Q3 2025 Bilibili Inc Earnings Call
Speaker #1: I would like to turn the conference over to Juliet Yang, Executive Director of Investor Relations. Please go ahead.
Speaker #1: ahead. Thank you,
Speaker #2: 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.
Speaker #2: 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.
Speaker #2: The non-GAAP financial measures we provide are for comparison purposes only. The definition of this measure and the reconciliation table are available in the news release we issued earlier today.
Speaker #2: As a reminder, this conference is being recorded. Additionally, an investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at ir.bilibili.com.
Speaker #2: Joining us today from Bilibili are Mr. Rui Chen, Chairman Officer; Ms. Carly Lee, Vice Chairwoman of the Board and Chief Operating Officer; and members of the Senior Management team.
Speaker #2: And Mr. Xin Fan, Chief Financial Officer. I will now turn the call over to Mr. Chen.
Speaker #3: Thank you, Juliet. And thank you to everyone for joining us today to discuss our Q3 2025 results. Our 2025 momentum carried through the third quarter as we delivered solid growth, improved profitability, and attracted an even larger, more engaged community.
Speaker #3: As an influential hub of diverse interests, our high-quality content offerings and unique community experience continue to fascinate the hearts and minds of young generations.
Speaker #3: We are metrics, which have resumed an accelerated growth trajectory since the beginning of increasingly seeing this in our key user the year. In the third quarter, our DAUs rose 9% year over year to 8% to 376 million, and average daily time spent 117 million, MAUs grew per user increased to 112 minutes up 6 minutes from the same period last year, each hit an all-time high.
Speaker #3: proud of these numbers, as they show We are very content, and the welcoming community spirit that makes Bilibili unique. users rising demand for quality We will keep building on this strong user user mindshare as the best PUGV community in momentum and reinforcing our leading China.
Speaker #3: commercial value with even greater opportunities ahead. While this solid community enjoys engaging content, users are demonstrating a stronger willingness to spend on our platform.
Speaker #3: Both directly and indirectly, monthly paying users hit a record high of 35 million in the third quarter, up 17% year over year, with more users converting through our various games and VAS offerings.
Speaker #3: We're also seeing deeper engagement around Bilibili for advice and inspiration with real purchasing intent. Our advertising business also accelerated, and revenue grew 23% year over year in the third quarter.
Speaker #3: With an average user age of 26, a maturing cohort with stronger purchasing power and expanding consumption needs, we're capturing more commercial potential across the platform and realizing greater value from our users' evolving needs.
Speaker #3: Building on these strong fundamentals, we delivered solid financial results in the third quarter. Total net revenues grew 5% year over year to RMB 7.7 billion.
Speaker #3: As our revenue mix shifts toward high-margin business, gross profit increased 11% year over year with gross margin expanding to 36.7%. Marking the 13th consecutive quarter of growth, supported by disciplined cost management and higher operating leverage, our non-GAAP operating and net profit surged 153% and 233% respectively year over year.
Speaker #3: Operating and net margins reached our non-GAAP 9% and 10.2%, respectively, showing meaningful improvements from the same period last year. These metrics underscore the sustainability of our growth model, reflected in our continued profitability expansion.
Speaker #3: Notably, we welcomed another blockbuster game, Escape from Dachau's Taorii Yakufu, in October. This self-developed single-player extraction shooter game became an instant hit after its debut.
Speaker #3: Selling over 3 million copies globally and earning great user reviews, the success illustrates our sharp genre insight, in-house development capabilities, and solid execution in reinventing games for new generations of gamers.
Speaker #3: There is still a lot of unmet demand in the market, and we are ready to tap into it with our upcoming pipeline and robust game content ecosystem.
Speaker #3: As we continue to strengthen our business fundamentals, AI is becoming a key enabler of our future growth. Later this year, we plan to launch several AI-powered applications, including multilingual video accessibility features such as AI-enabled dubbing, also developing a new video generation tool tailored to video podcast production, where compelling storytelling defines high-quality output.
Speaker #3: Beyond these initiatives, AI is consistently enhancing our operational efficiency. There is so much more to explore. Looking ahead, our focus remains on empowering our unique PUGV community.
Speaker #3: Strengthening our commercialization capabilities and sustaining profitability, we will continue to scale our core businesses while exploring opportunities such as innovative games and AI-empowered solutions to enhance user experience and capture additional monetization potential.
Speaker #3: With that overview, let's take a closer look at our core pillars of content, community, and commercialization. Beginning with content and community, our ecosystems continue to grow stronger as quality content and community connections reinforce each other.
Speaker #3: This growing synergy is reflected in record engagement and increased commercialization, demonstrating Bilibili's ability to turn cultural relevance into sustainable growth. Average daily time spent hit a new record high of 112 minutes in the third quarter.
Speaker #3: This is a 6-minute increase over the same period of last year. Mid to long-form videos remain our hallmark. Users continue to show high engagement with our more substantial informative content, and watch time for videos over 5 minutes increased by 20% year over year in the third quarter.
Speaker #3: Our official members grew to 278 million, with ongoing steady 12-month retention of around 80%, reflecting strong user loyalty. ACG remains the legacy category of our cultural ecosystem.
Speaker #3: Chinese anime content, watch time more than doubled this quarter, led by popular series made by Bilibili such as A Record of Mortal's Journey to Immortality.
Speaker #3: The Tales of Hurting Gods. And Ling Cage. The success of these Chinese anime drove premium memberships to a record high of 25.4 million. In addition, game content grew solidly with watch time up 22% year over year.
Speaker #3: This momentum further reinforced games as our largest ad vertical, with Bilibili continuing to provide the ideal community for developers to engage players and strengthen their IP influence.
Speaker #3: Meanwhile, AI-related content remains one of our fastest-growing categories, watch time was up nearly 50% year over year and revenues from AI advertisers rose around 90% in the third quarter, highlighting Bilibili's position at the intersection of tech innovation and user interest and commercialization.
Speaker #3: Lifestyle and consumption-related content also grew as our audience matures and their interest diversifies. Our mid- to long-form, creator-led storytelling content is keeping viewers engaged and drawing more interest from advertisers.
Speaker #3: For example, automobiles stood out in the third quarter, with watch time up nearly 20% and ad spending rising 35%. This demonstrates how our community continues to evolve with our users while expanding opportunities for brands.
Speaker #3: Our creator ecosystem is the key force behind our progress, and creators sit at the center of Bilibili. As a platform, our most important job is to help talented creators build their followers faster and earn more.
Speaker #3: In the first nine months of 2025, the number of creators with 1,00, 10,000, 100,000, and 1 million followers each grew by over 20% year over year.
