Q4 2025 Bilibili Inc Earnings Call

March 5, 2026

Operator: Good day, welcome to Bilibili Q4 and fiscal year 2025 Financial Results and Business Updates Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Juliet Yang, Executive Director of Investor Relations. Please go ahead.

Speaker #1: Good day and welcome to Bilibili, fourth quarter and fiscal year 2025 financial results and business update conference call. Today's conference is being recorded.

Speaker #1: At this time, I'd like to turn the conference over to Juliet Yang, Executive Director of Investor Relations. Please go ahead.

Juliet Yang: Thank you, operator. During this call, we'll discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties, including those mentioned in our most recent filing with SEC and Hong Kong Stock Exchange. The non-GAAP financial measure we provide are for comparison purpose only. The definition of this measure and the reconciliation table are available in the news release we issued earlier today. As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at ir.bilibili.com. Joining us today from Bilibili senior management are Mr. Ray Chen, Chairman of the Board and Chief Executive Officer, Ms.

Speaker #2: Thank you . Operator During this call , we'll discuss our business outlook and make forward looking statements . This 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 filing with the SEC and the 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.

Speaker #2: We issued earlier today . As a reminder , this conference is being recorded . In addition , an investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at IR comm Joining us today from Bilibili Senior management are Mr. Ray Chen , chairman of the board and Chief Executive Officer .

Juliet Yang: As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at ir.bilibili.com. Joining us today from Bilibili senior management are Mr. Ray Chen, Chairman of the Board and Chief Executive Officer, Ms. Ni Li, Vice Chairwoman of the Board and Chief Operating Officer, and Mr. Xin Fan, Chief Financial Officer. I will now turn the call to Mr. Chen.

Juliet Yang: Ni Li, Vice Chairwoman of the Board and Chief Operating Officer, and Mr. Xin Fan, Chief Financial Officer. I will now turn the call to Mr. Chen.

Speaker #2: Miss Kelly Lee , vice chairwoman of the board and chief operating officer . And Mr. Sam Phan , chief financial officer . I will now turn the call to Mr. Chen .

Rui Chen: Thank you, Juliet. Thank you to everyone for joining us today. 2025 was a marquee year for Bilibili. We delivered standout results across both our community growth and financial performance. Throughout the year, our user growth regained its momentum while engagement and stickiness consistently hit new record highs. We also made incredible strides on the commercial front and achieved our first ever full year of GAAP profitability. Looking at our community, momentum really picked up speed toward year-end. DAU growth accelerated every single quarter year-over-year, up 4% in Q1, 7% in Q2, 9% in Q3, and 10% in Q4, hitting 113 million users. Q4 MAUs also grew by 8% year-over-year to 366 million.

Speaker #3: Thank you, Juliette, and thank you to everyone for joining us today. 2025 was a key year for Bilibili. We delivered standout results across both our community growth and financial performance throughout the year.

Speaker #3: Our user growth regained its momentum while engagement and stickiness consistently hit new record highs . We also made incredible strides on the commercial front and achieved our first ever full year of GAAP profitability Looking at our community momentum really picked up speed toward year end Dao growth accelerated every single quarter year over year , up 4% in Q1 , 7% in Q2 , 9% in Q3 , and 10% in Q4 , hitting 113 million users .

Speaker #3: Q4 also grew by 8% year over year to 366 million. While much of the internet is still flooded with fast content, more and more people are gravitating toward depth and quality.

Rui Chen: While much of the Internet is still flooded with fast food content, more and more people are gravitating toward depth and quality. They're spending more time on high quality PUGV content and the authentic community interactions that Bilibili is known for. In Q4, average daily time spent continued to rise, up 8% to 107 minutes. This strong momentum reinforces our conviction that users are elevating their content consumption. We believe the shift gives us a massive long-term runway ahead. As our users dive deeper into the content they love, their willingness to spend continues to rise. This is reflected in our MPUs, which surged 21% year-over-year to a record 36 million. Users' growing spending power is also extending beyond direct payments. Bilibili has become a trusted destination for consumption decisions where users don't just watch, but actively research and embrace new products.

Speaker #3: They're spending more time on high-quality content and the authentic community interactions that Bilibili is known for. In Q4, average daily time spent continued to rise, up 8% to 107 minutes.

Speaker #3: This strong momentum reinforces our conviction that users are elevating their content consumption, and we believe the shift gives us a massive long-term runway ahead as our users dive deeper into the content they love.

Speaker #3: Their willingness to spend continues to rise. This is reflected in our NPUs, which surged 21% year over year to a record 36 million users. Growing spending power is also extending beyond direct payments.

Speaker #3: Bilibili has become a trusted destination for consumption decisions , where users don't just watch but actively research and embrace new products . AI is a prime example , a growing number of AI advertisers now view Bilibili as the go to platform to reach curious young minds by leveraging our interactive community .

Rui Chen: AI is a prime example. A growing number of AI advertisers now view Bilibili as the go-to platform to reach curious young minds. By leveraging our interactive community, they can turn exposure into real user conversion and lasting influence. These strengths, combined with our refined ad infrastructure, drove a 27% year-over-year increase in advertising revenue in Q4, once again exceeding expectations. The power of our community and commercialization engine and its potential is also showing up in our financial results. 2025 marked a major milestone as we reached our first full year of GAAP profitability alongside solid revenue growth. For the year, total revenues grew to RMB 30.3 billion, up 13% year-over-year. We reported a GAAP net profit of RMB 1.2 billion. In Q4, total revenues increased by 8% year-over-year to RMB 8.3 billion.

Speaker #3: They can turn exposure into real user conversion and lasting influence These trends , combined with our refined ad infrastructure , drove a 27% year over year increase in advertising revenue in Q4 .

Speaker #3: Once again, exceeding expectations. The power of our community and commercialization engine—and its potential—is also showing up in our financial results.

Speaker #3: 2025 marked a major milestone as we reached our first full year of GAAP profitability alongside solid revenue growth for the year. Total revenues grew to RMB 30.3 billion, up 13% year over year.

Speaker #3: And we reported a GAAP net loss of RMB 1.2 billion in Q4. Total revenues increased by 8% year over year to RMB 8.3 billion.

Rui Chen: Gross profit grew 11% and gross profit margin rose to 37.0%, marking our 14th consecutive quarter of margin expansion. With disciplined cost management and stronger operating leverage, our adjusted net profit nearly doubled to RMB 878 million, and our adjusted net profit margin expanded to 10.6%. By the start of 2026, the average age of our users reached 26.5. They are moving into higher income brackets with greater spending power and more diverse needs. As they move into new stages of life, we are growing with them, expanding our commercial opportunities and unlocking more value across every touch point in our ecosystem. To better serve our evolving community, we are integrating AI into every corner of Bilibili. To us, AI isn't just a buzzword, it's a practical tool that expands human creativity, increases connection, and boosts distribution efficiency.

Speaker #3: Gross profit grew 11%, and gross profit margin rose to 37.0%, marking our 14th consecutive quarter of margin expansion with disciplined cost management and stronger operating leverage.

Speaker #3: Our adjusted net profit nearly doubled to RMB 878 million, and our adjusted net profit margin expanded to 10.6% by the start of 2026.

Speaker #3: The average age of our users reached 26.5. They are moving into higher income brackets with greater spending power and more diverse needs as they move into new stages of life.

Speaker #3: We are growing with them , expanding our commercial opportunities and unlocking more value across every touchpoint in our ecosystem to better serve our evolving community , we are integrating AI into every corner of Bilibili to us , AI isn't just a buzzword , it's a practical tool that expands human creativity , increases connection , and boosts distribution efficiency by leveraging frontier Llms , we've made our content discovery and ad targeting sharper than ever .

Rui Chen: By leveraging frontier LLM, we've made our content discovery and ad targeting sharper than ever. We are also providing AIGC tools that help creators and advertisers get started more easily, while AI translation is helping our best content reach a global audience. The more we invest in these capabilities, the more confident we are that AI will take our ecosystem and our business to the next level. With that, let me walk you through our core pillars of content, community, and commercialization. Starting with content and community. The biggest takeaway from our 2025 story is that in a world full of short and disposable content, demand for high-quality content and authentic community connections is only getting stronger. We've leaned into this trend by deliberately allocating more resources to promoting high-quality content and fostering welcoming, interest-driven communities. The results are clear.

Speaker #3: We are also providing AI tools that help creators and advertisers get started more easily. While AI translation is helping our best content reach a global audience, the more we invest in these capabilities, the more confident we are that AI will take our ecosystem and our business to the next level.

Speaker #3: With that , let me walk you through our core pillars of content , community and commercialization , starting with content and community . The biggest takeaway from our 2025 story is that in a world full of short and disposable content , demand for high quality content and authentic community connections is only getting stronger .

Speaker #3: We've leaned into this trend by deliberately allocating more resources to promoting high quality content and fostering welcoming , interest driven communities . The results are clear .

Rui Chen: In Q4, average daily time spent reached 107 minutes, up 8% year-over-year, while watch time for videos longer than 5 minutes grew by more than 20%. Our commitment to quality content across categories is driving higher user engagement and time spent. In Q4, watch time of lifestyle content grew by more than 30%, while Chinese anime and game-related content increased by 56% and 24% year-over-year, respectively. Notably, in July 2025, we officially launched Video Podcast initiative and quickly established an early lead in this impactful format. Our highly engaged community played a key role in driving its rapid adoption, sparking more meaningful discussions among users. In the second half of 2025, total watch time for Video Podcast exceeded 8 billion minutes.

