Bilibili Inc (BILI) 2025 Q3 法說會逐字稿

Good day, and welcome to Bilibili's third-quarter 2025 financial results and business update conference call. Today's conference is being recorded.

大家好，歡迎參加嗶哩嗶哩2025年第三季財務業績及業務更新電話會議。今天的會議正在錄影。

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

此時，我謹將會議交給投資人關係執行董事朱麗葉·楊女士。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.

謝謝接線生。在本次電話會議中，我們將討論我們的業務前景並發表前瞻性聲明。這些評論是基於我們截至目前為止的預測和預期。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聯合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次討論中提到的內容存在重大差異。

The non-GAAP financial measure will provide are for comparison purpose only. The definition of this 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.

所提供的非GAAP財務指標僅供比較之用。該措施的定義和核對錶可在我們今天早些時候發布的新聞稿中找到。再次提醒，本次會議正在錄影。此外，投資人簡報和本次電話會議的網路直播回放將在嗶哩嗶哩投資者關係網站 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.

今天出席的Bilibili高階主管有：董事長兼執行長陳睿先生；副董事長兼營運長李嘉莉女士；以及財務長範山先生。

I will now turn the call 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 third quarter results. Our 2025 momentum carried through the third quarter as we delivered solid growth, improved profitability and attracted an even larger, more engaged community. As an influential hub of diverse interest, our high-quality content offerings and unique community experience, continue to fascinate the hearts and minds of young generation. We are increasingly seeing this in our key user metrics, which have resumed and accelerated growth trajectory since the beginning of the year.

謝謝茱麗葉，也謝謝各位今天蒞臨現場，與我們共同探討2025年第三季業績。我們2025年的發展勢頭延續到了第三季度，我們實現了穩健成長，提高了獲利能力，並吸引了更大、更活躍的社群。作為多元興趣的影響中心，我們高品質的內容和獨特的社區體驗，持續吸引年輕一代的心靈。我們從關鍵用戶指標中越來越明顯地看到了這一點，這些指標自年初以來已經恢復並加速成長。

In the third quarter, our DAUs rose 9% year-over-year to 117 million. MAUs grew 8% to 376 million, and average daily time spent per user increased to 112 minutes, up 6 minutes from the same period last year, each hit an all-time high. We are very proud of these numbers as they show users rising demand for quality content and the welcoming community spirit that makes Bilibili unique. We will keep building on the strong user momentum and reinforcing our leading user mind-share as the best PUGV community in China. This solid community growth is translating into increasing commercial value with even greater opportunities ahead. While enjoying engaging content, users are demonstrating a stronger willingness to spend on our platform, both directly and indirectly. Monthly paying users hit a record high of 35 million in the third quarter, up 17% year-over-year, with more users converting through our various games and VAS offerings. We're also seeing deeper engagement around consumption as users increasingly turn to Bilibili for advice and inspiration with real purchasing intent. Our advertising business also accelerated, and revenue grew 23% year-over-year in the third quarter, with an average user age of 26, a maturing cohort with stronger purchasing power and expanding consumption needs. We're capturing more commercial potential across the platform and realizing greater value from our users' evolving needs.

第三季度，我們的每日活躍用戶數年增 9%，達到 1.17 億。每月活躍用戶數成長 8% 至 3.76 億，每位用戶平均每日使用時間增加至 112 分鐘，比去年同期增加 6 分鐘，均創歷史新高。我們對這些數據感到非常自豪，因為它們表明用戶對優質內容的需求不斷增長，以及使嗶哩嗶哩獨具特色的熱情友好的社區精神。我們將繼續保持強勁的用戶成長勢頭，鞏固我們作為中國最佳 PUGV 社群的領先用戶地位。社區的穩定發展正在轉化為不斷增長的商業價值，未來也將迎來更大的機會。用戶在享受精彩內容的同時，也表現出更強的意願在我們的平台上直接或間接消費。第三季月付費用戶達到創紀錄的 3,500 萬，年增 17%，更多用戶透過我們的各種遊戲和增值服務產品進行轉換。我們也看到，隨著用戶越來越多地透過 Bilibili 獲取建議和靈感，並有真正的購買意願，消費方面的參與度也在不斷提高。我們的廣告業務也加速發展，第三季營收年增 23%，用戶平均年齡為 26 歲，這是一個購買力更強、消費需求不斷增長的成熟群體。我們正在挖掘平台更大的商業潛力，並從用戶不斷變化的需求中實現更大的價值。

Building on these strong fundamentals, we delivered solid financial results in the third quarter. Total net revenues grew 5% year-over-year to RMB7.7 billion. As our revenue mix shifts toward high-margin business, gross profit increased 11% year-over-year, with gross margin expanding to 36.7%, marking the 13th consecutive quarter of growth. Supported by disciplined cost management and higher operating leverage, our non-GAAP operating and net profit surged 153% and 233%, respectively, year-over-year. Our non-GAAP operating and net margins reached 9% and 10.2%, respectively, showing meaningful improvements from the same period last year. These metrics underscore the sustainability of our growth model reflected in our continued profitability expansion. Notably, we welcomed another blockbuster game, Escape from Duckov, (spoken in foreign language) in October. This self-developed single-player extraction shooter game became an instant hit after its debut, selling over 3 million copies globally and earning great user reviews. The success illustrates our sharp genre insight, in-house development capabilities and solid execution in reinventing game for new generations of gamers. There is still a lot of unmet demand in the market. and we are ready to tap into it with our upcoming pipeline and robust game content ecosystem. As we continue to strengthen our business fundamental, AI is becoming a key enabler of our future growth. Later this year, we plan to launch several AI-powered applications, including multilingual video accessibility features such as AI-enabled dubbing, subtitles and lip-syncing. We're also developing a new video generation tool tailored to video podcast production where compelling storytelling defines high-quality output. Beyond these initiatives, AI is consistently enhancing our operational efficiency, and there is so much more to explore. Looking ahead, our focus remains on empowering our unique PUGV community, strengthening our commercialization capabilities and sustaining profitability. We will continue to scale our core businesses while exploring opportunities such as innovative games and AI-empowered solutions to enhance user experience and capture additional monetization potential. With that overview, let's take a closer look at our core pillars of content, community and commercialization. Beginning with content and community.

憑藉這些強勁的基本面，我們在第三季取得了穩健的財務表現。總淨收入年增5%，達到人民幣77億元。隨著我們的收入結構向高利潤業務轉變，毛利年增 11%，毛利率擴大至 36.7%，連續第 13 個季度實現成長。在嚴格的成本管理和更高的營運槓桿的支持下，我們的非GAAP營業利潤和淨利潤分別同比增長了153%和233%。我們的非GAAP營業利潤率和淨利潤率分別達到9%和10.2%，與去年同期相比有顯著改善。這些指標凸顯了我們成長模式的可持續性，並體現在我們持續的獲利能力提升上。值得一提的是，我們在 10 月迎來了另一款熱門遊戲《逃離達科夫》（外文版）。這款自主開發的單人撤離射擊遊戲一推出便迅速走紅，全球銷量超過 300 萬份，並獲得用戶好評。這一成功體現了我們對遊戲類型的敏銳洞察力、內部開發能力以及為新一代玩家重塑遊戲的紮實執行力。市場仍然存在大量未被滿足的需求，我們已準備好透過即將推出的產品線和強大的遊戲內容生態系統來滿足這些需求。隨著我們不斷加強業務基礎，人工智慧正成為我們未來成長的關鍵推動力。今年晚些時候，我們計劃推出幾款人工智慧驅動的應用，包括多語言視訊輔助功能，例如人工智慧配音、字幕和唇形同步。我們也正在開發一種新的視訊生成工具，專門用於視訊播客製作，其中引人入勝的故事講述定義了高品質的輸出。除了這些措施之外，人工智慧也不斷提高我們的營運效率，還有許多方面值得探索。展望未來，我們的重點仍然是賦能我們獨特的 PUGV 社區，加強我們的商業化能力，並保持獲利能力。我們將繼續擴大核心業務規模，同時探索創新遊戲和人工智慧解決方案等機會，以增強用戶體驗並挖掘更多獲利潛力。有了上述概述，讓我們更深入地了解我們的內容、社群和商業化這三大核心支柱。從內容和社群入手。

