Bilibili Inc (BILI) 2021 Q1 法說會逐字稿

Good day, and welcome to the Bilibili 2021 First Quarter Financial Results and Business Update Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加 Bilibili 2021 年第一季度財務業績和業務更新電話會議。今天的會議正在錄製中。

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

此時，我想將會議轉交給投資者關係高級總監 Juliet Yang。請繼續。

Thank you, operator. During this call, we will 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.

謝謝你，接線員。在這次電話會議中，我們將討論我們的業務前景並做出前瞻性陳述。這些評論是基於我們今天的預測和期望。由於存在許多風險和不確定性，包括我們最近提交給美國證券交易委員會和香港聯交所的文件中提到的風險和不確定性，實際事件或結果可能與今天的新聞稿和本次討論中提及的內容存在重大差異。

The non-GAAP financial measures we provide are for comparison purpose only. Definition of these measures and a reconciliation table are available in the news release we issued earlier today.

我們提供的非公認會計原則財務指標僅用於比較目的。我們今天早些時候發布的新聞稿中提供了這些措施的定義和對賬表。

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

提醒一下，本次會議正在錄製中。此外，Bilibili IR 網站 ir.bilibili.com 上將提供投資者介紹和本次電話會議的網絡重播。

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. And I will now turn the call over to Mr. Fan who will read the prepared remarks on behalf of Mr. Chen.

今天加入我們的還有B站董事長兼首席執行官陳睿先生；副董事長兼首席運營官李嘉玲女士；以及首席財務官 Sam Fan 先生。我現在將把電話轉給范先生，范先生將代表陳先生宣讀準備好的講話。

Thank you, Juliet, and thank you, everyone, for participating in our 2021 first quarter results conference call. I'm pleased to deliver today's opening remarks on behalf of Mr. Chen.

謝謝朱麗葉，謝謝大家參加我們的 2021 年第一季度業績電話會議。我很高興代表陳先生髮表今天的開幕詞。

"2021 is off to an excellent start for Bilibili. On March 29, we successfully completed our secondary listing on Hong Kong Stock Exchange, 3 years after we listed on NASDAQ. We would like to take this opportunity to thank our supporting shareholders as well as our talented content creators, loyal users and dedicated colleagues that helped make this happen. With our secondary listing, we see an opportunity to broaden our investor base and attract more high-quality shareholders. We also gain more strength in the capital markets, laying a solid foundation to better execute our growth strategy and tap into the massive video-based market in China in the coming years.

“2021年對B站來說是一個良好的開端。3月29日，我們在納斯達克上市3年後，成功完成了在香港聯交所的二次上市。我們想藉此機會感謝我們的支持股東以及我們才華橫溢的內容創作者、忠實的用戶和敬業的同事幫助實現了這一目標。通過我們的二次上市，我們看到了擴大投資者基礎和吸引更多優質股東的機會。我們也在資本市場獲得了更多的實力，奠定了為更好地執行我們的增長戰略並在未來幾年進軍中國龐大的視頻市場奠定堅實的基礎。

After officially stepping into the 200 million MAUs club in 2020, we continued the momentum, further increasing our influence among China's Gen Z+ cohort and expanding our user base. In the first quarter of 2021, our MAUs were up 30% to 223 million, and our mobile MAUs grew by 33% to 209 million, both on a year-over-year basis. And our DAUs reached 60 million, up 18% year-on-year. This is particularly impressive given last year's remarkable high base.

在2020年正式踏入2億月活躍用戶俱樂部後，我們繼續保持勢頭，進一步提升我們在中國Z+人群中的影響力，擴大我們的用戶群。 2021 年第一季度，我們的 MAU 同比增長 30% 至 2.23 億，我們的移動 MAU 同比增長 33% 至 2.09 億。我們的 DAU 達到 6000 萬，同比增長 18%。鑑於去年的高基數，這一點尤其令人印象深刻。

As a testament to our rich offerings and engaged community, our users spent an average of 82 minutes per day on our platform in the first quarter. During this time, we rolled out more premium content and services and strengthened our commercialization capabilities while converting more traffic to paying users. Our MPUs grew to 21 million, increasing by 53% versus Q1 2020, and our paying ratio hit a record high of 9.2% compared with 7.8% from same period last year.

作為我們豐富的產品和參與社區的證明，我們的用戶在第一季度平均每天在我們的平台上花費 82 分鐘。在此期間，我們推出了更多優質內容和服務，加強了我們的商業化能力，同時將更多流量轉化為付費用戶。我們的 MPU 增長到 2100 萬個，比 2020 年第一季度增長 53%，我們的支付率從去年同期的 7.8% 達到創紀錄的 9.2%。

Advertisers are widely recognizing Bilibili as the destination to reach young generations. As a result, our ad revenues once again achieved accelerated growth, increasing by 234% year-over-year. On the back of this strong momentum, our total revenues reached RMB 3.9 billion, up 68% and our gross margin improved to 24% from 23%, both compared with the same period of last year.

廣告商普遍認為 Bilibili 是吸引年輕一代的目的地。因此，我們的廣告收入再次實現加速增長，同比增長 234%。在這一強勁勢頭的支持下，我們的總收入達到人民幣 39 億元，同比增長 68%，毛利率從 23% 提高到 24%，均與去年同期相比。

Throughout the first quarter, we continued to enrich our content offerings and enhance our mindshare as the go-to video community for Gen Z+. Entering their 20s and 30s, Gen Z+ is deeply influencing society and mainstream ideals as well as driving all kinds of consumption in China. By offering diversified content in great breadth and depth, we aim to further increase our market share among this core Gen Z+ user base while expanding our appeal to all video users. We are confident we are on the right track to achieve our 3-year user target.

在整個第一季度，我們繼續豐富我們的內容產品並增強我們作為 Z+ 世代首選視頻社區的知名度。進入 20 多歲和 30 多歲的 Z+ 世代正在深刻影響社會和主流理想，並推動中國的各種消費。通過提供廣度和深度的多樣化內容，我們的目標是進一步增加我們在這個核心 Z+ 用戶群中的市場份額，同時擴大我們對所有視頻用戶的吸引力。我們有信心在實現 3 年用戶目標的正確軌道上。

One of the primary drivers for our next wave of growth is anchored by the increasing trends in videolization, where video has become pervasive across many scenarios of daily life. As China's leading video community, we are the clear frontrunner in this transformative opportunity, and we are only at the beginning stages of this rapidly growing trend. According to iResearch, China's video-based market will comprise nearly 1.2 billion video users and more than RMB 1.8 trillion in revenues by 2025. Over the next few years, we are committed to capturing this exciting market opportunity with videolization adding tailwinds to our growth trajectory.

