Bilibili Inc (BILI) 2026 Q2 法說會逐字稿

Good day, and welcome to the Bilibili's second-quarter 2026 financial results and business update conference call. Today's conference is being recorded.

大家好，歡迎參加嗶哩嗶哩 2026 年第二季財務業績與業務更新電話會議。今天的會議將進行錄音。

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

現在，我想把電話會議交給投資者關係執行董事 Juliet Yang。請開始。

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，接線員。在本次電話會議中，我們將討論業務展望並作出前瞻性陳述。這些評論基於我們截至今日的預測與預期。由於多項風險與不確定性（包括我們最近向美國證券交易委員會（SEC）及香港交易所提交的文件中所提及者），實際事件或結果可能與今日新聞稿及本次討論中提到的內容存在重大差異。

The non-GAAP financial measures we 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.

我們提供的非 GAAP 財務指標僅供比較之用。該指標的定義及對帳表載於我們今日稍早發布的新聞稿中。提醒各位，本次會議正在錄音。此外，投資者簡報以及本次電話會議的網路重播將於嗶哩嗶哩投資者關係網站 ir.bilibili.com 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.

今天與會的嗶哩嗶哩高階管理團隊包括：董事長兼首席執行官陳睿先生；董事會副主席兼首席營運官李旎女士；以及首席財務官樊欣先生。

I will now turn the call to Mr. Chen.

現在我把電話會議交給陳先生。

Thank you, Juliet, and thank you to everyone joining us today. Our strong momentum carried into the second quarter, and we delivered another set of solid results. Both our community and top line growth remained healthy and profitability continued to expand. As users increasingly seek substance over noise, our high-quality content and authentic community experience keep attracting new users and driving deeper engagement.

謝謝 Juliet，也感謝今天加入我們的各位。我們的強勁動能延續至第二季，並再次交出一組穩健的成績。我們的社群與營收成長皆維持健康，獲利能力也持續擴大。隨著用戶愈來愈追求內容的實質而非噪音，我們的高品質內容與真實的社群體驗持續吸引新用戶並帶動更深度的互動。

In Q2, DAUs increased by 7% year-over-year to 117 million, while MAUs grew to 371 million. Average daily time spend rose to 113 minutes from 105 minutes a year ago, which drove total time spent up over 14%. That engagement is translating into stronger commercial results. Advertising revenue grew 28% year-over-year, marking another quarter of industry-leading growth. Meanwhile, MPUs increased 7% year-over-year to 33.4 million, reflecting users increasing willingness to pay for the content and community experiences they truly value.

第二季，日活躍用戶（DAU）年增 7% 至 1.17 億，而月活躍用戶（MAU）成長至 3.71 億。人均每日使用時長由去年同期的 105 分鐘提升至 113 分鐘，帶動總使用時長年增超過 14%。這樣的互動正在轉化為更強的商業成果。廣告收入年增 28%，再度創下業界領先的季度成長。同時，付費用戶（MPU）年增 7% 至 3,340 萬，反映用戶更願意為他們真正重視的內容與社群體驗付費。

You can also see that momentum in our financial results. Total revenues for Q2 rose 8% to RMB7.9 billion, and gross profit grew 10% year-over-year. Gross margin expanded to 37.2%, marking our 16th consecutive quarter of margin improvement. Our top line growth and increased operating leverage drove our net profit up 55% year-over-year, and our adjusted net profit reached RMB704 million, with our adjusted net profit margin expanding to 8.9%.

這股動能也反映在我們的財務表現上。第二季總營收年增 8% 至人民幣 79 億元，毛利年增 10%。毛利率擴大至 37.2%，為連續第 16 個季度毛利率改善。在營收成長與營運槓桿提升的帶動下，我們的淨利年增 55%；經調整淨利達人民幣 7.04 億元，經調整淨利率擴大至 8.9%。

In the AI era, we see two major tailwinds. First, AI tools help our creators produce great content much faster, while AI-empowered content understanding is making our recommendation far more efficient. Second, and perhaps more importantly, in a world full of passive algorithmic content, real human connection becomes a rare commodity. People choose Bilibili because they want meaningful content, share interests and genuine interactions, and that makes our community even more attractive. That is why we remain committed to our AI strategy while staying highly disciplined in how we invest.

在 AI 時代，我們看到兩大順風。第一，AI 工具幫助創作者更快速地產出優質內容，而 AI 賦能的內容理解也讓我們的推薦效率大幅提升。第二，且或許更重要的是，在充斥被動式演算法內容的世界裡，真實的人際連結成為稀缺資源。人們選擇嗶哩嗶哩，是因為他們想要有意義的內容、共享興趣與真誠互動，這也讓我們的社群更具吸引力。因此，我們將持續投入 AI 策略，同時在投資上保持高度紀律。

We'll use AI to improve content and efficiency without losing sight of our community roots, and unique advantage. Strengthening this flywheel of community and monetization will continue to build lasting, compounding value for our users, our creators and our shareholders.

我們將運用 AI 提升內容與效率，同時不忘我們的社群根基與獨特優勢。強化「社群—變現」的飛輪，將持續為用戶、創作者與股東建立長期且可複利累積的價值。

With that, let me walk you through our core pillars of content, community and commercialization. Let's start with our content. Across our 17-year history, various content formats have come and gone, but Bilibili's distinct blend of quality content and vibrant interest-driven communities continues to capture users' intentional high-value time. In Q2, total time spent on our platform expanded by 14% year-over-year. Notably, watch time from videos over 5 minutes grew by 18% year-over-year, demonstrating users growing demand for meaningful and high-quality content.

接下來，我將帶各位回顧我們在內容、社群與商業化三大核心支柱的進展。先從內容談起。在我們 17 年的歷程中，各種內容形式來來去去，但嗶哩嗶哩獨特的高品質內容與充滿活力、以興趣驅動的社群組合，持續吸引用戶主動投入的高價值時間。第二季，我們平台總使用時長年增 14%。值得注意的是，5 分鐘以上影片的觀看時長年增 18%，顯示用戶對有意義且高品質內容的需求正在提升。

Turning to our interest-based content categories. We're seeing steady growth across both core and emerging hubs. Total watch time for game-related content and general entertainment content increased by 20% and 35% year-over-year, respectively. Baby and maternity also grew by 36% year-over-year, as more of our users step into parenthood. At the same time, AI tools are expanding creative boundaries across our platform.

再來看我們以興趣為導向的內容品類。我們看到核心與新興內容分區皆呈現穩健成長。遊戲相關內容與泛娛樂內容的總觀看時長分別年增 20% 與 35%。隨著更多用戶步入為人父母階段，母嬰品類也年增 36%。同時，AI 工具正在擴展我們平台上的創作邊界。

For instance, watch time for music content grew 24% year-over-year, catalyzed by AIGC-driven creations. Beyond content consumption, AI is also supercharging creator output. In Q2, daily video submissions jumped by 28% compared to the same period last year. Video podcasts offer another compelling example of our users embracing immersive content.