Our ecosystems continue to grow stronger as quality content and community connections reinforce each other. This growing synergy is reflected in record engagement and increased commercialization, demonstrating Bilibili's ability to turn cultural relevance into sustainable growth. Average daily time spent hit a new record high of 112 minutes in the third quarter. This is a 6-minute increase over the same period of last year. Mid- to long-form videos remain our hallmark. Users continue to show high engagement with our more substantial, informative content, and watch time for videos over 5 minutes increased by 20% year-over-year in the third quarter. Our official members grew to 278 million with ongoing steady 12-month retention of around 80%, reflecting strong user loyalty. ACG remains the legacy category of our cultural ecosystem. Chinese anime content watch time more than doubled this quarter, led by popular series made by Bilibili such as A Record of Mortal's Journey to Immortality (spoken in foreign language), The Tales of Herding God (spoken in foreign language), and Ling Cage (spoken in foreign language). The success of these Chinese anime drove premium memberships to a record high of 25.4 million. In addition, game content grew solidly with watch time up 22% year-over-year. This momentum further reinforced games as our largest ad vertical, with Bilibili continuing to provide the ideal community for developers to engage players and strengthen their IP influence.

優質內容和社群連結相互促進，我們的生態系統也因此不斷壯大。這種日益增強的綜效體現在創紀錄的用戶參與度和不斷提高的商業化程度上，證明了嗶哩嗶哩有能力將文化相關性轉化為永續成長。第三季度，平均每日使用時長達 112 分鐘的創紀錄。比去年同期增加了6分鐘。中長影片仍然是我們的標誌性內容。用戶對我們內容更充實、資訊更豐富的影片繼續表現出很高的參與度，第三季觀看時長超過 5 分鐘的影片的長度同比增長了 20%。我們的正式會員人數成長至 2.78 億，12 個月的會員留存率持續穩定在 80% 左右，反映了用戶強大的忠誠度。ACG仍然是我們文化生態系統中最具傳承意義的類別。本季中國動畫內容觀看時間翻了一番以上，主要得益於嗶哩嗶哩出品的熱門動畫，例如《凡人傳》（外語版）、《牧神記》（外語版）和《靈籠》。（用外語說）這些中國動漫的成功推動付費會員數量達到創紀錄的 2,540 萬。此外，遊戲內容也實現了穩健成長，觀看時間較去年同期成長了 22%。這一勢頭進一步鞏固了遊戲作為我們最大廣告垂直領域的地位，Bilibili 繼續為開發者提供理想的社區，讓他們能夠與玩家互動並增強其 IP 的影響力。

Meanwhile, AI-related content remains one of our fastest-growing categories. Watch time was up nearly 50% year-over-year, and revenues from AI advertisers rose around 90% in the third quarter, highlighting Bilibili's position at the intersection of tech innovation, user interest and commercialization. Lifestyle and consumption-related content also grew as our audience matures and their interests diversify. Our mid- to long-form, creator led storytelling content is keeping viewers engaged and drawing more interest from advertisers. For example, automobiles stood out in the third quarter, with watch time up nearly 20% and ad spending rising 35%, demonstrating how our community continues to evolve with our users while expanding opportunities for brands.

同時，人工智慧相關內容仍然是我們成長最快的類別之一。觀看時間年增近 50%，第三季來自 AI 廣告商的營收成長約 90%，凸顯了 Bilibili 在技術創新、用戶興趣和商業化交匯點的地位。隨著受眾群體日趨成熟，興趣也日益多元化，生活方式和消費相關的內容也隨之增長。我們製作的中長篇、以創作者為主導的故事性內容，能夠吸引觀眾的注意力，並引起廣告商的更多興趣。例如，汽車產業在第三季表現突出，觀看時長成長了近 20%，廣告支出成長了 35%，這顯示我們的社群如何隨著用戶的發展而不斷進步，同時為品牌拓展了機會。

Our creator ecosystem is the key force behind our progress, and creators sit at the center of Bilibili. As a platform, our most important job is to help talented creators build their followers faster and earn more. In the first nine months of 2025, the number of creators with 1,000, 10,000, 100,000, and 1 million followers, each grew by over 20% year-over-year. Over the same period, nearly 2.5 million creators earned income on Bilibili through various advertising and VAS products, and average income per creator increased by 22% year-over-year. These trends show how creator success and user engagement reinforce each other, strengthening the foundation of Bilibili's content ecosystem.

我們的創作者生態系統是我們進步的關鍵動力，創作者是嗶哩嗶哩的核心。作為一個平台，我們最重要的工作是幫助有才華的創作者更快地累積粉絲並賺取更多收入。2025 年頭九個月，擁有 1,000、10,000、100,000 和 100 萬粉絲的創作者數量，每年都比上年增長超過 20%。同期，近250萬創作者透過Bilibili上的各種廣告和加值服務產品獲得收入，每位創作者的平均收入年增22%。這些趨勢表明，創作者的成功和用戶參與度相互促進，從而加強了嗶哩嗶哩內容生態系統的基礎。

Now let's talk about our commercial businesses and their progress. Our commercial momentum continued in the third quarter as we tapped into more of the value behind our highly engaged and growing user base. Advertisers are increasingly recognizing the strength of Bilibili's influence and total advertising revenues grew 23% year-over-year to RMB2.6 billion.

現在我們來談談我們的商業業務及其進展。第三季度，我們的商業勢頭依然強勁，因為我們充分挖掘了我們高度活躍且不斷增長的用戶群的價值。廣告主越來越體認到嗶哩嗶哩的影響力，廣告總收入較去年同期成長23%，達到人民幣26億元。

In Q3, we continued advancing our ad infrastructure on multiple fronts. By leveraging our Multimodal LLM, we gained a deeper understanding of video content, community interaction and their interconnection with user intent improving our ad targeting and recommendation efficiency. Meanwhile, our upgraded smart ad placement system automates campaign routing and delivery, maximizing scale, speed and performance. This drove a 16% year-over-year increase in the number of advertisers seeking incremental value on Bilibili. Beyond ad algorithms and placement, our AIGC creative tools add another layer of ad efficiency. Advertisers can automatically generate compelling titles and thumbnails, saving production time and cost while improving conversion rates. In the third quarter, over 50% of the performance ads materials had the help from our AIGC tools, assisting advertisers reach users more effectively with content that resonates with their intended audiences. These infrastructure advancements go beyond efficiency, they're reshaping how advertisers connect with our community. By combining intelligent algorithms with authentic engagement, we're turning creativity into conversion and positioning Bilibili's ad business to capture higher value as we continue to scale.

第三季度，我們持續在多個方面推動廣告基礎建設。透過利用我們的多模態LLM，我們更深入地了解了影片內容、社群互動及其與用戶意圖的相互聯繫，從而提高了我們的廣告定位和推薦效率。同時，我們升級的智慧廣告投放系統可自動進行廣告活動路由和投放，從而最大限度地提高規模、速度和效果。這導致在嗶哩嗶哩上尋求增值服務的廣告商數量比去年同期增加了 16%。除了廣告演算法和投放位置之外，我們的 AIGC 創意工具還能進一步提高廣告效率。廣告主可以自動產生引人注目的標題和縮圖，從而節省製作時間和成本，同時提高轉換率。第三季度，超過 50% 的效果廣告素材都藉助了我們的 AIGC 工具，幫助廣告主透過與目標受眾產生共鳴的內容更有效地接觸到用戶。這些基礎設施的進步不僅提高了效率，它們正在重塑廣告商與我們社區的聯繫。透過將智慧演算法與真實的互動相結合，我們將創意轉化為轉化，並隨著我們不斷擴大規模，使嗶哩嗶哩的廣告業務能夠獲得更高的價值。

This quarter, our top 5 advertising verticals were games, internet services, digital products and home appliances, e-commerce and automobile. As our mid- to long-form PUGV deliver more informative content and more real usage scenarios for users, we have become an ideal platform for digital products and home appliance brands to reach and convert young users. Ad revenues from digital products and home appliances and home decoration both grew by over 60%. As more and more online merchants recognize the commercial value of our unique young user base. They are allocating larger advertising budgets to our platform. In addition to our anchor verticals, we continue to see incremental ad revenue from emerging verticals. In Q3, ad budgets from AI and education both increased meaningfully.

