Bilibili Inc (BILI) 2020 Q4 法說會逐字稿

Good day, and welcome to the Bilibili 2020 Fourth Quarter and Full Year Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Juliet Yang, Senior Director of Investor Relations. Please go ahead.

美好的一天，歡迎來到 Bilibili 2020 年第四季度和全年收益電話會議。今天的會議正在錄製中。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. Please note, the discussion today will contain forward-looking statements relating to the company's future performance and are intended to qualify the safe harbor from liabilities as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of the future performance and are subject to certain risks and uncertainties, assumptions and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and in this discussion.

謝謝你，接線員。請注意，今天的討論將包含與公司未來業績相關的前瞻性陳述，旨在使安全港免於承擔美國私人證券訴訟改革法案規定的責任。此類陳述並非對未來業績的保證，並受某些風險和不確定性、假設和其他因素的影響。其中一些風險超出了公司的控制範圍，可能導致實際結果與今天的新聞稿和本次討論中提到的結果大不相同。

A general discussion of the risk factors that could affect Bilibili's business and financial results is included in certain filings of the company with the Securities and Exchange Commission. The company does not undertake any obligation to update this forward-looking information, except as required by law.

關於可能影響 Bilibili 業務和財務業績的風險因素的一般性討論包含在公司向證券交易委員會提交的某些文件中。除非法律要求，否則公司不承擔更新此前瞻性信息的任何義務。

During today's call, management will also discuss certain non-GAAP financial measures for comparison purpose only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the 2020 fourth quarter and full year financial results news release issued earlier today.

在今天的電話會議中，管理層還將討論某些非公認會計準則財務指標，僅供比較。有關非 GAAP 財務指標的定義以及 GAAP 與非 GAAP 財務業績的對賬，請參閱今天早些時候發布的 2020 年第四季度和全年財務業績新聞稿。

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 Bilibili Investor Relations website at ir.bilibili.com.

提醒一下，本次會議正在錄製中。此外，Bilibili 投資者關係網站 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 on the call from Bilibili's 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 prepared remarks on behalf of Mr. Chen.

今天應Bilibili高級管理層的電話加入我們的是董事會主席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發言。

Thank you, Juliet. And thank you, everyone, for participating in our 2020 fourth quarter and fiscal year-end conference call. I'm pleased to deliver today's opening remarks on behalf of Mr. Chen.

謝謝你，朱麗葉。並感謝大家參加我們的 2020 年第四季度和財年末電話會議。我很高興代表陳先生髮表今天的開幕詞。

We had an exceptional year in 2020. Through a challenging macro environment, we remain focused on our growth strategies and achieved record results.

我們在 2020 年度過了不平凡的一年。在充滿挑戰的宏觀環境中，我們仍然專注於我們的增長戰略並取得了創紀錄的業績。

In the fourth quarter, our MAUs reached 202 million, up 55% year-over-year, marking a new starting point for our growth journey. In addition, mobile MAUs were up 61% year-over-year to 187 million. On the user engagement front, we had 54 million DAUs, up 42% year-over-year. Our users remained highly engaged and spend an average 75 minutes on our platform daily in the fourth quarter, reflecting the strong appeal of Bilibili content offerings and the stickiness of our growing community.

第四季度，我們的 MAU 達到 2.02 億，同比增長 55%，標誌著我們的增長之旅的新起點。此外，移動 MAU 同比增長 61%，達到 1.87 億。在用戶參與方面，我們擁有 5400 萬個 DAU，同比增長 42%。我們的用戶在第四季度仍然保持著高度的參與度，平均每天在我們的平台上花費 75 分鐘，這反映了 Bilibili 內容產品的強大吸引力和我們不斷發展的社區的粘性。

The high-quality and rapid growth of our user base laid a solid foundation for our commercialization efforts. In the fourth quarter, our premium content services continued to drive paying user conversion. MPUs reached 18 million, up 103% year-over-year. Our overall paying ratio increased to 8.9% compared with 6.8% in the same period last year.

用戶群的高質量和快速增長為我們的商業化努力奠定了堅實的基礎。第四季度，我們的優質內容服務繼續推動付費用戶轉化。 MPU達到1800萬，同比增長103%。我們的整體支付率從去年同期的 6.8% 上升至 8.9%。

At the same time, more business partners are turning to Bilibili to reach and engage our massive audience base of young generation. Our advertising business grew by 149% in the fourth quarter year-over-year, marking the seventh consecutive quarter of accelerated growth on a year-over-year basis.

與此同時，越來越多的商業合作夥伴正在轉向 Bilibili 來接觸和吸引我們龐大的年輕一代觀眾群。我們的廣告業務第四季度同比增長 149%，連續第七個季度實現同比加速增長。

On the back of this momentum, our total revenues reached another record high of RMB 3.8 billion in the fourth quarter and RMB 12 billion for the full year. This represents impressive year-over-year growth of 91% and 77%, respectively.

在這一勢頭的支持下，我們的總收入在第四季度再創歷史新高，達到 38 億元人民幣，全年達到 120 億元人民幣。這分別代表了令人印象深刻的同比增長 91% 和 77%。

We attribute our success to our broad content library, engaging community experience and rising brand awareness. In 2020, we made some key moves that resulted in a significant boost to our brand. We kicked off 2020 with a blockbuster New Year's Eve Gala, followed by our Hou Lang, Ru Hai, Xi Xiang Feng marketing trilogy, and introduced our brand proposition 'All the Videos You Like.'. We carried these efforts into the fourth quarter and closed the year with our second New Year's Eve Gala, The Most Beautiful Night of 2020.

我們將我們的成功歸功於我們廣泛的內容庫、引人入勝的社區體驗和不斷提高的品牌知名度。 2020 年，我們採取了一些關鍵舉措，顯著提升了我們的品牌。我們以一場轟動一時的跨年晚會拉開了 2020 年的序幕，隨後是我們的後浪、如海、西向風營銷三部曲，並推出了我們的品牌主張“所有你喜歡的視頻。”。我們將這些努力延續到了第四季度，並以我們的第二次跨年晚會——2020 年最美的夜晚——結束了這一年。

During the live broadcasting night, the popularity index more than tripled compared with our 2019 event, achieving 120 million playbacks within 48 hours. These successful marketing initiatives have allowed us to connect and resonate with more users and reach a more diverse audience. And we believe we can continue with the strong momentum in 2021.