Speaker #3: In Q4, average daily time spent reached 107 minutes, up 8% year over year, while watch time for videos longer than five minutes grew by more than 20%.

Speaker #3: Our commitment to quality content across categories is driving higher user engagement and time spent in Q4 . Watch time of lifestyle content grew by more than 30% , while Chinese anime and game related content increased by 56% and 24% year over year , respectively .

Speaker #3: Notably, in July 2025, we officially launched the video podcasts initiative and quickly established an early lead in this impactful format. Our highly engaged community played a key role in driving its rapid adoption, sparking more meaningful discussions among users.

Speaker #3: In the second half of 2025 . Total watch time for video podcasts exceeded 8,000,000,000 minutes in 2025 . AI became a powerful amplifier of our content ecosystem , driving engagement , unlocking creativity and accelerating the discovery of high quality content Total watch time for AI related topics .

Rui Chen: In 2025, AI became a powerful amplifier of our content ecosystem, driving engagement, unlocking creativity, and accelerating the discovery of high-quality content. Total watch time for AI-related topics surged 53% year-over-year in Q4, cementing Bilibili's position as the go-to platform for AI learning. Beyond consumption, AI is streamlining the creative process and even reshaping how content is made. A great example is AI music. Creators are now turning simple ideas into professional grade music videos with ease. In Q4, the number of AI music videos reaching the million view milestone grew over 5-fold year-over-year. At the same time, AI-driven distribution helps high quality work find its audience much faster. This is especially beneficial for emerging creators. In Q4, the number of creators with over 1,000 followers increased by more than 30% year-over-year.

Speaker #3: Search . 53% year over year in Q4 . Cementing Bilibili's position as the go to platform for AI learning . Beyond consumption , AI is streamlining the creative process and even reshaping how content is made a great example is AI music creators are now turning simple ideas into professional grade music videos with ease .

Speaker #3: In the fourth quarter , the number of AI music videos reaching the million view milestone grew over five fold year over year . At the same time , AI driven distribution helps high quality work find its audience much faster .

Speaker #3: This is especially beneficial for emerging creators. In Q4, the number of creators with over 1,000 followers increased by more than 30% year over year, as creators build larger audiences and stronger connections. That engagement is increasingly turning into monetization on Bilibili.

Rui Chen: As creators build larger audiences and stronger connections, that engagement is increasingly turning into monetization on Bilibili. In 2025, nearly 3 million creators earned income on our platform across advertising and VAS channels. With improved commercialization efficiency, average income per creator grew 21% year-over-year. Just as importantly, users are demonstrating more and more willingness to pay for content they genuinely enjoy and creators they truly value. Last year, more than 10 million users supported high quality PUGV content and creators through fan charging. Turning to our core community metrics. In Q4, each active user followed over 90 creators on average, up from 81 a year ago, reflecting strengthening network effects within our community. By the end of 2025, we had over 284 million official members, and their 12-month retention rate remained stable at around 80%.

Speaker #3: In 2025, nearly 3 million creators earned income on our platform across advertising and VAS channels, and with improved commercialization efficiency, average income per creator grew 21% year over year.

Speaker #3: Just as importantly, users are demonstrating more and more willingness to pay for content they genuinely enjoy, and creators they truly value.

Speaker #3: Last year , more than 10 million users supported high quality content and creators through fan charging Turning to our core community metrics in Q4 , each active user followed over 90 creators on average , up from 81 a year ago , reflecting strengthening network effects within our community .

Speaker #3: By the end of 2025, we had over 284 million official members, and their 12-month retention rate remained stable at around 80%.

Rui Chen: Our creator ecosystem also balances longevity with fresh energy. This is evident in the 2025 BILIBILI POWER UP 100 list, where creators have been active on Bilibili for 7 years on average, while nearly 40% were first time honorees compared with last year. Beyond daily activity, Bilibili continues to reinforce its role as a cultural home for young generation. Our signature New Year's Eve Gala delivered its best commercial performance to date and has grown into an annual ritual for young audiences. During the recent Chinese New Year, we once again partnered with CCTV as the exclusive bullet chat platform, enabling young viewers to celebrate the festival together online. On the day of the broadcast, more than 133 million bullet chats were shared, and DAUs reached a record high of 16% compared with last year. Now, let’s talk about our commercial businesses and their progress.

Speaker #3: Our creator ecosystem also balances longevity with fresh energy. This is evident in the 2025 UP 100 list, where creators have been active on Bilibili for seven years on average.

Speaker #3: While nearly 40% were first-time honorees compared with last year, beyond daily activity, Bilibili continues to reinforce its role as a cultural home for the young generation.

Speaker #3: Our signature New Year's Eve gala delivered its best commercial performance to date and has grown into an annual ritual for young audiences. During the Chinese New Year, we once again partnered with CCTV as the exclusive bullet chat platform, enabling young viewers to celebrate the festival together online.

Speaker #3: On the day of the broadcast , more than 133 million bullet chats were shared and Daus reached a record high of 16% compared with last year Now , let's talk about our commercial businesses and their progress First , we were very encouraged to see our advertising business deliver better than expected results in Q4 , advertising revenues accelerated to RMB 3.0 billion , up 27% year over year .

Rui Chen: First, we were very encouraged to see our advertising business deliver better than expected results in Q4. Advertising revenues accelerated to RMB 3.0 billion, up 27% year-over-year. Full year advertising revenues increased by 23% to RMB 10.1 billion. This industry-leading growth reflects both the rising value of our user base and our continued progress in improving ad efficiency. As users spend more on the platform, Bilibili is becoming an even more compelling destination for advertisers. In Q4, the top 5 ad verticals were games, digital products and home appliances, internet services, e-commerce, and automotive. Home decoration was a standout, with ad spend jumping over 80% year-over-year, another strong signal that our users are maturing and seeking more lifestyle-focused upgrades.

Speaker #3: And full-year advertising revenues increased by 23% to RMB 10.1 billion. This industry-leading growth reflects both the rising value of our user base and our continued progress in improving ad efficiency. As users spend more on the platform, Bilibili is becoming an even more compelling destination for advertisers.

Speaker #3: In Q4 , the top five ad verticals were games , digital products , and home appliances , internet services , e-commerce and automotive .

Speaker #3: Home decoration was a standout, with ad spend jumping over 80% year over year. Another strong signal that our users are maturing and seeking more lifestyle-focused upgrades.

Rui Chen: AI advertisers also ramped up with AI-related ad budgets climbing nearly 180% year-over-year in Q4. That momentum has carried into 2026. In 2025, we pushed AI even deeper into our commercial algorithms, boosting traffic value without compromising the user experience. The precision paid off. Ad spend aimed at deeper conversions grew by more than 40% year-over-year. Negative user feedback was cut by over 50%. We also made performance advertising faster and easier. Our smart ad delivery system and AI-powered creative tools now streamline campaign setups, lifting cold start success rates by nearly 300% from last year. On top of these efficiency gains, we broadened our ad inventory across the ecosystem. New openings in search, PC, and OTT drove ad revenue in these scenarios up by over 60% year-over-year.

Speaker #3: AI advertisers also ramped up with AI-related ad budgets, climbing nearly 180% year over year in Q4, and that momentum has carried into 2026.

Speaker #3: In 2025, we pushed AI even deeper into our commercial algorithms, boosting traffic value without compromising the user experience. The precision paid off.

Speaker #3: Ad spend aimed at deeper conversions grew by more than 40% year over year, and negative user feedback was cut by over 50%.

Speaker #3: We also made performance advertising faster and easier. Our smart ad delivery system and AI-powered creative tools now streamline campaign setups, lifting cold start success rates by nearly 300% from last year.

Speaker #3: On top of these efficiency gains, we broadened our ad inventory across the ecosystem. New openings in search, PC, and OTT drove ad revenue in these scenarios up by over 60% year over year.

Rui Chen: This rapid growth shows untapped potential we have across our multi-screen, multi-scenario ecosystem, and we still have plenty of runway to expand further. Looking ahead to 2026, we're confident in the outlook for our advertising business. That confidence comes from rising user value and plenty of room to drive more efficiency, especially as we continue applying AI to strengthen monetization capabilities. At the same time, demand from gaming and AI advertisers remains strong, with both sectors eager to reach Bilibili's young high-value user base. With stronger tools and a supportive market backdrop, we are set to capture even more of the opportunities ahead. Turning to our game business. Game revenues were down 14% year-over-year to RMB 1.5 billion in Q4, reflecting the high base set by Sanmo, 三国：谋定天下, in the same period of last year.

Speaker #3: This rapid growth shows untapped potential. We have it across our multiscreen, multi-scenario ecosystem, and we still have plenty of runway to expand further. Looking ahead to 2026, we're confident in the outlook for our advertising business.

Speaker #3: That confidence comes from rising user value and plenty of room to drive more efficiency , especially as we continue applying AI to strengthen monetization capabilities At the same time , demand from gaming and AI advertisers remains strong , with both sectors eager to reach Bilibili Inc young , high value user base with stronger tools and supportive market backdrop .

Speaker #3: We are set to capture even more of the opportunities ahead. Turning to our game business, game revenues were down 14% year over year to RMB 1.5 billion in Q4, reflecting the high base set by San Mo.

Speaker #3: In the same period of last year. Even so, full-year game revenues still grew 14% to RMB 6.4 billion in Q4.