例如，在 AIGC 驅動的創作帶動下，音樂內容觀看時長年增 24%。除了內容消費之外，AI 也正在大幅提升創作者的產能。第二季，每日影片投稿量較去年同期躍升 28%。影片播客則是另一個用戶擁抱沉浸式內容的有力例證。

Last month, average daily watch time for video podcasts exceeded 100 million minutes. This remarkable engagement shows that even in today's world of fast-paced content, there is still a huge and growing appetite for in-depth storytelling. Behind these figures, empowering creators remains a top priority. Through refined algorithms, we now match quality content with interested users much earlier. In Q2, the number of creators with over 1,000 followers grew by 30% year-over-year. The diverse monetization channels we provide also helped average creator income increase by 21% year-over-year in the second quarter.

上個月，影片播客的日均觀看時長超過 1 億分鐘。這樣亮眼的互動表現顯示，即使在當今快節奏內容的環境中，市場對深度敘事的需求仍然龐大且持續成長。在這些數據背後，賦能創作者仍是我們的首要任務。透過更精細的演算法，我們如今能更早將優質內容匹配給感興趣的用戶。第二季，粉絲數超過 1,000 的創作者數量年增 30%。我們提供的多元變現管道也幫助創作者平均收入在第二季年增 21%。

Turning to our community. As we touched on earlier, authentic human connection has become rare and valuable in the era of automated, bite-sized, content. That is why Bilibili's interactive community feels like a true oasis in today's digital world. Here, hundreds of millions of users connect over shared passions, expressing their feelings through comments and bullet chats to find a genuine sense of belonging.

接著談談社群。如同我們先前提到的，在自動化、碎片化內容的時代，真實的人際連結變得稀缺且珍貴。這也是為什麼嗶哩嗶哩的互動式社群在當今數位世界中宛如一片真正的綠洲。在這裡，數以億計的用戶因共同熱愛而連結，透過評論與彈幕表達感受，找到真實的歸屬感。

In Q2, monthly interactions grew 9% year-over-year to 17.4 billion, while deeper connections like long comments jumped over 67%. Meanwhile, by processing these rich user interactions, our algorithms can spot and elevate high-quality content much faster, driving healthy, steady growth in both our user base and time spent. This level of engagement and interaction naturally keeps users coming back and expands our network of trust.

第二季，月度互動量年增 9% 至 174 億次，而更深度的連結（如長評論）更是躍升超過 67%。同時，透過處理這些豐富的用戶互動，我們的演算法能更快速地識別並推升高品質內容，帶動用戶規模與使用時長的健康、穩定成長。如此高水準的參與與互動，自然促使用戶持續回訪，並擴大我們的信任網路。

In Q2, the average active user followed 96 creators, up 11% from a year ago. By the end of Q2, our official members reached 299 million with 12-month retention remaining solid at around 80%. Ultimately, our community doesn't just surface the best content, it builds lasting user loyalty and drives enduring platform value. This summer, we brought our community off-line once again through our signature events, Bilibili World and Bilibili Macro Link. Over the three-day event, more than 400,000 fans gathered in person in Shanghai, making it one of the largest off-line ACG expos in China and a vibrant new cultural landmark for the city.

在第二季，平均每位活躍用戶關注了96位創作者，較去年同期成長11%。截至第二季末，我們的正式會員達到2.99億，12個月留存率仍穩定維持在約80%。歸根結底，我們的社群不僅能讓最優質的內容被看見，更能建立長期的用戶忠誠度，並驅動平台的持久價值。今年夏天，我們再次透過招牌活動Bilibili World與Bilibili Macro Link，將社群帶到線下。為期三天的活動中，超過40萬名粉絲在上海親臨現場，成為中國規模最大的線下ACG展會之一，也為這座城市增添了一處充滿活力的新文化地標。

Seeing so many young people come together to share their passion was a powerful reminder of what community means. This is what Bilibili looks like offscreen, authentic, energetic and deeply connected. Now let's turn to our commercial businesses, beginning with advertising.

看到這麼多年輕人聚在一起分享熱愛，讓我們深刻感受到「社群」的意義。這就是螢幕之外的Bilibili——真實、有活力，且彼此緊密連結。接下來我們來看商業化業務，先從廣告開始。

In Q2, advertising revenue increased by 28% year-over-year to RMB3.1 billion, marking our 14th straight quarter of 20% year-over-year growth. This industry-leading growth reflects our high-value, deeply engaged user base, alongside ongoing enhancements to our ad products and technical infrastructure. Growth was broad-based across industries, games, digital products and home appliances, Internet services, e-commerce and automotive were our five largest advertising verticals in Q2. While our core gaming vertical maintained healthy growth, new verticals are also flourishing as our users mature into new life stages with expanding consumption needs.

第二季，廣告收入年增28%至人民幣31億元，這也是我們連續第14個季度實現年增20%的成長。這一領先同業的成長，反映了我們高價值、深度參與的用戶基礎，以及我們持續強化的廣告產品與技術基礎設施。各行各業的成長普遍且廣泛；第二季我們最大的五個廣告垂直領域為遊戲、數位產品與家電、網際網路服務、電商與汽車。在核心遊戲垂直領域維持健康成長的同時，隨著用戶步入不同人生階段、消費需求擴大，新垂直領域也在蓬勃發展。

Ad revenues from home decoration, footwear and apparel and automotive each grew more than 60% year-over-year. We also captured incremental budget from emerging industries. AI advertisers continued to scale and revenues from this vertical more than doubled year-over-year, driving sustained growth in Internet services. Our ads are also becoming more efficient. By deepening our understanding of product information, creative assets, user interests and conversion goals, AI helps us deliver more relevant ads and drive better conversion.

家居裝修、鞋服與汽車等領域的廣告收入，年增均超過60%。我們也從新興產業中獲得了增量預算。AI廣告主持續擴張，該垂直領域收入年增超過一倍，帶動網際網路服務的持續成長。我們的廣告投放也變得更有效率。透過加深對產品資訊、創意素材、用戶興趣與轉化目標的理解，AI幫助我們投放更相關的廣告並提升轉化效果。

Our CTCVR continued to improve, increasing 19% year-over-year in Q2. Beyond matching, we are extending AI across creative production and campaign operations, from AIGC tools to ad placement AI agents, making advertising easier and more efficient for a broader range of clients. We are also extending monetization into deeper high-intent user scenarios.

我們的CTCVR在第二季持續改善，年增19%。除了匹配之外，我們也將AI延伸至創意製作與投放運營，從AIGC工具到廣告投放AI代理，讓更廣泛的客戶能更輕鬆、更高效率地投放廣告。我們也正把變現能力延伸到更深層的高意圖用戶場景。

Take Search, for example, a high-value scenario sitting right at the moment of decision making. Search revenue doubled year-over-year in Q2. At the same time, we are unlocking growth across additional scenarios, including PC, smart TV and the watch page. As monetization expands across the entire user journey, we see vast commercial potential ahead.

以搜尋為例，這是一個位於決策當下的高價值場景。第二季搜尋收入年增一倍。同時，我們也在更多場景釋放成長，包括PC端、智慧電視以及播放頁。隨著變現覆蓋整個用戶旅程，我們看見前方巨大的商業潛力。

Turning to our games business. Game revenues for the quarter were RMB1.4 billion, down 14% year-over-year, mainly due to the high base San Mou (San Guo: Mou Ding Tian Xia) set last year. San Mou’s latest second anniversary season 15 went well with players, ranking number 2 on China's iOS top grossing chart. We'll keep focusing on the game's long-term life cycle by delivering fresh content and carefully balancing user experience with monetization. Meanwhile, our legacy titles, including FGO and Azur Lane, continued to deliver stable performance during the quarter. In July, we officially launched our casual card game NCard (San Guo: Bai Jiang Pai). We continue to refine the game and enrich its gameplay while approaching user acquisition with a long-term focus on ROI and retention.