直播之夜，人氣指數比我們2019年的活動翻了三倍多，48小時內播放量達到1.2億。這些成功的營銷舉措使我們能夠與更多用戶建立聯繫並產生共鳴，並接觸到更多樣化的受眾。我們相信我們可以在 2021 年繼續保持強勁勢頭。

Building on the success of our 2020 user growth, one thing is clear, our appeal is much broader and reaches beyond Gen Z. We are now widely recognized by a larger audience that now include those born between 1985 to 2009, popularly referred to as the Gen Z+ demographic. This group of users share similar attributes, and we have established unparalleled mindshare among this vibrant Gen Z+ community.

在我們 2020 年用戶增長成功的基礎上，有一點很清楚，我們的吸引力要廣泛得多，並超越 Z 世代。我們現在得到了更多受眾的廣泛認可，現在包括 1985 年至 2009 年出生的人，通常被稱為Z+ 世代人口統計。這群用戶具有相似的屬性，我們在這個充滿活力的 Z+ 世代社區中建立了無與倫比的思想共享。

According to the iResearch latest report, over 86% of our MAUs were below the age of 35 in 2020. This group is the driving force for all kinds of consumption in China, especially the video-based consumption market. In 2019, Gen Z+ contributed 65% of the video-based market dollars.

艾瑞最新報告顯示，2020年我們86%以上的MAU年齡在35歲以下。這一群體是中國各類消費的驅動力，尤其是視頻消費市場。 2019 年，Z+ 世代貢獻了 65% 的視頻市場收入。

Video continues to be integrated with more and more aspects of daily lives. It is becoming the primary means of communicate, entertain and exchange information. This videolization trend is creating massive market opportunities in China. The video-based market is expected to reach RMB 1.8 trillion in revenues, generated by nearly 1.2 billion video users by 2025 according to iResearch. As a full spectrum video community platform and the go-to platform for the Gen Z demographic, we are at the forefront of this exciting videolization opportunity. With that, I will walk you through some of our activities during the fourth quarter, beginning with our content.

視頻繼續與日常生活越來越多的方面相結合。它正在成為交流、娛樂和交換信息的主要手段。這種視頻化趨勢正在中國創造巨大的市場機會。根據艾瑞諮詢的數據，到 2025 年，視頻市場的收入預計將達到 1.8 萬億元，由近 12 億視頻用戶創造。作為一個全方位的視頻社區平台和 Z 世代人群的首選平台，我們處於這一激動人心的視頻化機會的最前沿。有了這個，我將向您介紹我們在第四季度的一些活動，從我們的內容開始。

Our content creators are extremely important to us. Their creation represents their vision of the world around them, which reflects and influencing Gen Z+ preference. For the fourth quarter, we had approximately 1.9 million content creators uploading 5.9 million videos per month, representing increases of 88% and 109%, respectively, both year-over-year.

我們的內容創作者對我們來說非常重要。他們的創作代表了他們對周圍世界的看法，這反映並影響了 Z+ 世代的偏好。第四季度，我們有大約 190 萬內容創作者每月上傳 590 萬條視頻，同比分別增長 88% 和 109%。

We continue to provide our content creators with support on multiple levels. These include video editing tools and tutorials that help facilitate new creations as well as monetary rewards in our advertising platform. Most importantly, we continue to improve our algorithm to make sure the right content is distributed to the right audiences while promoting high-quality original content. These attributes are what make Bilibili the most sought-after platform for content creators to showcase their talents, share their passion and make a living doing what they love.

我們將繼續為我們的內容創作者提供多層次的支持。其中包括視頻編輯工具和教程，有助於促進我們的廣告平台中的新創作和金錢獎勵。最重要的是，我們繼續改進我們的算法，以確保將正確的內容分發給正確的受眾，同時推廣高質量的原創內容。這些屬性使 Bilibili 成為內容創作者最受追捧的平台，可以展示他們的才華、分享他們的激情並以自己喜歡的方式謀生。

We continue to enhance our content offerings both in depth and in breadth. In the fourth quarter, our most popular content verticals in terms of video views were lifestyle, game, entertainment, anime and tech and knowledge. Among those leading verticals, knowledge was one of the fastest-growing verticals attracting numerous intellects to our platform to share their knowledge and insights.

我們將繼續在深度和廣度上增強我們的內容產品。在第四季度，就視頻觀看量而言，我們最受歡迎的垂直內容是生活方式、遊戲、娛樂、動漫以及科技和知識。在這些領先的垂直領域中，知識是增長最快的垂直領域之一，吸引了眾多知識分子到我們的平台分享他們的知識和見解。

In the fourth quarter, our tech and knowledge verticals attract a wide audience and how it contribute a significant 10% of total video views. Meanwhile, we continue to invest in areas where we see high potential to build out new strongholds.

在第四季度，我們的技術和知識垂直領域吸引了廣泛的觀眾，以及它如何貢獻了 10% 的總視頻觀看量。與此同時，我們繼續投資於我們認為建立新據點的高潛力領域。

For 2021, as we grow with our existing users and attract new ones, we have identified several areas with large and growing demand such as automotive, home furnishing, relationships and parenting. In the January 2021, we launched the story mode, our new PUGV content format that allows users to enjoy short videos in vertical formats. With story mode, we hope to satisfy users' diverse needs by providing them with the seamless access to our high-quality content, ranging from seconds for their fragmented time to minutes and hours for more immersive experiences. We are encouraged by the initial results brought by the new model.

2021 年，隨著我們與現有用戶一起成長並吸引新用戶，我們確定了幾個需求巨大且不斷增長的領域，例如汽車、家居、人際關係和育兒。 2021 年 1 月，我們推出了故事模式，這是我們新的 PUGV 內容格式，允許用戶以垂直格式欣賞短視頻。通過故事模式，我們希望通過為用戶提供對我們高質量內容的無縫訪問來滿足用戶的多樣化需求，從他們零碎的時間到數分鐘和數小時的更身臨其境的體驗。我們對新模式帶來的初步成果感到鼓舞。

Turning to our OGV content. Our years of investment in Chinese anime bore fruit in 2020. Chinese anime MAUs has surpassed Japanese anime MAUs and have become our #1 category within OGV. Over 160 million users watch Chinese anime in our platform in 2020. During the year, we released a number of popular Chinese anime titles and hit new records for attracting new users and converting them to paying members. These include Carp Reborn, (foreign language); Daily Life of Immortal King, (foreign language); Ling Cage, Ling Long; and the more recently launched Heaven Official's Blessing, (foreign language), forming valuable IP assets.