Rui Chen: Even so, full year game revenues still grew 14% to RMB 6.4 billion. In Q4, season eleven of Sanmo held steady, and we're focused on extending the title's life cycle by elevating the user experience and maintaining balanced monetization. On the global front, we launched the traditional Chinese version in January and plan to roll out the game across more Asian markets later this year. Meanwhile, our evergreen titles, FGO and Azur Lane, remain stable and continue to generate reliable revenues. Our biggest surprise of 2025 was Escape from Tarkov. This self-developed title was a real dark horse. It sold over 3 million copies in the first three weeks of its October debut, and went on to become the best-selling domestic single player game of the year, and now ranks among the top three of all time.

Speaker #3: Season 11 of Sun Mo held steady, and we're focused on extending the title's life cycle by elevating the user experience and maintaining balanced monetization on the global front. We launched the traditional Chinese version in January and plan to roll out the game across more Asian markets later this year.

Speaker #3: Meanwhile, our evergreen titles FGO and Azur Lane remain stable and continue to generate reliable revenues. Our biggest surprise of 2025 was Escape From Duke. This self-developed title was a real dark horse.

Speaker #3: It sold over 3 million copies in the first three weeks of its October debut , and went on to become the best selling domestic single player game of the year , and now ranks among the top three of all time .

Rui Chen: This success is a clear example of how we spot unmet demand and turn it into breakout hits. As AI continues to reshape the digital landscape, strong IP is becoming even more valuable. It can migrate across platforms and spawn new experiences. That is why Tarkov is now moving to consoles and mobile, widening its reach and deepening its growth runway. Looking ahead, our pipeline is strong, including our exclusive casual card game and card, San Guoi: Bai Jiang Pai, and our self-developed simulation game Lumi Master. Our pipeline of jointly operated games for 2026 is also shaping up well, giving us a broad and diversified slate. Our strategy is straightforward: build and scale high quality, genre-defining games that have lasting appeal for the gamers of tomorrow. As for our VAS business, users are showing a stronger willingness to pay directly for the content and services they care about.

Speaker #3: This success is a clear example of how we spot unmet demand and turn it into breakout hits. As AI continues to reshape the digital landscape, strong IP is becoming even more valuable.

Speaker #3: It can migrate across platforms and spawn new experiences. That is why Dark Half is now moving to consoles and mobile, widening its reach and deepening its growth.

Speaker #3: Looking ahead, our pipeline is strong, including our exclusive casual card game and card subungual, and our self-developed simulation game Lumi Master Xiangjiaba Lumi.

Speaker #3: Our pipeline of jointly operated games for 2026 is also shaping up well , giving us a broad and diversified slate . Our strategy is straightforward build and scale , high quality , genre defining games that have lasting appeal for the gamers of tomorrow .

Speaker #3: As for our business, users are showing a stronger willingness to pay directly for the services they care about. That demand drove revenues up 6% year over year to RMB 3.3 billion in Q4 and up 8% to RMB 11.9 billion for the full year in 2025.

Rui Chen: That demand drove revenues up 6% year-over-year to RMB 3.3 billion in Q4, and up 8% to RMB 11.9 billion for the full year. In 2025, our live broadcasting business maintained steady growth, and gross margin continued to expand. Premium memberships reached 25.3 million by year-end, up 12% year-over-year, supported by a strong performance from our Chinese anime slate, led by our hit production, Mortal's Journey to Immortality. Annual subscriptions and auto renewals remained around 80%, highlighting the loyalty and long-term commitment of our core community. Other VAS products delivered strong momentum in 2025. Revenues from our fan charging program was particularly strong, doubling for the full year with more than 10 million users directly supporting creators and high-quality content throughout the year.

Speaker #3: Our live broadcasting business maintained steady growth and gross margin continued to expand . Premium memberships reached 25.3 million by year end , up 12% year over year , supported by a strong performance from our Chinese anime slate led by our hip production Mortals Journey to Immortality and annual subscriptions and auto renewals remained around 80% , highlighting the loyalty and long term commitment of our core community Other Vas products deliver strong momentum in 2025 .

Speaker #3: Revenues from our fan charging program were particularly strong, doubling for the full year with more than 10 million users directly supporting creators and high-quality content throughout the year.

Rui Chen: In closing, our progress this year underscores the strength of our content and community. Our flywheel is working. High-quality PUGV attracts and retains young users. Deeper engagement creates more value for creators, and that energy is translating to healthier and more sustainable commercialization. AI is also reshaping our industry, and we see it as a powerful accelerator of this cycle. We will continue investing in AI to reinforce our position as the platform of choice for China's most engaged young audience. With profitability achieved and momentum building, we will stay focused on what defines Bilibili: great content, a strong community, and disciplined execution that creates lasting value. With that, I will turn the call over to Sam to share more financial details. Sam, please go ahead.

Speaker #3: In closing , our progress this year underscores the strength of our content and community . Our flywheel is working high quality pgv attracts and retains young users deeper engagement creates more value for creators , and that energy is translating to healthier and more sustainable commercialization .

Speaker #3: AI is also reshaping our industry, and we see it as a powerful accelerator of this cycle. We will continue investing in AI to reinforce our position as the platform of choice for China's most engaged young audience.

Speaker #3: With profitability achieved and momentum building , we will stay focused on what defines Bilibili . Great content , a strong community and disciplined execution that creates lasting value With that , I will turn the call over to Sam to share more financial details Sam , please go ahead .

Xin Fan: Thank you, Mr. Chen. Hello, everyone. This is Sam. In the interest of time on today's call, I will review our Q4 highlights, as Mr. Chen's remarks have already covered our full year results at a high level. We encourage you to refer to our press release issued earlier today for a closer look at our full year results. In Q4, we continued to deliver solid top-line growth while expanding margins and strengthening our profitability profile. With gross margin improving for the 14th consecutive quarter and operating leverage continuing to build across the business, we entered 2026 with much greater financial resilience to build on. Total revenues for Q4 were RMB 8.3 billion, up 8% year-over-year.

Speaker #4: Thank you . Mr. Chen . Hello everyone , this is Sam . In the interest of time on today's call , I will review our fourth quarter highlights as Mr. Chen's remarks have already covered our full year results at a high level .

Speaker #4: We encourage you to refer to our press release issued earlier today for a closer look at our full year results . In the fourth quarter , we continued to deliver solid top line growth while expanding margins and strengthening our profitability profile with gross margin improving for the 14th consecutive quarter and operating leverage continuing to build across the business .

Speaker #4: We entered 2026 with much greater financial resilience to build on. Total revenues for the fourth quarter were RMB 8.3 billion, up 8% year over year.

Xin Fan: Our total revenues breakdown by revenue stream was approximately 39% VAS, 37% advertising, 18% mobile games, and 6% from our IP derivatives and other businesses. Our cost of revenues increased by 6% year-over-year to RMB 5.2 billion in Q4, while our gross profit rose 11% year-over-year to RMB 3.1 billion. Our gross profit margin reached 37.0% in Q4, up from 36.1% in the same period last year, showing the strength of our business model as we continue to scale. Our total operating expenses were down 3% year-over-year to RMB 2.6 billion in Q4. Sales and marketing expenses decreased by 9% year-over-year to RMB 1.1 billion, mainly due to decreased marketing expenses for our games.

Speaker #4: Our total revenues break down by revenue stream was approximately 39% . Vas , 37% advertising , 18% , mobile games , and 6% from our IP derivatives and other businesses .

Speaker #4: Our cost of revenues increased by 6% year over year to RMB 5.2 billion in the fourth quarter, while our gross profit rose 11% year over year to RMB 3.1 billion.

Speaker #4: Our gross profit margin reached 37.0% in Q4, up from 36.1% in the same period last year, showing the strength of our business model as we continue to scale. Our total operating expenses were down 3% year over year to RMB 2.6 billion in the fourth quarter.

Speaker #4: Sales and marketing expenses decreased by 9% year over year to RMB 1.1 billion, mainly due to decreased marketing expenses for our games.

Xin Fan: G&A expenses increased 4% to RMB 528 million, and R&D expenses were flat at RMB 921 million. Our operating profit was RMB 504 million, up 299% year-over-year. Our adjusted operating profit was RMB 838 million, and our adjusted operating profit margin reached 10.1%, improving from 6.0% in the same period a year ago. Net profit was RMB 514 million, versus RMB 89 million in Q4 2024. Our adjusted net profit was RMB 878 million, and our adjusted net profit margin expanded to 10.6% from 5.8% in the same period last year. Cash flow-wise, we generated about RMB 1.8 billion in operating cash flow in Q4. RMB 7.1 billion for the full year.

Speaker #4: G and A expenses increased 4% to RMB 528 million and R&D expenses were flat at RMB 921 million . Our operating profit was RMB 504 million , up 299% year over year .

Speaker #4: Our adjusted operating profit was RMB 838 million, and our adjusted operating profit margin reached 10.1%, improving from 6.0% in the same period a year ago.

Speaker #4: Net profit was RMB 514 million versus RMB 89 million in Q4 2024. Our adjusted net profit was RMB 878 million, and our adjusted net profit margin expanded to 10.6% from 5.8% in the same period last year.

Speaker #4: Cash flow wise , we generated about RMB 1.8 billion in operating cash flow in the fourth quarter and RMB 7.1 billion for the full year As of the 31st of December , 2025 .