接下來看遊戲業務。本季遊戲收入為人民幣14億元，年減14%，主要由於去年《三謀》（《三國：謀定天下》）帶來的高基期影響。《三謀》最新的二週年S15賽季表現受到玩家歡迎，在中國iOS暢銷榜排名第2。我們將持續聚焦遊戲的長生命週期，提供新內容，並在用戶體驗與變現之間審慎平衡。同時，我們的長青遊戲，包括FGO與《碧藍航線》，本季仍保持穩定表現。7月，我們正式推出休閒卡牌遊戲NCard（《三國：百將牌》）。我們將持續打磨遊戲、豐富玩法，並以長期ROI與留存為導向審慎推進用戶獲取。

Looking at the second half of 2026, our self-developed simulation game, Lumi Master (Shan Yao Ba Lumi), was well received by global players in recent tests. Building on this encouraging reception, we plan to launch the game on September 17 globally. San Wang (San Guo Zhi: Wang Dao Tian Xia), our new licensed SLG title, is scheduled to roll out in Q4, complementing San Mou with a differentiated gameplay experience.

展望2026年下半年，我們自研的模擬遊戲《Lumi Master》（《閃耀吧Lumi》）在近期測試中獲得全球玩家良好回饋。基於這一令人鼓舞的反響，我們計畫於9月17日在全球正式上線。我們新的授權SLG作品《三王》（《三國志：王道天下》）預計於第四季推出，將以差異化玩法與《三謀》形成互補。

Beyond Lumi and San Wang, we also introduced three new titles at Bilibili World, including two licensed games, Ragnarok Online 3 (Xian Jing Chuan Shuo), an MMORPG based on a globally recognized IP that has already secured its publication license; and MISTBOUND: Guild Wars Card Game (Ji Zhan: Da Pai Ying Xiong), which is adapted from another well-known IP.

除《Lumi Master》和《三王》之外，我們也在Bilibili World上公布了三款新作，其中包含兩款授權遊戲：《仙境傳說Online 3》（Ragnarok Online 3），這是一款基於全球知名IP的MMORPG，且已取得版號；以及《MISTBOUND：Guild Wars Card Game》（《激戰：打牌英雄》），改編自另一個知名IP。

We also announced a new self-developed tactical RPG, Three Kingdoms: The Ravages of Time (San Guo: Huo Feng Liao Yuan). All three titles will be released next year. Together, these titles expand our pipeline across genres and development models while attracting new player segments.

我們也宣布了一款新的自研戰術RPG《Three Kingdoms: The Ravages of Time》（《三國：火鳳燎原》）。上述三款作品都將於明年推出。這些作品共同擴充了我們在品類與研發模式上的產品儲備，同時吸引新的玩家族群。

Turning to our VAS business. In Q2, VAS revenues grew 5% year-over-year to RMB3.0 billion. Our live broadcasting business maintained its steady performance, and we continued to refine our operations to ensure stable and sustainable growth with better margins.

接下來看增值服務（VAS）業務。第二季VAS收入年增5%至人民幣30億元。我們的直播業務保持穩健表現，並持續優化運營，以更佳的利潤率實現穩定且可持續的成長。

At the end of Q2, premium members reached 25.7 million up 9% year-over-year with around 80% on annual or auto renewal plans. Fan Charging also kept its momentum with revenue up nearly 50% year-over-year. Fan Charging turns audience appreciation into direct financial support so creators across a wide range of categories can do what they love and produce quality content over the long term. 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.

截至第二季末，大會員達到2,570萬，年增9%，其中約80%採用年費或自動續費方案。「充電」業務亦延續動能，收入年增近50%。「充電」將觀眾的喜愛轉化為直接的財務支持，讓各類別的創作者能長期做自己熱愛的事並產出高品質內容。除了數字之外，我們仍堅定致力於為中國年輕一代塑造健康的文化與社群。ESG原則是這一使命的核心。

This year, MSCI ESG upgraded Bilibili to an AA rating from an A rating, recognizing our ongoing progress in using technology and culture to create meaningful social impact. At the end of the day, we found that across every technological shift, one thing remains constant, people crave rich, meaningful content and real human connections. Bilibili is uniquely built at the intersection of both. As AI enables us to fulfill this mission with greater precision and scale, I couldn't be more confident in our path ahead.

今年，MSCI ESG將Bilibili的評級由A上調至AA，肯定我們持續運用科技與文化創造有意義社會影響的進展。歸根結底，我們發現無論技術如何演進，有一點始終不變：人們渴望豐富且有意義的內容，以及真實的人際連結。Bilibili獨特地建立在兩者的交會點上。隨著AI讓我們能以更高的精準度與規模實現這一使命，我對我們前進的道路充滿信心。

With that, I will turn the call over to Sam to walk through our financials in more detail. Sam?

接下來我把電話會議交給Sam，請他更詳細地說明我們的財務表現。Sam？

Thank you, Mr. Chen, and hello, everyone. In the interest of time on today's call, I will focus on our second quarter financial highlights. We encourage you to refer to our press release issued earlier today for a closer look at our results. Total revenues for the second quarter were RMB7.9 billion, up 8% year-over-year. The breakdown of total revenues by revenue stream was approximately 39% advertising, 37% VAS, 18% mobile games and 6% from our IP derivatives and other businesses.

謝謝陳先生，大家好。為了節省今天電話會議的時間，我將重點介紹我們第二季的財務亮點。我們建議各位參閱我們今天稍早發布的新聞稿，以更深入了解本次業績。第二季總營收為人民幣79億元，年增8%。按收入來源劃分，總營收構成約為：39%來自廣告、37%來自VAS、18%來自手遊，以及6%來自IP衍生品及其他業務。

Cost of revenues increased by 7% year-over-year to RMB5.0 billion. Gross profit increased around 10% year-over-year to RMB3.0 billion, while gross margin expanded to 37.2% from 36.5% in the same period last year, marking our 16th consecutive quarter of margin improvement.

營收成本年增7%至人民幣50億元。毛利年增約10%至人民幣30億元，同時毛利率由去年同期的36.5%擴大至37.2%，達成我們連續第16個季度的毛利率改善。

Our total operating expenses were up 7% year-over-year to RMB2.6 billion. Sales and marketing expenses increased by 1% year-over-year. G&A expenses were flat and R&D expenses increased by 16%, primarily due to continued investment in our AI capabilities. Operating profit increased 48% year-over-year to RMB373 million, while adjusted operating profit increased 21% to RMB696 million, lifting adjusted operating profit margin to 8.8% from 7.8% in the same period last year.