Speaker #3: Over the same period, nearly 2.5 million creators earned income on Bilibili through various advertising and VAS products, and the average income per creator increased by 22% year over year.
Speaker #3: These trends show how creator success and user engagement reinforce each other, strengthening the foundation of Bilibili's content ecosystem. Now, let's talk about our commercial businesses and their progress.
Speaker #3: Our commercial momentum continued in the third quarter as we tapped into more of the value behind our highly engaged and growing user base. Advertisers are increasingly recognizing the strength of Bilibili's influence, and total advertising revenues grew 23% year over year to RMB 2.6 billion.
Speaker #3: In Q3, we continued advancing our ad infrastructure on multiple fronts. By leveraging our multimodal LLM, we gained a deeper understanding of video content, community interactions, and their interconnection with user intent, improving our ad targeting and recommendation efficiency.
Speaker #3: Meanwhile, our upgraded smart ad placement system automates campaign routing and delivery, maximizing scale, speed, and performance. This drove a 16% year-over-year increase in the number of advertisers seeking incremental value on Bilibili.
Speaker #3: Beyond ad algorithms and placement, our AIGC creative tools add another layer of ad efficiency. Advertisers can automatically generate compelling titles and thumbnails, saving production time and cost while improving conversion rates.
Speaker #3: In the third quarter, over 50% of the performance ad materials had the help of our AIGC tools, assisting advertisers in reaching users more effectively with content that resonates with their intended audiences.
Speaker #3: These infrastructure advancements go beyond efficiency; they're reshaping how advertisers connect with our community. By combining intelligent algorithms with authentic engagement, we're turning creativity into conversion and positioning Bilibili's ad business to capture higher value as we continue to scale.
Speaker #3: This quarter, our top five advertising verticals were games, internet services, digital products, home appliances, e-commerce, and automobiles. As our mid- to long-form PUGVs deliver more informative content and more real usage scenarios for users, we have become an ideal platform for digital product and home appliance brands to reach and convert young users.
Speaker #3: Ad revenues from digital products and home appliances and home decoration both grew by over 60%. As more and more online merchants recognize the commercial value of our unique young user base, they are allocating larger advertising budgets to our platform.
Speaker #3: In addition to our anchor verticals, we continue to see incremental ad revenue from emerging verticals. In Q3, ad budgets from AI and education both increased, meaningfully.
Speaker #3: Turning to our games business, in the third quarter, game revenues came in at RMB 1.5 billion, down 17% year over year, mainly due to the high base from the same period last year when Sembo was initially launched.
Speaker #3: We continue to focus on building a diversified game portfolio, laying a stronger foundation for long-term growth in our gaming business. In the third quarter, Sembo maintained its popularity.
Speaker #3: We further enhanced the user experience by streamlining gameplay and character progression to create a more balanced and enduring title. Building on our success in the domestic market, we plan to launch the traditional Chinese version of Sembo in Q1 2026 for Hong Kong, Macau, and Taiwan.
Speaker #3: With additional international versions planned for later next year, opening it up to strategy players worldwide. Besides Sembo, our legacy titles SGO and Azure Lane continue to be welcomed by ACG lovers.
Speaker #3: Maintaining loyal fan communities and consistent engagement. On October 16, we launched "Escape from Dachau." Our first single-player extraction shooter game, developed in-house by a five-man team, the indie game won over millions of users with innovative gameplay and its cute graphics.
Speaker #3: Over 3 million copies have been sold globally across various platforms, making "Escape from Dachau" the number one popular indie game in China this year.
Speaker #3: This was an encouraging debut for us and a prime example of our expanding game development capabilities across genres and platforms. Leveraging our leading game content platform and influential game creators, we are confident we can expand the IP and bring more franchise titles to players next year.
Speaker #3: Looking at our pipeline, we are preparing to roll out "End Card, Sengguo" by Xiangpai in early 2026, an asymmetric PVP card game inspired by the Three Kingdoms culture.
Speaker #3: Designed for a broad audience of lightweight players, the game features fast-paced matches that last around three minutes per round, making it well-suited to casual, on-the-go play.
Speaker #3: As our first step into the casual gaming genre, the title is backed by Bilibili's vibrant gaming community, which provides a strong foundation for player acquisition and long-term engagement.
Speaker #3: Results from the beta test have been encouraging, and we will continue refining the game to deliver a creative, unique casual card game experience. And finally, let's look at our VAS business.
Speaker #3: Revenues increased 7% year over year to RMB 3 billion. This quarter, more users joined our live broadcasting universe as we continue to expand content aligned with their interests.
Speaker #3: Our focus remains on refining operations to ensure steady, sustainable growth while further improving margins. Driven by our popular Chinese anime titles, premium memberships also maintain solid growth, reaching a record high of 25.4 million by the end of the quarter.
Speaker #3: Around 80% of members are on annual or auto-renewal plans, underscoring their loyalty and deep connection to our community. Other VAS products continue to grow rapidly in the third quarter, led by our fan charging program, which saw its revenue nearly double year over year.
Speaker #3: This momentum reflects users' willingness to directly support the creators and high-quality content they value most. Beyond the numbers, we remain deeply committed to shaping a healthy culture and community for China's young generation.
Speaker #3: ESG principles are central to that mission. This year, MSCI ESG reaffirmed Bilibili's A rating, recognizing our ongoing progress in using technology and culture to create meaningful impact.
Speaker #3: In conclusion, everything we've achieved today comes from more than a decade of staying focused on one thing: building great content and a vibrant community.
Speaker #3: This long-term focus has created a self-reinforcing cycle where high-quality content attracts younger users and engaged community as ongoing value and monetization follows organically. As we become more profitable, this flywheel will become even more effective.
Speaker #3: We will stay firmly on this path and continue to create lasting value for all of our stakeholders. With that, I will turn the call over to Sam to share more financial details.
Speaker #3: Sam, please go ahead.
Speaker #2: Thank
Speaker #2: you, Mr. Chen. Hello everyone, this is Sam. In the interest of time, on today's call, I will review our third quarter highlights. We encourage you to refer to our press release issued earlier today for a closer look at our results.
Speaker #2: In the third quarter, we continue to grow revenues and expand our margins and profitability, driven by growth across our commercial businesses, particularly in our high-margin advertising businesses.
Speaker #2: Total net revenues for the third quarter were RMB 7.7 billion, up 5% year over year. Approximately 39% from VAS, 33% from advertising, 20% from games, and 8% from our IP derivatives and other businesses.