我們下一波增長的主要驅動力之一是視頻化的日益增長的趨勢，視頻在日常生活的許多場景中變得普遍。作為中國領先的視頻社區，我們顯然是這一變革機遇的領跑者，而我們僅處於這一快速增長趨勢的起步階段。根據艾瑞諮詢的數據，到 2025 年，中國的視頻市場將包括近 12 億視頻用戶和超過 1.8 萬億元人民幣的收入。在未來幾年，我們致力於抓住這一令人興奮的市場機遇，視頻化為我們的增長軌跡增添動力.

With that overview, I would like to go through our operations for the period in a bit more detail, beginning with our content. Our PUGV community remains the center of our content ecosystem, representing 91% of our total video views. For the first quarter, we had approximately 2.2 million content creators uploading 7.7 million videos per month, representing increases of 22% and 57%, respectively, both year-over-year. We strive to create an ideal home for all video creators where they can employ their ingenuity, build a fan base and monetize their talent.

有了這個概述，我想從我們的內容開始更詳細地介紹我們在此期間的運營。我們的 PUGV 社區仍然是我們內容生態系統的中心，占我們總視頻瀏覽量的 91%。第一季度，我們有大約 220 萬內容創作者每月上傳 770 萬個視頻，同比分別增長 22% 和 57%。我們努力為所有視頻創作者創造一個理想的家園，讓他們可以發揮他們的聰明才智、建立粉絲群並通過他們的才能獲利。

We continue to invest in algorithm improvements to ensure that our content creators can easily locate the audiences who most appreciate their work. In the first quarter, the number of content creators with over 10,000 followers increased 54% year-over-year. At the same time, our advertising platform, Sparkle, continues to connect more content creators with advertisers while cash incentive programs supported over 375,000 content creators in Q1.

我們將繼續投資於算法改進，以確保我們的內容創作者能夠輕鬆找到最欣賞他們作品的觀眾。第一季度，擁有超過 10,000 名粉絲的內容創作者數量同比增長 54%。與此同時，我們的廣告平台 Sparkle 繼續將更多內容創作者與廣告商聯繫起來，而現金獎勵計劃在第一季度支持了超過 375,000 名內容創作者。

We also maintain an upbeat and encouraging community atmosphere that provides a supportive environment for lifelong content creation. As a full-spectrum video community, we aim to offer a wider and deeper range of content to meet the growing demand of our users. In the first quarter, the most viewed content verticals on our platform were lifestyle, games, entertainment, anime and tech and knowledge.

我們還保持樂觀和鼓舞人心的社區氛圍，為終身內容創作提供支持性環境。作為一個全方位的視頻社區，我們的目標是提供更廣泛、更深入的內容，以滿足用戶不斷增長的需求。第一季度，我們平台上觀看次數最多的垂直內容是生活方式、遊戲、娛樂、動漫以及科技和知識。

In recent quarters, we have seen increasing numbers of both content submissions and video views about games, knowledge and animal-related content. Moving forward, we plan to further expand our content offerings in relationships, fitness and automotive. These categories reflect the interest of Gen Z+ while also expanding our appeal amongst a broader audience.

最近幾個季度，我們看到關於遊戲、知識和動物相關內容的內容提交和視頻瀏覽量都在增加。展望未來，我們計劃進一步擴展我們在人際關係、健身和汽車領域的內容產品。這些類別反映了 Z+ 世代的興趣，同時也擴大了我們在更廣泛受眾中的吸引力。

Turning to our OGV content. Supplementing our video content ecosystem, our OGVs provide an effective gateway that reinforces our leading verticals and explores new territories. For example, our investment in Chinese animation has been a huge boon for our ACG categories, successfully attracting old users and new ones. Advancing our Chinese animation production capabilities, in January, we acquired Haoliners Animation League, (foreign language), one of China's top anime studios. Its highly popular production, Heaven Official's Blessing, (foreign language), launched in late 2020, continued to win over followers in the first quarter, reaching 370 million video views, over 6 million likes and collecting around 4.5 million bullet-chats. We also released multiple new original Chinese anime titles in April, including final chapter of Ling Cage, Ling Long; and Link Click, (foreign language), which were immediate hits, trending on social media for weeks.

轉向我們的 OGV 內容。作為對我們視頻內容生態系統的補充，我們的 OGV 提供了一個有效的門戶，可以加強我們領先的垂直領域並探索新的領域。例如，我們對中國動漫的投資對我們的 ACG 類別來說是一個巨大的福音，成功地吸引了新老用戶。為提升我們的中國動畫製作能力，我們於 1 月收購了中國頂級動漫工作室之一的豪林動漫聯盟（外語）。其於2020年底推出的高人氣作品《天官賜福》（外語版）在第一季度繼續贏得粉絲，視頻觀看量達到3.7億，點贊超過600萬，彈幕收集約450萬。 4月份我們還發布了多部新的原創中國動漫作品，包括《靈籠》終章《靈龍》；和 Link Click，（外語），立即成為熱門歌曲，在社交媒體上流行了數週。

Turning to our documentaries, variety shows and TV and movie categories. To satisfy users' diverse needs, we launched several hit productions in Q1, including our highly anticipated New Year's Eve Gala, The Most Beautiful Night of 2020; and the Bilibili Chinese New Year Gala. Our self-produced documentaries, Peculiar Foods, (foreign language) and Little Giants, (foreign language); and the self-produced reality show, Shall We Eat at Your House, (foreign language), all of which were welcomed by our Gen Z+ users. In the second half of this year, we have plans to introduce 2 more self-produced music and dating-themed variety shows. These shows are geared towards users with relevant interests and supplement the newer music and the relationship series in our content ecosystem.