本季度，我們前五的廣告垂直領域分別是遊戲、網路服務、數位產品和家用電器、電子商務和汽車。由於我們的中長篇PUGV為用戶提供了更多資訊內容和更真實的使用場景，我們已成為數位產品和家電品牌接觸和轉換年輕用戶的理想平台。來自數位產品、家用電器和家居裝飾的廣告收入均成長超過 60%。越來越多的線上商家認識到我們獨特的年輕用戶群的商業價值。他們正在為我們的平台分配更多的廣告預算。除了我們的核心垂直領域之外，我們還從新興垂直領域持續獲得增量廣告收入。第三季度，人工智慧和教育領域的廣告預算均顯著成長。

Turning to our games business. In the third quarter, game revenues came in at RMB1.5 billion, down 17% year-over-year, mainly due to the high base from the same period last year when San Mou was initially launched. We continue to focus on building a diversified game portfolio, laying a stronger foundation for long-term growth in our gaming business.

接下來談談我們的遊戲業務。第三季度，遊戲收入為人民幣15億元，較去年同期下降17%，主要是因為去年同期《三謀》剛推出時基數較高所致。我們將繼續專注於建立多元化的遊戲產品組合，為遊戲業務的長期成長奠定更堅實的基礎。

In the third quarter, San Mou maintained its popularity. We further enhanced the user experience by streamlining gameplay and character progression to create a more balanced and enduring title. Building on our success in the domestic market, we plan to launch the Traditional Chinese version of San Mou in Q1 2026 for Hong Kong, Macau and Taiwan, with additional international versions planned for later next year, opening it up to strategy players worldwide. Besides San Mou, our legacy titles, FGO and Azur Lane, continued to be welcomed by ACG lovers, maintaining loyal fan communities and consistent engagement.

第三季度，三牟保持了其受歡迎程度。我們透過簡化遊戲玩法和角色成長系統，進一步提升了使用者體驗，打造出一款更平衡且歷久不衰的遊戲。憑藉我們在國內市場的成功，我們計劃於 2026 年第一季在香港、澳門和台灣推出三謀的繁體中文版本，併計劃於明年晚些時候推出其他國際版本，使其面向全球策略玩家開放。除了《三牟》之外，我們的經典遊戲《FGO》和《碧藍航線》也繼續受到 ACG 愛好者的歡迎，保持著忠實的粉絲群和持續的互動。

On the 16th of October, we launched Escape from Duckov, our first single-player extraction shooter game. Developed in-house by a five-man team, the Indie game won over millions of users with innovative gameplay and its cute graphics. Over 3 million copies have been sold globally across various platforms making Escape from Duckov, the number one popular Indie game in China this year. This was an encouraging debut for us and a prime example of our expanding game development capabilities across genres and platforms. Leveraging our leading game content platform and influential game creators, we are confident we can expand the IP and bring more franchise titles to players next year.

10 月 16 日，我們推出了《逃離達科夫》，這是我們的第一款單人撤離射擊遊戲。這款由五人團隊自主開發的獨立遊戲，憑藉著創新的遊戲玩法和可愛的畫面，贏得了數百萬用戶的喜愛。《逃離達科夫》在全球各大平台銷售超過300萬份，成為今年中國最受歡迎的獨立遊戲。這對我們來說是一次令人鼓舞的首次亮相，也是我們不斷擴展跨類型和跨平台遊戲開發能力的絕佳例證。憑藉我們領先的遊戲內容平台和有影響力的遊戲創作者，我們有信心在明年擴展IP，為玩家帶來更多系列遊戲。

Looking at our pipeline, we are preparing to roll out NCard (spoken in foreign language) in early 2026, an asymmetric PVP card game inspired by the Three Kingdoms culture. Designed for a broad audience of lightweight players, the game features fast-paced matches that lasts around 3 minutes per round, making it well suited to casual on-the-go-play. As our first step into the casual gaming genre, the title is backed by Bilibili's vibrant gaming community which provides a strong foundation for player acquisition and long-term engagement. Results from the beta test have been encouraging, and we will continue refining the game to deliver a creative, unique casual card game experience.

從我們的產品線來看，我們正準備在 2026 年初推出 NCard（外語版），這是一款受三國文化啟發的非對稱 PVP 卡牌遊戲。這款遊戲專為廣大輕量級玩家設計，比賽節奏明快，每回合約持續 3 分鐘，非常適合隨時隨地休閒娛樂。作為我們進入休閒遊戲領域的第一步，這款遊戲得到了嗶哩嗶哩充滿活力的遊戲社群的支持，這為玩家獲取和長期參與提供了堅實的基礎。測試結果令人鼓舞，我們將繼續改進遊戲，以提供創意、獨特的休閒卡牌遊戲體驗。

And finally, let's look at our VAS business. Revenues increased 7% year-over-year to RMB3 billion. This quarter, more users joined our live broadcasting universe as we continued expanding content aligned with their interest. Our focus remains on refining operations to ensure steady, sustainable growth while further improving margins. Driven by our popular Chinese anime titles, premium memberships also maintained solid growth, reaching a record high of 25.4 million by the end of the quarter. Around 80% of members are on annual or auto renewal plans, underscoring their loyalty and deep connection to our community. Other VAS products continue to grow rapidly in the third quarter led by our fan charging program, which saw its revenue nearly double year-over-year. This momentum reflects users' willingness to directly support the creators and high-quality content they value most.

最後，我們來看看我們的加值服務業務。營收年增7%，達到人民幣30億元。本季度，隨著我們不斷擴展符合用戶興趣的內容，更多用戶加入了我們的直播平台。我們將繼續專注於精煉業務，以確保穩定、可持續的成長，同時進一步提高利潤率。受我們熱門的中國動漫作品的推動，高級會員數量也保持了穩健增長，到本季度末達到了創紀錄的 2540 萬。約 80% 的會員選擇年度或自動續費計劃，這凸顯了他們對我們社區的忠誠和深厚聯繫。第三季度，其他增值服務產品持續快速成長，其中風扇充電計畫的成長尤為顯著，該計畫的營收年增近一倍。這種勢頭反映了用戶直接支持他們最重視的創作者和高品質內容的意願。

Beyond the numbers, we remain deeply committed to shaping a healthy culture and community for China's young generation. ESG principles are central to that mission. This year, MSCI ESG reaffirmed Bilibili's A rating, recognizing our ongoing progress in using technology and culture to create meaningful impact.

除了數字之外，我們始終致力於為中國年輕一代塑造健康的文化和社區。環境、社會及公司治理（ESG）原則是這項使命的核心。今年，MSCI ESG 再次確認了嗶哩嗶哩的 A 評級，認可了我們在利用科技和文化創造有意義的影響力方面取得的持續進展。

In conclusion, everything we've achieved today comes from more than a decade of staying focused on one thing, building great content and a vibrant community. This long-term focus has created a self-reinforcing cycle where high-quality content attracts younger users, an engaged community adds ongoing value, and monetization follows organically. As we become more profitable, this flywheel will become even more effective. We will stay firmly on this path and continue to create lasting value for all of our stakeholders.

