。

Lincoln Kong, Goldman Sachs.

林肯孔（Lincoln Kong），高盛。

My question is about our profit margin. Our group profit margin continued to trend high. So what are the potential areas of our cost efficiency and the cost discipline going forward? How should we think about the second half in terms of profitability outlook?

我的問題是關於我們的利潤率。我們集團的利潤率持續保持高位趨勢。那麼，未來我們的成本效率和成本紀律的潛在領域是什麼？我們該如何看待下半年的獲利前景？

And any timeline to achieve our midterm targets, they are 15% above our operating margin. And in terms of use of the cash, so what are the future areas of capital allocation? How should we think about our shareholder return policy.

無論按照什麼時間表實現我們的中期目標，都比我們的營業利潤率高出 15%。那麼從現金的使用角度來說，未來的資金配置方向有哪些呢？我們應該如何考慮我們的股東回報政策。

Thank you, Lincoln. This is Sam. I will take your question. In Q2, our top line grew by 20%. Our gross profit increased by 46%. So we saw a very strong operating leverage here. Our gross margin has increased sequentially for 12 quarters. We expect the same trend to continue in the second half of this year, reaching around 37% by Q4, let's say. So we still maintain our midterm gross profit margin target 40% to 45%. And for the OpEx, we have continued to improve our efficiency of the operation.

謝謝你，林肯。這是薩姆。我回答你的問題。第二季度，我們的營業收入成長了 20%。我們的毛利增加了46%。所以我們在這裡看到了非常強大的經營槓桿。我們的毛利率已連續12季成長。我們預計同樣的趨勢將在今年下半年持續，到第四季將達到 37% 左右。因此我們仍維持中期毛利率目標40%至45%。對於營運支出，我們不斷提高營運效率。

So if you look at the absolute dollar amount of our OpEx in the first half of this year is flat year-over-year. So we expect to achieve the year-over-year decline of the OpEx in the second half, because in the second half of last year, we have more marketing spending on San Mou at the first two quarters.

因此，如果你看一下我們今年上半年的營運支出的絕對金額，你會發現它與去年同期持平。因此我們預計下半年營運支出將年減，因為去年下半年我們在三某的行銷支出比前兩季有所增加。

So for the profitability over the past two years, our gross profit margin grew very well, and our operating policy has grown even faster, outpacing our gross margin improvement. In Q2, the OP margin was 7.8%. So we are confident that we can achieve quarter-over-quarter improvement to achieve like 10% adjusted operating margin in Q4 this year.

所以從過去兩年的獲利能力來看，我們的毛利率成長非常好，而且我們的經營政策成長速度更快，超過了我們毛利率的提高。第二季度，營業利益率為7.8%。因此，我們有信心實現環比改善，在今年第四季實現 10% 的調整後營業利潤率。

So again, we maintain our midterm target of 15% to 20% for our OP margin. And regarding to the cash usage to enhance our shareholder returns, we already repurchased USD100 million shares in our Hong Kong line in Q2, and we have canceled all those repurchased shares. So under the current $200 million buyback program, we still have $83 million demand available as we have sufficient US dollar cash reserves offshore, the repurchase will continue based on the market conditions. So thank you for your questions.

因此，我們再次維持 15% 至 20% 的營業利潤率中期目標。至於使用現金來提高股東回報，我們已於第二季回購了價值 1 億美元的香港股票，並且已將所有回購的股票註銷。因此，根據目前的 2 億美元回購計劃，我們仍然有 8,300 萬美元的需求，因為我們在海外有足夠的美元現金儲備，回購將根據市場情況繼續進行。感謝您的提問。

Yiwen Zhang, China Renaissance.

張藝文，中國文藝復興。

So my question is on AI. Can you discuss what kind of AI application we have on platform? And what is the latest progress?

我的問題是關於人工智慧的。您能討論一下我們平台上有什麼樣的AI應用嗎？最新進展如何？

(interpreted) That's matter of fact, the AI application or adoption across multiple scenarios on Bilibili has already started to generate value. For example, the advertising revenue grew by 20% year-over-year, and Carly mentioned AI has played an important road behind that number. For example, the AIGC cover, title generation has meaningfully improved the click-through rate. And also from behind the MAU and DAU number increases, AI also played a vital role in terms of delivering the right content to the right users.

(解讀)事實上，B站上AI在多個場景的應用已經開始產生價值。例如，廣告收入年增了20％，Carly提到AI在這一數字背後發揮了重要作用。例如，AIGC的封面、標題產生顯著提高了點擊率。此外，在 MAU 和 DAU 數量增長的背後，人工智慧在向正確的用戶提供正確的內容方面也發揮了至關重要的作用。

And on the topic of providing high-quality content and fostering a friendly community, we have also leveraged AI capability to amplify Bilibili's strength through early identification of high quality content through understanding the user's commentary section.

在提供優質內容和培育友善社群方面，我們也利用人工智慧能力，透過了解用戶的評論部分，事先辨識優質內容，從而增強嗶哩嗶哩的實力。

And that has helped us to promote high-quality content at a very early stage and allow that content to be seen by more people. And this has already shown in our user matrix and community engagement.