Xin Fan: As of 31 December 2025, we had cash and cash equivalents, time deposits, and short term investments of RMB 24.2 billion or $3.5 billion. Under our $200 million share repurchase program approved by the board in November 2024, we had repurchased a total of 0.6 million shares in Q4 for a total cost of $14.7 million. As of 31 December 2025, we have repurchased a total of 7.0 million shares at a total cost of $131.2 million, leaving about $68.8 million available for future buybacks. Thank you for your attention. We would now like to open the call to your questions. Operator, please go ahead.

Speaker #4: We had cash and cash equivalents, time deposits, and short-term investments of RMB 24.2 billion, or $3.5 billion USD, under our $200 million USD share repurchase program approved by the board in November 2024.

Speaker #4: We had repurchased a total of 0.6 million shares in Q4 for a total cost of 14.7 million USD . As of the 31st of December , 2025 .

Speaker #4: We have repurchased a total of 7.0 million shares at a total cost of $131.2 million, leaving about $68.8 million available for future buybacks. Thank you for your attention.

Speaker #4: We would now like to open the call to your questions. Operator, please go ahead.

Juliet Yang: Thank you. We will now begin the question-and-answer session. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. The company will provide consecutive interpretation for management statement during the Q&A session. Please note that English interpretation is for convenience purposes only. In the case of any discrepancy, management statements in the original language will prevail. Now we'll take our first question from the line of Lincoln Kong of Goldman Sachs. Please ask your question, Lincoln.

Speaker #1: Thank you . We will now begin the question and answer session . To ask a question , please press star one . One on your telephone and wait for your name to be announced .

Speaker #1: To withdraw your question , please press star one . One again for the benefit of all participants on today's call . If you wish to ask your question to management in Chinese , please immediately repeat your question in English .

Speaker #1: The company will provide consecutive interpretation for management's statement during the Q&A session. Please note that English interpretation is for convenience purposes only.

Speaker #1: In the case of any discrepancy, management statements in their original language will prevail. And now, we'll take our first question from the line of Lincoln.

Speaker #1: Kong of Goldman Sachs. Please ask your question. Lincoln.

Lincoln Kong: 呃，感谢管理层接受我的提问，那也非常恭喜咱们公司这个 25 年其实有一个，呃，很不错的个收官。嗯，我其实是想用咱们这个，呃，社区形态，呃，其实我们看 25 年整体的我们是用户还是流量其实都有一个不错的加速的增长，可不可以请这个管理层帮我们分析一下背后主要的一些因素，那往未 - 未来去看，咱们这个用户的流量的这个增长空间，啊，还 - 还有多少？那么因为整个这个竞争是比较激烈嘛，所以公司对于这个竞争中如何去留住这些创作者和对用户的一个战略是什么？啊，可以请管理层分享下。

Speaker #5: Oh, yeah. You, so thank you for taking my question, and congrats on a very strong finish to 2025. My question is about the community.

Xin Fan: Thank you management for taking my question and congrats on the very strong finish 2025. My question is about the community. In 2025, we have seen accelerating growth of our user and time spent. Could management elaborate the driving factors behind it? How should we think about the future user and time spent growth potential? When we think about the competition, how would the Bilibili to maintain our creators and our users? What's our strategies behind it? Thank you.

Lincoln Kong: Thank you management for taking my question and congrats on the very strong finish 2025. My question is about the community. In 2025, we have seen accelerating growth of our user and time spent. Could management elaborate the driving factors behind it? How should we think about the future user and time spent growth potential? When we think about the competition, how would the Bilibili to maintain our creators and our users? What's our strategies behind it? Thank you.

Speaker #5: In 2025, we have seen accelerating growth of our user base and the time span to match the target behind it. And how should we think about the future user and timespan growth potential?

Speaker #5: And when we think about the, among all the competition, how would the ability to maintain our creators and our users? What's our strategies behind it?

Speaker #5: Thank you

Rui Chen: 呃，B 站用户增长背后最核心的原因是我们平台上优质的内容在不断地增加。

Speaker #6: Yeah .

Juliet Yang: The core driver behind Bilibili growth is the continued increase in supply of high quality content on our platform.

Speaker #7: The core driver behind Bilibili growth is the continued increase in supply of high-quality content on our platform.

Rui Chen: 我之前说过，就是内容平台之间的竞争，它的终局就是看哪个平台拥有最多的优质内容。啊。就是优质内容，它最后是决定这个竞争的最重要的一个因素。啊尤其是在现在我们可以看到这种工业生产的快餐化的内容越来越多的时候，优质内容它会显得更稀缺，在用户心目中的心智会更强。

Speaker #6: In the user, user, user, User.

Juliet Yang: I've mentioned this before. In the content industry, the end game of competition is about quality. That's to say, platform that can consistently deliver great content will be the ultimate winner. This is especially true today, where there is a clear oversupply of industrialized fast food content. In this environment, true high quality content become even more precious and more powerful in shaping users' mindshare.

Speaker #7: I've mentioned this before in the content industry . The end game of competition is about quality . That's to say platform can can that can consistently deliver great content will be the ultimate winner .

Speaker #7: This is especially true today, where there's a clear oversupply of industrialized fast food content environment. Two, high-quality content becomes even more precious and more powerful in shaping users' mindshare.

Rui Chen: B 站之所以能够持续地去产生优质内容, 是因为我们是具备这个优质内容的土壤和种子. 就在我看来, 社区就是培养优质内容的土壤. 就是在 B 站上面, 我们可以看到有很多懂得去欣赏优质内容的用户, 而且这些用户他往往是整个社会里面就是有话语权的那种用户. 他们能够在一些优质内容刚刚产生的时候, 就能够去分辨它们, 而且去传播它们.

Speaker #6: To a woman, to be using the 'who' one. You are the—

Juliet Yang: The reason why Bilibili has the ability to unlock the supply of high quality content is because we have both the soil and the seeds to grow the high quality content. First, our community is that very fertile soil. Bilibili has a large base of user who knows how to appreciate, recognize, and spread great content. They are the group of people who has the ability to identify high quality content at a very early stage and spread it across our community.

Speaker #7: The reason why Bilibili has the ability to unlock the supply of high-quality content is because we have both the soil and the seeds to grow high-quality content.

Speaker #7: First, our community is staffed with very fertile soil. Bilibili has a large base of users who know how to appreciate, recognize, and spread great content.

Speaker #7: They are the group of people who have the ability to identify high-quality content at a very early stage and spread it across our community.

Rui Chen: 对这些用户就是我们所提到过的这个社区，他们对优质内容的创作是非常重要的。 UP主在创作内容的时候，他不像大家所想的那样是闭门造车的，他是需要用户给他反馈的，就是告诉他哪些内容好，哪些内容用户喜欢啊，而这些懂得欣赏优质内容的人，他给 UP主的反馈，他是不断地激励 UP主去创作优质内容的。就这一种激励就形成了一个正循环，那就是我们的 UP主在 B站上面，他创作 B站用户喜欢的内容，这些内容就是放在全社会，就是全社会的优质内容。

Speaker #6: So How The To

Juliet Yang: In that group of user not just watch content, they actively provide feedback that defines a good content and our content creator relies on their input, their feedback to create even better content. That's why, content creators on Bilibili can create content not only for Bilibili's user to appreciate, come to the whole society, those are still the top quality content.

Speaker #7: In that group of user , not just watch content they actively provide feedback that defines a good content and are our content creator relies on their input , their feedback to create even better content .

Speaker #7: That's why content creators are. Bilibili can create content not only for Bilibili users to appreciate, but also for the whole society. Those are still the top-quality content.

Rui Chen: 这个社区对创作者是非常重要的。那个我们有的时候会看到一个 B 站上面的头部创作者，好像他做的内容在其他平台上也会受喜欢，但那个是因为这个创作者他已经成长起来了。但是在一个创作者他刚刚开始成长的时候，他是需要用户告诉他哪些内容是好内容的，而 B 站它就是能够起到这样的一个作用。

Speaker #6: You

Juliet Yang: Well, this type of community is essentially important to content creator. You might argue that for very top content creator, their experience across multiple platforms may be similar, but for the much larger group of middle or emerging creators, they really truly relies on the community's feedback, telling them what is a good content, what direction they should be aiming for, and this is very very important for creator community.

Speaker #7: Well , this type of community is essentially important to content creator . You might argue that for a very top content creator , their experience across multiple platforms may be similar , but for the much larger group of middle or emerging creators , they really , truly rely on the community's feedback , telling them what is a good content , what direction they should be aiming for .

Speaker #7: And this is very, very important for the creator community.

Rui Chen: 我们可以看到就是 B 站的优质的 UP 主他是源源不断的, 他每年都会产生一波新的. 我们每年评百大 UP 主的时候, 都有差不多 1/3 的这个 UP 主是这一年新冒出来的一个 UP 主. 就这个就是社区, 它是土壤的作用, 这个土壤是能够源源不断地产生优质内容.

Speaker #6: To the user. The woman, the a.

Juliet Yang: That's why you've seen that on Bilibili, there's a continuous supply of new content creators that has grown and thrived on our platform. Every year when we publish our top 100 top content creator, about one third of the content creator are the newly emerged content creator that was never nominated before. That is the power of our community soil, the fertile soil that can cultivate and grow a very large number of new talented content creators.

Speaker #7: That's why you've seen that, unbelievably, there's a continuous supply of new content creators that has grown and thrived on our platform every year. When we publish our Top 100 top content creators, about one third of the content creators are newly emerged content creators.

Speaker #7: That was never nominated before. That is the power of our community soil, the fertile soil that can cultivate and grow a very large number of new talented content creators.