總之，我們今天所取得的一切成就，都源自於十多年來始終專注於一件事：打造優質內容和充滿活力的社群。這種長期的關注創造了一個自我強化的循環：高品質的內容吸引年輕用戶，活躍的社群不斷增加價值，而獲利也隨之自然而然地實現。隨著我們獲利能力的提高，這種良性循環將會變得更加有效。我們將繼續堅定不移地走這條道路，並繼續為所有利害關係人創造持久價值。

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

接下來，我會把電話交給 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 third quarter highlights. We encourage you to refer to our press release issued earlier today for a closer look at our results. In the third quarter, we continue to grow revenues and expand our margins and profitability, driven by growth across our commercial businesses, particularly in our high-margin advertising businesses.

謝謝您，陳先生。大家好。這是薩姆。為了節省今天電話會議的時間，我將回顧我們第三季的亮點。我們建議您參閱今天早些時候發布的新聞稿，以便更詳細地了解我們的研究結果。第三季度，在商業業務（尤其是高利潤率的廣告業務）的成長推動下，我們的收入持續成長，利潤率和獲利能力也隨之提高。

Total net revenues for the third quarter were RMB7.7 billion, up 5% year-over-year. Our revenue breakdown for Q3 was approximately 39% from VAS 33% from advertising, 20% from games and 8% from our IP derivatives and other businesses. Our cost of revenues increased by 2% year-over-year to RMB4.9 billion in the third quarter, while our gross profit rose 11% year-over-year to RMB2.8 billion. Our gross profit margin reached 36.7% in Q3 compared with 34.9% in the same period last year. Our expanding gross profit and margin show that our model is built to scale. Our total operating expenses were RMB2.5 billion, down 6% year-over-year. Sales and marketing expenses decreased 13% year-over-year to RMB1.1 billion, mainly due to decreased marketing expenses for our games. G&A and R&D expenses were RMB509 million and RMB905 million, respectively, both flat year-over-year. These efforts allowed us to maintain positive operating results. Our operating profit was RMB354 million compared with a loss in Q3 2024. Our adjusted operating profit was RMB688 million, and our adjusted operating profit margin reached 9% in the third quarter versus 3.7% in the same period a year ago.

第三季總淨收入為人民幣77億元，較去年同期成長5%。第三季我們的收入組成如下：增值服務約佔 39%，廣告約佔 33%，遊戲約佔 20%，IP 衍生性商品和其他業務約佔 8%。第三季度，我們的營業成本年增2%至人民幣49億元，而毛利年增11%至人民幣28億元。第三季我們的毛利率達到 36.7%，去年同期為 34.9%。我們不斷增長的毛利和利潤率表明，我們的模式是可以規模化的。我們的總營運支出為人民幣25億元，年減6%。銷售和市場推廣費用年減 13% 至人民幣 11 億元，主要原因是遊戲市場推廣費用下降。一般及行政費用及研發費用分別為人民幣5.09億元及人民幣9.05億元，均與去年持平。這些努力使我們保持了良好的經營績效。我們的營業利潤為人民幣3.54億元，而2024年第三季則出現虧損。第三季度，我們經調整後的營業利潤為人民幣6.88億元，經調整後的營業利益率達9%，去年同期為3.7%。

Net profit was RMB469 million, versus a loss in Q3 2024. Our adjusted net profit was RMB786 million, and our adjusted net profit margin in the third quarter was 10.2% , compared with 3.2% in the same period a year ago. Cash flow wise, we generated about RMB2 billion in operating cash flow in the third quarter. As of the 30th of September 2025, we had cash and cash equivalents time deposits and short-term investments of RMB23.5 billion or USD3.3 billion. 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 USD116.4 million, leaving about USD83.6 million available for future buybacks as of the September 30, 2025.

淨利為人民幣4.69億元，而2024年第三季則出現虧損。我們第三季的調整後淨利為人民幣7.86億元，調整後淨利率為10.2%，去年同期為3.2%。從現金流方面來看，我們第三季產生了約20億元的營運現金流。截至2025年9月30日，我們擁有現金及現金等價物、定期存款及短期投資235億元人民幣（約33億美元）。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 640 萬股股票，總成本為 1.164 億美元，截至 2025 年 9 月 30 日，仍有約 8,360 萬美元可用於未來的股票回購。

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。現在我們來回答大家的問題。操作員，請開始。

(Operator Instructions)

（操作說明）

[Alex Liu], Bank of America.

[Alex Liu]，美國銀行。

(interpreted) Yeah. Thanks, management. I think it's a great quarter. And we see DAU and MAU and time spend are basically all at the historical high and it's growing and accelerating. So I was just wondering if management can share more about what's the real drivers behind this? And in terms of the user and their future engagement, is there any medium-term target? And for monthly paying users is also accelerating in terms of growth -- and what are the drivers behind? And how should we think about in the future, what are the latest new user paying for content trends?

（翻譯）是的。謝謝管理層。我認為這是一個很棒的季度。我們看到，每日活躍用戶數、每月活躍用戶數和用戶停留時間基本上都達到了歷史最高水平，而且還在成長和加速成長。所以我想知道管理階層能否透露背後的真正驅動因素是什麼？就用戶及其未來參與度而言，是否有任何中期目標？而對於按月付費用戶來說，成長速度也在加快——背後的驅動因素是什麼？那麼，我們該如何展望未來？最新的用戶付費內容趨勢是什麼？

(spoken in foreign language)

（用外語說）

(interpreted) The fundamental reason for our continuous user growth lies within our focus on high-quality content. -- and high-quality content is always a strong and sustainable growth driver.

（解讀）我們用戶持續成長的根本原因在於我們專注於高品質內容。 ——而高品質內容始終是強勁且可持續成長的驅動力。

Actually, we think there has been a fundamental change of video content supply. And currently, the video content supply is very much sufficient and in some way, even oversupplied. Every year, there's tens of billions of new videos being created and riding on the rapid adoption of AI tools, there are going to be tens of thousands, billion, trillions of new videos being made every year.

實際上，我們認為視訊內容供應已經發生了根本性的變化。目前，視訊內容供應非常充足，在某種程度上甚至可以說是過剩。每年都有數百億個新影片被製作出來，隨著人工智慧工具的快速普及，每年將會有數兆、數十億、數兆個新影片被製作出來。

However, we think that the quantity of the video and the quality of the video are two different things. The high-quality content is still in short of supply. And once someone started to enjoy or start watch high-quality content, it's very hard for them to go back. They got pickier. They wouldn't go back to the low-quality time killing type of videos. That's why Bilibili has a long runway for growth, is because the demand for high quality content will continue to rise and the population that will be interested in Bilibili content will grow.

然而，我們認為影片的數量和影片的品質是兩回事。高品質內容仍然短缺。一旦有人開始享受或觀看高品質的內容，就很難再回到過去那種狀態了。他們變得越來越挑剔了。他們不會再回到那種低品質、消磨時間的影片類型了。這就是為什麼Bilibili還有很長的成長空間，因為對高品質內容的需求會持續成長，對Bilibili內容感興趣的人群也會不斷增長。

Apart from our focus on high-quality content, our unique community aspect of our business also helped further strengthen our advantage. This is because our community can help to discover high-quality content and also help our talented content creator to continuously to focus on their content creation. Because content needs to be discovered with the eye of beauty. And we have that many, many users that they have the passion for high-quality content. They also have the taste to select and promote those high-quality content.

除了專注於高品質內容外，我們業務中獨特的社群方面也進一步鞏固了我們的優勢。這是因為我們的社群可以幫助發現高品質的內容，也可以幫助我們有才華的內容創作者持續專注於他們的內容創作。因為內容需要用美的眼光去發現。我們擁有如此眾多的用戶，他們對高品質內容充滿熱情。他們也有眼光去挑選和推廣優質內容。

The good content creator needs good audience, and Bilibili is where those two parties meet and resonate with each other, especially for content creators before they got popular and earned reputation, there's a relatively long fair wait for them to grow. Bilibili's community and the users' encouragement will company them to go through that process. That's why you see those content creators on Bilibili, they have been creating content on our platform for 5 years, even 10 years long.