轉向我們的紀錄片、綜藝節目以及電視和電影類別。為滿足用戶多樣化的需求，我們在第一季度推出了多部熱播劇，包括備受期待的跨年晚會《2020最美的夜晚》；和嗶哩嗶哩春節聯歡晚會。我們的自產紀錄片《奇異食品》（外語）和《小巨人》（外語）；以及自製真人秀節目《Shall We Eat at Your House》（外語），都受到了Z+用戶的歡迎。今年下半年，我們計劃再推出2個自創音樂和約會主題的綜藝節目。這些節目面向具有相關興趣的用戶，並補充了我們內容生態系統中較新的音樂和關係系列。

Turning to our community. The bonds that were created with Bilibili and the community members remain strong. Despite the spike in the interactions and use that we saw in 2020, making the comparable base quite high, our first quarter community activities continued to be robust. Daily video views were up 47% to 1.6 billion and the monthly interactions increased by 35% to 6.6 billion, both compared with Q1 2020. By the end of first quarter, we had 112 million official members, up 38% year-over-year, and our 12-month retention rate remained around 80%. We are very proud of these metrics as they demonstrate the strength of our model, bonding our users and community closer.

轉向我們的社區。與 Bilibili 和社區成員建立的紐帶依然牢固。儘管我們在 2020 年看到互動和使用激增，使可比基數相當高，但我們第一季度的社區活動繼續強勁。與 2020 年第一季度相比，每日視頻觀看量增長 47% 至 16 億，每月互動量增長 35% 至 66 億。截至第一季度末，我們擁有 1.12 億官方會員，同比增長 38% ，我們的 12 個月保留率保持在 80% 左右。我們為這些指標感到非常自豪，因為它們展示了我們模型的實力，將我們的用戶和社區聯繫得更緊密。

Now let's look at our commercialization progress. Our diversified monetization strategy is working. Growing each of our commercial avenues in the first quarter, we now have a robust line of revenue streams born out of our solid mobile game business, thriving VAS business as well as our rapidly growing advertising business.

現在讓我們看看我們的商業化進展。我們多元化的貨幣化戰略正在奏效。我們在第一季度發展了我們的每一個商業渠道，現在我們擁有強大的收入來源，這源於我們堅實的手機遊戲業務、蓬勃發展的增值服務業務以及我們快速增長的廣告業務。

Starting with our games. Revenues from our mobile game business was RMB 1.2 billion in the first quarter, an increase of 2% year-over-year. At the end of April, we successfully launched and are the exclusive distributor of the mobile game Guardian Tales, (foreign language). This thrilling ACG title has won over millions of new followers, topping the iOS game download and grossing charts for weeks after its release. Other existing games that we operate, including Fate/Grand Order, Azure Lane and Princess Connect!, remained popular among their followers during Q1.

從我們的遊戲開始。一季度手游業務收入為人民幣12億元，同比增長2%。 4月底，我們成功推出手游《守護傳說》（外文版）並成為獨家經銷商。這款激動人心的 ACG 遊戲在發布後的數週內贏得了數百萬新粉絲，在 iOS 遊戲下載量和總收入排行榜上名列前茅。我們運營的其他現有遊戲，包括 Fate/Grand Order、Azure Lane 和 Princess Connect!，在第一季度仍然受到追隨者的歡迎。

As for our jointly operated games, Genshin Impact, (foreign language), had another solid run in the first quarter. Derived from classic anime IP, we also added Yu-Gi-Oh!, (foreign language), to our jointly operated game library in January. With China's mobile games market expected to reach over RMB 500 billion in 2025, according to iResearch, we're strategically invested in XD.com and the CMGE Technology Group, further strengthening our position in the game industry.

至於我們共同運營的遊戲，Genshin Impact，（外語）在第一季度再次取得了穩健的表現。源自經典動漫IP，我們還在1月份將Yu-Gi-Oh！（外語）添加到我們共同運營的遊戲庫中。根據艾瑞諮詢的數據，預計2025年中國手游市場規模將超過5000億元人民幣，我們戰略投資西電和中手游科技集團，進一步鞏固了我們在遊戲行業的地位。

Turning to our game pipeline. 12 of the games we hold exclusive licenses have acquired approval for the release. These include Artery Gear, (foreign language), a thrilling ACG title; and Sword Art Online, (foreign language), an exciting MMORPG. Both are slated for launch in the second quarter. We continue to work with top developers to bring more jointly operated games to Bilibili users. These highly anticipated titles include Tencent's League of Legends, (foreign language); as well as NetEase's Harry Potter.

轉向我們的遊戲管道。我們持有獨家授權的遊戲中有 12 款已獲得發布批准。其中包括Artery Gear，（外語），驚心動魄的ACG標題；和刀劍神域，（外語），一個令人興奮的MMORPG。兩者都計劃在第二季度推出。我們將繼續與頂級開發者合作，為 Bilibili 用戶帶來更多聯營遊戲。這些備受期待的遊戲包括騰訊的英雄聯盟（外語）；還有網易的哈利波特。

Turning to our VAS business. Our VAS services soared in the first quarter. With our premium members reaching a record high and robust growth in live broadcasting, revenues for our VAS grew to RMB 1.5 billion, an increase of 89% year-over-year. At the end of the first quarter, we had 16.1 million premium members, representing a year-over-year growth of 48%. This is particularly impressive, again, given the high base in 2020 for comparison. It also shows that our core Gen Z+ demographic have spending power and a high willingness to pay for high-quality and premium content.

轉向我們的增值服務業務。我們的增值服務服務在第一季度飆升。隨著我們的高級會員在直播方面創下歷史新高且強勁增長，我們的增值服務收入增長至人民幣 15 億元，同比增長 89%。第一季度末，我們擁有 1610 萬高級會員，同比增長 48%。考慮到 2020 年的高基數，這再次令人印象深刻。它還表明，我們的核心 Z+ 世代人口具有消費能力，並且願意為高質量和優質內容付費。

As part of our video content ecosystem, we continue to build our game and entertainment content, addressing our users' diverse needs. We have won a number of high-quality e-sports content contracts, including live broadcasting rights of League of Legends World Championship and more recently acquired League of Legends Pro League in China. Additionally, our V-tuber and other entertainment live broadcasting continue to draw young users' attention. As we explore more ways to integrate live broadcasting content with our video platform, we see great potential to expand this business even further.