我們的總營運費用年增7%至人民幣26億元。銷售及行銷費用年增1%。一般及行政（G&A）費用持平，而研發費用增加16%，主要由於我們持續投資於AI能力。營業利潤年增48%至人民幣3.73億元，而調整後營業利潤增加21%至人民幣6.96億元，帶動調整後營業利潤率由去年同期的7.8%提升至8.8%。

Net profit increased by 55% year-over-year to RMB339 million, while adjusted net profit increased 25% to RMB704 million and adjusted net profit margin reached 8.9%. As of June 30, 2026, we had cash and cash equivalents time deposits and short-term investments of RMB24.3 billion or USD3.6 billion.

淨利潤年增55%至人民幣3.39億元，而調整後淨利潤增加25%至人民幣7.04億元，調整後淨利潤率達到8.9%。截至2026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243億元（約36億美元）。

In June, our Board approved a new two-year USD300 million share repurchase program. Under this new program, a total of 1.9 million shares had been purchased for a total cost of USD31 million as of June 30, 2026. From the beginning of the year through today, a total of 5.8 million shares have been purchased for a total cost of USD118 million. Moving forward, we will continue to evaluate market conditions and execute our repurchase program accordingly to enhance long-term shareholder value.

6月，我們董事會批准了一項新的兩年期3億美元股票回購計畫。在該新計畫下，截至2026年6月30日，已回購合計190萬股，總成本為3,100萬美元。自年初至今，已回購合計580萬股，總成本為1.18億美元。展望未來，我們將持續評估市場狀況並相應執行回購計畫，以提升股東長期價值。

Thank you for your attention. We would now like to open the call to your questions. Operator, please go ahead.

感謝各位的關注。接下來我們想開放電話會議進入提問環節。接線員，請開始。

(Operator Instructions)

(接線員指示)

Lincoln Kong, Goldman Sachs.

Lincoln Kong，高盛。

(interpreted) Thank you management for taking my question and congrats on a very solid quarter. So looking back over the past few years, short form content has surged, while the average length of the long-form video has also steadily decreased. But Bilibili has sustained a very healthy growth throughout this dynamic period. So what's driving this resilience? And looking ahead to the AI era, how do we expect the user preference and the consumption habits to evolve over time? Thank you.

(口譯) 感謝管理層回答我的問題，也恭喜本季表現非常穩健。回顧過去幾年，短內容快速崛起，同時長影片的平均時長也在穩步下降。但嗶哩嗶哩在這段動態變化期間仍維持非常健康的成長。那麼，這種韌性是由什麼驅動的？以及展望AI時代，我們預期用戶偏好與消費習慣會如何隨時間演變？謝謝。

(interpreted) Actually, over the past few years, you see explosive growth for both short-form content and long-form content. And the shorter form content grow much faster. And looking at Bilibili, we're not choosing the length of the content to be focused on, but rather, we are focusing on good content, high-quality content. And naturally, for those high-quality content, they are generally more inclined to be in a format of mid to long-form.

(口譯) 其實，過去幾年你會看到短內容與長內容都出現爆發式成長。而較短形式的內容成長更快。就嗶哩嗶哩而言，我們並不是在選擇要聚焦內容的長度，而是聚焦於好內容、高品質內容。而自然地，對於那些高品質內容而言，它們通常更傾向於以中長內容的形式呈現。

Well, we believe whether the length of the content or the device of the consumption scenario, the ultimate goal from users is everyone wants to watch good content.

我們認為，不論是內容長度，或是消費情境所使用的裝置，對用戶而言最終目標都是：每個人都想看好內容。

Well, over the past year, we do see exponential supply growth for short video content. Over time, as people have watched enough low-quality repetitive content, they naturally develop a taste for high-quality content. They are no longer satisfied with the content that just grab their attention for one second.

過去一年，我們確實看到短影片內容供給呈指數級成長。隨著時間推移，當人們看夠了低品質、重複性的內容後，自然會培養出對高品質內容的品味。他們不再滿足於只是在一秒鐘內抓住注意力的內容。

They care more and more about whether the time they spend on the content is actually worth it. And that is exactly why Bilibili has been able to keep growing in the past few years. We have been focusing on providing a high-quality content that is interesting. in-depth and really connects with user emotionally. And that's why users are willing to slow down and spend their intentional time on Bilibili.

他們越來越在意自己花在內容上的時間是否真的值得。這也正是嗶哩嗶哩過去幾年能持續成長的原因。我們一直專注於提供高品質內容：有趣、有深度，並且能在情感上真正與用戶連結。因此，用戶願意放慢節奏，把有意識的時間花在嗶哩嗶哩上。

The reason why Bilibili are able to constantly curate high-quality content, for two reasons. One is that we have amassed a very talented group of content creator who believes in the community, who believes in the Bilibili platform. Secondly is over the past decades, we have built a very engaging community with a lot of users who truly appreciate high-quality content, they have the view of what is good, high-quality content and form a community that appreciates and also can select and define the quality, what is the good quality content. They can choose and promote among millions of daily video submissions and allow this high-quality content and talented content creator to emerge from our platform.

嗶哩嗶哩之所以能持續策展高品質內容，原因有二。第一，我們累積了一群非常有才華的內容創作者，他們相信社群、相信嗶哩嗶哩平台。第二，過去十多年，我們建立了一個高度互動的社群，擁有大量真正欣賞高品質內容的用戶；他們對什麼是好內容、高品質內容有自己的判斷，並形成一個既欣賞、也能篩選與定義品質的社群，界定何謂優質內容。他們能在每日數百萬支投稿影片中做出選擇並推廣，讓高品質內容與有才華的創作者從我們的平台脫穎而出。

In the second quarter, our monthly user interactions were over 17 billion, up 9% year-over-year. Long comments that are over 100 characters grew even faster, up by 67%. This high level of real human interaction helps us to better identify high-quality content.

第二季，我們每月用戶互動次數超過170億次，年增9%。超過100字的長評論成長更快，增幅達67%。如此高水準的真實人際互動，有助於我們更好地識別高品質內容。

And regarding, in the AI era, how the video landscape is going to change, we believe that the AI tools will exponentially unleash the supply of video content. And over time, the high-quality content is the only solution or the only answer among those oversupply of video content. We believe over time, only high-quality content will have viewership. Those low-quality content will have no traffic.

至於在AI時代影片生態將如何改變，我們認為AI工具將以指數級釋放影片內容供給。隨著時間推移，在影片內容供給過剩的情況下，高品質內容是唯一的解方、也是唯一的答案。我們相信，長期來看，只有高品質內容才會有觀眾。那些低品質內容將不會有流量。

In the AI era, I will be very focused on two aspects. One is on video creation, content creation. Second is on content distribution. First of all, on the content creation, I will pay very close attention to those content creators with high intelligence and high creative power,how they are leveraging AI to create content to realize their creation into actual work.

在AI時代，我會非常聚焦兩個面向。第一是影片創作、內容創作。第二是內容分發。首先在內容創作方面，我會非常關注那些高智力、高創造力的內容創作者，看看他們如何運用AI來創作內容，將創意落地成為實際作品。

We believe that repetitive low-quality content will have no room for survival. But those talented content creators will be extremely beneficial from this evolution of creation tools. And in the past half year, we have been paying very close attention on this aspect, and it's generating very positive results. As a matter of fact, in the second quarter, our monthly content submission increased by 28%. This is a hard evidence to support that the AI tool is enlarging, enhancing, uplifting our creators' creative output.