優秀的創作者需要優秀的受眾，而嗶哩嗶哩正是這兩者相遇並產生共鳴的地方，尤其對於那些尚未走紅、尚未建立聲譽的創作者來說，他們需要等待相對較長的時間才能成長起來。Bilibili 的社群和使用者的鼓勵將陪伴他們度過這個過程。這就是為什麼你會在嗶哩嗶哩上看到那些內容創作者，他們已經在我們的平台上創作內容5年，甚至10年之久。

Let's look at the MPU trend. This quarter, our MPU reached a new record high of 35 million, grew by 17% year-over-year. For third quarter particularly, is the premium membership business, which is the primary driver of that. But on a long-term horizon, we think the 2C business, the user paying for content type of business model will be a very big growth driver.

讓我們來看看MPU的趨勢。本季度，我們的每用戶月收入達到創紀錄的 3,500 萬，年增 17%。尤其對於第三季而言，主要驅動力是高級會員業務。但從長遠來看，我們認為 2C 業務，也就是用戶付費取得內容的商業模式，將成為巨大的成長動力。

I'll talk about three reasons that will drive the content consumption related paying activity. First of all is our users. The average age of our users is now at 26 years old, a cohort with increasing income and expanding consumption scenario. They are generating on both the 2B advertising front, as well as the 2Cs, the paying for content -- paying for services aspect.

我將探討推動內容消費相關付費活動的三個原因。首先是我們的用戶。我們用戶的平均年齡目前為 26 歲，這是一個收入不斷增長、消費場景不斷擴大的群體。他們在 2B 廣告領域以及 2C（付費內容 - 付費服務）方面都取得了成功。

And we believe that -- the second point is that we believe creator who consistently produce high-quality content over a long period of time can foster their personal IP and drive a sustainable monetization. There's a very large group of content creator that has been producing content on Bilibili for a very long time. Through that period they created their own personal brand, and they have their own reputation. People will follow their new creation. That's why the fan-charging program, whenever they sell their own premium courses or even their personal IP derivatives, their followers, their fans would pay for that content or services. That is also driving the overall MPU growth.

我們相信－第二點是，我們相信長期持續創作高品質內容的創作者可以培養自己的智慧財產權，並實現永續的獲利。在嗶哩嗶哩上，有一大批內容創作者已經創作內容很久了。在那段時間裡，他們打造了自己的個人品牌，也建立了自己的聲譽。人們會追隨他們的新作品。這就是為什麼粉絲收費計劃，每當他們出售自己的高級課程，甚至是自己的智慧財產權衍生品時，他們的追隨者、粉絲都會為這些內容或服務付費。這也推動了整體 MPU 的成長。

And the last point is that what we have discovered is for the younger generation, consumption is mainly driven by self-gratification. People will pay for things that make them happy. They will pay for people that they love -- and this trend has become even more clear nowadays with our initiatives on the fan-charging program, helping our content creator to monetize their own personal IP. So this will be another very important growth factor behind that continuous growth of our MPU.

最後一點是，我們發現，對年輕一代來說，消費主要受自我滿足的驅動。人們願意為讓自己快樂的事物買單。他們會為自己喜歡的人付費——而隨著我們推出粉絲收費計劃，幫助我們的內容創作者將其個人知識產權貨幣化，這一趨勢如今變得更加明顯。因此，這將是我們MPU持續成長背後的另一個非常重要的成長因素。

That concludes the answer for this question.

至此，這個問題的答案就結束了。

Thomas Chong, Jefferies.

Thomas Chong，傑富瑞集團。

(spoken in foreign language)

（用外語說）

(interpreted) Thanks management for taking my questions. My question is about the game business. We saw Escape from Duckov received remarkable results. Can management share about its future business plan. Do we have any plan of developing a mobile game. On the other hand, can management comment about NCard with regard to its monetization testing at the end of October? When should we expect it to be released? On the other hand, what are the games in the pipeline to be anticipated? For San Mou, is the performance in Q3 meet expectations? How should we think about the performance in the next one year? Thank you.

（翻譯）感謝管理層回答我的問題。我的問題是關於遊戲產業的。我們看到《逃離達科夫》取得了顯著的成績。管理階層能否分享一下未來的業務計畫？我們有開發手機遊戲的計畫嗎？另一方面，管理層能否就 NCard 在 10 月底的盈利測試發表評論？我們預計它何時發布？另一方面，有哪些遊戲正在開發中值得期待？三牟第三季的業績是否達到預期？我們該如何看待未來一年的業績？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) I'll talk about the Escape from Duckov. Truly this game has been the dark horse of the year in the games market. In less than one month after is debut, it has already sold over 3 million copies across various platform globally, and the peak concurrent user has reached over 300,000. And based on the current momentum, it is safe to say, Escape from Duckov has the potential to become the number two best-selling console game in the history of China. So this has been very encouraging.

（譯）我將談《逃離達科夫》。這款遊戲堪稱今年遊戲市場上的一匹黑馬。遊戲上市不到一個月，在全球各平台銷售就已超過300萬份，最高同時線上用戶數也超過30萬人。根據目前的動能來看，《逃離達科夫》很有可能成為中國史上銷售第二高的主機遊戲。這非常令人鼓舞。

And on top of that, besides the sales volume, players have been giving the game extremely high ratings. On Steam platform, there have been tens of thousands of comments and 96% of them are overwhelmingly positive. And why it has been so successful? I think there are two main reasons. As a player myself, I think, first of all, this game is a fun-to-play game. There are a lot of games launched every year, not every one of them is fun-to-play. And we found this game very carefully designed with different stages and the graphics, people will find it a really true fun game to play. People will enjoy themselves. And secondly, the game has very light mood. When you play it, you don't feel the stress of PVP. And it's just the simple pleasure to collect and loot. And also this game doesn't pressure people to spend a lot of time or spend a lot of money. It's just very easy breezy, and at this time of the year it's very entertaining and fun to play. So those two elements, fun to play and relaxing are the two main reasons for this game's success.

除此之外，除了銷售量之外，玩家們也對這款遊戲給予了極高的評價。在Steam平台上，已有數萬則評論，其中96%的評論都是正面的。它為何如此成功？我認為主要有兩個原因。作為一名玩家，我認為，首先，這款遊戲玩起來很有趣。每年都有很多遊戲推出，但不是每一款都好玩。我們發現這款遊戲設計非常用心，有不同的關卡和畫面，人們會覺得它是一款真正有趣的遊戲。人們會玩得很開心。其次，這款遊戲的氣氛非常輕鬆愉快。玩這款遊戲時，你不會感受到PVP的壓力。收集和掠奪帶來的樂趣就這麼簡單。而且這款遊戲也不會強迫玩家花費大量時間或金錢。它玩起來非常輕鬆愉快，而且在一年中的這個時候玩起來非常有趣。所以，好玩放鬆這兩個要素是這款遊戲成功的兩大主要原因。

And the reason behind that is when we are thinking about setting up a project like this back in 2023, it was just simply a few young developer gathered together who has been a true fan of Escape from Tarkov: the type of extraction game fans. They wanted to create something that's for the young generation, easy to play, relaxing and with cute graphics.

而背後的原因是，當我們在 2023 年考慮啟動這樣一個專案時，它只是由幾位年輕的開發者聚集在一起，他們都是《逃離塔科夫》的忠實粉絲：那種撤離類遊戲的粉絲。他們想創造一款適合年輕一代、易於上手、輕鬆休閒且畫面可愛的遊戲。

This is a very good example of how we are thinking about our game strategy, reinventing games for the new generation of gamers. It is also an example of how we have been taking niche genre in the game market and do make it to the best. We think that's the perfect example of how we are executing our game strategy, and this is one of many examples of our pipelines, how we are designing it.