Speaker #2: Our cost of revenues increased by 2% year over year to RMB 4.9 billion in the third quarter, while our gross profit rose 11% year over year to RMB 2.8 billion.
Speaker #2: Our gross profit margin reached 36.7% in Q3, compared with 34.9% in the same period last year. Our expanding gross profit and margin show that our model is built to scale.
Speaker #2: Our total operating expenses were RMB 2.5 billion, down 6% year over year, sales and marketing expenses decreased 13% year over year to RMB 1.1 billion.
Speaker #2: Mainly due to decreased marketing expenses for our games. G&A and R&D expenses were RMB 509 million, and RMB 905 million respectively, both flat year over year.
Speaker #2: These efforts allowed us to maintain positive operating results. Our operating profit was RMB 354 million, compared with a loss in Q3 2024. Our adjusted operating profit was RMB 688 million, and our adjusted operating profit margin reached 9% in the third quarter, versus 3.7% in the same period a year ago.
Speaker #2: Net profit was RMB 469 million, versus a loss in Q3 2024, our adjusted net profit was RMB 786 million, and our adjusted net profit margin in the third quarter was 10.2%, compared with 3.2% in the same period a year ago.
Speaker #2: Cash flow-wise, we generated about RMB 2 billion in operating cash flow in the third quarter. As of the 30th of September 2025, we had cash and cash equivalents, time deposits, and short-term investments of RMB 23.5 billion, or USD 3.3 billion.
Speaker #2: Under our 200 million US dollar share repurchase program approved by the board in November 2024, we've repurchased a total of 6.4 million shares so far, at a total cost of 116.4 million US dollars.
Speaker #2: Leaving about 83.6 million US dollars available for future buybacks as of the 30th of September 2025. Thank you for your attention. We would now like to open the call to your questions.
Speaker #2: Operator, please go ahead.
Speaker #3: Thank you. We will now begin the question and answer session. If you would like to ask questions, please press star 11 on the telephone and wait for a name to be announced.
Speaker #3: For the benefit of all participants on today's call, if you wish to ask your questions to management in Chinese, please immediately repeat your question in English.
Speaker #3: The company will provide consecutive interpretations for management statements during the Q&A session. Please note that English interpretation is for convenience purposes only. In the case of any discrepancy, management statements in their original language will prevail.
Speaker #3: One moment for the first question. Our first question comes from Alex Liu of Bank of America. Please go ahead.
Speaker #4: 谢谢管理层。听到我声音吗？
Speaker #5: 可以听见。
Speaker #5: 可以听见。 谢谢。
Speaker #4: 恭喜公司很强劲的业绩。好，谢谢。公司很强劲的业绩，然后我们看到三季度其实在公司在用户端和利润端都取得了很好的成绩。尤其是我们看到其实 DAU、MAU 还有时长都是创新高。其实我们也算了一下可能 DAU 是从 21 年以来可能单季的季增的新高。所以我们想请问管理层能不能分享一下这个趋势后面是受到什么因素在驱动的？如果如何去展望一个可能更中长期的一个用户目标。另外的话也是 MPU，就是 Paying User 实际上这个季度也是在加速增长的。我们也想请管理层能不能分享一下后面的驱动力是什么，然后有什么未来的用户付费的趋势能分享一下。谢谢。
Speaker #5: 可以 translate for yourself.
Speaker #4: Yeah, sorry. Yeah, I'll translate myself. I'll translate myself, yes. Thanks. Management, I think it's a great quarter, and we see DAU, MAU, and time span are basically all at the historical high.
Speaker #4: growing accelerating. So I was And it's just wondering if management can share more about what's the really drivers behind this, and in terms of user, in terms of future engagement, is there any medium-term target?
Speaker #4: And also for monthly paying users, it's also accelerating in terms of growth. And what are the drivers behind? And how should we think about in the future the what are the latest new user paying for content trends?
Speaker #4: Thank you.
Speaker #3: 我觉得 B 站用户增长的第一驱动力是我们还是专注在优质内容这一个方向上吧。我认为优质内容本身就是一个持续能够长期增长的一个赛道。
Speaker #5: The The fundamental reason for our continuous user growth lies within our focus on high-quality content. And high-quality content is always a strong and a sustainable growth driver.
Speaker #3: 对，尤其是现在，因为现在视频的内容供给其实已经非常丰富和充分了，甚至我觉得现在的视频的供给已经开始过剩了。目前拿中国来说的话，每年都会新增几百亿个视频，而且的话随着 AI
Speaker #3: 创作工具的应用，我觉得这个视频的增长未来它还会成指数级的提升，就可能每年会增加几千亿甚至几万亿个视频。 Actually, we think there
Speaker #5: has been a fundamental change of video content supply. And currently, the video content supply is very much sufficient and in some way even oversupplies every year there's tens of billions of new videos being created.
Speaker #5: And riding on the rapid adoption of AI tools, there are going to be tens of thousands of billion trillions of new videos being made every year.
Speaker #3: 对，但是虽然视频的供给在过剩，但是用户会觉得优质的视频仍然是远远不够的。我们接受的所有的用户都反映他们觉得优质的视频太少，自己能够打动自己的优质的视频太少。所以的话就是我觉得本身优质视频它的一个需求是非常强烈，而且的话就是一旦用户他看过一些优质的视频，就是它的审美提升之后，它就没法降级了。就是他看过优质视频之后，他就不会再满足于看一些只是一些这种解除物料或者是杀时间的一个视频。所以就是优质视频的受众它也会越来越多。所以我认为就是只要坚持优质视频这一个方向，本身 B 站的用户增长它就是能够持续的。这是一个未来的趋势。
Speaker #5: However, we think that the quantity of the video and the quality of the video are two different things. The high-quality content is still in the short of supply.
Speaker #5: And once someone started to enjoy or start watching high-quality content, it's very hard for them to go back. They got peakier. They wouldn't go back to the low-quality time-killing type of videos.
Speaker #5: That's why Bilibili has a long runway for growth is because the demand for high-quality content will continue to rise and the population that will be interested in Bilibili content will grow.
Speaker #3: 对，我这还特别想提一下，就是我们的 B 站的社区对于优质内容产生的这么一个重要性。我觉得社区是能够帮助我们去挖掘出新的优质内容，而且也能够去帮助优质的创作者去持续创作优质的内容。因为其实很多优质的内容它是需要有审美能力的人去发掘的，包括很多那种新的创作者。而 B 站的社区正是一群有这样一群热爱内容并且有着比较好审美能力的人组成的。
Speaker #5: A part from our focus on high-quality content, our unique community aspect of our business also helped further strengthen our advantage. This is because our community can help to discover high-quality content and also help our talented content creator to continuously focus on their content creation.