轉向我們的 OGV 內容。 2020年，我們對中國動漫的多年投資取得了成果。中國動漫MAU已超過日本動漫MAU，成為我們在OGV中排名第一的類別。 2020 年，超過 1.6 億用戶在我們的平台上觀看中國動漫。年內，我們發布了多部熱門中國動漫作品，並創下了吸引新用戶和將其轉化為付費會員的新紀錄。其中包括鯉魚重生，（外語）；仙王日常生活，（外文）；玲籠，玲瓏；以及最近推出的《天官賜福》（外文），形成了寶貴的IP資產。

In November, we held our third annual Chinese anime press conference "MADE BY BILIBILI." Here, we introduced 33 new titles that we plan to release over the next 2 years. In addition to market developments in China, we are excited to be a pioneer in promoting Chinese anime worldwide. Some of our international endeavors include our cooperation with Sony Funimation and Netflix to stream Bilibili-produced Chinese anime series around the world.

11月，我們舉辦了第三屆年度中國動漫新聞發布會“MADE BY BILIBILI”。在這裡，我們介紹了我們計劃在未來 2 年內發布的 33 款新遊戲。除了中國市場的發展，我們很高興能成為在全球推廣中國動漫的先驅。我們的一些國際努力包括與 Sony Funimation 和 Netflix 合作，在全球播放由 Bilibili 製作的中國動漫系列。

Our documentary, variety shows and TV series continue to enrich our content library as well. In particular, we have been very successful with our recent endeavors in self-produced TV drama, Run For Young, Feng Quan Shao Nian De Tian Kong, and the music reality show, Rap for Youth, (foreign language). Not only have we attracted new users, generated sizable memberships and advertising revenue with these additions, but we have also opened the gateway to new content verticals and formats.

我們的紀錄片、綜藝節目和電視劇也不斷豐富我們的內容庫。特別是近期在自拍電視劇《青春奔跑》、《風權少年的天空》和音樂真人秀《青春說唱》（外語）方面取得了很大的成功。通過這些新增內容，我們不僅吸引了新用戶、產生了可觀的會員資格和廣告收入，而且我們還打開了通往新內容垂直和格式的門戶。

Turning to our community. As our user base continued to grow, particularly among the Gen Z+ audience, we have further nurturing bonds and strengthening our community ties. In the fourth quarter, our daily video views reached 1.2 billion, up 70% year-over-year. Monthly interactions were also up by 94% year-over-year, with users generating 4.7 billion bullet-chats, comments, likes and the Bilibili moment posts. Our official member numbers reached new heights as well. At the end of fourth quarter, we surpassed the milestone of our first 100 million official members, with 103 million official members, up 51% year-over-year. Our 12-month retention also remained strong, well above 80%. These consistent metrics are a strong testimony to the success of our platform and growth strategies.

轉向我們的社區。隨著我們的用戶群不斷增長，特別是在 Z+ 世代受眾中，我們進一步培養了聯繫並加強了我們的社區聯繫。第四季度，我們的每日視頻觀看量達到 12 億，同比增長 70%。每月互動量也同比增長 94%，用戶產生了 47 億條子彈聊天、評論、點贊和 Bilibili 時刻帖子。我們的官方會員人數也達到了新的高度。在第四季度末，我們超過了第一個 1 億正式會員的里程碑，正式會員達到 1.03 億，同比增長 51%。我們 12 個月的留存率也保持強勁，遠高於 80%。這些一致的指標是我們平台和增長戰略成功的有力證明。

Turning to our commercialization progress. We diversified our game offering even further in 2020, led by existing popular games such as Princess Connect!, FGO and Azure Lane. Mobile games revenue grew to RMB 1.1 billion in the fourth quarter, up 30% year-over-year.

談到我們的商業化進展。我們在 2020 年進一步豐富了我們的遊戲產品，以現有的流行遊戲如 Princess Connect!、FGO 和 Azure Lane 為主導。第四季度手游收入增長至人民幣 11 億元，同比增長 30%。

Old and new fans alike continue to find great joy in these games, driving their steady performances. Genshin Impact, Yuanshen, continue to win fans with massive success. And Bilibili is again primary Android partner in China.

新老粉絲都繼續在這些遊戲中找到極大的樂趣，推動他們穩定的表現。 Genshin Impact，元神繼續以巨大的成功贏得粉絲。嗶哩嗶哩再次成為中國主要的安卓合作夥伴。

As for game pipeline, we have 14 titles that have obtained approvals and are scheduled for launch. We are very excited about our new exclusively licensed games. In the upcoming quarters, we plan to bring players Sword Art Online: Integral Factor, (foreign language); an exciting MMORPG, Artery Gear (Foreign language); and Guardian Tales, (foreign language). As for our jointly operated games, we continue to be a partner of choice for leading game developers. In 2021, we will continue to work with top developers to bring more premium games to Chinese users, such as NetEase Harry Potter and Diablo as well as Tencent's League of Legends mobile game.

在遊戲管道方面，我們有 14 款遊戲已獲得批准併計劃推出。我們對我們新的獨家授權遊戲感到非常興奮。在接下來的幾個季度，我們計劃為玩家帶來刀劍神域：積分因子，（外語）；令人興奮的MMORPG，Artery Gear（外語）；和Guardian Tales，（外語）。至於我們的聯營遊戲，我們繼續成為領先遊戲開發商的首選合作夥伴。 2021年，我們將繼續與頂級開發商合作，為中國用戶帶來更多優質遊戲，如網易哈利波特和暗黑破壞神，以及騰訊的英雄聯盟手游。

Turning to our VAS business. Driven by our premium memberships and live broadcasting business, revenue from VAS increased by 118% year-over-year, reaching RMB 1.2 billion in the fourth quarter. Premium memberships are on the rise, gaining viewers exclusive or advanced access to our OGV content. At the end of the fourth quarter, we had engaged 14.5 million premium members, up 91% year-over-year. The majority of our members paid for annual memberships or our automatic renewal programs. As a natural extension of our video platform, we continue to build our live broadcasting content ecosystem. While more host are attracted to Bilibili, more content creators are leveraging our live broadcasting platform to connect with fans and showcase their talents. Having secured 3 years of exclusive live broadcasting rights to the League of Legends World Championship in China, we further enhanced our Esports content offering with the recent S10 event hitting record high viewership.