這是我們如何思考遊戲策略，為新一代玩家重新定義遊戲的一個非常好的例子。這也反映了我們如何將小眾遊戲類型打造成產業翹楚。我們認為這是我們執行遊戲策略的完美例證，也是我們流程設計方式的眾多例證之一。

And on the IP expansion question, because the game currently is only on PC, we have already kicked off the console project and the mobile adoption for Escape from Duckov. Because on console and on mobile projects, there's going to be a difference with the gameplay. We will be spending a lot of time to fine-tune the project. And while doing so, we'll also continue to listen closely to our gamer community, and we will share updates when the time is appropriate.

至於 IP 擴充問題，由於遊戲目前僅在 PC 上推出，我們已經啟動了《逃離達科夫》的主機專案和行動裝置移植工作。因為主機遊戲和行動遊戲在玩法上會有所不同。我們將花費大量時間來完善這個項目。同時，我們將繼續密切關注玩家社群的意見，並在適當的時候分享最新消息。

As for the NCard game, currently, the closed beta testing has been going very smooth. We will be focusing on fine-tuning and polishing the game, make it to its best and introduce to the market. It's currently expected to be released in Q1 next year.

至於 NCard 遊戲，目前封閉測試進行得非常順利。我們將專注於對遊戲進行微調和完善，使其達到最佳狀態並推向市場。預計將於明年第一季發布。

And for the NCard game, it's designed to cater the need of casual card game user genre. It will be very short on-the-go play for 3 minutes per round. This is another attempt into catering the new generation of gamers. There's a lot of innovation within the gameplay and hopefully, leveraging our very unique and best of the state gamer community, as well as our talented content creators, leveraging our PUGV community as well as the live broadcasting community, we can bring this innovative game to all of the Bilibili users. Because the game, there are a lot of aspects that have very great innovation, and we are putting a lot of effort trying to make it the best quality. We will be spending time fine-tuning the game. And when the game is launched, the number one goal for this game is the DAU growth. Hopefully, this game will become Bilibili's another great evergreen titles.

而 NCard 遊戲則是為了滿足休閒卡牌遊戲玩家的需求而設計的。這將會是一場非常短暫的快節奏遊戲，每輪只有3分鐘。這是為了迎合新一代遊戲玩家而做出的另一次嘗試。這款遊戲在玩法上有很多創新之處，希望能夠利用我們獨一無二、全州最優秀的玩家社區，以及我們才華橫溢的內容創作者、PUGV社區和直播社區，將這款創新遊戲帶給所有Bilibili用戶。因為這款遊戲有很多面向都非常具有創新性，我們正在投入大量精力，力求將其打造為最高品質。我們將花時間對遊戲進行微調。遊戲上線後，首要目標是提高每日活躍用戶數 (DAU)。希望這款遊戲能成為嗶哩嗶哩的另一款常青佳作。

As for San Mou, it is one of the most important titles in our portfolio. And overall, the performance in the third quarter was in line with our expectations. We will be focusing on fostering a very balanced character progression, and we will be focusing on the user satisfaction. So the most important goal for this title is longevity. We are hoping to make this game at least five years -- to operate over five years long. And in the first quarter of next year, we plan to launch the Traditional Chinese version of San Mou in Hong Kong, Macau and Taiwan. And in the second half of next year, we'll be rolling out additional international versions.

至於《三牟》，它是我們產品組合中最重要的一款遊戲。整體而言，第三季的業績符合我們的預期。我們將致力於打造非常平衡的角色成長體系，並將使用者滿意度放在首位。因此，這個頭銜最重要的目標是長久存在。我們希望這款遊戲至少能運作五年以上。明年第一季度，我們計劃在香港、澳門和台灣推出三謀的繁體中文版本。明年下半年，我們將推出更多國際版本。

Thank you. That concludes this question's answer.

謝謝。至此，這個問題的答案就結束了。

Felix Liu, UBS.

瑞銀集團的劉菲利克斯。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you management for taking my question and congratulations on the very strong results, especially on the advertisement part. How does management see the growth potential in your ad business from here? Can management share more color on the potential of the improvement in recommendation algorithms and AI on your ad business from here? And more on the near term, how does management see the advertisement demand for the recently concluded Double Eleven shopping festival as well as the overall Q4. Thank you.

（翻譯）感謝管理階層解答我的問題，並祝賀你們取得了非常優異的成績，尤其是在廣告方面。管理階層如何看待貴公司廣告業務未來的成長潛力？管理階層能否進一步闡述一下，從現在開始，推薦演算法和人工智慧的改進將對貴公司的廣告業務產生哪些潛在影響？再來看近期的情況，管理階層如何看待剛結束的雙十一購物節以及整個第四季的廣告需求？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) In Q3, our advertising revenue reached RMB2.57 billion, up 23% year-over-year with our market share continuing to rise. On top of the steady growth for our performance-based ads, we're seeing both brand and Sparkle ads grew much faster than overall market based on our complete industry data. The brand ads and Sparkle ads growth rate are among the fastest-growing players in the industry.

（譯文）第三季度，我們的廣告收入達到人民幣25.7億元，年增23%，市佔率持續上升。根據我們完整的行業數據，除了效果廣告的穩定成長外，品牌廣告和 Sparkle 廣告的成長速度也遠遠超出整體市場。品牌廣告和 Sparkle 廣告的成長率在業界名列前茅。

And how should we think about the revenue growth going forward? I would like to firstly talk about the underlying logic of Bilibili's ad. As time go by, more clients are recognizing and tapping into the value of Bilibili’s ecosystem and its users, thanks to the uniqueness of our community, our ad’s key advantage is that we can deeply shape and make a big impact on users' purchasing decisions.

那麼，我們該如何看待未來的營收成長呢？我想先談談Bilibili這則廣告背後的邏輯。隨著時間的推移，越來越多的客戶意識到並利用了嗶哩嗶哩生態系統及其用戶的價值。由於我們社群的獨特性，我們的廣告優勢在於我們可以深刻地塑造並對用戶的購買決策產生重大影響。

To put it more simply, Bilibili's advertising business can bring to our advertiser: number one, it will not be a one-off value hit. Secondly, we are more effective at bringing new users, new customers. Thirdly is we're more likely to drive a sharp increase in repeat purchase from both new and existing users. In other words, we will help our clients to achieve both short-term conversion goals and long-term brand-building goals.

簡單來說，Bilibili 的廣告業務可以為我們的廣告主帶來：第一，它不會是一次性的價值衝擊。其次，我們在吸引新用戶、新客戶方面更有效。第三，我們更有可能大幅提高新舊用戶的重複購買率。換句話說，我們將幫助客戶實現短期轉換目標和長期品牌建立目標。

Yet anything we haven't fully perfectionized, realize the underlying logic is a pure upside for the future. From a client perspective, our top 5 advertiser verticals in Q3 were gaming, internet services, consumer electronics and home appliances, e-commerce and automotive.

然而，任何我們尚未完全完善的事物，背後的邏輯對未來來說都是純粹的優勢。從客戶的角度來看，我們第三季排名前五的廣告垂直行業是遊戲、網路服務、消費性電子和家用電器、電子商務和汽車。

And to better serve our advertising clients, there is three main points: One is to enhance our strategy or service for our super key accounts, SKAs, we will be serving our largest clients with a dedicated service team and a year-round integrated Bilibili marketing solutions. Our goal for this team is to achieve over 90% repurchase rate and keep increase our share of their spending on Bilibili.

為了更好地服務我們的廣告客戶，主要有三點：一是加強我們針對超級重要客戶 (SKA) 的策略或服務，我們將為我們最大的客戶提供專門的服務團隊和全年整合的 Bilibili 行銷解決方案。我們團隊的目標是實現超過 90% 的複購率，並不斷提高我們在 Bilibili 上的消費份額。

Secondly is we hope to replicate our successful model into multiple new verticals. We're using an always-on performance model to better serve our other verticals especially for those with big spending budget, such as FMCG categories like food and beverage, pet and baby, beauty and apparel, we expect a new wave of clients and budget to come on to our platform.