Speaker #5: Because content needs to be discovered with the eye of beauty. And we have that many, many users that they have the passion for high-quality content that they also have the taste to select and promote those high-quality content.
Speaker #3: 这个社区非常重要，因为它不会让一个创作者创作出一些创新的内容的时候，他觉得曲高和寡。因为他总能够在这个社区里面去找到能够发掘美的、能够跟他产生共鸣的人。而且的话就是这一个社区的这种粉丝也会激励他不断地去创作更好的内容。因为好的作者是需要懂他的观众，然后这些观众能够给他不断地反馈、给他赞美。而且的话就是这些创作者大火之前，其实这一群忠实的粉丝也能够不断地去鼓励他。让他去度过他出名之前那一段寂寞的岁月。所以就是我们会发现 B 站有大量的创作者是 5 年甚至是 10 多年持续在 B
Speaker #3: 站上面创作优质内容。就是有这么一个社区的一个存在，才能够让他们非常开心地坚持地在这里去创作好的内容。 The good content creator needs
Speaker #5: good audience. And Bilibili is where those two parties meet and resonate with each other, especially for content creators before they got popular and earned good reputation.
Speaker #5: There's a relatively long fair way for them to grow. And Bilibili's community and the users encouragement will accompany them to go through that process.
Speaker #5: That's why you see those content creators on Bilibili. They have been creating content on our platform for five years, even ten years long.
Speaker #3: 对，我接下来我说一下用户付费。我们这个季度的用户付费的人数是创了新高，达到了 3,500 万，同比增长
Speaker #3: 17%。然后从我们这个季度来看，大会员是我们付费用户增长的一个主要的一个驱动力。然后但是如果从长期来看，我觉得用户付费的一个增长，它本身就是一个趋势。
Speaker #5: This let's look
Speaker #5: At the MPU trend, this quarter our MPU reached a new record high of 35 million, growing by 17% year over year. For the third quarter particularly, it's the premium membership business that is the primary driver of that.
Speaker #5: But on a long-term horizon, we think the 2C business, the user-paying-for-content type of business model will be a very big growth driver.
Speaker #3: ???????????????????????????????????????????????????????????????????????????????????? 26 ???????????????? 2B ????????? 2C ??????????????
Speaker #5: I'll talk about three reasons that will drive the content consumption-related paying activity. First of all, it's our users. The average age of our users is now 26 years old, a cohort with increasing income and an expanding consumption scenario.
Speaker #5: They are generating on both the B2B advertising front as well as the B2C, the paying for content, paying for services aspect.
Speaker #3: 然后第二点我是认为长期坚持创作的 UP 主，他就会成为 IP，然后他就会能够让用户愿意为他付费。就是我们平台上有大量的长期坚持创作优质内容的 UP
Speaker #3: 主，我们会发现就是当他们在用户心中产生了这种品牌和这种内容的一个信誉过后，他们去做一些类似于像充电的内容，或者说他们去做一些课程，或者是他们去卖一些自己的周边，用户是买单的。 And we believe
Speaker #5: believe creators who consistently that the second point is that we produce high-quality content over a long period of time can foster their personal IP and drive a sustainable monetization.
Speaker #5: There's a very large group of content creators that has been producing content on Bilibili for a very long time. Through that period, they create their own personal brand, and they have their own reputation.
Speaker #5: People will follow their new creation. That's why the fan charging program, whenever they sell their own premium courses or even their personal IP derivatives, people, their followers, their fans will pay for that content or services.
Speaker #5: That is also driving the overall MPU's growth.
Speaker #3: 我觉得第三点的话就是对于年轻的用户来说，为自己喜爱的内容，为自己喜欢的内容付费，它就是一个趋势。就是我觉得越是年轻的用户，他的消费的动机他就越倾向于让自己开心。就是 TVB 教育我们，人活着开心是最重要的。所以的话我觉得现在的年轻的一代还是非常认这些。我觉得就是从我们现在看到的一个趋势，就是他喜欢一个 UP 主，他喜欢一个内容，然后他就为他付费。这个趋势会越来越明显。我认为这个也是用户付费会为好的内容付费和为好的 UP
Speaker #3: 我觉得第三点的话就是对于年轻的用户来说，为自己喜爱的内容，为自己喜欢的内容付费，它就是一个趋势。就是我觉得越是年轻的用户，他的消费的动机他就越倾向于让自己开心。就是 TVB 教育我们，人活着开心是最重要的。所以的话我觉得现在的年轻的一代还是非常认这些。我觉得就是从我们现在看到的一个趋势，就是他喜欢一个 UP 主，他喜欢一个内容，然后他就为他付费。这个趋势会越来越明显。我认为这个也是用户付费会为好的内容付费和为好的 UP 主付费能够持续增长的一个原因。 And
Speaker #5: that what we have discovered is for the And the last point is younger generation, consumption is mainly driven by self-gratification. People will pay for things that make them happy.
Speaker #5: They will pay for people that they love. And this trend is becoming even more clear nowadays with our initiatives on the fan charging program, helping our content creators to monetize their own personal IP.
Speaker #5: So this will be another very important growth factor behind that continuous growth of our
Speaker #5: MPU. That’s okay. That concludes the answer for this question. Operator, next question please.
Speaker #2: Thank you. For the questions, one moment for the next question. Our next question comes from the line of Thomas Chung of Jefferies. Please go ahead.
Speaker #4: 晚上好，谢谢管理层接受我的提问。公司经营的单机游戏逃离压迫服务取得非常亮眼的成绩。可以分享一下这个项目对未来的规划吗？我们是否有做手游的计划？压迫服务的成功对于我们未来新游戏的开发投入是否有更多的借鉴的意义？另外，我们看三国百战牌在 10 月底进行的付费测试效果如何？我们预计什么时候可以上线？公司还有哪些值得期待的游戏储备？另外，我们看三毛 Q3 的表现是否符合预期？我们应该如何看待这个产品？未来一年的走势。 Good evening, fans management for taking my question. My question is about the gaming business. We saw escape from dark web received remarkable results.
Speaker #4: Can management share its future business plan? Do we have any plans to develop a mobile game? On the other hand, can management comment on ??'s end card with regard to its monetization testing at the end of October?
Speaker #4: When should we expect it to be released? On the other hand, what are the games in the pipeline to be anticipated? For Sanmao, did the performance in Q3 meet expectations?
Speaker #4: How should we think about the performance in the next one year? Thank you.