轉向我們的增值服務業務。在我們的高級會員和直播業務的推動下，增值服務收入同比增長 118%，第四季度達到人民幣 12 億元。高級會員正在增加，讓觀眾可以獨家或高級訪問我們的 OGV 內容。截至第四季度末，我們已吸引了 1450 萬高級會員，同比增長 91%。我們的大多數會員為年度會員或我們的自動續訂計劃付費。作為我們視頻平台的自然延伸，我們繼續構建我們的直播內容生態系統。在越來越多的主播被 Bilibili 吸引的同時，越來越多的內容創作者正在利用我們的直播平台與粉絲聯繫並展示他們的才華。在獲得英雄聯盟全球總決賽 3 年獨家直播權後，我們進一步加強了我們的電競內容供應，近期 S10 賽事的收視率創下歷史新高。

Last but not least, let's review our advertising business. Thanks to our strong user growth and enhanced brand name, advertisers are even more aware of our users' value and coming to Bilibili for increased visibility. At the same time, our ad efficiency and effectiveness further improve as our algorithm improves.

最後但同樣重要的是，讓我們回顧一下我們的廣告業務。由於我們強勁的用戶增長和增強的品牌知名度，廣告商更加意識到我們的用戶價值並來到 Bilibili 以提高知名度。同時，隨著算法的改進，我們的廣告效率和效果會進一步提高。

Revenue from advertising segment reached RMB 722 million, up 149% year-over-year in the fourth quarter. Games,food & beverage, e-commerce, skincare & cosmetics and 3C products were the leading verticals in the fourth quarter. Our New Year's Eve Gala proved to be a great draw for advertisers as well. This year, we welcomed the new consumer brand, Yuan Qi Sen Lin, and the traditional appliance giant, Midea Group, as our key sponsors of gala.

第四季度廣告業務收入達到人民幣7.22億元，同比增長149%。遊戲、食品和飲料、電子商務、護膚和化妝品以及 3C 產品是第四季度的領先垂直領域。事實證明，我們的新年前夜晚會對廣告商來說也很有吸引力。今年，我們迎來了新消費品牌元奇森林和傳統家電巨頭美的集團作為我們此次盛會的主要贊助商。

Our results speak for themselves, and our business continue to gain momentum. Bilibili is decidedly the go-to platform capturing the hearts and the minds of Generation Z+ and our audience of young users keep growing. We have entered a new era where video is becoming the dominant vehicle for people to get connected, informed and entertained. The trend of videolization is only getting started.

我們的結果不言自明，我們的業務繼續增長。 Bilibili 無疑是俘獲 Z+ 一代的心和思想的首選平台，我們的年輕用戶群也在不斷增長。我們已經進入了一個新時代，視頻正在成為人們聯繫、了解和娛樂的主要工具。視頻化的趨勢才剛剛開始。

At the same time, China's overall economy is on the rise and is expected to continue with vigorous growth. We are not only helping to shape the new videolization paradigm, but also gaining market share in this huge and growing video market. In 2021, we will continue to invest in our content and our brand to expand our reach and further capitalize on this tremendous opportunity.

與此同時，中國經濟整體呈上升趨勢，有望繼續保持強勁增長勢頭。我們不僅在幫助塑造新的視頻化範式，還在這個巨大且不斷增長的視頻市場中獲得市場份額。 2021 年，我們將繼續投資於我們的內容和品牌，以擴大我們的影響力並進一步利用這一巨大機遇。

This concludes Mr. Chen's remarks. I will now provide a brief overview of our financial results for the fourth quarter and the full year of 2020.

陳先生的發言到此結束。我現在將簡要概述我們第四季度和 2020 年全年的財務業績。

Total net revenues for the fourth quarter were RMB 3.8 billion, up 91% from the same period of 2019. In the fourth quarter, we continued to see a more balanced and diversified revenue mix. Our total net revenues breakdown by streams was approximately 29%, games; 33%, VAS; 19%, advertising; and then 19% e-commerce and other business.

第四季度總淨收入為人民幣 38 億元，較 2019 年同期增長 91%。第四季度，我們繼續看到更加平衡和多元化的收入結構。我們按流分類的總淨收入約為 29%，遊戲； 33%，增值服務； 19%，廣告；然後是19%的電子商務和其他業務。

Cost of revenues increased by 80% year-over-year to RMB 2.9 billion. Revenue-sharing cost, a key component of cost of revenues, were RMB 1.3 billion, also an 80% increase from the same period in 2019. Gross profit increased by 137% year-over-year to RMB 944.1 million. Our gross margin improved to [24.6%] (corrected by company after the call) in the fourth quarter compared with 19.8% from the same period last year.

收入成本同比增長 80% 至 29 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 13 億元，也比 2019 年同期增長 80%。毛利潤同比增長 137% 至人民幣 9.441 億元。與去年同期的 19.8% 相比，第四季度我們的毛利率提高至 [24.6%]（由公司在電話會議後修正）。

Total operating expenses were RMB 1.8 billion, up 126% from the same period in 2019. Selling and marketing expenses were RMB 1 billion, representing 147% increase year-over-year. The increase was primarily attributed to the increased channel and marketing expenses associated with our app and brand such as our 2020 branding campaigns as well as expenses for our mobile games and the sales and marketing personnel. By allocating resources to build our brand and appeal among broader audience, we achieved a substantial growth in 2020.

總營業費用為人民幣18億元，較2019年同期增長126%。銷售及營銷費用為人民幣10億元，同比增長147%。這一增長主要歸因於與我們的應用程序和品牌相關的渠道和營銷費用增加，例如我們的 2020 年品牌推廣活動以及我們的手機遊戲和銷售和營銷人員的費用。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。

We believe the effects will be further reaching with positive impact to the market over the long run. We can already see the benefit of this strategy through our broadening user base, demographics content and overall industry leadership. We plan to continue building on this momentum in 2021 to further strengthen and expand our virtuous growth cycle.