Rui Chen: 对，而且这样的一个社区，它是需要那个时间去积累的，因为它是由一个又一个的真实的用户产生的，而且 B 站它是个去中心化的一个平台，就是我们有上千种品类的内容，就相当于它要聚集很多很多种不同的用户在这里，这个其实是用现在的所谓的那些工业的手段是很难短时间造就的。啊，所以我也一直说就是这个社区也是 B 站的竞争壁垒。

Speaker #6: So I can tell you The

Juliet Yang: What we have done in the past is staying focused for the past 17 years, cultivating and building this kind of community, and this relies on every single real user's contribution and feedback. This is very, need, we need patience, we need time to build this very tight-knit community. This is our biggest moat of of this defensive mechanism of having this community aspect in our business. When it comes to industrialized, pure traffic driven model, it's very hard for this type of model to build a community.

Speaker #7: And what we have done in the past is staying focused for the past 17 years, cultivating and building this kind of community.

Speaker #7: And this relies on every single real users contribution . And feedback . And this is very we need patience . We need time to build this very tight knit community .

Speaker #7: And this is our biggest moat of of this defensive mechanism of having this community aspect in our business . And when it comes to industrialized pure traffic driven model , it's very hard for this type of model to build a community

Rui Chen: 有了社区之后，就有了这个社区这个土壤之后的话，我们认为这个优质内容的种子就是 UP 主。因为我一直认为优质内容的源头，它其实是 UP 主独一无二的灵魂，就是因为有了这一个又一个的富有创作力的 UP 主，他们才能够去产生优质内容。其实对于 Bilibili 来说的话，那个 UP 主他是信任 Bilibili 这个社区的，他是愿意来把他的这个创作承让的这个过程放在 Bilibili 的。这个也是形成了我们的一个就是 UP 主加社区的这么一个生态。

Speaker #6: Do you are the... You, the leader of The Shanghai.

Juliet Yang: The creator are the seeds on the soil. At its core, we believe the high-quality content is the result of creators' uniqueness. They're one-of-a-kind soul combined with their strong production capabilities. It's because we have this unique creators and they entrust our platform and they entrust us to witness their growth and unleash their creativity. That's why we have a very unique ecosystem.

Speaker #7: And the creator are the seeds on both soil at its core. We believe the high quality content is the result of creators' uniqueness.

Speaker #7: They're one of a kind. Soul combined with their strong production capabilities is because we have these unique creators and they entrust our platform.

Speaker #7: And they entrust us to witness their growth and unleash their creativity. That is why we have a very, very unique ecosystem.

Rui Chen: 我们对于 B 站未来的增长是充满信心的，因为，我过去也说过，就是内容消费它其实是一个只能升级不能降级的过程，就是当你看过越多的内容，你就越会想去消费好的内容。就如果你没看过什么内容，你可能看一下就能满足你，但是你越看的内容越多，你就越会去想消费好的内容。我认为现在中国它其实已经到了一个就是内容足够多，所以的话就是有越来越多的用户，他会慢慢地去消费，想去消费好的内容。 B 站它因为有这样的一个优质内容的一个心智，所以的话越来越多的用户他会成为 B 站的这么一个用户。我们现在的用户的平均年龄已经是到了这个 26、27 岁，然后随着它进入到了一个有更多的可支配的金钱可以，可以花的这么一个阶段，他在 B 站上的这个消费它也会提升。我觉得 B 站它现在已经进入了一个良性的一个发展阶段，我对未来的用户增长还是认为它是一个必然的一个过程。

Speaker #6: You can go to the you. You, we go to, so you. We to, so you, the you can go to the.

Juliet Yang: We are very confident about our future user growth. As we mentioned in the past, we've witnessed that there was a clear content consumption upgrade trend that is happening. This type of consumption upgrade is just a one way street. Once people start to experience truly great content, it's very hard for them to go back. We've seen that oversupply of short content as people start to consume more and more content, and it's just very natural for them to start to appreciate this high quality content that Bilibili has to offer. We also have that user mind share. We are seeing that our high quality content is attracting more and more user onto our platform. On top of that, our average age of our user age is come to 26 and 27.

Speaker #7: We are very confident about our future user growth. As we mentioned in the past, we've witnessed that there is a clear content consumption upgrade trend that is happening.

Speaker #7: And this type of consumption upgrade is just a one-way street. Once people start to experience truly great content, it's very hard for them to go back.

Speaker #7: And we've seen that oversupply of short content as people start to consume more and more content, and it's just very natural for them to start to appreciate those high-quality content that really has to offer.

Speaker #7: also have that user mindshare . So we are seeing that our high quality content is attracting more and more user to on onto our platform and on top of that , our average age of our user age is come to 26 and 27 as they move into their next stage of life .

Juliet Yang: As they move into their next stage of life, their content consumption will continue to evolve, their purchasing power will grow as well. For us, that represents a long-term structural opportunity for growth.

Speaker #7: They're content will continue . Content consumption will continue to evolve , and their purchasing power will grow as well . For us , that represents a long term structural opportunity for growth

Rui Chen: 就说到那个就未来的一个就是竞争中的一个策略啊，呃，我觉得，呃，我最关注的是两件事儿，第一个呢，就是保持和强化 B 站优质内容的心智，我认为这个还是很重要的，因为这个无论对于我们的用户，还是对于我们的这个创作者，啊，只要我们这个心智在那个不断地强化，呃，我就觉得会有越来越多的创作者和用户会来到我们这里。然后第二个呢，就是我觉得是要让我们的这个 up 主，然后在，呃，平台上有更好的发展，有更长的生命周期，有更多的呃，商业回报。呃，那个我觉得更长的生命周期这点我觉得我们是做得不错的。现在 B 站大量的 up 主吧，都是五年十年的这个，然后就是他们在我们这五年、十年之后，他仍然是那个非常旺盛的在创作，他的粉丝也越积越聚多。呃，在商业回报这一块，呃，我们的这个 2025 年有超过三百万的这个 up 主，然后在 B 站获得收入，然后而且人均收入跟去年同比增长是百分之二十一。呃，从那个粉丝增长方面的话，我们万粉、十万粉、百万粉的 up 主啊，在今年的这个，这个人数比去年的同比增长是百分之二十。啊，所以的话，我觉得就是我刚才说的这两件事儿吧，那个我觉得这两件事儿做好了，呃，我们应该在竞争当中就会永远是主动的一方。

Speaker #6: What the what do you. The things, the what, the. What the, the whole. You, or the, the, the, the, the, the, the, the The.

Speaker #6: The

Juliet Yang: When it comes to competition, we'll focus on two things. First, we'll stay very clear about our positioning around high quality content and make sure the platform continues to be the place for deeper expression and an interest based, high quality content community. Secondly is that we'll be focusing on our creators, make sure this is a platform for their long term creation as well as improved monetization potentials. In terms of their creation period, we are quite happy with the results.

Speaker #7: When it comes to competition , we'll focus on two things . First , we'll stay very clear about our positioning around high quality content .

Speaker #7: And make sure the platform continues to be the place for deeper expression and interest based , high quality content . Community and secondly , is that we'll be focusing on our creators .

Speaker #7: Make sure this is a platform for their long-term creation, as well as improved monetization potentials, in terms of their creative creation period.

Speaker #7: We are quite happy with the results. What we have seen now is we have a large number of content creators who have been creating content on our platform for 5 to 10 years, and they continue to gain followers and create lasting value on the platform.

Juliet Yang: What we have seen now, we have a large number of content creator who's been creating content on our platform for 5 to 10 years, and they continue to gain followers in creating lasting value on the platform. On the monetization wise, we continue to cultivate more avenues for content creator to make more money. In the last year, in 2025, there are about 3 million of content creator received income on our platform, and their average income also grew by 21% year-over-year. On top of that, the number of content creator with 10,000 follower, 100,000 follower, and 1 million follower, they all grew over 20% year-over-year. Those two factors combined will position us very well in this competitive landscape and continue to thrive. Thank you operator. Next question please.

Speaker #7: On the monetization wise , we continue to cultivate more avenues for content creators to make more money . And in the last year , in 2025 , they're about 3 million of content creators received income on our platform .

Speaker #7: And their average income also grew by 21% year over year . And on top of that , the number of content creator with 10,000 followers , 100,000 followers , 1 million follower , they all grew over 20% year over year .

Speaker #7: And those those two factors combined will position us very well in this competitive landscape . And continue to thrive . Thank you . Operator .

Speaker #7: Next question please .

[Operator]: Thank you. We will now take our next question from Xueqing Zhang from CICC. Please ask your question.

Operator: Thank you. We will now take our next question from Xueqing Zhang from CICC. Please ask your question.

Speaker #1: Thank you. We will now take our next question from Xu Chong from SICK. Please ask your question.

Xueqing Zhang: 哎，感谢管理层接受我的提问，呃，恭喜公司四季度广告收入超预期的增长。啊，那我的问题也是关于广告的，想请教管理层四季度是哪些行业或者广告产品驱动了这一成绩？那我们也有注意到近期各大 AI 应用有加大宣传广告的一个力度，那 B 站如何看待这一趋势对于我们广告业务的利好，啊，以及应该如何展望，呃，一季度和全年 2026 年全年的一个广告增长？谢谢。Um, thanks management for taking my question, and congratulations on the strong advertising growth in the first quarter.

Speaker #8: Hey, thanks, Champion. I would like to thank you, and thanks for taking my question, and congratulations on the strong advertising goals in the first quarter.