Speaker #3: 好，我回答一下。逃离压迫服务确实是今年游戏市场的一匹黑马，然后到现在上线已经一个月的时间。就是全球的一个总销量是过了已经超过了 300 万份，而且的话同时在线人数是达到了 30 万。我觉得如果我这个再看未来的一个趋势，我觉得应该很有可能我们是能够冲击国产单机历史第二的一个好成绩。而且的话这个游戏很难得的是用户对它的评价是非常高的。现在应该是在 Steam 的数万条评论里面是 96%
Speaker #5: I'll talk about the escape from the dark web. Truly, this game has been the dark horse of the year in the games market. In less than one month after its debut, it has already sold over 3 million copies across various platforms globally, and the peak concurrent users have reached over 300,000.
Speaker #5: And based on the current momentum, it is safe to say escape from dark web has the potential to become the number two best-selling console game in the history of China.
Speaker #5: So this has been a very encouraging. And on top of that, besides the volume, the sales volume, players have been giving the game extremely high ratings.
Speaker #5: On the Steam platform, there have been 10,000 comments, and 96% of them are overwhelmingly positive. And why is that?
Speaker #3: 对，然后如果分析它为什么能够取得成功的话，我觉得因为我自己也是个玩家，我觉得原因很简单两点。第一点的话，就是第一就是它好玩。其实现在你别看游戏出的新游戏挺多，但是真正满足好玩这一点的游戏是不多的。我认为压迫服这款游戏在好玩上面还是花了足够多的一个心思的，就是它的各种关卡、玩法、道具的一个设计。我认为是花了很多心思的。然后第二个我认为成功的点就是它是真的是比较轻松。就是现在的游戏不逼肝不逼客也很少，然后压迫服应该是就是它既不逼肝也不逼客，而且非常轻松有娱乐性。我认为就是好玩加轻松这两点应该就是它成功的原因。
Speaker #5: So successful, I think there are two main reasons. As a player myself, I think first of all, this game is a fun game to play.
Speaker #5: There's a lot of games launched every year. Not every one of them is fun to play. However, we found that this game is very carefully designed with different stages, and the graphics make it a truly fun game to play.
Speaker #5: People will enjoy themselves. Secondly, the game has a very light mood. When you play it, you don't feel the stress of PvP.
Speaker #5: And it's just the simple pleasure to collect and loot and also this game doesn't pressure people to spend a lot of time or spend a lot of money; it's just very easy breezy.
Speaker #5: And at this time of the year, it's very entertaining and fun to play. So those two elements, fun to play and relaxing, are the two main reasons for this game's success.
Speaker #3: 之所以能够做到好玩，我认为这个和我们对这个游戏立项的目标是直接相关的。这个游戏是 2023 年立项的，那个时候其实就是有几个喜欢塔克夫那个游戏的游戏部门的同事，然后聚在一起，然后立的这个项。那个时候还没有搜打车这个说法，就 2023
Speaker #3: 年其实塔克夫还不是一个那么主流的一个玩法。但是我们当时就是想去做一个就是让年轻人觉得好玩的一个单机游戏，然后就立了这个项目。我觉得本质上是我们就是品类年轻化的大的一个思路。就是我认为不逼肝不逼客，然后同时的话就是敢于去做一个细分赛道。但是在这个细分赛道上做到极致，这个其实都是我们在过去两年就是对于新项目的一个立项的一个思路。我觉得压克夫应该是我们这个立项大思路的一个成功案例。成功案例之一。 And the reason
Speaker #5: behind that is when we are thinking about setting up a project like this back in 2023, it was just simple few young developers gathered together who has been a true fan of escape from dark web, the type of game that has extraction game fans.
Speaker #5: They wanted to create something that's for the young generation, easy to play, relaxing, and with cute graphics. This is a very good example of how we are thinking about our game strategy, reinventing games for the new generation of gamers.
Speaker #5: It is also an example of how we have been picking niche genre in the game market and do make it to the best. And we think that's the perfect example of how we are executing our game strategy and this is one of many examples of our pipeline, how we are designing it.
Speaker #3: 我接下来说一下这个，对，我再说一下这个压克夫后面的这个计划。因为我们现在是只有这个 PC 单机，然后接下来我们的这个主机的移植跟手游项目是已经启动了，然后当然因为主机跟手游的它在具体的玩法上它会跟单机还是会有些差异，所以的话我们会仔细的去打磨产品。然后在这个主机跟手游项目的研发过程中，我们也会像我们做这个 PC
Speaker #3: 版本的压克夫的时候一样，我们会充分倾听社区的一个声音。最终我们也希望就是它的这个主机版本跟手游版本也能够同样获得成功。 And on the
Speaker #5: IP expansion question, we have because the game currently is only on PC, we have already kicked off the console project and the mobile adoption for escape from dark web.
Speaker #5: Because on console and on mobile project, there's going to be difference with the gameplay. We will be spending a lot of time to fine-tune the project and while doing so, we'll also continue to listen closely to our gamer community and we will share updates when the time is proper, appropriate.
Speaker #3: 接下来我说一下这个三国百将牌，因为百将牌我们现在是已经在做过一些这种小范围的一个测试了。玩家的这个反馈目前来看是非常不错的。我们会继续的去沉下心打磨产品，然后这个游戏应该是在明年 Q1
Speaker #3: 的时候会上线。
Speaker #5: As for the
Speaker #5: in-car game, currently the closed beta testing has been going very smooth and we will be focusing on fine-tuning and polishing the game and make it to its best.
Speaker #5: And introduce to the market. It's currently expected to be released in Q1 next year.
Speaker #3: 这游戏应该也是我们就是面对年轻用户推出的一款比较创新的游戏。我觉得主要的一个我们打的点就是三分钟一局的这种轻松的一个体验。我们希望就是也是通过我们的这个 B 站的这个社区，比如说我们的 UP 主，我们的直播，能够把它这个推到就是我们的这个广大的 B 站的这个用户的一个这个眼前。这个游戏因为它在很多点上都比较创新，所以我们就一步一步来，就摸索着前进。我们的首先的第一个目标是把用户量先要做大，做成一个大量年轻用户喜欢的这样的一个游戏。然后我们再会把它一步一步往下做。我希望它能够成为 B
Speaker #5: And And for the in-car game, it's designed to cater the need of a casual car game user and genre. And it will be a very short on-the-go play for three minutes per round.
Speaker #5: This is another attempt into catering the new generation of gamers and there's a lot of innovation within the gameplay. And hopefully, leveraging our very unique and best of the state gamer community as well as our talented content creator, leveraging our PUGB community as well as the Light Broadcasting community, we can bring this innovative game to all of the bilibili users.