我們相信，從長遠來看，影響將進一步擴大，對市場產生積極影響。通過我們不斷擴大的用戶群、人口統計內容和整體行業領導地位，我們已經可以看到這一戰略的好處。我們計劃在 2021 年繼續鞏固這一勢頭，進一步加強和擴大我們的良性增長周期。

G&A expenses were RMB 343 million, representing 115% increase year-over-year. The increase was primarily due to increased head count in general and administrative personnel, increased share-based compensation expenses, increased allowance for doubtful accounts and higher rental expenses.

G&A費用為人民幣3.43億元，同比增長115%。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、呆賬準備金增加以及租金費用增加。

R&D expenses were RMB 484 million, representing a 97% increase year-over-year. The increase was primarily due to increased head count in research and development personnel and increased share-based compensation expenses. Net loss was RMB 844 million for the fourth quarter of 2020 compared to RMB 387 million in the same period of 2019.

研發費用4.84億元，同比增長97%。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。 2020年第四季度淨虧損為人民幣8.44億元，而2019年同期為人民幣3.87億元。

Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses and amortization expenses related to the intangible assets acquired through business acquisitions and the income tax related to the intangible assets acquired through business acquisition, was RMB 682 million compared to RMB 337 million in the same period of 2019.

調整後的淨虧損為人民幣 6.82 億元，這是一項非公認會計準則計量，不包括與通過業務收購取得的無形資產相關的股權補償費用和攤銷費用以及與通過業務收購取得的無形資產相關的所得稅，相比2019年同期為3.37億元。

Basic and diluted net loss per share was RMB 2.34. Adjusted basic and diluted net loss per share were RMB 1.88. For the full year of 2020, our total net revenues increased by 77% to RMB 12 billion. Notably, we saw a shift in our revenue streams with 60% of our total [net] (corrected by company after the call) revenues in 2020 coming from our nongame business, and games accounting for 40%.

每股基本及攤薄淨虧損為人民幣2.34元。調整後的每股基本及攤薄淨虧損為人民幣1.88元。 2020年全年，我們的總淨收入增長77%至人民幣120億元。值得注意的是，我們的收入流發生了轉變，2020 年我們的總 [淨]（由公司在電話會議後更正）收入的 60% 來自我們的非遊戲業務，而遊戲佔 40%。

Gross profit for the 2020 full year increased 139% to RMB 2.8 billion. Net loss for 2020 was RMB 3.1 billion compared to RMB 1.3 billion in 2019. Adjusted net loss for 2020 was RMB 2.6 billion compared with RMB 1.1 billion in 2019.

2020年全年毛利增長139%至人民幣28億元。 2020 年淨虧損為 31 億元人民幣，而 2019 年為 13 億元人民幣。2020 年調整後淨虧損為 26 億元人民幣，而 2019 年為 11 億元人民幣。

Basic and diluted net loss per share for 2020 was RMB 8.71. This compares with RMB 3.99 in 2019. Adjusted basic and diluted net loss per share was RMB 7.46 compared with RMB 3.30 in 2019.

2020年每股基本及攤薄淨虧損為人民幣8.71元。相比之下，2019 年為人民幣 3.99 元。調整後的基本和攤薄每股淨虧損為人民幣 7.46 元，而 2019 年為人民幣 3.30 元。

As of December 31, 2020, we had cash and cash equivalents, time deposits as well as short-term investments of RMB 12.8 billion compared to RMB 8.1 billion as of December 31, 2019.

截至 2020 年 12 月 31 日，我們的現金及現金等價物、定期存款以及短期投資為人民幣 128 億元，而截至 2019 年 12 月 31 日為人民幣 81 億元。

With that in mind, we are currently projecting net revenues for the first quarter of 2021 to be between RMB 3.7 billion and RMB 3.8 billion.

考慮到這一點，我們目前預計 2021 年第一季度的淨收入將在人民幣 37 億元至人民幣 38 億元之間。

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) And our first question comes from the line of Alex Poon from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Alex Poon。

(foreign language) My first question is related to the user growth in coming years and the strategy and in terms of the product strategy, et cetera. At the same time, how can we maintain the user quality? For example, in fourth quarter, we noticed there is a small decline in terms of DAU-MAU ratio and also the user time spent on a year-over-year basis.

（外語）我的第一個問題是關於未來幾年的用戶增長和戰略以及產品戰略等方面。同時，如何保持用戶質量？例如，在第四季度，我們注意到 DAU-MAU 比率和用戶使用時間同比都有小幅下降。

(foreign language)

（外語）

[Interpreted] So user growth has always remained our top priority. And I personally take a great priority in looking after the user growth strategy. So under the rapid trend of videolization, we believe every Internet user could potentially become a video user, and this is creating a massive market opportunity for us.

【解讀】所以用戶增長一直是我們的重中之重。我個人非常重視用戶增長戰略。所以在視頻化快速發展的趨勢下，我們相信每個互聯網用戶都有可能成為視頻用戶，這為我們創造了巨大的市場機會。

(foreign language)

（外語）

[Interpreted] So I believe the user growth for all the content platform really depends on the quality of the content. Whichever platform has the highest quality content, the user will tend to -- that will turn to that platform. And for Bilibili, we have always practiced the philosophy that to leverage high-quality content to attract our users. And we are really focused on expanding our content offerings and content categories.

【解讀】所以我相信所有內容平台的用戶增長真的取決於內容的質量。無論哪個平台擁有最高質量的內容，用戶都會傾向於——這將轉向那個平台。而對於嗶哩嗶哩來說，我們一直踐行著利用優質內容來吸引用戶的理念。我們真正專注於擴展我們的內容產品和內容類別。

(foreign language)

（外語）

[Interpreted] So the reason why that Bilibili can continuously produce high-quality content is because we have built ever-growing sustainable content ecosystem, which naturally give birth to many high-quality content.

【解讀】所以B站之所以能夠持續產出優質內容，是因為我們構建了不斷發展的可持續內容生態系統，自然而然會催生出很多優質內容。

(foreign language)

（外語）

[Interpreted] So as we attract our users through our ever-growing high-quality content, at the same time, our highly engaged, sticky community help us to retain those users and providing them unique community experience.