Xueqing Zhang: My question is also about advertising. Could management share which industries or products were the main drivers behind this strong performance in Q4? We have also noticed that many AI applications have been ramping up their marketing spending recently. How does management see this trend benefiting your advertising business? Could management also provide some color on the advertising growth outlook for Q1 and the full year of 2026? Thank you.

Speaker #8: My question is also about advertising. Could management share which industries or products were the main drivers behind the strong performance in Q4?

Speaker #8: We have also noticed that many AI applications have been ramping up their marketing spending recently. How does management see this trend benefiting your advertising business, and could management also provide some color on the advertising growth outlook for the first quarter and full year of 2026?

Speaker #8: Thank you for this. To Chen Yan,

Li Ni: 呃，第四季度跟 2025 年全年的广告业务其实发展还是符合我们内部预期的。就全年在每个季度实现了还是加速的增长。从第一个季度我们看到是同比增长百分之二十，到 Q 四同比增长百分之二十七。

Juliet Yang: The performance of our advertising business in Q4 and for the full year 2025 was in line with our internal expectations. Growth actually accelerated quarter by quarter throughout the year from 20% year-over-year growth in Q1 to 27% year-over-year growth in Q4.

Speaker #7: The performance of our advertising business in the fourth quarter and for the full year 2025 was in line with our internal expectations. Growth actually accelerated quarter by quarter throughout the year, from 20% year-on-year growth in the first quarter to 27% year-on-year growth in the fourth quarter.

Li Ni: 呃，也实现了整个广告的预算市场，在整个广告预算市场的占有率也持续地提升的。这个结果呢，应该是 B 站的用户价值得到了进一步的提升，呃，同时也可以体现出来和商业化效率提升的共同结果。

Speaker #8: Yes , the

Juliet Yang: We continue to gain larger share of overall ad budgets. The results reflect both rising value of our user base as well as the continuous improvement in our monetization efficiency.

Speaker #7: And we continue to gain a larger share of overall ad budgets. The results reflect both the rising value of our user base as well as the continuous improvement in our monetization efficiency.

Li Ni: 可以简单地看一下 Q4 我们在超出市场预期的一些驱动力吧。第一点是潜力的库存还是得到一定的释放的。可能在大多数人，人认为其实在广告收入来说，核心还是在 feed 流的主场景。在此外，我们在 Q4 在搜索、PC 大屏以及小程序等场景都实现了超过 60% 以上的增长，还有部分的场景是超过 200% 。

Speaker #8: Q3, I didn't. Juliet Yang, the PC.

Juliet Yang: Look at the drivers behind our stronger-than-market expectation performance in Q4. First, we credit that to the on tap ad inventory. Within our multi-screen and multi-consumption products, we continue to release more ad inventories on top of the feed scenarios. Areas such as search, PC, and OTT, they all grew more than 60% year-over-year, and for some certain scenarios they even grow over 200% year-over-year in terms of ad consumption.

Speaker #7: Look at the drivers behind our stronger than market expectation performance in Q4 . First , we credit that to the on on tap ad inventory within our multi-screen and multi consumption products .

Speaker #7: We continue to release more ad inventories on top of the feed scenarios . Areas such as search , PC and OTT . They all grew more than 60% year over year .

Speaker #7: And for some certain scenarios, they even grow over 200% year over year in terms of ad consumption.

Li Ni: 第二个呢，我们看到我们广告的效率还持续提升的，体现在只是 AIGC 跟广告素材的一些结合，呃，流升转的进一步的体现，包括我们用，呃，AI 实现的自动化投放的系统，呃包括我们在看到的说广告推荐效率的精准度的变化，呃，它的提升是效率得到进一步的提升。

Speaker #8: Yeah, the AI—just AI—the AI in the signal can do the...

Juliet Yang: Secondly is that we continue to improve our ad efficiency. This was mainly driven by the integration of AIGC tool with ad creative, campaign, deeper conversion penetration, and our AI-backed ad delivery system. All combined together is helping us to improve the overall ad efficiency and recommendation efficiency.

Speaker #7: Secondly, we continue to improve our ad efficiency. This was mainly driven by the integration of our AI tool with ad creative campaigns.

Speaker #7: Deeper conversion penetration and our AI-backed smart delivery ad delivery system, all combined together, are helping us to improve the overall ad efficiency and recommendation efficiency.

Li Ni: 第三，在行业也可以看一下，就除了我们，呃，比较擅长的包括，呃，优势的领域，网服、数码家电、电商等，在 Q 四也实现了像 AI 应用的繁荣带给我们的收入增量，以及闪购大战带给我们的收入增量。而除此以外的话，其实在整个教育培训行业、汽车行业、家装跟家居也有双位数的一个增速。

Speaker #8: Woman. The core Yoshida. You Wangfu, Q3 AI. The patient Xiaozhuang. Jiaju Zhongshu.

Juliet Yang: Certainly looking at the industry, contribution. In addition to our strong verticals like internet services, digital products, home appliances, and e-commerce, we are benefiting from the AI application competition as well as the rapid growth of instant retail in Q4. At the same time, we are also seeing strong growth from education sector, automotive sector, and home and furnishing sector. They all delivered a double-digit growth.

Speaker #7: Thirdly , looking at the industry contribution . In addition to our strong verticals like internet services , digital products , and home appliances , and e-commerce , we are benefiting from the AI application competition as well as the rapid growth of instant retail .

Speaker #7: In the fourth quarter, and at the same time, we're also seeing strong growth from the education sector, automotive sector, and home and furnishing sector.

Speaker #7: They all delivered double-digit growth.

Li Ni: 刚才提到 AI，就是，呃，任何行业繁荣或者竞争突然间加剧，其实短期都会导致广告预算的一个剧增。那 AI 行业其实也是一样的。所以我们在 Q 四看到 AI 的这个广告主的预算在变化。但中长期来看的话，就 AI 这个行业跟其他的广告预算不一样的点是，呃，在中长期还是会，我 - 我判断还是会面临大洗牌以及预算的重新分配的。我觉得无论是短期还是中长期，对于 B 站都是个比较大的利好。

Speaker #8: AI, the Zhang AI, AI, AI. We mainly...

Juliet Yang: Whenever an industry goes through a boom or sees a intensified competition, it usually leads to a surge in advertising budget in the short term. AI sector is no exception. What we see different here is over long term, we also see opportunities when the industry goes through reshuffling and reallocation of budgets, but there's still a very long way ahead in both short term and long term in terms of the budget gains for us in the AI industry.

Speaker #7: Whenever an industry goes through a boom or sees intensified competition, it usually leads to a surge in advertising budgets. In the short term, the AI sector is no exception.

Speaker #7: But what we see different here is, over the long term, we also see opportunities when the industry goes through reshuffling and reallocation of budgets.

Speaker #7: But there's still a very long way ahead, both in the short term and the long term, in terms of the budget gains for us in the AI industry.

Li Ni: 所以今天我只简单地说一下短期带给我们的一些变化。呃，AI 行业对于 B 站的广告预算肯定是新增的，这个毋庸置疑。就包括 AI 应用啊，大模型啊，AI 工具集中加大的投放也会成为各个平台就广告业务的稳定的增长点。但是呢，就 B 站是 AI 广告，就相对于别的平台更天然优质的场景，呃，包括什么？因为年轻的用户的科技属性其实更强，对 AI 的接受度也很高。B 站又是一个优质内容集中的一个兴趣的社区。所以因此在 B 站上投放广告，呃，可以让这个预算转化为用户的消费心智，挺效的转化都会优于纯流量型的平台。

Speaker #8: AI, AI, to be AI, the AI, to the, the King Xiao. The

Juliet Yang: Let's just focus on the short term impact for the AI sector now. Well, for sure, the AI sector is bringing incremental ad budgets to Bilibili. Companies in area like AI applications, large language models, and AI tools are all significantly increasing their ad budget spending, and this is becoming a clear growth driver for advertising platforms, including Bilibili and other platforms. At the same time, Bilibili is a very natural fit for AI advertisers. This goes to our young and highly tech savvy young user base with a strong openness to embrace new AI applications, new AI knowledges. The platform itself is because it's an interest-based community centered around high quality content.

Speaker #7: Let's just focus on the short term impact for the AI sector . Now . Well , for sure the AI sector is bringing incremental ad budgets to Bilibili companies in areas like AI applications , large language models and AI tools are all significantly increasing their budget spending .

Speaker #7: And this is becoming a clear growth driver for advertising platforms, including Bilibili and other platforms. But at the same time, Bilibili Inc. is a very natural fit for AI advertisers.

Speaker #7: This goes to our young and highly tech savvy young user base with a strong openness to embrace new AI applications , new AI knowledges and the platform itself is because it's an interest based , community centered around high quality content .

Juliet Yang: The advertising on Bilibili is more likely to translate from the spending into real user mind share, and also when it comes to the branding and performance's outcome, delivers much stronger results compared to pure traffic play.

Speaker #7: The advertising availability is more likely to translate from the spending into real user mindshare, and also, when it comes to the branding and performance outcomes, it is much stronger—delivers much stronger results compared to pure traffic play.

Li Ni: 之后的话说一下，就是对于，呃，Q1 以及全年的我们的预期。就市场的环境现在已经是，呃，存量的竞争是毋庸置疑的，就客户对于效果跟效率的要求也在不断地提高，这个也是大家能看到。但是我们可能看到另外一个趋势是，广告主将会越来越关注投放后的转化的质量，而不单只是追求数量，而不仅仅是追求我们所谓的曝光的规模。这也正正是 B 站可以带给客户的。

Speaker #8: Do you the how, the the.