Speaker #5: Because the game, there's a lot of aspects. There's lots of the aspect has very great innovation and we are putting a lot of efforts trying to make it the best quality.
Speaker #5: And we will be spending time fine-tuning the game and when the game is launched, the number one goal for this game is the DAU growth.
Speaker #5: And hopefully, this game will become bilibili's another great evergreen titles.
Speaker #3: 最后说一下这个三楼，三楼肯定是我们现在最重视的游戏之一。然后它 Q3 的表现是符合我们的这个预期的。其实现在我们对三楼最重要的一个工作就是我们希望是能够把它做成一个长期健康运营的一个产品。因为我对三楼提的目标就是五年以上的这个长线运营。所以的话就是我们现在这个阶段我们会更关注就是玩家的体验以及关注游戏的一个平衡性。明年一季度就是我们会上线它的这个就是港澳台的繁体中文的一个版本，然后明年下半年我们应该会推出更多的国际版本。这个就是我们现在对三楼的这么一个工作的一个规划。
Speaker #5: As As for三楼, it is one of the most important titles. In our portfolio, and overall the performance in the third quarter has been in line with our expectations.
Speaker #5: And we will be focusing on fostering a very balanced and character progression and we will be focusing on the user satisfaction. So the goal for this title, the most important goal for this title is longevity.
Speaker #5: We're hoping to make this game at least five years to operate over five years long. And in the first quarter of next year, we plan to launch the traditional Chinese version of Sanmo in Hong Kong, Macau, Taiwan.
Speaker #5: And in the second half of next year, we'll be rolling out additional international versions. Thank you. That concludes this questions answer. And operator, next question
Speaker #4: Certainly. One moment for the next question. The next question comes from Felix Liu of UBS. Please go ahead.
Speaker #6: 谢谢管理层接受我的提问，也恭喜我们三季度非常好的这个业绩。我的问题是关于广告业务。广告业务三季度增长持续强劲。管理层会怎么样看广告业务后续的这个进一步变现的空间？我们对于推荐算法和 AI 在广告上的应用应该如何期待？另外更近期的这个展望，管理层在四季度看到双十一广告需求，目前是怎样的这个趋势？谢谢。 Thank you, management, for taking my question and congratulations on the very strong results, especially on the advertisement part. How does management see the growth potential in your ad business from here?
Speaker #6: Can management share more color on the potential improvements in the recommendation algorithm and AI for your ad business from here? And more on the near-term, how does management see the advertisement demand for the recently concluded Double 11 shopping festival, as well as the overall Q4?
Speaker #6: Thank you.
Speaker #5: Q3 B 站整体的广告收入是 25.7 亿，同比增长有 23% 的。因为市占还是在持续的提升，新的这个季度可以看到就除了效果广告的效果类型的广告保持张数以外，本季度能看到像品牌类型的以及花火的收入就是 UP 主的广告，也远领先于市场的张数。根据我们自己的不完全统计，应该是市场上张数最快的。 And Q3, our advertising revenue reached R&B 2.7 billion. Up 23% year over year. With our market share continuing to rise.
Speaker #5: On top of the steady growth for our performance-based ads, we're seeing both brand and sparkle ads grow much faster than the overall market based on our incomplete industry data.
Speaker #5: The brand ads and sparkle ads growth rate are among the fastest growing players in the industry.
Speaker #6: ??? B ??????????????????????????????????????? B ????????????????????????????????????????????????????????? B ????????????? B ??????????????????????????
Speaker #5: And how should we think about the ad revenue growth going forward? I would like to firstly talk about the underlying growth, the underlying logic of Bilibili's ads.
Speaker #5: As time goes by, more clients are recognizing and tapping into the value of the Bilibili ecosystem and its users. Thanks to the uniqueness of our community, our ads' key advantage is that we can deeply shape and make a big impact on users' purchasing decisions.
Speaker #6: 就通俗一点说，说人话其实就是投放 B 站的广告第一，投放的价值不是一次性消费。第二，就更容易在货的新客。第三就是让新客跟老客的消费复购率会进一步的就骤增的概率会变大。这就能让客户去实现他短期的转化或者长线的这个品牌沉淀双目标。
Speaker #5: bilibili's advertising more simply, business can bring to our advertiser number one, it will not be a one-off value hit. Secondly, will bring more we are more effective at bringing new users, new customers; thirdly is we're more likely to drive a sharp increase in repeat purchase from both new and existing users; in other words, we will help our clients to achieve both short-term conversion goals and long-term brand building goals.
Speaker #6: 除了底层逻辑以外，其实做得不够好的都是我们的增量空间。从客户来看，其实在 Q3
Speaker #5: Yeah, yet anything we
Speaker #5: ???????????????????????????????Realized the underlying logic is pure upside for the future. From a client perspective, our top five advertiser verticals in Q3 were gaming, internet services, consumer electronics, home appliances, and automotive.
Speaker #5: E-commerce and automotive.
Speaker #6: ???????????????????????????????????????? SKA ?????????????????????? B ?????????????????? 90% ???????????????????????? B ???????????????
Speaker #5: And to better serve our advertising client, their three main points: one is to enhance our strategy or service for our super key accounts, SKAs.
Speaker #5: We will be serving our largest clients with a delicate service team and a year-round integrated bilibili marketing solutions. Our goal for this team is to achieve an over 90% repurchase rate and keep increase our share of their spending on bilibili.
Speaker #6: 第二点是我们在耐销广告上形成一定的模式，形成一定的规模。所以用成功的模式去适配其他垂直行业，例如食品饮料、宠物母婴、美妆鞋服等。其实这还是在行业预算比较大的一些板块，我们现在的规模还是很少的。在大快销领域，在未来预期因为有一波新的客户跟预算的可能。
Speaker #5: Secondly, we are hoping to replicate our successful model into multiple new verticals. We're using an always-on performance model to better serve our other verticals, especially those with big spending budgets, such as big FMCG categories like food and beverage, pet and baby beauty, and apparel.
Speaker #5: We expect a new wave of clients and budget to come onto our platform.
Speaker #6: 在今年下半年跟明年，我相信竞争格局也会进一步的多样化。所以在 2026
Speaker #6: 年，我们还是很有信心在原来比较散场的板块，包括游戏、平台电商跟内容消费等，还是持续能存在一定的增量空间的。 As the
Speaker #5: The competitive landscape becomes more diversified in the second half of this year and even next year. We are still very confident that by 2026, there is still substantial growth potential in gaming, platform e-commerce, and content consumption-related advertisers.