[解釋] 因此，當我們通過不斷增長的高質量內容吸引用戶時，同時，我們高度參與、粘性的社區幫助我們留住這些用戶並為他們提供獨特的社區體驗。

(foreign language)

（外語）

[Interpreted] And our commercial efforts is also organically combined and merged with our content ecosystem as well as our community. So in many ways, it does not affect our user experience. On the contrary, we think it's a part -- it's becoming part of our content offerings and community experience.

【解讀】我們的商業努力也與我們的內容生態系統以及我們的社區有機地結合和融合。所以在很多方面，它不會影響我們的用戶體驗。相反，我們認為這是一部分——它正在成為我們提供的內容和社區體驗的一部分。

(foreign language)

（外語）

[Interpreted] So looking at the past 2 years, we have experienced a very high-quality and rapid user growth. And you can -- you may even notice that our reach for broader audiences is beyond the Generation Z. And according to the latest third-party report, about 86% of our users in 2020 are aged below 35. So Bilibili is becoming the primary choice for not only the Gen Z, but also become a lot of users' choice that age below 35.

【解讀】所以回顧過去的2年，我們經歷了非常高質量和快速的用戶增長。而且你可以——你甚至可能注意到我們對更廣泛受眾的影響超出了 Z 一代。根據最新的第三方報告，到 2020 年，我們約有 86% 的用戶年齡在 35 歲以下。所以 Bilibili 正在成為主要的不僅是Z世代的選擇，也成為很多35歲以下用戶的選擇。

(foreign language)

（外語）

[Interpreted] On top of our user number is expanding. We think that we are expanding our influential power up multiple content verticals. In the past, people might have the perception that Bilibili has all the content, young generations-like such as anime, games, music and entertainment. And in 2020, you would notice that there are many verticals that are emerging that have the mass-market appeal to all the age groups. For example, our knowledge sector was one of the fast-growing sector in last year. And knowledge as itself is the high-quality content for age -- all age groups that's out there.

【解讀】除此之外，我們的用戶數量還在不斷擴大。我們認為我們正在將我們的影響力擴展到多個內容垂直領域。過去，人們可能會認為Bilibili擁有動漫、遊戲、音樂和娛樂等年輕一代的所有內容。在 2020 年，您會注意到許多垂直行業正在興起，它們對所有年齡段的大眾市場都具有吸引力。例如，我們的知識部門是去年增長最快的部門之一。知識本身就是適合年齡的高質量內容——所有年齡組都在那裡。

(foreign language)

（外語）

[Interpreted] On top of our further ever-growing PUGV content ecosystem, we've noticed in our OGV department, there has been a great synergy. For example, our traditional strong verticals, anime and documentary continuously to thrive. And on the other hand, we have seen new emerging content categories such as our New Year's Gala. Our films and TV productions is also welcoming more and more audiences.

[解釋] 在我們進一步不斷發展的 PUGV 內容生態系統之上，我們注意到在我們的 OGV 部門，有一個很好的協同作用。例如，我們傳統的強勢垂直領域，動漫和紀錄片不斷蓬勃發展。另一方面，我們看到了新出現的內容類別，例如我們的新年晚會。我們的影視作品也受到越來越多的觀眾歡迎。

(foreign language)

（外語）

[Interpreted] So all the above, we can summarize our user growth can at least meet 3 criteria. One is we will continue to penetrate the young generations. In the past, it might be the Gen Z demographic, people born in between 1990 to 2009. We believe we can further enrich -- expand to the age group that's born after 1985 or even 1980.

【解讀】綜上所述，我們可以總結出我們的用戶增長至少可以滿足3個標準。一是我們將繼續深入年輕一代。過去，可能是 Z 世代人口，即出生於 1990 年至 2009 年之間的人。我們相信我們可以進一步豐富——擴大到 1985 年甚至 1980 年之後出生的年齡組。

(foreign language)

（外語）

[Interpreted] So on the second point is, on the quality of the content, we believe we can become a leading player in more and more content verticals and gaining more mindshare of those verticals in the market.

[解釋] 所以第二點是，在內容的質量上，我們相信我們可以成為越來越多的內容垂直領域的領先者，並在這些垂直領域獲得更多的市場份額。

(foreign language)

（外語）

[Interpreted] So for example, in the past, people may have the perception, the best anime and the best game content is on Bilibili. Going forward, we hope to establish more mindshare and a high ground on more and more verticals, for example, and in knowledge and in many more. And we believe there will be more high-quality content in -- various content verticals will be emerging on Bilibili, gaining more market share.

【解讀】所以比如說，過去人們可能有這樣的認知，最好的動漫和最好的遊戲內容都在嗶哩嗶哩上。展望未來，我們希望在越來越多的垂直領域建立更多的思想分享和製高點，例如，在知識和更多領域。我們相信將會有更多高質量的內容——各種垂直內容將在 Bilibili 上出現，獲得更多的市場份額。

(foreign language)

（外語）

[Interpreted] So by achieving the first 2 points, we are confident we can continue to take a leading role in terms of the taste of the content and leading -- leading the young generation's preferences over content and over our artistic preferences. And we will continue to maintain a highly engaged and friendly community environment, at the same time, increase our commercialization capability.

[解讀]所以通過實現前兩點，我們有信心在內容品味和引領方面繼續發揮主導作用——引領年輕一代對內容的偏好和我們的藝術偏好。我們將繼續保持高度參與和友好的社區環境，同時提高我們的商業化能力。

(foreign language)

（外語）

[Interpreted] So in the past, we have done a lot of work setting up our user growth, and we have done a lot of groundwork. And we are very prudent when it comes to setting up plans and strategies. And in the past, we have set 2 user growth. One is back in 2018. Back then, we set a user target of 150 -- to achieve 150 million in 2020. Then we update that user goal back in 2019, which is to refresh the user target to achieving 220 million by 2021.

【解讀】所以在過去，我們在用戶增長方面做了很多工作，也做了很多基礎工作。在製定計劃和戰略時，我們非常謹慎。而在過去，我們已經設定了 2 個用戶增長。一個是在 2018 年。當時我們設定了 150 的用戶目標——到 2020 年達到 1.5 億。然後我們在 2019 年更新了這個用戶目標，即刷新用戶目標，到 2021 年達到 2.2 億。

(foreign language)

（外語）

[Interpreted] So in the past, the goal that we announced, we believe we have a very good track record in delivering those goals. As for the 220 million by 2021, we are quite confident to achieve that goal in advance. And standing where we are today at early 2021, we are setting up a new 3-year user target, which we believe we can achieve 400 million MAUs by end of 2023.