我們認為，重複性的低品質內容將沒有生存空間。但那些有才華的內容創作者將會從創作工具的這次演進中大幅受益。在過去半年，我們一直非常密切關注這一點，並且帶來非常正向的成果。事實上，第二季我們每月內容投稿量增加了28%。這是有力證據，支持AI工具正在擴大、增強並提升創作者的產出。

Secondly, on content distribution, compared with the short videos that only have few seconds, mid to longer form videos contains much comprehensive information and structures. Traditional recommendation algorithms often struggle to fully understand and recommend this type of content. And also, users generally have more complex intent when they come to choose much longer-form content.

第二，在內容分發方面，相較於只有幾秒鐘的短影片，中長影片包含更全面的資訊與結構。傳統推薦演算法往往難以充分理解並推薦這類內容。此外，用戶在選擇更長形式內容時，通常也具有更複雜的意圖。

That's why we are focusing on our AI on helping our content distribution become more efficient. And we think this new generation of AI tool is helping us to comprehend, understand the meaning of the content and better understand our user intention. And here's a few numbers to support our progress.

這就是為什麼我們正把 AI 的重點放在協助我們的內容分發變得更有效率。我們認為這一代新的 AI 工具正在幫助我們更好地領會、理解內容的含義，並更好地理解使用者意圖。以下有幾個數字可以支持我們的進展。

In second quarter, DAU grew by 7% year-over-year, and our total user time spent increased by 14% year-over-year. And the number of creators with over 1,000 followers grew by 30% year-over-year. A lot of the drivers behind those numbers are from using AI to make our algorithm working better.

第二季，DAU 年增 7%，而我們的使用者總使用時長年增 14%。此外，粉絲數超過 1,000 的創作者數量年增 30%。推動這些數字的許多因素，都來自於運用 AI 讓我們的演算法運作得更好。

That concludes the first question's answer. Operator, next question, please.

以上是第一個問題的回答。接線員，請下一題。

Yang Liu, Morgan Stanley.

Morgan Stanley 的 Yang Liu。

(interpreted) Let me translate my question. My question is about the advertisement business. Since 2Q, we started to see weakening macro and consumption data in China. How to think about the future second half advertisement business growth? And also, what is the marginal change for the advertisement from the AI industry?

（口譯）我來翻譯一下我的問題。我的問題是關於廣告業務。自第二季以來，我們開始看到中國宏觀與消費數據走弱。該如何看待未來下半年廣告業務的成長？另外，AI 產業對廣告的邊際變化是什麼？

And also, could management help to break down 2Q and the second half advertisement growth driver. And also in the second half, we start to have a little bit higher base, which verticals can support the advertisement business to sustain a relatively high growth? Thank you.

也請管理層協助拆解第二季與下半年廣告成長的驅動因素。另外，下半年我們的基期會稍微高一些，哪些垂直行業能支撐廣告業務維持相對較高的成長？謝謝。

(interpreted) In the second quarter, despite macroeconomic pressure on consumer spending, our ad business delivered a very strong performance with revenue reaching RMB3.13 billion, up 28% year-over-year. This resilient growth reflects strong recognition of our user base and our community value. More and more advertisers realize, it’s a must-invest platform for them to gain access to the young generation. We also achieved early success in our vertical industry strategies and our ad scenario expansion.

（口譯）第二季，儘管宏觀經濟對消費支出帶來壓力，我們的廣告業務仍交出非常強勁的表現，營收達人民幣 31.3 億元，年增 28%。這種具韌性的成長反映出市場對我們使用者基礎與社群價值的高度認可。越來越多廣告主意識到，若要觸達年輕世代，這是一個他們必須投入的平台。我們在垂直行業策略與廣告場景拓展方面也取得了早期成功。

In our content ecosystem, users' time spent on AI-related knowledge content surged by 72% year-over-year. Bilibili has become the largest AI learning video community across the Internet as users actively come to our platform to track and learn about large language models and AI tools.

在我們的內容生態中，使用者在 AI 相關知識內容上的使用時長年增 72%。隨著使用者積極來到我們平台追蹤並學習大型語言模型與 AI 工具，Bilibili 已成為全網最大的 AI 學習影片社群。

At the same time, Ad spend from AI sector grew by over 100% year-over-year in the second quarter, benefiting from the strong match between AI target audiences and our user base. As AI is a major long-term trend, we expect continuous demand from various clients across different stages, and we remain very optimistic about this incremental opportunity.

同時，第二季來自 AI 產業的廣告投放年增超過 100%，受益於 AI 目標受眾與我們使用者基礎之間的高度匹配。由於 AI 是一個重要的長期趨勢，我們預期不同階段的各類客戶將持續帶來需求，對這一增量機會我們仍然非常樂觀。

As for the second half outlook, we're seeing more advertisers demand and higher conversion efficiency in the short term. But at the same time, they also want channels that deliver sustained long-term impacts rather just one-off impressions to help them to build lasting brand value. They are also prioritizing their limited budget on high-value users with genuine purchasing power. All of these demands precisely match with Bilibili's unique strength.

至於下半年的展望，短期內我們看到更多廣告主需求以及更高的轉化效率。但同時，他們也希望有能帶來可持續長期影響的渠道，而不只是一次性的曝光，以幫助他們建立長期的品牌價值。他們也在把有限的預算優先投向具有真實購買力的高價值使用者。這些需求都與 Bilibili 的獨特優勢高度契合。

The average age of Bilibili user now is 26.5 years old, making them the primary driver or the main consumption force in the current Chinese society. Over the past two years, they also have established a strong purchasing mindset on Bilibili, demonstrating clear willingness to buy products recommended by the platform or by the content creators. In the second quarter, our top 5 ad verticals were games, consumer electronics, Internet services, e-commerce and automotive, while our total advertiser base expanded by 14% year-over-year.

Bilibili 使用者的平均年齡目前是 26.5 歲，使他們成為當前中國社會的主要驅動者或主要消費力量。過去兩年，他們也在 Bilibili 上建立了強烈的購買心智，清楚展現出願意購買平台或內容創作者推薦產品的意願。第二季，我們前五大廣告垂直行業為遊戲、消費電子、網際網路服務、電商與汽車，同時我們的廣告主總數年增 14%。

Unlike other platforms, we have a multi-screen, multi-scenarios strategy that allows Bilibili to accompany users seamlessly throughout their day, whether it's listening or watching Bilibili during commute, or casting deliver content on TV screen and home with their family, or using our apps or iPad during spare time for learning.

不同於其他平台，我們採取多螢幕、多場景策略，讓 Bilibili 能在使用者一天之中無縫陪伴：無論是通勤時聽或看 Bilibili、把內容投放到家中電視與家人一起觀看，或是在空閒時間使用我們的 App 或 iPad 來學習。

Across these different streams, user can watch and upload video, interact through bullet chats and commentaries, search their favorite content or creators, doing live stream, watch anime or documentaries and play games. And ads naturally follow users throughout their daily touch points. That's why in the first half of this year, we’ve seen in-app search, watch page, Smart TV portal, PC and mini program have all unlocked valuable new ad inventories with revenue from this multi scenario placement grew by 50% year-over-year in the first half.