Speaker #6: ??????????????????????????????????????????????????????????????????? B ?????????????????????????????????????????????? B ??????????????????B ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????B ??????????????????? B ???????????PC ?????????? Q3 ???????????????????? 50% ?????????????????????????????????????
Speaker #5: And the third point is we are planning to expand our ad penetration across different community scenarios. This will be another growth driver because Bilibili, by itself, has many consumption scenarios within our products, unlike other platforms where most consumption happens in a single video feed.
Speaker #5: Our users are spending a lot of time watching videos within the players, particularly during the commentary sessions and in the bullet chats. They are also engaged with live streams.
Speaker #5: They also engage with the live stream content. They do search. They browse trendy topic and hot searches on our platform. And also consuming content across multiple devices, including mobile, PC, OTT, and et cetera.
Speaker #5: And in Q3, ad revenue from these different scenarios all grew by more than 50% year over year. However, the current penetration is still very behind.
Speaker #5: We were thinking it can be, which means there's still a lot of room to grow.
Speaker #6: ?????? B ???????? AI ????????????????????????? AI ??????????????????AI ??????????????????????????? AI ????????????????????????????????????????? AI ????????????????? 55%???????????????????????????????????????????????????? AI ????????????? 60% ???????????????????????
Speaker #5: And the fourth point is about the question on AI. We have been discussing intensively internally that AI is a topic that can easily lead to people being overly optimistic about the short-term boost to advertising revenue.
Speaker #5: While overlooking its potential to fundamentally reshape the industry, there are still a lot of positive changes we are seeing over the long term. First of all, is on the AIGC creatives.
Speaker #5: Now it's account for 55% of the total creatives volume and the performance-based ads. And it's continued to our clients in the internet service sector such as for online are providing video generation tools drama advertisers, we to rise.
Speaker #5: Novels of productivity. We support this upgrade, which has freed up a lot. We creatives already account for over 60% of the...
Speaker #6: Now第二点的话呢，其实智能投放我们通过这种自动的智能投放，广告的这个消耗渗透其实也超过了 45%。就大多数客户在这个模式上都可以取得消耗的增长。我觉得这是第二点。第三点的话，在分发效率上，其实结合多模态的这个内容理解，包括生成式的一些推荐算法，我们累计整体效率还是提升了 10% 以上。就听上去 AI 对我们整个 Q 还是带来了一些颇有成效的，一些效率的变化已经收益的。但是可能我们跟团队也会更长远的去看待 AI
Speaker #5: And the second application for our AI is on the smart delivery system. Currently, the automated buy-in smart delivery at advertisement system is already accounting
Speaker #5: for 45% of the clients have been up through this model. Thirdly is on the algorithms, we're have been overall efficiency. By combining the recommendation lifting our distribution efficiency understanding with the generative 10% in total.
Speaker #5: recommendation performance-based ad spend. by more than And most mindset. The real significance AI with a long-term and benefits that AI has been lies with the new opportunities 带来的更多未来可能性的变革会做更多大胆的尝试。并不是短期的只看短期的一些数据跟收入吧。 AI has we do think will unlock over All of
Speaker #5: And we will be trying a lot And lastly, on our double 11 世代的用户，年轻消费的这个特点，他们的消费力应该是历史所有世代里面的消费力的两到三倍。他们在习惯上也会在线上消费会是常态化，开心才买，喜欢才买，需要才买。就不再会在一个时间段麻木的去追求价格的绝对优势。这些观察的结果其实是比较对 B shopping online consumption as their default Gen Z consumers, buy when it makes them happy.
Speaker #5: of innovation with the a short-term bump in a few 最后聊聊双十一。就是我们在观察用户，特别是 B 站的 Z metrics and revenue lines. and the structural change that
Speaker #5: Long-term mindset, not just time. Looking at our user, especially the...
Speaker #5: avenue. generations. There are used to something or they truly need something. They no longer chase the rock bottom It buys when they like results.
Speaker #5: window in a mechanical And that of the previous to the huge commercial observations is pointing way. potential embedded in the billability All of these user profile and our prices in a single promotion time 2, 2, 3 times
Speaker #5: card this year still exceeded our expectations. During this
Speaker #5: an on average of new customer 55% for all industries rate of 但话说回来，其实双十一的成绩单还是超出预期的交付的。今年的话在双十一期间 B 以上。 as watches and jewelry, and in categories such household daily goods, food year's double 11, billability Billability delivered and beverage, and beauty, the new customer rate even exceeded 60%.
Speaker #6: 最后 Q4
Speaker #5: Lastly, on the outlook
Speaker #5: remain upbeat. About the for Q4 next year, we advertising business and 跟明年我们对于整个广告业务还是积极乐观的。但更希望是带来一些更多新的突破跟变化吧。谢谢。 deliver something more meaningful and new breakthroughs and changes within our question please.
Speaker #5: More importantly, we're hoping to grow our business. Thank you. Operator, next.
Speaker #7: Qing Zhang from CICC. Please go ahead. Next question comes from the line of Xue.
Speaker #8: 年，我们该如何看待毛利率和净利率的一个趋势？然后公司的现金储备也非常丰富。那未来现金的一个使用规划是怎么样的？谢谢。 Thanks management congratulations on the strong result. My question is regarding your financial outlook. The 感谢管理层接受我的提问。恭喜这个季度亮眼的业绩表现。那我的问题是关于财务展望的。公司的利润率持续走高。那如果展望四季度和 2026 ahead to Q4 and into to strengthen.
Speaker #8: 年，我们该如何看待毛利率和净利率的一个趋势？然后公司的现金储备也非常丰富。那未来现金的一个使用规划是怎么样的？谢谢。 Thanks management congratulations on the strong result. My question is regarding your financial outlook. The 感谢管理层接受我的提问。恭喜这个季度亮眼的业绩表现。那我的问题是关于财务展望的。公司的利润率持续走高。那如果展望四季度和 2026 ahead to Q4 and into to strengthen. company's profitability has continued expect the growth margin and the net margin trends as we And looking 2026, how do you maintain a strong cash position?
Speaker #8: How do you plan to allocate the cash in you.
Speaker #8: Thank
Speaker #4: Thank you,
Speaker #4: leverage in our business. Xue Qing. This is Sam. I will take your 5%. Our growth profit grew by 11% year over year. improved for 13 consecutive Our growth profit margin has quarters.
Speaker #4: We expect this adjusted operating margin to expand from 3.7% to 9% year over year. We expect that number to further improve to around 10% in Q4 this year.
Speaker #4: trend to continue this year. And the future?