這有助於我們在早期階段推廣高品質的內容，並讓更多人看到這些內容。這已經在我們的用戶矩陣和社群參與中得到體現。

I'll Elaborate on three aspects of how AI is helping Bilibili to become better. One is that AI can really amplify Bilibili strength from one aspect. One example would be every day, there will be over 1 million long comments generated by our users in the era of AI, that means about 1 million people helping the AI to mapping the content to identify the content as good content, good data points.

我將從三個面向來闡述AI如何幫助嗶哩嗶哩變得更好。一是AI確實能從一個方面放大B站的實力。舉個例子，在人工智慧時代，我們的用戶每天都會產生超過 100 萬條長評論，這意味著大約有 100 萬人幫助人工智慧繪製內容圖譜，將內容識別為好內容、好數據點。

In this asset, this type of long comment generated by real Bilibili users is a truly unique data asset for us to identify high-quality content at a very early stage and promote that across our platforms, and we already have a specific tools to help us to amplify that strength and we will be adopting that technology going forward across multiple content categories and scenarios.

在這個資產中，這種由真實的嗶哩嗶哩用戶產生的長評論是一種真正獨特的數據資產，讓我們能夠在早期識別出高品質的內容，並在我們的平台上進行推廣，我們已經有了特定的工具來幫助我們擴大這種優勢，我們將在多個內容類別和場景中採用這種技術。

And the second is on AI-assisted content creation for mid- to longer form video. We've seen other players have made even for open source tools for short video creation, but that's merely just on the video material itself no longer than 30 seconds. Whether AI can make mid- to longer form view, the question we think the answer is yes.

第二個是關於人工智慧輔助中長篇影片內容創作。我們也看到其他玩家甚至有針對開源短影片創作的工具，但那也僅僅只是針對影片素材本身不超過30秒而已。AI是否能夠做出中期至長期的觀察，這個問題我們認為答案是肯定的。

On the one hand, we've seen other players in the market have that tool to make mid- to longer-form videos, but it just seems that first outlook is produced by AI. However, we think we have the ability to make a human-like mid-to longer form video because we have the best and most talented content creators on our platform who can help us to make this into reality. And we will be launching that product very soon, and we think it might be the best human like mid-to longer form AI video creation tool that's out there.

一方面，我們看到市場上其他參與者擁有製作中長篇影片的工具，但看起來第一種視角是由人工智慧產生的。然而，我們認為我們有能力製作類似人類的中長篇視頻，因為我們的平台上有最優秀、最有才華的內容創作者，他們可以幫助我們將這一目標變為現實。我們很快就會推出該產品，我們認為它可能是目前最好的類似人類的中長篇人工智慧影片創作工具。

Well, the purpose of that tool, of course, goes back to help our content creator to lower their barriers and improve their production efficiency and contribute to overall content supply rather than making an AI produced video. So we think another analogy is to make a very good Chinese food, you will have the Chinese ingredients not just to offer them microwave, and we are here to offer the ingredients.

當然，該工具的目的在於幫助我們的內容創作者降低門檻，提高生產效率，為整體內容供應做出貢獻，而不是製作 AI 製作的影片。因此，我們認為另一個類比是，要製作出非常美味的中國菜，您需要中國食材，而不僅僅是向他們提供微波爐，而我們在這裡提供食材。

And on areas that Bilibili has key advantage on, for example, such as animation, virtual and big virtual streamers, AI also have a strong potential to help us to meet the demand of those ACG levers. It can -- for example, the virtual companionship by a virtual streamer or virtual idle that can be very effectively resolved by the help of AI. And we have already stepped on that area, and they will be product launched soon to the market.

在嗶哩嗶哩具有關鍵優勢的領域，例如動畫、虛擬主播和大型虛擬主播，人工智慧也有很大的潛力來幫助我們滿足這些 ACG 槓桿的需求。可以——例如虛擬主播的虛擬陪伴或虛擬閒逛，這些都可以藉助AI非常有效地解決。並且我們已經涉足該領域，並且很快就會將產品推向市場。

All right. Thank you, operator. That concludes the question-and-answer session. Back to you.

好的。謝謝您，接線生。問答環節到此結束。回到你身邊。

And that concludes the question-and-answer session. Thank you once again for joining Bilibili's second quarter 2025 financial results and business update conference call today. If you have any further questions, please contact Juliet Yang, Bilibili Executive IR Director, Piacente Financial Communications. Contact information for IR in both China and the US can be found on today's press release.

問答環節到此結束。再次感謝您今天參加嗶哩嗶哩2025年第二季財務業績及業務更新電話會議。如果您還有其他問題，請聯絡嗶哩嗶哩執行投資者關係總監、Piacente Financial Communications 的 Juliet Yang。今天的新聞稿中可以找到中國和美國 IR 的聯絡資訊。

Thank you, and have a great day.

謝謝您，祝您有愉快的一天。

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