在這些不同的使用流中，使用者可以觀看與上傳影片、透過彈幕與評論互動、搜尋喜愛的內容或創作者、進行直播、觀看動畫或紀錄片以及玩遊戲。而廣告也會自然地跟隨使用者在日常各個觸點出現。因此在今年上半年，我們看到站內搜尋、播放頁、智慧電視入口、PC 端與小程式都解鎖了有價值的新廣告庫存，這些多場景投放帶來的收入在上半年年增 50%。

Last but not least, AI is also empowering our ad efficiency from several angles, including improving our user comprehension, including user profiling, content matching, ad creative generation and algorithm efficiency to continuously lift our monetization. And also, we have launched our automated ad placement system that also has made it much easier for new advertisers to join us. This is driving a double-digit growth for our new advertisers client base.

最後但同樣重要的是，AI 也從多個角度提升了我們的廣告效率，包括提升我們對使用者的理解（包含使用者畫像）、內容匹配、廣告創意生成以及演算法效率，從而持續拉升我們的變現能力。此外，我們也推出了自動化廣告投放系統，讓新廣告主加入我們變得更容易。這正推動我們新增廣告主客戶基礎實現兩位數成長。

And as we mentioned, it is indeed a very challenging macro environment, and there will be a lot of changes across different industry players. However, given what we just mentioned, we still remain quite confident about our continuous growth for our ad business. Thank you.

正如我們提到的，宏觀環境確實非常具挑戰性，不同行業參與者之間也會出現許多變化。然而，基於我們剛才提到的因素，我們對廣告業務的持續成長仍然相當有信心。謝謝。

Operator, next question, please.

接線員，請下一題。

Daniel Chen, JPMorgan.

JPMorgan 的 Daniel Chen。

(interpreted) So my question is on the online game. So the company just shared quite a lot of information on the game pipeline. I was wondering which one is the most anticipated one? And also, what's the expectation for the launch timing? And on -- and besides this, San Mou the Three Kingdoms strategy game has been launched for two years. So how should we look at the future performance of this game? Thank you.

（口譯）我的問題關於線上遊戲。公司剛剛分享了很多關於遊戲產品儲備（pipeline）的資訊。我想請問其中最受期待的是哪一款？另外，對於上線時間點的預期是什麼？此外，《三謀》這款三國策略遊戲已經上線兩年。我們應該如何看待這款遊戲未來的表現？謝謝。

(interpreted) From the second half to next year, it will be our harvesting season for Bilibili games. We do have several exciting titles lined up for launch.

（口譯）從下半年到明年，將是我們 Bilibili 遊戲的收穫季。我們確實有幾款令人興奮的作品排隊準備上線。

The first title in our pipeline is Lumi Master. Lumi Master is Bilibili's self-developed light casual game that involves pet catching and simulation gameplay. It received a lot of positive feedback during its global test in May, and also recent testing feedback has been very well.

我們產品線中的第一款是《Lumi Master》。《Lumi Master》是 Bilibili 自研的輕度休閒遊戲，包含抓寵與模擬經營玩法。它在 5 月的全球測試中獲得了許多正面回饋，近期測試回饋也非常好。

We are planning for a global launch in September 17, next month. And we have developed a very innovative gameplay and artistic graphic design to cater to young generation's needs. We believe with this lighter gameplay and appeal to younger players. We hope this game can catch a broader casual gaming audiences on a global base, especially for young gamers.

我們計畫於下個月 9 月 17 日進行全球上線。我們打造了非常創新的玩法與美術圖像設計，以滿足年輕世代的需求。我們相信憑藉更輕量的玩法以及對年輕玩家的吸引力，希望這款遊戲能在全球範圍內觸達更廣泛的休閒遊戲受眾，特別是年輕玩家。

The second title in our platform is San Wang, which is a strategy game officially licensed from the classic San Guo Zhi, Three Kingdoms IP. We expect to launch this game towards end of this year. Compared to San Mou, it targets a more mature audience with a strong interest in San Guo Zhi IP. And both the visual style and gameplay have been significantly upgraded from the classic IP.

我們平台上的第二款作品是《三王》，這是一款獲得經典《三國志》三國 IP 正式授權的策略遊戲。我們預計在今年年底前後推出這款遊戲。相較於《三謀》，它面向更成熟、且對《三國志》IP 有強烈興趣的受眾。無論是視覺風格還是玩法，都在經典 IP 的基礎上做了顯著升級。

And why we are launching another Three Kingdoms title, we think it really complements San Mou in both gameplay and target audiences, and it can further strengthen our presence in the strategy game genre. We also gained a lot of valuable feedback from the second beta testing we just finished, and we will continue to fine-tune this game. We hope our goal is to build another strategy game that can be lasting and a popular for our audiences.

至於為什麼我們要再推出一款三國題材作品，我們認為它在玩法與目標受眾上都能與《三謀》形成互補，並進一步強化我們在策略遊戲品類的佈局。我們也從剛結束的第二次 Beta 測試中獲得了許多寶貴回饋，接下來會持續打磨這款遊戲。我們希望能打造另一款能長期運營、並深受玩家喜愛的策略遊戲。

And beyond that, we have also introduced several new pipeline titles in the Bilibili World that will be launched next year. The first one is Three Kingdoms: The Ravages of Time, (San Guo Huo Feng Liao Yuan). This is another self-developed title that is focused on tactical RPG genre. This title is based on a classic manga IP with a history of over 20 years. And Bilibili platform has also produced and published the anime that based on this IP. Our goal is to make this classic IP, revitalize this classic IP and make it a great tactical RPG for younger generation.

除此之外，我們也在 Bilibili World 上公布了幾款新的儲備產品，將於明年推出。第一款是《三國：火鳳燎原》，（San Guo Huo Feng Liao Yuan）。這是另一款自研作品，聚焦於戰術 RPG 品類。該作品基於一個擁有 20 多年歷史的經典漫畫 IP。Bilibili 平台也曾製作並發行基於該 IP 的動畫。我們的目標是讓這個經典 IP 煥發新生，並為年輕一代打造一款出色的戰術 RPG。

And the second title for next year is RO3. Needless to say, this is a very classic IP with the large audiences that has lasted over 20 years. It's a very classic MMORPG. And we received a lot of users demand for bringing this title back to them. That is why we have signed and licensed this IP and hopefully, to bring this classic IP back to its fanbase. Currently, this game has already secured its license. And actually, we started to launch technical testing today within mainland China. Currently, the user feedback has been quite positive, and we are targeting to launch this game next year.

明年的第二款作品是 RO3。毋庸置疑，這是一個非常經典的 IP，擁有龐大且延續 20 多年的受眾。它是一款非常經典的 MMORPG。我們也收到了大量用戶希望把這款作品帶回來的需求。因此我們簽約並取得了該 IP 的授權，希望能把這個經典 IP 帶回到粉絲群體中。目前，這款遊戲已經取得版號。並且我們其實今天已在中國大陸啟動技術測試。目前用戶回饋相當正面，我們目標是在明年推出這款遊戲。

And to answer your question on our classic San Mou game, this game has just celebrated second year anniversary with a major update in June. And the new content has been well received by our players. As a matter of fact, from Season 8, our first anniversary season last year, throughout Season 15, our second anniversary season in this year, San Mou has ranked among the top 5 on the iOS top-grossing chart every game season, which is quite impressive. And for this game, our goal has remained unchanged. Our target to be as a lasting strategy game that can accompany gamers for life. And our goal or strategy for our game business remains to focus on the vertical genre to either do become the best or first in its own segment and make sure every title has a long lifecycle. That is the strategy we'll continue to be focusing on.