[解釋]所以在過去，我們宣布的目標，我們相信我們在實現這些目標方面有著非常好的記錄。至於到2021年的2.2億，我們很有信心提前實現這個目標。站在 2021 年初的今天，我們正在製定一個新的 3 年用戶目標，我們相信到 2023 年底我們可以實現 4 億 MAU。

(foreign language)

（外語）

[Interpreted] As we move forward, we believe that the Internet companies' competition over user is only getting more and more fierce. Despite a challenging environment, we remain confident about our goals. We will further -- to enhance our advantage in our content ecosystem as well as our engaging community. We are quite confident to achieve that user guidance. (foreign language)

【解讀】隨著我們的前進，我們相信互聯網公司對用戶的競爭只會越來越激烈。儘管環境充滿挑戰，我們仍然對我們的目標充滿信心。我們將進一步——增強我們在內容生態系統和參與社區中的優勢。我們非常有信心實現該用戶指導。 （外語）

(foreign language)

（外語）

[Interpreted] So as for the DAU to MAU ratio, I would like to emphasize that in the fourth quarter, our main mobile app, the DAU to MAU ratio actually slightly improved quarter-over-quarter. And we have made the judgment back in the third quarter that as our user has experienced fast growth, the DAU to MAU ratio might fluctuate. Over the long term, it shouldn't have large differences.

[解釋]所以關於DAU與MAU的比率，我想強調的是，在第四季度，我們的主要移動應用程序，DAU與MAU的比率實際上環比略有改善。我們在第三季度就已經做出判斷，由於我們的用戶經歷了快速增長，DAU 與 MAU 的比率可能會出現波動。從長遠來看，它不應該有很大的差異。

As for the time spent, this -- for this quarter, our time spent per DAU was 75 minutes. And compared to the same period last year, only a slight decrease, which we believe it's a normal case.

至於花費的時間，這個季度，我們每個 DAU 花費的時間是 75 分鐘。與去年同期相比，僅略有下降，我們認為這是正常情況。

(foreign language)

（外語）

[Interpreted] So when we look at the time spent per DAU in January this year, it actually improved to above 80 minutes. So this is also in check with our overall judgment on the time spend and DAU to MAU.

[解讀]所以當我們查看今年 1 月份每個 DAU 花費的時間時，它實際上提高到了 80 分鐘以上。因此，這也與我們對時間花費和 DAU 到 MAU 的總體判斷相符。

(foreign language)

（外語）

[Interpreted] So Carly would like to supplement one point. One is that, as Mr. Chen mentioned, our growth model is driven by our content ecosystem as well as our community. And you would also say that we made all the right moves in expanding Bilibili brand name in 2020. As we look forward to 2021, we'll continue to build on our -- further expand our branding perception and branding awareness through multiple marketing events.

【解讀】所以卡莉想補充一點。一是，正如陳先生所說，我們的增長模式是由我們的內容生態系統和我們的社區驅動的。你也可以說，我們在 2020 年擴大 Bilibili 品牌名稱方面採取了所有正確的舉措。展望 2021 年，我們將繼續在我們的基礎上——通過多個營銷活動進一步擴大我們的品牌認知度和品牌知名度。

(foreign language)

（外語）

[Interpreted] So we've done our user perception study on our brand awareness back in 2019, 2020, and the number was -- they're over 30% in 2019, and the brand awareness perception rate was improved to over 60% in 2020. We hope with number of our branding initiatives and marketing event, we hope to increase that perception rate above 90% in 2021.

[解釋] 所以我們在 2019 年和 2020 年對我們的品牌知名度進行了用戶感知研究，這個數字是——他們在 2019 年超過 30%，品牌知名度感知率在 2019 年提高到 60% 以上2020. 我們希望通過我們的品牌推廣活動和營銷活動，我們希望在 2021 年將感知率提高到 90% 以上。

(foreign language)

（外語）

[Interpreted] Okay. And one more thing is that on the branding initiatives, we are going to launch several campaigns in cooperation with company events and a big content launch to increase our brand perception and brand awareness. At the same time, we'll also work with other leading Internet players to increase our perceptions along with active user acquisition and channel acquisitions. Okay.

[解釋] 好的。還有一件事是，在品牌推廣方面，我們將與公司活動和大型內容髮布合作推出幾項活動，以提高我們的品牌認知度和品牌知名度。同時，我們還將與其他領先的互聯網參與者合作，在活躍用戶獲取和渠道獲取的同時提高我們的認知度。好的。

And your next question comes from the line of Alex Yao of JPMorgan.

您的下一個問題來自摩根大通的 Alex Yao。

(foreign language) So my first question is about the advertising business, which has been accelerating almost 4 quarters in a row in the past several quarters. Can you guys elaborate a bit more on the growth driver behind this rapid-growing advertising business? Also, can you talk about the advertising revenue growth outlook for 2021?

（外語）所以我的第一個問題是關於廣告業務，在過去的幾個季度中，它已經連續近四個季度加速增長。你們能詳細說明一下這個快速增長的廣告業務背後的增長動力嗎？另外，您能談談 2021 年的廣告收入增長前景嗎？

A follow-up question on this advertising monetization is that we noticed you guys have recently launched a number of KOL economy monetization models, such as the Huahuo. Can you talk through your latest thinking on the KOL economy monetization on Bilibili. And also, can you talk about the feedback from both advertiser as well as content creators on the introduction of Huahuo?

關於這個廣告變現的後續問題是，我們注意到你們最近推出了一些KOL經濟變現模式，比如花火。能否談談你對 Bilibili 上 KOL 經濟變現的最新思考。另外，您能談談廣告商和內容創作者對花火推出的反饋嗎？

(foreign language)

（外語）

[Interpreted] So first of all, we have over -- near half of active users that's our -- that is China's young generation, and Bilibili is the platform that has the most concentrated young generation users. As we believe as the Gen Z become the mainstream of the society, they have more saying and more spending power across various industry verticals. And the next decade will be the new consumer upgrade, new consumer branding upgrade for the China's overall consumption industry. As Bilibili's user has the most influence and most spending power within this vertical, Bilibili is becoming the must-invest advertising platform.