其次，我們希望將我們成功的模式複製到多個新的垂直領域。我們正在採用全天候績效模型，以便更好地服務於我們的其他垂直行業，特別是那些擁有大筆支出預算的行業，例如食品飲料、寵物和嬰兒用品、美容和服裝等快速消費品類別，我們預計會有新一波客戶和預算湧入我們的平台。

As the competitive landscape become more diversified in the second half of this year and even next year, we are still very confident that by 2026 there is still substantial growth potential in gaming, platform e-commerce and content consumption-related advertisers.

儘管今年下半年甚至明年競爭格局將更加多元化，但我們仍然非常有信心，到 2026 年，遊戲、平台電子商務和內容消費相關廣告商仍將擁有巨大的成長潛力。

And third point is we are planning to expand our ad penetration across different community scenarios. And this will be another growth driver because Bilibili by itself, it has many consumption scenario within our products, unlike other platforms where most consumption happens in a single video feed. Our users are spending a lot of time watching videos within the players, within the commentary session, and also in the bullet chats. And they also watch live streams, they also engage with live stream content. They do search, they browse trendy topic and hot searches on our platform and also consuming content across multiple devices, including mobile, PC, OTT and et cetera. And in Q3, ad revenue from these different scenarios all grew by more than 50% year-over-year. But the current penetration is still very behind where we would think it can be, which means there's still a lot of room to grow.

第三點是，我們計劃擴大廣告在不同社區場景的滲透範圍。這將是另一個成長動力，因為嗶哩嗶哩本身的產品包含許多消費場景，這與其他平台的大部分消費都發生在單一視訊串流中的情況不同。我們的用戶花費大量時間觀看玩家影片、解說影片以及即時聊天影片。他們也會觀看直播，也會參與直播內容的互動。他們會進行搜索，會在我們的平台上瀏覽熱門話題和熱門搜索，並且還會透過多種裝置（包括手機、PC、OTT 等）消費內容。第三季度，這些不同場景下的廣告收入均較去年同期成長超過 50%。但目前的滲透率仍遠低於我們預期的水平，這意味著還有很大的成長空間。

And the fourth point is about your question on AI. We have been discussing intensively internally that AI as a topic, can easily make people overly optimistic about the short-term burst to the advertising revenue, while overlooking its potential to fundamentally reshape the industry over the long term.

第四點是關於你提出的人工智慧問題。我們內部一直在深入討論，人工智慧這個話題很容易讓人對廣告收入的短期爆發式成長過於樂觀，而忽略了它在長期內從根本上重塑產業的潛力。

However, there's still a lot of positive changes we are seeing. First of all is on the AIGC creatives, now account for 55% of the total creative volume in the performance-based ads, and it continues to rise. We are providing generation tools to our clients in the internet service sector, such as for online novels, we support text to video generation. And for short drama advertiser, we supported the AI highlight editing. In these sectors, AI generated video creatives already account for over 60% of the creative consumption and this upgrade has freed up a lot of productivity.

然而，我們仍然看到了很多積極的變化。首先是 AIGC 創意，目前佔成效廣告創意總量的 55%，而且還在持續成長。我們為網路服務產業的客戶提供產生工具，例如，對於線上小說，我們支援文字轉影片生成。而對於短劇廣告商，我們則支援人工智慧精彩片段剪輯。在這些領域，人工智慧生成的視訊創意已經佔創意消費的 60% 以上，而此次升級釋放了大量的生產力。

And the second application for our AI is on the smart delivery system. Currently, the automated buy-in smart delivery advertisement system is already accounting for 45% of the overall performance base ad spent. And most clients have been seeing their spend scale up through this model.

我們人工智慧的第二個應用領域是智慧配送系統。目前，自動購買智慧投放廣告系統已佔整體成效廣告支出的 45%。而且大多數客戶都發現，透過這種模式，他們的支出規模都在擴大。

Thirdly is on the recommendation efficiency by combining the multi model content understanding with the generative recommendation algorithms, we have been lifting our distribution efficiency by more than 10% in total. All of the above are the tangible results and benefits that AI has been brought to us this quarter. However, we do think AI with a long-term mindset, the real significance lies within the new opportunities and the structural change that will unlock over time. And we will be trying a lot of innovation with a long-term mindset, not just a short-term bump in a few matrix and revenue lines.

第三，透過將多模型內容理解與生成式推薦演算法結合，我們在推薦效率方面，總共提高了 10% 以上的分發效率。以上都是人工智慧在本季帶給我們的實際成果和好處。然而，我們確實以長遠的眼光看待人工智慧，其真正的意義在於隨著時間的推移，它將帶來的新機會和結構性變革。我們將以長遠的眼光進行大量的創新嘗試，而不僅僅是追求短期內幾個指標和收入線的提升。

And lastly, on our Double Eleven results. So first of all, looking at our users, especially the Gen Z consumers, their spending power is 2 to 3 times that of the previous generations. They are used to online consumption as their default shopping avenue, and they buy when it makes them happy. They buy when they like something or they truly need something. They no longer chase the rock bottom prices in a single promotion time window in a mechanical way. All of this observation is pointing to the huge commercial potential embedded in the Bilibili user profile and our ecosystem.

最後，我們來看看雙十一的比賽結果。首先，看看我們的用戶，尤其是 Z 世代消費者，他們的消費能力是前幾代人的 2 到 3 倍。他們習慣將網上購物作為默認的購物方式，並且會在購物讓他們感到快樂時購買。他們只有在喜歡某樣東西或真正需要某樣東西的時候才會購買。他們不再像以前那樣機械地在單一的促銷期內追求最低價格。所有這些觀察都表明，Bilibili 使用者畫像和我們的生態系統蘊藏著巨大的商業潛力。

And given that our Double Eleven report card this year still exceeded our expectations. During this year's Double Eleven, Bilibili's ad revenue grew 30% year-over-year. And the number of advertisers more than doubled over the Double Eleven-campaign period, Bilibili delivered on average of new customer rate of 55% for all industries, and in categories such as watches and jewelries, household daily goods, food and beverage and beauty, the new customer rate even exceeded 60%.

而且，我們今年的「雙十一」成績單仍然超出了我們的預期。在今年的雙十一期間，嗶哩嗶哩的廣告收入較去年同期成長了30%。在「雙十一」活動期間，廣告主數量翻了一番多，Bilibili 所有行業的平均新客戶轉換率達到 55%，在手錶珠寶、家居日用品、食品飲料和美容等類別中，新客戶轉換率甚至超過 60%。

Lastly, the outlook for Q4 and next year, we remain upbeat about the advertising business. And more importantly, we're hoping to deliver something more meaningful and new breakthroughs and changes within our business.

最後，展望第四季和明年，我們仍然對廣告業務持樂觀態度。更重要的是，我們希望在業務方面帶來更有意義的新突破和變革。

Xueqing Zhang, CICC.

張學慶，中金公司。

(spoken in foreign language)

（用外語說）

(interpreted) Thanks management on taking my question and congratulations on the great result. My question is regarding your financial outlook. The company's profitability has continued to strengthen and looking ahead to Q4 and into 2026. How do we expect the gross margin and the net margin trends? As we maintain a strong cash position, how do you plan to allocate cash in the future. Thank you.

（譯）感謝管理階層解答我的問題，並祝賀你們取得如此優異的成績。我的問題是關於您的財務前景。公司獲利能力持續增強，展望第四季及2026年。我們如何預期毛利率和淨利率的趨勢？由於我們目前現金流充裕，您未來計劃如何分配現金？謝謝。

Thank you. I will take your question. Yeah, we continue to see strong operating leverage in our business. In Q3, our top line grew by 5%, and our gross profit grew by 11% year-over-year. Our gross profit margin has improved for 13 consecutive quarters. We expect this trend to continue this year, reaching 37% in Q4. We keep our midterm gross profit margin target at 40% to 45% unchanged.