Speaker #4: And keeping us on a steady path to our midterm target of 415 to 30% adjusted operating margin. We already saw the resilience of billability business model.
Speaker #4: And our strategy of focusing on healthy revenue growth and the leveraging scale of our sustainable profit expansion. We are confident in reaching our mid to long-term margin targets.
Speaker #4: Regarding to the cash usage, we will allocate our resources carefully. Currently, we already generate over 1 billion free cash flow every quarter. So we first of all, we will support our high-quality revenue growth engine like advertising, business, and secondly, we will invest in some new opportunities.
Speaker #4: For example, to expand our business boundaries, we are reinventing some games for new generations, just like Duka, right? We all for did announce a plan to explore Duka's opportunities in console gaming and mobile gaming.
Speaker #4: The least but not least, we will also capture some major industry opportunities. For example, we are also seeking for the new talent for in areas like AI.
Speaker #4: But regarding to the shareholder returns, we have reported over 100 million US dollars worth of shares this year already. And then we have a two-year share buyback plan as approved by our board.
Speaker #4: We still have left. We expect to fully utilize that amount in the remaining period of the around 83 million US dollars plan. Thank you.
Speaker #4: That's all for my
Speaker #4: question. Operator, next
Speaker #6: Thank you.
Speaker #7: One moment for question please.
Speaker #7: the next question. Our next question. So it comes from the line of Yi Wen Zhang from China Renaissance. Please go ahead.
Speaker #9: 谢谢管理层接受我的提问。同样也恭喜很好的业绩。我的问题是关于 AI 应用的。刚刚管理层在 prepare remarks 也说到公司在近期上线了不少 AI 功能跟产品。想问一下咱们后续对 AI 在 B 站体系里面的赋能有哪些思考跟期待。同样也想问一下就像 Sora 这样的产品未来是否会改变视频消费和创作的方式。 So thanks for taking regarding AI application in our script you discussed a few AI functions and products.
Speaker #9: my question. You have just I have a question launched. So what is your thinking expectation on future AI application on billi? Also, what kind of impact consumption?
Speaker #9: bring to media production and Thank you. do you think products like Sora will
Speaker #4: 站的 up 我觉得 B 主和用户群，就是他在国内含 AI 量肯定是最高的。就是中国最好的去讲 AI 的 up 主和中国最对 AI 感兴趣的用户都聚集在 B 站。
Speaker #8: highest AI Bilibili has the density among our both of our content creators and our users. Many of China's best AI-themed content creators and the user who is most interested in AI talent, they are all active and gathered on Bilibili.
Speaker #4: 对，就是在这个第三季度，每个月都有接近 10 万的 AI 相关的 up 主活跃在 B 站。他们要么是做 AI 学习和 product 内容，要么就是在教 AI 的应用或者说是用 AI 辅助创作。在第三季度 AI 相关的内容的日均投稿量同比增长是
Speaker #4: 83%。 And in the third
Speaker #8: In the quarter, nearly 100,000 creators were active on Bilibili, every month working on AI-related content. Some of them are doing the latest machine learning explanations, some of them are breaking down and teaching new AI applications, or using AI for video creations.
Speaker #8: And the average daily number of AI-related video uploads in the third quarter increased over 80% year over year in the third quarter.
Speaker #4: 而且我觉得这块还有很大的增长潜力，因为 B 站聚集了中国三分之二以上的年轻用户。而年轻用户肯定是想学习或者是想使用 AI
Speaker #4: 的最核心的力量。 And there's lots
Speaker #8: of potential for us to further discover because we have gathered over two-thirds of young generation in China on Bilibili. That is the exact cohort whose eager to learn about AI or leverage AI technology to create
Speaker #8: things. 对，刚才你问到这个
Speaker #4: Sora?Sora ?????Sora 2?????? Sora 2 ??????????? demo???????? AI ??? demo???????? Sora 2 ???????????????????????????????????????????????? AI ????????????????????????????????????????????????????????????????????????????????? AI ??????????????????????????????????????????????????????????????????????????????????????????????????????????????AI ?????????????????????????????????????????????????? B ??????????????????????????????????????????????????????????????????????? AI ?? UP ????????????????AI ??????????????????????????????????????????
Speaker #8: Well, what you asked me about whether Sora will change how people create or consume content, we think personally, I think Sora is new demo on both content video content creation and also user interface.
Speaker #8: But as I said earlier on, there's already a oversupply of short video content. The adoption of AI tools will only increase that video supply, will not and it will not change how people consume the content.
Speaker #8: However, on the high-quality video aspect, there's still a scarcity in terms of the high-quality content supply. The adoption of this tool will help us to increase the supply and improve efficiency in producing talented content creators' such content.
Speaker #8: And we've seen this on many of those content categories that AI is becoming the new paradigm. For example, in the auto-tune remix sector, in the music sector, or even the animation sector, there's a lot of very good quality videos that were made with the help of AI tools.
Speaker #8: So to summarize, we do think be a that the AI will fundamental efficiency booster for high-quality video creation. be most benefited from that technology And Bilibili will innovation.
Speaker #4: 我觉得这个也是我们 B 站做 AI 的一个方向上，我们会专注在视频的 AI 的一个解决方案。而且我们会专注在利用 AI 辅助创作者去做出更多更好的一个视频。比如说我们现在大家应该注意到，我们现在已经提供了 AI 翻译这个视频的功能，因为它翻译的不仅是字幕了，因为那个很基础。还包括声音，然后还包括口型，就是这个是大家应该看到我们 APP 上已经有了。同时的话，我们也计划去推出一个能够去帮助创作者去做视频播客，这一类视频的一个 AI 的这么一个工具，就是陆续大家会看到我们在这方面能够陆续去拿出一些新的一个产品或者是解决方案。我们也希望在视频的方向上，我们能够成为行业走在前面的人。
Speaker #8: And based on that observation, we'll be very focused on the video track of the AI applications. We wanted to make AI to be effective tools to help our content creator to produce higher-quality videos.
Speaker #8: You probably have already seen some of the functions we have launched lately. For example, there will be a multilingual video accessibility feature, including dubbing, subtitles, and even lip-syncing.
Speaker #8: We are also planning to launch an AI-enabled text-to-video tool tailored for video podcast type of content. We believe this product will help bring more high-quality content on Bilibili and to our users.
Speaker #8: That concludes the question and answer session. Operator, back to
Speaker #4: Thank you once again for joining Bilibili's third-quarter
Speaker #4: 2025 financial results and business update conference call today. If you have any further questions, please contact Juliet Yang, Bilibili's executive director, or Pia you.