Juliet Yang: When it comes to the Q1 and to 2026 outlook, what we have witnessed is that the market environment is still very much about competing for the existing market shares. The advertisers are becoming more demanding when it comes to performance and efficiency. At the same time, what we're seeing is that advertisers are paying more attention to the quality of conversion after the delivery, not just the scale of the number of exposures. That's where Bilibili can deliver real value for our clients.

Speaker #7: When it comes to the Q1 and to the 2026 outlook, what we have witnessed is that the overall market environment is still very much about competing for existing market shares, and the advertisers are becoming more demanding when it comes to performance and efficiency.

Speaker #7: But at the same time, what we're seeing is that advertisers are paying more attention to the quality of conversion after the delivery, not just the scale of the number of exposures.

Speaker #7: That's where availability can deliver real value for our clients.

Li Ni: Bilibili 的用户现在平均年纪是 26 到 27 岁，就正处于消费能力跟决策能力快速上升的阶段。这也不单只是我们就是关注的用户群体，同时他们也是广告主最希望获取的一个消费力。

Speaker #8: That these are the young who are women who

Juliet Yang: Our users are on average around 26 to 27 years old, which is the stage both of their purchasing power and the decision making influence is rising rapidly. This is the exact kind of consumer bracket that all advertisers are eager to reach.

Speaker #7: And our users are, on average, around 26 to 27 years old, which is the stage when both their purchasing power and decision-making influence are rising rapidly.

Speaker #7: So this is the exact kind of consumer bracket that all advertisers are eager to reach.

Li Ni: 另外我们可以关注到，就 B 站是一个优质视频内容社区，刚刚月容也反复提到，那再加上 AI 的一个进化的过程，呃，会比我们想象来得更快。所以我们一直坚持的会，就好的内容也是能做成很好的广告，很好的广告也同时可以是很好的内容。那由于 AI 的进化，我们是预判在 B 站上会更快速地实现规模化，能看到这些很好的内容跟很好的广告。

Speaker #8: Our AI, the way to how the young AI woman should can.

Juliet Yang: As our CEO mentioned, Bilibili is our community built around high-quality video content. As AI technology continues to evolve, the line between good content and good advertisement will blur. That is to say, good ads can feel like a good content, and good content can also function very well as effective ads. We believe this model can scale up very quickly on Bilibili.

Speaker #7: As our CEO mentioned, Bilibili is our community built around high-quality video content, and as AI technology continues to evolve, the line between good content and good advertisement will blur.

Speaker #7: That is to say, good ads can feel like good content, and good content can also function very well as effective ads. We believe this model can scale up very quickly on availability.

Li Ni: 之后的话, 你会发现过去两到三年, 我们的广告产品跟算法能力, 已经逐步有提升, 应该已达到了行业的中上水平. 是中上, 所以在未来我们应该还有很大的提升空间跟, 潜力.

Speaker #8: Using the Zhongshan Channel

Juliet Yang: Over the past 2 to 3 years, our advertising products and algorithm capabilities has already reached a very solid mid to high upper level, compared to the overall industry, and we still see quite significant rooms for further improvement going forward.

Speaker #7: And over the past two to three years, our advertising products and algorithm capabilities have already reached a very solid mid to high upper level compared to the overall industry.

Speaker #7: And we still see quite significant room for further improvement going forward.

Li Ni: 中上。在 2026，包括很快结束的 Q1，我们也可以对这个广告的这个增长还是充满信心的，同时也有信心在进一步提升广告预算在市场的份额。

Speaker #8: So the key thing that the

Juliet Yang: As for the growth outlook for Q1 and full year of 2026, we remain confident about continuous group growth, and further expansion in terms of market share. Thank you. Operator, next question, please.

Speaker #7: As for the growth outlook for Q1 and the full year of 2026, we remain confident about continuous growth and further expansion in terms of market share.

Speaker #7: Thank you, operator. Next question, please.

Operator: Thank you. Next question comes from Lei Zhang of Bank of America. Please go ahead, Alex.

Speaker #1: Thank you. Next question comes from Alex Liu of Bank of America. Please go ahead, Alex.

Rui Chen: 你好，谢谢管理层给我这个提问的机会。我的问题是关于游戏的。我想请教一下，就是公司的这个独代游戏《三国：谋定天下》，《三谋》已经稳定运营了也超过 1.5 年的时间。我们自研的这边的《逃离塔科夫》在去年也是行业里的一个黑马。所以我想请教一下管理层能不能展望一下这个 2026 年整个对游戏业务一些思考。《三谋》的话在这个 2026 年的运营的重点是怎么样的？最近的一些最新的流水趋势能不能分享一下？另外一个就是一些新的游戏，比如说这个《三国：百将牌》，还有这个《闪耀吧！鲁米》这个游戏能不能也分享一下最新的一些看法。

Alex Liu: 你好，谢谢管理层给我这个提问的机会。我的问题是关于游戏的。我想请教一下，就是公司的这个独代游戏《三国：谋定天下》，《三谋》已经稳定运营了也超过 1.5 年的时间。我们自研的这边的《逃离塔科夫》在去年也是行业里的一个黑马。所以我想请教一下管理层能不能展望一下这个 2026 年整个对游戏业务一些思考。《三谋》的话在这个 2026 年的运营的重点是怎么样的？最近的一些最新的流水趋势能不能分享一下？另外一个就是一些新的游戏，比如说这个《三国：百将牌》，还有这个《闪耀吧！鲁米》这个游戏能不能也分享一下最新的一些看法。

Speaker #5: Hey, the go for I'll translate myself. So, the company's key game title has been operating steadily for one and a half years.

Juliet Yang: I'll translate myself. The company's key game title, Sanmo has been operating steadily for 1.5 years. We saw last year the self-developed game, Escape from Tarkov has got a lot of attractions among users, gamers last year. Can the management share some high-level strategic thoughts on game business into 2026? What will be the operational focus for Sanmo and any color on the recent growing trend for that game? For game pipelines, can you share a little bit more about thoughts and expectation for example, Three Kingdom, N Card and Lumi Master? Thank you.

Alex Liu: I'll translate myself. The company's key game title, Sanmo has been operating steadily for 1.5 years. We saw last year the self-developed game, Escape from Tarkov has got a lot of attractions among users, gamers last year. Can the management share some high-level strategic thoughts on game business into 2026? What will be the operational focus for Sanmo and any color on the recent growing trend for that game? For game pipelines, can you share a little bit more about thoughts and expectation for example, Three Kingdom, N Card and Lumi Master? Thank you.

Speaker #5: And we saw last year the self-developed game Escape the Duck Half has got a lot of traction among users and gamers last year.

Speaker #5: So, can the management share some high-level strategic thoughts on the game business into 2026, and what will be the operational focus for Thermal? And any recent color on the recent grossing trend for that game, and for the game pipelines?

Speaker #5: Can you share a little bit more about thoughts and expectations for, for example, Three Kingdom Cars and Looney Master? Thank you.

Rui Chen: 对关于三谋我之前一直说我最重视的就是长线运营。所以的话就是在 2026 年，那个我对于三谋的期望就是两句话吧。第一个呢就是长线运营，第二个呢就是保持在 SLG 行业头部产品的位置。

Speaker #6: So So The Which

Juliet Yang: For Sanmo, our goal is in strategy is very clear. We're focusing on its long life cycle of this game. Secondly is to make this game continue to be the top among the strategy game genre.

Speaker #7: For some of our goals and strategy, it is very clear. We'll be focusing on the long life cycle of this game. And secondly, it is to make this game continue to be the top among the strategy game genre.

Rui Chen: 对，因为 SLG 的模式本身就是适合做长线的。呃，所以的话，那个就对于我们来说，那个我们会在 2026 年更重视，就是在比如说赛季运营方面，啊，剧本的推陈出新，然后用好的内容来驱动，呃，现有的用户不断活跃，也驱动过去的用户能够持续回流。

Speaker #6: So, in the end, so if so, we don't.

Juliet Yang: Naturally, strategy game, is very suitable for a long-term operation, and that we have planned for this year for this game is to focus on the iteration of different game seasons and focus on the gameplay and different storylines of different seasons to make sure that our user, our gamers have brand new and interesting gaming experience when they are playing this game.

Speaker #7: Naturally strategy game is very suitable for a long term operation . And that's why we have planned for this year for this game is to focus on the iteration of different game seasons and focus on the game play and different storylines of different seasons to make sure that our user , our gamers , have brand new and interesting gaming experience when they are playing this game

Rui Chen: 同时的话，我们也会很重视建设我们游戏的生态，强化我们的社区，增强玩家的参与感和讨论度，来保持我们的这个用户对于玩家心智的这么一个吸引力。

Speaker #6: The Shanghai Shanghai To

Juliet Yang: At the same time, we'll organize a more structural brand and community activities around the key moments to encourage players' participation and the discussion to further strengthen the user mindshare of a community sense of by playing this game.

Speaker #7: At the same time, we'll organize them, organize a more structured brand and community activities around the key moments to encourage players' participation and the discussion to further strengthen the user mindshare of community.

Speaker #7: Sense of 'by by playing this game'.