作為我們視頻內容生態系統的一部分，我們將繼續構建我們的遊戲和娛樂內容，以滿足用戶的多樣化需求。我們贏得了多項優質電競內容合同，包括英雄聯盟世界錦標賽的直播權，最近又收購了英雄聯盟職業聯賽在中國的轉播權。此外，我們的 V-tuber 和其他娛樂直播繼續吸引年輕用戶的關注。隨著我們探索更多將直播內容與我們的視頻平台集成的方法，我們看到了進一步擴展該業務的巨大潛力。

Last but not least, let's review our advertising business. Beginning with the success of our 2020 New Year's Eve Gala, a wider variety of advertisers came to Bilibili to reach their desired audience of young generations. Revenue from our advertising services were RMB 715 million, up 234% year-over-year, representing our eighth quarter of accelerated growth.

最後但同樣重要的是，讓我們回顧一下我們的廣告業務。隨著我們 2020 年跨年晚會的成功舉辦，越來越多的廣告商來到 Bilibili，以接觸他們想要的年輕一代受眾。我們的廣告服務收入為人民幣 7.15 億元，同比增長 234%，代表我們第八季度的加速增長。

For the first quarter, the top 5 leading advertising verticals was games, digital and 3C products, food and beverage, e-commerce and skin care and cosmetics. Increasing improvements to ad distribution algorithms also supported our advertising business growth. As we continue to enhance our brand awareness, increase our influence among the Gen Z+ demographic and improve our ad products, we are confident that advertising dollars are sure to follow.

第一季度，排名前 5 的領先廣告垂直行業是遊戲、數字和 3C 產品、食品和飲料、電子商務以及護膚和化妝品。廣告分發算法的不斷改進也支持了我們的廣告業務增長。隨著我們不斷提高品牌知名度、增加我們在 Z+ 世代人群中的影響力並改進我們的廣告產品，我們相信廣告收入肯定會隨之而來。

Building on the momentum of last year, we are off to a great start in 2021. Our financial and operational accomplishments across our content, community and commercialization in Q1 place us on firm footing to achieve our next phase of growth. We entered a new era where the transformation to videolization is taking shape as we speak. As a full-spectrum video community and the go-to platform for the Gen Z+ demographic, we have reached a new starting point from which to grow. Riding the videolization wave, we will continue to invest in our content ecosystem and enhance our brand among the rising and massive video market, where we are established leaders and continue to gain market share." This concludes Mr. Chen's remarks.

在去年的勢頭的基礎上，我們在 2021 年有了一個良好的開端。我們在第一季度在內容、社區和商業化方面取得的財務和運營成就使我們為實現下一階段的增長奠定了堅實的基礎。我們進入了一個向視頻化轉型的新時代，正如我們所說的那樣。作為一個全方位的視頻社區和 Z+ 世代的首選平台，我們已經到達了一個新的發展起點。乘著視頻化的浪潮，我們將繼續投資於內容生態系統，並在不斷增長的龐大視頻市場中提升我們的品牌，我們在視頻市場中已是成熟的領導者，並繼續獲得市場份額。”陳先生的講話總結道。

I will now provide a brief overview of our financial results for the first quarter of 2021 and outlook for Q2. Total net revenues for the first quarter were RMB 3.9 billion, up 68% from the same period of 2020. We continue to see a more balanced and diversified revenue mix. Our total net revenues breakdown by revenue stream was approximately 30% mobile games, 38% VAS, 18% advertising and 14% e-commerce and others business.

我現在將簡要概述我們 2021 年第一季度的財務業績和第二季度的展望。第一季度總淨收入為人民幣 39 億元，比 2020 年同期增長 68%。我們繼續看到更加平衡和多元化的收入組合。我們按收入來源劃分的總淨收入約為 30% 的手機遊戲、38% 的增值服務、18% 的廣告和 14% 的電子商務和其他業務。

Cost of revenues increased by 66% year-over-year to RMB 3 billion. Revenue-sharing cost, a key component of cost of revenues, was RMB 1.4 billion, also a 58% increase from the same period in 2020. Gross profit increased by 77% year-over-year to RMB 937.9 million. Our gross margin improved to 24% in the first quarter compared with 23% from the same period last year.

收入成本同比增長 66% 至 30 億元人民幣。收入分成成本是收入成本的重要組成部分，為人民幣 14 億元，較 2020 年同期增長 58%。毛利潤同比增長 77% 至人民幣 9.379 億元。我們第一季度的毛利率從去年同期的 23% 提高到 24%。

Total operating expenses were RMB 1.97 billion, up 83% from the same period in 2020. Selling and marketing expenses were RMB 1 billion, representing a 65% increase year-over-year. The increase was primarily attributable to the increased channel and marketing expenses associated with our app and brand as well as the increase in sales and marketing personnel. By allocating resources to build our brand and appeal among broader audience, we achieved substantial growth in 2020. We believe the effects will be even farther reaching with positive impact to the market over the long run. This is a continuation of the momentum we achieved in 2020, and we can already see the benefits of the strategy through our broadening user base demographics, content and overall industry leadership. We plan to continue building on this track in 2021 to further strengthen and expand our virtuous growth cycle.

總營業費用為人民幣19.7億元，較2020年同期增長83%。銷售及營銷費用為人民幣10億元，同比增長65%。增加的主要原因是與我們的應用程序和品牌相關的渠道和營銷費用增加以及銷售和營銷人員的增加。通過分配資源在更廣泛的受眾中建立我們的品牌和吸引力，我們在 2020 年實現了大幅增長。我們相信，從長遠來看，其影響將更加深遠，對市場產生積極影響。這是我們在 2020 年取得的勢頭的延續，我們已經可以通過擴大用戶群、內容和整體行業領導地位看到該戰略的好處。我們計劃在 2021 年繼續在這條軌道上建設，以進一步加強和擴大我們的良性增長周期。

G&A expenses was RMB 389 million, representing 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other G&A expenses.

G&A費用為人民幣3.89億元，同比增長127%。增加的主要原因是一般和行政人員的人數增加、股權激勵費用增加、租金費用和其他一般管理費用增加。

R&D expenses were RMB 580 million, representing a 95% increase year-over-year. This increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.

研發費用5.8億元，同比增長95%。這一增長主要是由於研發人員人數增加和股權激勵費用增加所致。

Net loss was RMB 905 million for the first quarter of 2021 compared with RMB 539 million in the same period of 2020. Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses and amortization expenses and income tax expenses related to the intangible assets acquired through business acquisitions, were RMB 666 million compared with RMB 475 million in the same period of 2020.