另外回應你關於我們經典《三謀》遊戲的問題，這款遊戲在 6 月透過一次重大更新剛剛慶祝了兩週年。新內容也獲得玩家良好反響。事實上，從去年第一週年所在的第 8 賽季開始，到今年第二週年所在的第 15 賽季為止，《三謀》在每個賽季都位列 iOS 暢銷榜前 5，這非常亮眼。對於這款遊戲，我們的目標始終不變。我們希望它成為一款能長期運營、陪伴玩家一生的策略遊戲。而我們在遊戲業務上的目標或策略，仍然是聚焦垂直品類，要麼做到該細分領域的第一或最好，並確保每一款作品都有長生命週期。這就是我們將持續聚焦的策略。

And when I mentioned based on the NCard game, which was recently launched officially, we've noticed that the LTV for the July version has doubled compared to the April version, and we also plan to launch the game’s Season 2 in October with a focus on improving long-term retention and adding more interactive, fun gameplay.

至於我提到的基於 NCard 的遊戲（近期已正式上線），我們注意到 7 月版本的 LTV 相較 4 月版本已翻倍；同時我們也計畫在 10 月推出遊戲的第 2 賽季，重點在提升長期留存，並加入更多互動性更強、更有趣的玩法。

You would notice that recently, we have launched many different Three Kingdoms IP titles, including the light casual poker game and also, we have immersive hardcore strategy game like San Mou and San Wang. The reason why we are exploring this IP in a such dynamic way, is first of all, we think that there's a lot of overlap for users who are interested in this IP, and they can cross-sell from each other.

你會注意到，近期我們上線了多款不同的三國 IP 作品，包括輕度休閒的撲克遊戲，也包括像《三謀》和《三王》這樣沉浸式、硬核的策略遊戲。我們之所以以如此多元、動態的方式探索這個 IP，首先是因為我們認為對該 IP 感興趣的用戶之間有很高的重疊度，產品之間可以相互導流、交叉轉化。

And secondly is that we have a very high-quality video community that with a lot of gamers who can share their experience and promote the game and also provides a very good platform for us to engage with users and continue to improve our games. That is why we are hoping to achieve long-term operations across different IPs and different titles and continue to provide good gaming experience for our gamers.

其次，我們擁有一個高品質的影片社群，聚集了大量玩家，他們可以分享體驗、推廣遊戲，同時也為我們提供了與用戶互動並持續改進遊戲的良好平台。因此，我們希望能在不同 IP 與不同作品之間實現長期運營，並持續為玩家提供良好的遊戲體驗。

That concludes this question. Operator, next question, please.

以上回答完畢。接線員，請下一個問題。

Xueqing Zhang, CICC.

張雪晴，中金公司。

(interpreted) Thanks management for taking my question and congratulations on the solid quarter. My question is about the AI. Company discussed how AI has improved its advertising and help increase eCPM at the Investor Day. Could management elaborate a little more on how AI is enhancing the community ecosystem, user engagement and different baselines. In addition, how much of the previously announced RMB1 billion in AI-related CapEx has been deployed so far? And what's the expected pace of spending going forward? Thank you.

（口譯）感謝管理層接受我的提問，也恭喜本季表現穩健。我的問題關於 AI。公司在投資者日提到 AI 如何提升廣告效果並幫助提高 eCPM。管理層能否再多談一些 AI 如何增強社群生態、用戶互動，以及不同基礎能力（baselines）？另外，先前宣布的人民幣 10 億元 AI 相關資本開支（CapEx），目前已投入了多少？未來的投入節奏預期如何？謝謝。

(interpreted) So we believe AI is already our consensus for the next era. And for us, it's not to think about how important AI is for us. It is to think about how we will use AI in our own business. As a matter of fact, there are a lot of things in the AI chain we won’t be engaged with. The things where we invest will be very closely tied to our core business, which is video. And to be more specific on three areas: video understanding, video distribution and video creation. All of our investments will be strictly focused on those three areas.

（口譯）我們相信 AI 已經是我們對下一個時代的共識。對我們而言，重點不是去思考 AI 對我們有多重要，而是思考我們將如何在自身業務中使用 AI。事實上，在 AI 產業鏈中有很多環節我們不會參與。我們投資的方向會與我們的核心業務——影片——高度相關。更具體來說聚焦三個領域：影片理解、影片分發，以及影片創作。我們所有投資都將嚴格聚焦在這三個領域。

First of all, AI is helping us to better understand both content and users. Bilibili has a huge amount of video library. And this video carries much more information, and our users have a very diverse interest. So being able to better understand the value of our content, the meaning of the content and what users want is a key component in both improving user experience and our commercialization efficiency.

首先，AI 正在幫助我們更好地理解內容與用戶。Bilibili 擁有龐大的影片庫。影片承載了更多資訊，而我們的用戶興趣也非常多元。因此，能更好地理解內容的價值、內容的含義，以及用戶想要什麼，是提升用戶體驗與商業化效率的關鍵組成部分。

With AI, we're improving our video understanding search and recommendation capability. It is helping users to find content they are interested in the more efficiently matter, while helping our ad system to better match ads with users' needs. And for us, this investment not only is working on our user growth, it is also working on our commercialization results.

透過 AI，我們正在提升影片理解、搜尋與推薦能力。它能幫助用戶更高效率地找到感興趣的內容，同時也幫助我們的廣告系統更好地將廣告與用戶需求匹配。對我們而言，這項投入不僅推動用戶增長，也在推動商業化成果。

And secondly, is AI is helping creating new types of content and unleashing productivity on Bilibili. As I mentioned, we are very focused on seeing those high-quality content creator, talented content creator, how they are using leveraging AI to produce good content. And in the past two quarters, we've seen so many good examples of how AI tools is unleashing those talented brains to bring good content on our platform. We're seeing some animation or film content that used to require a whole professional team or even a company to create, now can be created by individual content creators, the quality is so premium that they achieved tens of millions of video views.

第二，AI 正在幫助創造新型態內容，並在 Bilibili 釋放生產力。如我所說，我們非常關注那些高品質、具才華的內容創作者如何使用並善用 AI 來產出優質內容。在過去兩個季度，我們看到了許多案例，AI 工具如何釋放這些創作者的才智，為平台帶來優質內容。我們也看到一些動畫或影像內容，過去可能需要一整個專業團隊甚至一家公司才能製作，如今個人創作者就能完成；其品質非常精良，並獲得了數千萬的影片播放量。

We are also seeing AI inspire new types of content across animation film, music, auto-tune remix categories. It is truly unleashing the creators' talent, their talent, their creativity. We've seen a surge in content submission and the number of high-quality content videos are emerging on our platform. Here's a very vivid example for your reference. In May, we launched our Creator Animation campaign on our platform. Just in 3 months, this video in this campaign has generated 270 million minutes of watch time and over 180 million views, and 6 series, each surpassing 10 million views. Those are the perfect example of how AI tools are helping Bilibili to unleash creators' output and unleash the supply of high-quality content.