謝謝。我會回答你的問題。是的，我們業務的經營槓桿作用依然強勁。第三季度，我們的營收成長了 5%，毛利年增了 11%。我們的毛利率已連續13季提高。我們預計這一趨勢將在今年繼續，第四季將達到 37%。我們將中期毛利率目標維持在 40% 至 45% 不變。

Additionally, our adjusted operating profit, that's the profit before the other income, jumped over 150% year-over-year, with adjusted operating margin expanding from 3.7% to 9% year-over-year. We expect that number to further improve to around 10% in Q4 this year and keeping us on a steady path to our midterm target of a 15% to 20% adjusted operating margin.

此外，我們的調整後營業利潤（即扣除其他收入前的利潤）年增超過 150%，調整後營業利潤率年增從 3.7% 增至 9%。我們預計今年第四季這一數字將進一步提高到 10% 左右，並使我們穩步朝著中期目標——調整後營業利潤率達到 15% 至 20%——邁進。

We already saw the resilience of Bilibili business model and our strategy of focusing on healthy revenue growth and the leveraging scale of our sustainable profit expansion. We are confident in reaching our mid- to long-term margin targets. Regarding to the cash usage, we will allocate our resources carefully. Currently, we already generated over $1 billion free cash flow every quarter. So first of all, we will support our high-quality revenue growth in July advertising business.

我們已經看到了嗶哩嗶哩商業模式的韌性，以及我們專注於健康營收成長和利用規模效應實現永續利潤擴張的策略。我們有信心實現中長期利潤率目標。關於現金使用方面，我們將謹慎分配資源。目前，我們每季都能產生超過10億美元的自由現金流。首先，我們將支持7月份廣告業務的高品質營收成長。

Secondly, we will invest in some new opportunities, for example, to expand our business boundaries, like reinventing some game for new generations just like Duckov, right? We already announced a plan to explore Duckov's opportunities to the console game and the mobile game.

其次，我們將投資一些新的機會，例如，拓展我們的業務邊界，例如像 Duckov 一樣為新一代重新發明一些遊戲，對吧？我們已經宣布了一項計劃，探索 Duckov 在主機遊戲和行動遊戲領域的機會。

Last but not least, we will also capture some major industry opportunities. For example, we are also seeking for the new talent in areas like AI. But regarding to the shareholder returns, -- we have repurchased over USD100 million worth of shares this year already. And we have a two-year share buyback plan as approved by our Board. We still have around USD83 million left. We expect to fully utilize that amount in the remaining period of the plan.

最後，我們還將抓住一些重要的產業機會。例如，我們也在人工智慧等領域尋找新人才。但就股東回報而言，——我們今年已經回購了價值超過 1 億美元的股票。我們還有一項經董事會批准的為期兩年的股票回購計畫。我們目前還剩下約8300萬美元。我們預計將在計劃剩餘期限內充分利用這筆資金。

Yiwen Zhang, China Renaissance.

張藝文，中國文藝復興。

(spoken in foreign language)

（用外語說）

(interpreted) So thank you for taking my question. I have a question regarding AI application. In your script you discussed about AI functions or products you have just launched. So what is your expectation of future application on Bilibili. Also, what kind of impact do you think products like Sora will bring to the production and the consumption. Thank you.

（翻譯）謝謝您回答我的問題。我有一個關於人工智慧應用的問題。你在腳本中討論了你剛推出的人工智慧功能或產品。那麼，您對未來在Bilibili上的應用程式有何期待呢？另外，您認為像 Sora 這樣的產品會對生產和消費產生什麼樣的影響？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Bilibili has the highest AI density among both of our content creators and our users. Many of China's best AI-themed content creator and the user who is most interested in AI talent, they are all active and gathered on Bilibili.

（譯文）Bilibili 在我們內容創作者和使用者中擁有最高的 AI 密度。中國許多頂尖的人工智慧主題內容創作者和對人工智慧人才最感興趣的用戶都活躍在嗶哩嗶哩上。

And in the third quarter, nearly 100,000 creator were active on Bilibili every month working on AI-related content. Some of them are doing the latest machine learning explaining. Some of them are breaking down and teaching new AI applications or using AI for video creation. And the average daily number of AI-related video uploads in the third quarter increased over 80% year-over-year in the third quarter.

第三季度，每月有近 10 萬名創作者活躍在 Bilibili 上，創作與人工智慧相關的內容。他們有些人正在進行最新的機器學習講解。他們中的一些人正在拆解和教授新的人工智慧應用程序，或使用人工智慧進行視訊創作。第三季度，人工智慧相關影片的日均上傳量年增超過 80%。

And there's lots of potential for us to further discover because we have gathered over two-thirds of young generation in China on Bilibili. That is the exact cohort who is eager to learn about AI or leverage AI technology to create things.

而且，由於我們在Bilibili上聚集了中國超過三分之二的年輕一代，因此我們還有很大的潛力去進一步發掘。這正是那些渴望了解人工智慧或利用人工智慧技術進行創作的人。

Well, you ask me about whether Sora will change how people create or consume content. Personally, I think Sora is a new demo on both video content creation and also user interface. But as I said earlier on, there's already oversupply of short video content, the adoption of AI tools will only increase video supply. It will not change how people consume the content.

你問我Sora是否會改變人們創作或消費內容的方式。我個人認為 Sora 在影片內容創作和使用者介面方面都是一個全新的演示。但正如我之前所說，短影片內容已經過剩，人工智慧工具的採用只會增加影片供應量。這不會改變人們消費內容的方式。

However, on the high-quality video aspect there's still a scarcity in terms of the high-quality content supply and the adoption of these tools will help us to increase the supply and improve the talented content creators efficiency in producing such content. And we've seen this on many of those content categories that AI is becoming the new paradigm. For example, in the autotune remix sector, in the music sector, or even the animation sector, there are lot of very good quality videos that were made with the help of AI tools. So to summarize, we do think that the AI will be a fundamental efficiency booster for high-quality video creation, and Bilibili will be most benefited from that technology innovation.

然而，在高品質影片方面，高品質內容的供應仍然不足，而這些工具的採用將有助於我們增加供應，並提高有才華的內容創作者製作此類內容的效率。我們已經看到，在許多內容類別中，人工智慧正在成為新的範式。例如，在自動調音混音領域、音樂領域，甚至動畫領域，都有很多藉助人工智慧工具製作的高品質影片。總而言之，我們認為人工智慧將成為高品質影片創作的根本效率提升工具，而嗶哩嗶哩將從這項技術創新中受益最多。

And based on that observation, we'll be very focused on the video track of the AI applications. We wanted to make AI to be effective tools to help our content creators to produce higher quality videos. You probably already seen some of the functions where we have launched lately, for example, there will be a multilingual video accessibility features, including dubbing, subtitles and even lip-syncing.

基於這項觀察，我們將非常關注人工智慧應用的視訊領域。我們希望將人工智慧打造成為有效的工具，幫助我們的內容創作者製作更高品質的影片。您可能已經看到我們最近推出的一些功能，例如，我們將推出多語言視訊輔助功能，包括配音、字幕甚至唇形同步。

We are also planning to launch an AI-enabled text to video tools tailored for video podcast type of content. We believe this product will help bring more high-quality content on Bilibili and to our users.

我們也計劃推出一款人工智慧文字轉影片工具，專為視訊播客類型的內容量身打造。我們相信這款產品將有助於為嗶哩嗶哩及其用戶帶來更多優質內容。

That concludes the question-and-answer session. Operator, back to you.

問答環節到此結束。接線員，已接通。

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

再次感謝各位參加今日Bilibili 2025年第三季財務業績及業務更新電話會議。如有任何疑問，請聯絡嗶哩嗶哩投資者關係執行總監 Juliet Yang 或 Piacente Financial Communications。今天的新聞稿中提供了中國和美國投資者關係部門的聯絡資訊。謝謝，祝您今天過得愉快。

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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。