2021 年第一季度的淨虧損為 9.05 億元人民幣，而 2020 年同期為 5.39 億元人民幣。調整後的淨虧損，這是一項非公認會計準則指標，不包括股權激勵費用和攤銷費用以及相關的所得稅費用通過業務收購取得的無形資產為 6.66 億元，而 2020 年同期為 4.75 億元。

Basic and diluted net loss per share were RMB 2.54. Adjusted basic and diluted net loss per share were RMB 1.87.

每股基本及攤薄淨虧損為人民幣2.54元。調整後的每股基本及攤薄淨虧損為人民幣1.87元。

As of March 31, 2021, we had cash and cash equivalents, time deposits as well as short-term investments of RMB 27 billion compared to RMB 12.8 billion as of December 31, 2020. With that in mind, we are currently projecting net revenues for the second quarter of 2021 to be between RMB 4.25 billion and RMB 4.35 billion.

截至 2021 年 3 月 31 日，我們的現金和現金等價物、定期存款以及短期投資為人民幣 270 億元，而截至 2020 年 12 月 31 日為人民幣 128 億元。考慮到這一點，我們目前預計淨收入2021年第二季度為42.5億元至43.5億元。

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

感謝您的關注。我們現在想打開您的問題的電話。接線員，請繼續。

(Operator Instructions) Your first question comes from the line of Alex Poon of Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Alex Poon。

(foreign language) The question I have is regarding advertising business. We have seen continuous acceleration in year-over-year growth for 8 consecutive quarters. Could management share with us the drivers behind this growth and how should we think about the growth in the next 1 to 3 years?

（外語）我的問題是關於廣告業務的。我們已經看到連續 8 個季度的同比增長持續加速。管理層能否與我們分享這種增長背後的驅動力？我們應該如何看待未來 1 到 3 年的增長？

(foreign language)

（外語）

Okay. I'll briefly translate for Ms. Carly Li.

好的。我會為 Carly Li 女士做簡短的翻譯。

[Interpreted] So we think the value of platform's advertising business actually equals the value of the user itself. An also accurate metaphor would be many other platforms out there, they are running a rental or a tourist model. You never know when your user will come, when they will go. So the easiest way is to leverage advertising to quickly achieve monetization and use the money that they make to buy more content. This is the traditional Internet model.

【解讀】所以我們認為平台的廣告業務價值其實就等於用戶本身的價值。另一個準確的比喻是那裡的許多其他平台，它們正在運行租賃或旅遊模型。你永遠不知道你的用戶什麼時候來，什麼時候走。所以最簡單的方法就是利用廣告快速實現變現，用他們賺到的錢購買更多的內容。這是傳統的互聯網模式。

But for Bilibili, what we are trying to do is to build a city. We are trying to gather the young users with similar interests, ask them to become residents of this city. We provide different types of consumption scenarios to them to cater their needs, including -- such as games, live broadcasting, movie and content and derivative products and even offline activities. And they will grow fond of the city and even fall in love with it, and they'll be inviting more friends to join the neighborhood. And for this process, it might start really -- probably start really slow. But once the momentum is built, it will accelerate and have great potential.

但是對於嗶哩嗶哩來說，我們正在努力做的是建設一座城市。我們正在努力聚集志趣相投的年輕用戶，讓他們成為這個城市的居民。我們為他們提供不同類型的消費場景以滿足他們的需求，包括——如游戲、直播、電影和內容以及衍生產品，甚至線下活動。他們會越來越喜歡這個城市，甚至愛上它，他們會邀請更多的朋友加入這個社區。對於這個過程，它可能真的開始 - 可能開始很慢。但一旦形成勢頭，就會加速，潛力巨大。

(foreign language)

（外語）

[Interpreted] So what is Bilibili's advertisement potential? Look at the residents. We have captured near half of China's young generation. On our platform, the average age of our user is about 22.8 years old, and 86% of our user is age 35 and below. And our user, about 50% of them are -- live in the first and second-tier city.

【解讀】那麼嗶哩嗶哩的廣告潛力如何？看看居民。我們已經俘獲了中國近一半的年輕一代。在我們的平台上，我們用戶的平均年齡約為 22.8 歲，我們 86% 的用戶年齡在 35 歲及以下。而我們的用戶，大約有50%是——住在一二線城市。

They are -- deeply influence the mainstream ideals, and they are the key driving force for all kinds of consumption. And they are the most wanted cohort that's chased by all advertisers. So we believe, in the next few years, as Bilibili continues to grow its brand awareness and expand the boundary of our content offerings, we will be welcoming more diverse and more dynamic type of user to join our city and continue very healthy and fast growth.

他們——深刻影響著主流理想，是各種消費的關鍵驅動力。他們是所有廣告商追逐的最想要的群體。所以我們相信，在接下來的幾年裡，隨著嗶哩嗶哩品牌知名度的不斷提升和內容產品邊界的不斷擴展，我們將歡迎更多元、更有活力的用戶加入我們的城市，並繼續保持非常健康和快速的增長。 .

(foreign language)

（外語）

[Interpreted] So we are quite confident that pretty much all of the brands, they will be looking -- turning to Bilibili and become part of our community. And secondly, we think a good advertisement could also be a good content, and for a user, they never repel good content.

[解釋]所以我們非常有信心，幾乎所有的品牌，他們都會尋找——轉向 Bilibili 並成為我們社區的一部分。其次，我們認為好的廣告也可以是好的內容，對於用戶來說，他們從不排斥好的內容。

So on the customer side, we'll continue to work with high-quality brand and potential brand to establish deep collaboration and to build various success cases for all the key accounts. And we'll also continue to improve our product, algorithm efficiencies and launch more creative and interesting integrated marketing solutions across multi scenarios and multi devices.

所以在客戶方面，我們將繼續與優質品牌和潛力品牌建立深度合作，為所有大客戶打造各種成功案例。並且我們還將繼續提升我們的產品、算法效率，並推出更多跨場景、多設備的創意和有趣的整合營銷解決方案。

(foreign language)

（外語）

[Interpreted] And additionally, we think there's a very big portion of the creativity that we could leverage our content creators. We are working with content creators to pick their brand -- to pick their minds, to ask them to work with our brand advertisers together. And on the Sparkle advertising platform, currently, we already have over 10,000 content creators join this platform, and the overall performance is exceeding our expectations.