我們也看到 AI 正在啟發動畫電影、音樂、Auto-Tune 混音等類別的新型內容。它確實正在釋放創作者的才華、他們的才華、他們的創意。我們看到內容投稿量激增，且大量高品質內容影片正在我們的平台上湧現。這裡有一個非常生動的例子供您參考。在 5 月，我們在平台上推出了「創作者動畫」活動。僅在 3 個月內，該活動中的這支影片就帶來了 2.7 億分鐘的觀看時長與超過 1.8 億次觀看，並產生了 6 個系列作品，每個系列的觀看量都超過 1,000 萬。這些都是 AI 工具如何幫助嗶哩嗶哩釋放創作者產出、並釋放高品質內容供給的最佳例證。

Yeah. This is Sam. As Mr. Chen mentioned, our AI investment was highly focused. Regarding our previous target of RMB1 billion, which is well on track. We have already achieved 70% to 80% of it in the first half of the year, primarily on the procurement of server computing power resources. This was expected to have R&D expenses for the whole year to maintain at RMB500 million, which remained unchanged.

是的。我是 Sam。如陳先生所提到，我們的 AI 投資高度聚焦。關於我們先前設定的人民幣 10 億元目標，目前進展順利。我們在上半年已完成其中約 70% 到 80%，主要用於採購伺服器算力資源。我們原先預期全年研發費用維持在人民幣 5 億元，這一預期保持不變。

Operator, next question, please.

接線員，請下一個問題。

Thomas Chong, Jefferies.

Thomas Chong，Jefferies。

(interpreted) Good evening. Thanks, management, for taking my question and congratulations on a very solid set of result. My question is, how does management view the margin upside across different business lines? On AI, how should we think about AI empowerment to fixed cost leverage and room for the lowering in OpEx ratio? And any color about the AI spending over the next couple of years?

(口譯) 晚上好。感謝管理層回答我的問題，也恭喜你們交出一份非常穩健的成績。我的問題是，管理層如何看待不同業務線的利潤率上行空間？在 AI 方面，我們應如何理解 AI 賦能對固定成本槓桿的作用，以及營運費用（OpEx）比率下降的空間？另外，未來幾年 AI 支出方面是否能提供一些補充說明？

On the other hand, how do management view the potential upside or downside to margin in second half and 2027? And lastly, what are management thoughts on capital allocations? Thank you.

另一方面，管理層如何看待下半年以及 2027 年利潤率可能的上行或下行？最後，管理層對資本配置有何想法？謝謝。

Thank you. This is Sam. I will take your questions. In Q2, our financial performance continued its strong momentum. Both revenue and gross profit grew nicely with our gross profit margin expanding to 37.2%, marking the 16th consecutive quarter of sequential improvement. Meanwhile, our operating leverage continued to expand. Net profit grew by 55% year-over-year, and our adjusted net profit margin increased to 8.9%.

謝謝。我是 Sam。我來回答您的問題。在第二季，我們的財務表現延續強勁動能。營收與毛利均有良好成長，毛利率擴大至 37.2%，連續第 16 個季度環比改善。同時，我們的營運槓桿持續擴大。淨利年增 55%，調整後淨利率提升至 8.9%。

Looking at the mid to long term, we believe there's still significant room for Bilibili's commercialization, driven by the sustained and healthy development of our business lines and more efficient operation gains empowered by AI, we are highly confident in our future profitability improvement.

從中長期來看，我們認為嗶哩嗶哩的商業化仍有顯著提升空間，這將由各業務線持續且健康的發展所驅動，並在 AI 賦能下透過更高效率的營運帶來增益；我們對未來獲利能力的改善充滿信心。

First, our high-margin advertising business continued to grow and has become our largest revenue contributor, accounting for 39% of total revenue. Despite some macroeconomic pressure, we expect our advertising revenue to maintain a sustainable and healthy growth trajectory going forward.

首先，我們高毛利的廣告業務持續成長，並已成為我們最大的營收貢獻來源，占總營收的 39%。儘管面臨一些宏觀經濟壓力，我們預期未來廣告營收仍將維持可持續且健康的成長軌跡。

On games, we have a robust pipeline of five new titles set to launch in Q4 of this year and into next year. We are confident that our gaming revenue will resume a year-over-year growth trend starting in the fourth quarter. We remain confident in our future profit expansion and our mid- to long-term target remains unchanged: a gross profit margin of 40% to 45% and an operating margin around 15% to 20%.

在遊戲方面，我們有強勁的產品儲備，預計今年第四季以及明年將推出 5 款新作。我們有信心遊戲營收將自第四季起恢復年增趨勢。我們對未來利潤擴張仍具信心，中長期目標維持不變：毛利率 40% 至 45%，營業利潤率約 15% 至 20%。

We are confident in maintaining healthy revenue growth while continuously improving our operating efficiency. Also to drive the profit realization, we will carefully balance our AI investment with commercial monetization, and we firmly believe that today's investment will play a vital role in Bilibili's sustainable development in the future.

我們有信心在維持健康營收成長的同時，持續提升營運效率。此外，為了推動利潤落地，我們將審慎平衡 AI 投資與商業變現；我們堅信今天的投資將在未來對嗶哩嗶哩的可持續發展發揮關鍵作用。

Regarding to the shareholder return, delivering shareholder return is also a priority for us. From the beginning of this year to date, we have accumulated USD118 million in share repurchases. In June of this year, our Board of Directors approved a new USD300 million share repurchase program. As of the end of June, we have already repurchased 1.9 million shares for over USD31 million under this new program.

關於股東回報，提供股東回報同樣是我們的優先事項。自今年年初至今，我們累計回購股份金額達 1.18 億美元。今年 6 月，我們董事會批准了一項新的 3 億美元股份回購計畫。截至 6 月底，我們已在該新計畫下回購 190 萬股，金額超過 3,100 萬美元。

Going forward, we will continue to execute repurchases during opportunistic market windows to create long-term sustainable value for our shareholders.

展望未來，我們將在合適的市場窗口期持續執行回購，為股東創造長期且可持續的價值。

Thank you, operator, that concludes our question-and-answer session for today.

謝謝，接線員，我們今天的問答環節到此結束。

And that concludes the question-and-answer session. Thank you once again for joining Bilibili's second-quarter 2026 financial results and business update conference call today. If you have any further questions, please contact Juliet Yang, Bilibili's Executive IR Director or Piacente Financial Communications. Contact information for IR in both China and the US can be found on today's press release. Thank you, and have a great day.

問答環節到此結束。再次感謝各位參加今天嗶哩嗶哩 2026 年第二季財務業績與業務更新電話會議。如有任何進一步問題，請聯繫嗶哩嗶哩投資者關係執行總監 Juliet Yang 或 Piacente Financial Communications。中國與美國的投資者關係聯絡資訊可在今日新聞稿中查詢。謝謝，祝您有美好的一天。

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.

本逐字稿中標註為 (口譯) 的部分，由現場電話會議中的口譯員轉述。該口譯員由主辦本活動的公司提供。