【解讀】首先，我們有超過——接近一半的活躍用戶是我們的——那就是中國的年輕一代，而嗶哩嗶哩是年輕一代用戶最集中的平台。我們相信，隨著 Z 世代成為社會的主流，他們在各個垂直行業擁有更多的話語權和更多的消費能力。而下一個十年，將是中國整體消費行業的新消費升級、新消費品牌升級。嗶哩嗶哩的用戶在這個垂直領域擁有最大的影響力和消費能力，嗶哩嗶哩正在成為必投資的廣告平台。

(foreign language)

（外語）

[Interpreted] So in 2020, as we experience fast and high-quality user growth, our influence over brand advertising is also increasing. Over the years, we have continuously improved our commercial middle platform capabilities, and our advertising revenue has experienced accelerated growth for 7 consecutive quarters. In the fourth quarter, our advertising revenue reached [RMB722 million] (corrected by company after the call) and up 149% year-over-year. And for the full year, our advertising revenue also grew by 126% year-over-year.

【解讀】所以在2020年，隨著用戶快速高質量增長，我們對品牌廣告的影響力也在不斷提升。多年來，我們不斷提升商業中台能力，廣告收入連續7個季度加速增長。第四季度，我們的廣告收入達到[人民幣7.22億元]（由公司在電話會議後更正），同比增長149%。全年，我們的廣告收入也同比增長了 126%。

(foreign language)

（外語）

[Interpreted] So for 2021, we do not intend to increase our ad load, and we're going to maintain the ad load around 5%. From our perspective, we are still at the Phase 2, building our infrastructure. And our advertising business still have a huge potential to grow.

[解釋] 所以對於 2021 年，我們不打算增加我們的廣告負載，我們打算將廣告負載保持在 5% 左右。從我們的角度來看，我們仍處於第 2 階段，即建設我們的基礎設施。我們的廣告業務仍有巨大的增長潛力。

(foreign language)

（外語）

[Interpreted] So first of all, we will continue to enhance our middle platform capability serving the commercialization progress. As our product -- as our advertising product improve and our algorithm improve, our overall advertising efficiency will also improve. And the efficiency is not only reflect on the increase of our advertising revenue, it also reflects on other business. For example, our game -- jointly operated games improvement also depends on the improvement of our advertising efficiency. So that goes with our live broadcasting membership and e-commerce.

【解讀】首先，我們將繼續提升服務商業化進程的中台能力。隨著我們的產品——隨著我們的廣告產品和算法的改進，我們的整體廣告效率也會提高。而效率不僅體現在我們廣告收入的增加上，也體現在其他業務上。比如我們的遊戲——聯營遊戲的改進，也依賴於我們廣告效率的提升。這與我們的直播會員和電子商務有關。

(foreign language)

（外語）

[Interpreted] So on top of our news feeds, we tend to enhance our commercialization capability across multiple business lines and across multiple platforms. For example, the business line includes live broadcasting, comic and our audio drama platform. And as for the multi screen, that goes to our mobile device on iPad, on PC and our smart televisions to help our -- the brands to connect even further in multiple ways with the young generations.

[解釋] 因此，在我們的新聞提要之上，我們傾向於增強我們跨多個業務線和跨多個平台的商業化能力。例如，業務線包括直播、漫畫和我們的有聲劇平台。至於多屏幕，它可以用於我們在 iPad、PC 和智能電視上的移動設備，以幫助我們的品牌以多種方式與年輕一代進一步聯繫。

(foreign language)

（外語）

[Interpreted] So the third point would be to increase our integrated marketing efficiency and standardize more of the procedures among this overall integrated marketing campaign. In 2020, we have significantly improved the ad efficiencies on single users. And in 2021, we are going to elevate that to a single industry -- on a single industry basis to better serve our industry verticals.

【解讀】所以第三點，就是要提高我們整合營銷的效率，在整個整合營銷活動中規範更多的流程。 2020 年，我們顯著提高了單用戶的廣告效率。到 2021 年，我們將把它提升到單一行業——在單一行業的基礎上，以更好地服務於我們的垂直行業。

(foreign language)

（外語）

[Interpreted] And last but not least, I'll add some point on our Sparkle advertising platforms. This platform was launched in Q3 last year. It is a matchmaking platform between content creator and various advertising platform -- advertisers. So this -- the born of the platform is a natural development of our advertisers' needs and our content creators' needs as more content creator need commercialization empowerment. And our content -- our advertisers also need efficient ways to influence users' decision-making. So the born of the platform is to connect both parties' needs at the same time to ensure a smooth, efficient transaction between 2 parties. And in 2021, we'll spend more efforts in improving this platform, bringing more opportunity for both parties.

[解釋] 最後但並非最不重要的一點是，我將在我們的 Sparkle 廣告平台上添加一些要點。該平台於去年第三季度推出。它是內容創作者與各類廣告平台——廣告主之間的對接平台。所以這個——平台的誕生是我們廣告主的需求和我們的內容創作者的需求的自然發展，因為更多的內容創作者需要商業化賦能。而我們的內容——我們的廣告商也需要有效的方式來影響用戶的決策。所以平台的誕生是為了同時連接雙方的需求，以保證兩方之間的順暢、高效的交易。而在2021年，我們將更加努力地完善這個平台，為雙方帶來更多的機會。

(foreign language)

（外語）

[Interpreted] So in summary, we are quite confident of our advertising revenue growth. We believe we can still maintain a high-growth rate that's above the overall growth rate of the company.

【解讀】所以總而言之，我們對我們的廣告收入增長很有信心。我們相信我們仍然可以保持高於公司整體增長率的高增長率。

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

太感謝了。問答環節到此結束。我想將會議轉回管理層，以獲取任何其他或結束的評論。

Well, thank you once again for joining us today. If you have further questions, please contact myself, 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. Thank you.

好吧，再次感謝您今天加入我們。如果您還有其他問題，請聯繫我本人、嗶哩嗶哩高級投資者關係總監 Juliet Yang 或 TPG 投資者關係部。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。謝謝你。

And that does conclude our conference for today. Thank you for participating. You may all now disconnect.

這確實結束了我們今天的會議。感謝您的參與。你們現在都可以斷開連接了。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[此成績單中標記為 [已翻譯] 的部分由現場通話中的口譯員朗讀。]