[解釋]此外，我們認為我們可以利用我們的內容創作者的很大一部分創造力。我們正在與內容創作者合作來挑選他們的品牌——挑選他們的想法，要求他們與我們的品牌廣告商一起合作。而在Sparkle廣告平台上，目前我們已經有超過10000名內容創作者加入了這個平台，整體表現超出了我們的預期。

(foreign language)

（外語）

[Interpreted] So last but not least, it's also very, very important as that will continue to enhance our middle platform capabilities and continue to improve our ad product, including the integrated marketing solutions that combines both brand ads and performance ads. And our advertising power will not only be reflecting on the increase of our advertising revenue but also on many of our customer business such as the efficiency of our jointly operated games and live broadcasting, et cetera.

【解讀】最後一點也是非常非常重要的，因為這將繼續提升我們的中台能力，不斷完善我們的廣告產品，包括品牌廣告和效果廣告相結合的整合營銷解決方案。而我們的廣告實力不僅會體現在我們廣告收入的增長上，還會體現在我們的很多客戶業務上，比如我們聯營遊戲和直播的效率等等。

(foreign language)

（外語）

[Interpreted] So for the next 1 to 3 years, as we continue to grow our content ecosystem and extend the boundary of our content offering, we are quite confident to maintain a healthy and fast advertising dollar growth.

[解讀]因此，在接下來的 1 到 3 年，隨著我們繼續發展內容生態系統並擴展內容提供的邊界，我們有信心保持健康快速的廣告收入增長。

Your next question comes from the line of Lei Zhang of BofA Securities.

您的下一個問題來自美國銀行證券的張磊。

(foreign language) My question is mainly about user engagement. We noticed that some key indicators like DAU versus MAU, interaction and time spent saw sequential improvement. So wondering, can you share with us what's the trend going forward? And what is your plan to further improve user engagement?

（外語）我的問題主要是關於用戶參與度的。我們注意到，DAU 與 MAU、交互和花費的時間等一些關鍵指標出現了連續改善。所以想知道，你能和我們分享一下未來的趨勢嗎？您有什麼計劃進一步提高用戶參與度？

(foreign language)

（外語）

[Interpreted] So indeed, from last year, we see a temporary drop from -- for the DAU to MAU ratio. And we have to look into the reason behind it. And the reasons are not -- it's not because there's some metrics decline, but for the certain period of time, the growth rate of our MAU exceeded significantly our DAU.

[解釋]因此，確實，從去年開始，我們看到 DAU 與 MAU 的比率暫時下降。我們必須調查其背後的原因。原因不是——不是因為某些指標下降，而是在一段時間內，我們的 MAU 增長率大大超過了我們的 DAU。

(foreign language)

（外語）

[Interpreted] So we think the temporary drop is fully normal given that last year, we have raised our MAU target, and we are really focusing on growing our overall users. And during that process, we think this is just a temporary effect given that when a user joins the community, it really takes time for them to become a part of the community. We need time to cultivate user habits and establishing community behavior such as following different content creators. They have to get in touch with the content creator and other users in the community. And if they come to Bilibili for one specific interest point, they also need time to establish and expand their interest points on Bilibili. So all of that takes time, and there will be some lag during the process.

[解釋]所以我們認為暫時的下降是完全正常的，因為去年我們提高了我們的 MAU 目標，我們真正專注於增加我們的整體用戶。在此過程中，我們認為這只是暫時的影響，因為當用戶加入社區時，他們確實需要時間才能成為社區的一部分。我們需要時間來培養用戶習慣並建立社區行為，例如關注不同的內容創建者。他們必須與社區中的內容創建者和其他用戶取得聯繫。而如果他們來嗶哩嗶哩是為了一個特定的興趣點，他們也需要時間來建立和擴大他們在嗶哩嗶哩上的興趣點。所以所有這些都需要時間，並且在這個過程中會有一些滯後。

(foreign language)

（外語）

[Interpreted] So we think for a product like Bilibili, we actually stand at pretty good DAU to MAU ratio in terms of the community product. And because we also have very vast content offering, we think during a fast user growth period, a temporary drop of the engagement ratio is absolutely normal. And as long as we see the ratio starting to bounce back and we continue to maintain a very fast user growth pace, it should be fine.

[解讀]所以我們認為對於像嗶哩嗶哩這樣的產品，就社區產品而言，我們實際上處於相當不錯的 DAU 與 MAU 比率。而且因為我們還提供非常豐富的內容，我們認為在用戶快速增長期間，參與率暫時下降是絕對正常的。只要我們看到這個比率開始反彈並且我們繼續保持非常快速的用戶增長速度，那應該沒問題。

(foreign language)

（外語）

[Interpreted] And we will definitely continue to be very focused on elevating the engagement level. And there are several ways. One is to -- whether we can help our users to become part of the community a little bit quicker. And the measurement would be help them to connect with more content creators, follow -- allow them to follow more content creators that fits their interest, allow them to establish more engagement between content creators and other users.

[解釋] 我們肯定會繼續非常專注於提高參與度。並且有幾種方法。一個是——我們是否可以幫助我們的用戶更快地成為社區的一部分。衡量標準將幫助他們與更多的內容創作者建立聯繫，關注——讓他們關注更多符合他們興趣的內容創作者，讓他們在內容創作者和其他用戶之間建立更多的互動。

(foreign language)

（外語）

[Interpreted] And secondly is on our AI-powered recommendation system, we will continue to improve the recommendation efficiency to allow our algorithms to cover more interest points for certain users and to push more relevant content that fits to different users' need. And for that, we'll continue to invest in R&D in our algorithm to improve our AI-powered recommendation system.

【解讀】其次，在我們的人工智能推薦系統上，我們會持續提升推薦效率，讓我們的算法能夠覆蓋更多用戶的興趣點，推送更多適合不同用戶需求的相關內容。為此，我們將繼續投資於算法的研發，以改進我們的人工智能推薦系統。

(foreign language)

（外語）

[Interpreted] So these above-mentioned points will be our constant areas for improvement.

【解讀】所以上面提到的這些點將是我們不斷改進的地方。

Your next question comes from the line of Zhijing Liu of UBS.

您的下一個問題來自瑞銀的劉志靜。

(foreign language) I have one question. Recently, we see Bili has quite a few investment deals on other game-related companies. What's the reason behind? Are we going to consider more acquisitions or investments in this space for coming quarters?

（外語）我有一個問題。最近，我們看到嗶哩嗶哩對其他遊戲相關公司的投資交易也不少。背後的原因是什麼？我們是否會在未來幾個季度考慮在這個領域進行更多的收購或投資？

(foreign language)

（外語）

[Interpreted] So I always say that game is one of the most important business for Bilibili, because, for us, it's not only just the monetization, it's also a very important component of our content. And there's just great synergies between our game offerings as well as our video game-based -- game-related video content. And for Bilibili, for this game -- particular game business, it's just very natural. As long as we're starting to offer better content, the monetization just happen very naturally.

【解讀】所以我一直說遊戲是Bilibili最重要的業務之一，因為對我們來說，不僅僅是變現，它也是我們內容的一個非常重要的組成部分。我們的遊戲產品與基於視頻遊戲的遊戲相關視頻內容之間存在巨大的協同效應。而對於 Bilibili 來說，對於這個遊戲——特別是遊戲業務來說，這很自然。只要我們開始提供更好的內容，貨幣化就會很自然地發生。

(foreign language)

（外語）

[Interpreted] So second of all, we think, for game industry, there's still plenty of room for growth. I believe that in the next few years, there could be multiple times growth for this segment. So I personally take great care and put in a lot of effort in looking into this market.

[解讀]其次，我們認為，對於遊戲行業來說，還有很大的增長空間。我相信在接下來的幾年裡，這個細分市場可能會出現數倍的增長。所以我個人非常小心，並且在這個市場上投入了很多精力。

(foreign language)

（外語）

[Interpreted] And for Bilibili, it's not just game department that's dealing with or facing the game industry. It's across all business departments, and it's through our whole company. For example, game-related video content has always been our top 3 content verticals. And for our live broadcasting, game-related live broadcasting is our #1 content on our platform. And we are also working with the majority of the game content developers in this industry, establishing close partnerships.

【解讀】而對於嗶哩嗶哩來說，與遊戲行業打交道或面對的不僅僅是遊戲部門。它遍及所有業務部門，並貫穿我們整個公司。例如，與遊戲相關的視頻內容一直是我們排名前 3 的內容垂直領域。而對於我們的直播來說，與遊戲相關的直播是我們平台上的第一大內容。並且我們還與該行業的大多數遊戲內容開發商合作，建立密切的合作夥伴關係。

(foreign language)

（外語）

[Interpreted] And for the game distribution business, currently, it's playing a very important role in our business, and it's also contributing a very decent portion of our revenue.

[解讀]而對於遊戲發行業務，目前它在我們的業務中扮演著非常重要的角色，它也為我們的收入貢獻了非常可觀的一部分。

(foreign language)

（外語）

[Interpreted] So why we wanted to invest in this area? Because we wanted to establish strategic collaborations. Like I mentioned, there's multiple departments jointly working in the game space. So the reason why we invest in this area is hoping to further enhance our partnership across different legs of our business.

[解讀]那我們為什麼要在這個領域投資呢？因為我們想建立戰略合作。就像我提到的，遊戲領域有多個部門共同工作。因此，我們在這一領域進行投資的原因是希望進一步加強我們在不同業務領域的合作夥伴關係。

(foreign language)

（外語）

[Interpreted] So for example, the investment we made in Xindong is because we see a lot of synergies and collaboration in terms of game distribution. So all of the investment that we make has a prior purpose of establishing strategic collaborations.

【解讀】比如說我們投資新東，是因為我們在遊戲發行方面看到了很多協同和合作。因此，我們所做的所有投資都有建立戰略合作的優先目的。

(foreign language)

（外語）

[Interpreted] And that goes the same with our investment in other area. The purpose is hoping to achieve business collaboration and achieve business synergies across different departments.

[解讀]我們在其他領域的投資也是如此。目的是希望實現業務協同，實現跨部門的業務協同。

Your next question comes from the line of Daniel Chen of JPMorgan.

您的下一個問題來自摩根大通的 Daniel Chen。

(foreign language) I will translate myself. My question is on the -- I would say, more on the product side and on the content side. So as we target to reach 400 million MAU by 2023, I was wondering what's our plan in 2021 in terms of product feature innovation and content genre expansion.

（外語）我會自己翻譯。我的問題是——我想說，更多的是在產品方面和內容方面。所以我們的目標是到 2023 年達到 4 億 MAU，我想知道我們在 2021 年在產品功能創新和內容類型擴展方面的計劃是什麼。

(foreign language)

（外語）

[Interpreted] So Bilibili's growth model is content ecosystem driven and essentially is through our content creator producing more and more high-quality content across different content verticals and attract more users. And what we are -- what we have been constantly doing is to build such platform to keep attracting more content creators.

【解讀】所以嗶哩嗶哩的增長模式是內容生態驅動的，本質上是通過我們的內容創作者在不同的內容垂直領域產生越來越多的優質內容並吸引更多用戶。而我們——我們一直在做的是建立這樣的平台，以不斷吸引更多的內容創作者。

(foreign language)

（外語）

[Interpreted] So what we have been doing is to focus on the category that can attract young users, can resonate with young generations. And over the years, we have established unparalleled leadership in categories like games, lifestyle, entertainment, knowledge and digital products. And step-by-step, we continued to be more and more diversity of content and more and more high-quality content. As we move forward, we'll be focusing on improving the diversity of that content and continue to select more high-quality content and to attract more wider range of content creators.

【解讀】所以我們一直在做的就是專注於能夠吸引年輕用戶，能夠引起年輕一代共鳴的品類。多年來，我們在遊戲、生活方式、娛樂、知識和數字產品等領域建立了無與倫比的領導地位。並且一步一步，我們不斷地得到越來越多樣化的內容和越來越多的優質內容。隨著我們的前進，我們將專注於提高內容的多樣性，並繼續選擇更多高質量的內容，並吸引更廣泛的內容創作者。

(foreign language)

（外語）

[Interpreted] And move forward for this year, while we continue to enhance our leader categories such as knowledge and lifestyle-related content, we aim to further expand our content offering in categories like relationship, automotive, animal related, fitness and health, those categories that fit the Gen Z+ interest points and also open up us to more wider demographics.

[解釋] 今年，我們繼續加強我們的領先類別，如知識和生活方式相關的內容，我們的目標是進一步擴大我們在關係、汽車、動物相關、健身和健康等類別的內容供應。適合 Z+ 世代興趣點的類別，也讓我們接觸到更廣泛的人口統計數據。

Your next question comes from the line of Jialong Shi of Nomura.

您的下一個問題來自野村的石家龍一行。

So my question is about the live broadcasting service. Can you give us some colors on the growth trend for your live broadcasting service? We saw an industry-wide slowdown in this live broadcasting revenue since last year. Just wonder what is the outlook for the live broadcasting service this year and for the next few years? (foreign language)

所以我的問題是關於直播服務的。您能給我們一些關於您的直播服務增長趨勢的顏色嗎？自去年以來，我們看到整個行業的直播收入都在放緩。只是想知道今年和未來幾年的直播服務前景如何？ （外語）

(foreign language)

（外語）

[Interpreted] So 2 years ago, I forecasted our live broadcasting business will keep a very high growth rate. The reason why I said that is because I believe Bilibili's live broadcasting has always been a part of the PUGV content ecosystem. It's a natural extension of video content. And as a matter of fact, live broadcasting should be part of the video product.

【解讀】所以2年前我就預測我們的直播業務會保持很高的增長速度。之所以這麼說，是因為我相信B站的直播一直是PUGV內容生態的一部分。這是視頻內容的自然延伸。而事實上，直播應該是視頻產品的一部分。

(foreign language)

（外語）

[Interpreted] So once again, that live broadcasting is a natural extension of Bilibili's overall content ecosystem. We don't need to deliberately expand the content categories. We don't necessarily have to pay extra high price to attract live broadcasting host. All of the content offerings is growing out of our content ecosystem. It's based on our content creators. It's based on the popular content on our video platform.

【解讀】再次強調，直播是B站整體內容生態的自然延伸。我們不需要刻意擴展內容類別。我們不一定要付出額外的高價來吸引直播主。所有的內容產品都是從我們的內容生態系統中發展出來的。它基於我們的內容創建者。它基於我們視頻平台上的熱門內容。

(foreign language)

（外語）

[Interpreted] So like I mentioned earlier that our video -- on our video platform game is our top 3 content vertical, and it's the #1 content vertical on our live broadcasting business. And for the game categories, the live broadcasting host and the video content creator has 40% overlap.

[解釋]所以就像我之前提到的，我們的視頻——在我們的視頻平台上，遊戲是我們排名前三的垂直內容，也是我們直播業務中排名第一的垂直內容。而對於遊戲品類，直播主和視頻內容創作者有40%的重疊。

(foreign language)

（外語）

[Interpreted] And lifestyle and entertainment-related content is also very popular. And entertainment live broadcasting is also our second most popular live broadcasting content.

【解讀】與生活方式和娛樂相關的內容也很受歡迎。而娛樂直播也是我們第二受歡迎的直播內容。

(foreign language)

（外語）

[Interpreted] In many cases for Bilibili, our content creators are our live broadcasting host. And the video content -- it's a mutual beneficial relationship. We think the live broadcasting can help our content creators to establish better interaction with their followers, and their video submission can feed back to their live broadcasting traffic. And on the other hand, we think live broadcasting is a good avenue for content creators to monetize their traffic. So on Bilibili live broadcasting and video, they are born to be together, and they have great synergies.

【解讀】在很多情況下，對於B站來說，我們的內容創作者就是我們的直播主。還有視頻內容——這是一種互惠互利的關係。我們認為直播可以幫助我們的內容創作者與他們的粉絲建立更好的互動，他們的視頻提交可以反饋他們的直播流量。另一方面，我們認為直播是內容創作者通過流量獲利的好途徑。所以在嗶哩嗶哩直播和視頻上，他們天生就是在一起的，而且有很大的協同效應。

(foreign language)

（外語）

[Interpreted] So from my perspective, I think Bilibili's live broadcasting is still at the early stages and has great potential to grow. Currently, we have over 2 million monthly active content creator. In my view, pretty much everybody could potentially become a live broadcasting host. So there's great growth route ahead of us.

【解讀】所以從我的角度來看，我認為B站的直播還處於早期階段，有很大的成長潛力。目前，我們每月有超過 200 萬活躍的內容創作者。在我看來，幾乎每個人都有成為直播主播的潛質。因此，我們面前有一條偉大的增長之路。

(foreign language)

（外語）

[Interpreted] So I think the nature of live broadcasting was never just about monetization. It's more of an ability. It's ability of our platform, it's also ability of our content creator. For the content creator, they can leverage live broadcasting to connect with their followers, to improve their relationship and also they can gain monetary rewards.

【解讀】所以我覺得直播的本質從來就不僅僅是變現。更多的是一種能力。這是我們平台的能力，也是我們內容創作者的能力。對於內容創作者來說，他們可以利用直播與粉絲建立聯繫，改善他們的關係，也可以獲得金錢獎勵。

(foreign language)

（外語）

[Interpreted] So I believe this type of capability should be widely adopted in the future. It's like our content creator can write an introduction of the video, can create a cover page for a video. And probably in the next few years, every content creator would have the ability to do live broadcasting.

【解讀】所以我相信這種能力在未來應該會被廣泛採用。就像我們的內容創建者可以編寫視頻介紹，可以為視頻創建封面一樣。可能在接下來的幾年裡，每個內容創作者都將有能力進行直播。

(foreign language)

（外語）

[Interpreted] And our live broadcasting business is really internally grown. It's growing from our content ecosystem. So the external environment will not really have any impact on our live broadcasting business because we don't need to acquire live broadcasting host from other platform. Everything is organically grown within our ecosystem.

【解讀】而且我們的直播業務真的是內生的。它來自我們的內容生態系統。所以外部環境不會對我們的直播業務產生真正的影響，因為我們不需要從其他平台獲取直播主機。一切都是在我們的生態系統中有機生長的。

And that concludes the question-and-answer session. I would like to turn the conference back over to management for additional or closing comments.

問答環節到此結束。我想將會議交還給管理層，以徵求補充意見或結束意見。

Thank you once again for joining us today. If you have further questions, please contact me, Juliet Yang, Bilibili's Senior IR Director; or TPG Investor Relations. Our contact information for IR in both China and the U.S. can be found on today's press release. Have a great day. Bye-bye.

再次感謝您今天加入我們。如有其他問題，請聯繫我，嗶哩嗶哩高級IR總監Juliet Yang；或 TPG 投資者關係。我們在中國和美國的 IR 聯繫信息可在今天的新聞稿中找到。祝你有美好的一天。再見。