Rui Chen: 就是 26 年我们因为增加了三谋的这个海外市场嘛，所以的话我们也会这个就是在做，做好国内的那个基础上也会同时做好海外。我们一月份港澳台是已经上线了，然后接下来的话我们会那个推进到韩国以及亚洲的其他地方。

Speaker #6: To women, you, we need to the fan.

Juliet Yang: While maintaining a robust Chinese fan base, we will continue to expand this IP's influence on a global scale. In January, we already launched this game in the Hong Kong, Macau, Taiwan region, and we do plan to further push this IP into Korea and Japan market and other Asian market to further expand the influence and the power of the IP.

Speaker #7: And while do while maintaining a robust Chinese fan base , we will continue to expand this IP's influence on a global scale in January , we already launched this game in the Hong Kong , Macau , Taiwan region , and we do plan to further push this IP into Korea and Japan .

Speaker #7: Market and other Asian markets to further expand influence and the power of the IP.

Rui Chen: 然后这儿说下雅科夫，因为那个雅科夫在呃 PC 单机上应该是呃已经获得了成功。所以的话我们现在是会把它呃移植到这个主机游戏上。同时的话我们也在开发这个雅科夫的这个手游版本，然后这两块目前的工作的进展都还是挺顺利的。呃，我觉得雅科夫它是有可能成为一个呃国内游戏的知名 IP 的。呃在这一块就是它未来的潜力，我们会持续挖掘。

Speaker #6: So, Kung Fu, you may make Yakubu a PC, so to, to, to, to IP.

Juliet Yang: As for Escape from Tarkov, we are very encouraged by the results they deliver on the PC front. We are already on the process of converting this game on a console version. At the same time, we're exploring more possibility of this IP on the mobile devices. We believe this IP has the potential to become a very influential game overall in the China's gamer market.

Speaker #7: As for Escape from Tarkov, we are very encouraged by the results. They deliver on the PC front, and we're already in the process of converting this game to a console version.

Speaker #7: And at the same time, we're exploring more possibilities of this IP on mobile devices, and we believe this IP has the potential to become a very influential game overall.

Rui Chen: 呃，也说一下刚才你提问问到的两个新游戏。呃，第一个呢，是三国百将牌，就是它在品类上属于是一款轻竞技的游戏，呃，非常的轻松，也非常好玩，然后一把就三分钟，然后非常适合碎片化时间消费。

Speaker #7: And the China's gamer market.

Speaker #6: Yes. So, in the The Of

Juliet Yang: In terms of the pipeline, N Card is designed to be a lightweight strategy competitive game, and it's very fun, it's very light. It's a three minutes per round type of poker game. It designs very well to fit into this short, fragmented play sessions.

Speaker #7: And in terms of the pipeline, the card game is designed to be a lightweight, strategy competitive game. And it's very fun. It's very light.

Speaker #7: It's a three-minutes-per-round type of poker game. It is designed very well to fit into these short, fragmented play sessions.

Rui Chen: 呃，这个游戏应该是我们品类年轻化那个战略的一个产物吧。它的目标就是年轻用户，它的玩法的创新也是就全 - 全球首创吧，就是把这一个，呃，英雄技能和这个，这个牌类的这个规则做了一个融合。呃，从我们目前的测试来看，呃，年轻用户确实挺喜欢的。

Speaker #6: The For the

Juliet Yang: The game is a result of our strategy of reinventing games for young generation. We have created this one-of-a-kind gameplay that combines casual poker with a unique card hero system, and this fits this generation's game preferences and their demands for casual but different game experience. As a result of our beta testing, we've also have discovered this game has been widely accepted and welcomed by the young generation.

Speaker #7: And the game is a result of our strategy of reinventing games for the young generation. We have created this one-of-a-kind gameplay that combines casual poker with a unique card hero system.

Speaker #7: And this fits this generation's game preferences and their demands for casual, but different, different game experience. As a result of our beta testing, we've also discovered the game has been widely accepted and welcomed by the young generation.

Rui Chen: 它是一个很创新的玩儿法，我们现在团队目前都是会沉下心来去打磨游戏的一个品质吧。我们目前是已经做了 2 轮测试。我们计划在 March 再做一轮这个付费测试，然后计划年中上线。

Speaker #6: In the the

Juliet Yang: Because this is a very innovative game, our team has spent a lot of time in focusing on polish game to its best quality. We've already conducted 2 rounds of beta testing. We plan to conduct another round of paid beta testing in March this year. We do plan to officially roll out this game around mid this year.

Speaker #7: Because this is a very innovative game, our team has spent a lot of time and focused on polishing the game to its best quality.

Speaker #7: We've already conducted two rounds of beta testing . We plan to conduct another round of paid beta testing in in March this year , and we do plan to roll officially roll out this game around mid mid this year

Rui Chen: 我们希望它能够成为一个大 DAU 的一个产品，当然我们会很有耐心地去实现这个目标。

Juliet Yang: Our goal is to through long term operation, make this game as large DAU as possible, and at the same time, we'll be very patient about the process.

Speaker #6: To

Speaker #7: Our goal is to, through long-term operation, make this game as large as possible. At the same time, we'll be very patient about the process.

Rui Chen: 呃，闪耀吧鲁米是我们的一个很自研的游戏，呃，它是，呃，一个休闲风格的多宠游戏。

Speaker #6: The The

Juliet Yang: Lumi Master is a self-developed game. The game is very casual, cozy style with a simulation game element and a pet nurturing and catching element of gameplay.

Speaker #7: Lumi Master is a self-made game. The game is very casual, cozy style with a simulation game element and the pet nurturing and catching element of gameplay.

Rui Chen: 它也是我们这个品类年轻化战略的一个产物吧。它是融合了宠物养成和模拟经营，也是很新的一种玩法。

Speaker #6: The The .

Juliet Yang: This is another product of our game strategy of reinventing games for the new generation of gamers. This game combines essential gameplay of both pet nurturing and also as simulation. It's also very one of a kind and unique gameplay.

Speaker #7: This is another product of our game strategy of reinventing games for the new generation of gamers . So this game combines combines essential gameplay of both pet nurturing and as well as simulation simulation .

Speaker #7: It's also very one of a kind and unique gameplay

Rui Chen: 呃，这个游戏我们在去年年底就拿到了版号，我们计划是在，呃，今年的 Q2 开启付费测试，并且在今年内，呃，全球发行。

Speaker #6: That QR

Juliet Yang: For this game, we already obtained approval end of last year, and we do plan to launch our paid beta testing in Q2 and to officially launch this game globally within this year.

Speaker #7: And for this game , we already applying obtained approval and of last year and we do plan to launch our paid beta testing in the second quarter .

Speaker #7: And to officially launch this game globally within this year

Rui Chen: 2026 年呢, 我觉得就是我们游戏应该就是叫两手抓吧. 一手的话就是我不断强调的长期运营, 因为我一直认为在目前游戏行业就红利越来越少的情况下, 只有长期运营才能把业务做得更扎实. 现在我们, 就是代理游戏这边吧, 应该是有 70% 的收入应该是来自于我们长期运营的产品, 就包括我们的 Sanmo, 我们的 FGO 和我们的 Azur Lane. 这个也让我们的游戏的业绩其实是会比较稳固的.

Speaker #6: The user Can see only To

Juliet Yang: As we look into 2026, there are two areas we'll be focusing on. One is long term operation. As I mentioned before, this is competition within the existing market, and the long term operation will provide a solid foundation for our game business. Currently, we have about 70% of the game revenue comes from our long term operating games, including SAMO, FGO, and Azur Lane, and this provides a very stable income inflow for the game business.

Speaker #7: And as we look into 2026 , they were they are two areas we'll be focusing on . One is long term operation . As I mentioned before , this is competition within the existing market and the long term operation will provide a solid foundation for our game business .

Speaker #7: Currently , we have about 70% of the game revenue comes from our long term operating games , including some Fgl and Azur Lane .

Speaker #7: And this provides a very stable income and inflow for the game business.

Rui Chen: 呃，除了那个长期运营之外，就是我重视的第二个词就是，呃，垂类头部。呃，那个我 - 我们接下来，呃 -就是所有无论是自研的立项，还是我们的这个代理的新的项目，我都强调就是一定得是呃，一个垂类的头部，呃，要么是第一名，要么是做第一个，就是要做我们自己定义的这个，这个产品。呃，这一块就是我们增量的来源吧，就是我们未来游戏增量的来源。其实大家可以看到，就是无论是从这个呃，从其实无论是从三谋还是包括百将牌，包括亚可夫，啊包括鲁米，啊包括我们后面要做的呃，游戏，就都会贯彻这个思想，呃，就是它一定还是在立项的时候，就是一个面向未来的一个立项。

Speaker #6: So Poco a Poco

Juliet Yang: On the other hand, we will continue to explore new project with its genre defining potential, and we are principled as whether to be either number 1 in this genre or be the first of its kind in this genre. This will be our incremental gain revenue contribution source. This is guiding the project such as N Card, Lumi, and many other games in our pipeline, and we are quite confident about this strategy will guide us to a even brighter future.

Speaker #7: And on the other hand , we will continue to explore new projects with its gyron defining potential . And we are principal as whether to be either to be number one in this genre or be the first , first of its kind in this genre .

Speaker #7: And this will be our incremental gain revenue contribution , source . And this , this is guiding the the , the project , such as NCR , Lumi and many other games in our pipeline .

Speaker #7: And we're we are quite confident about this strategy will guide us to a even brighter future .

Rui Chen: 我觉得 B 站做游戏的优势就是我们是离中国年轻玩家最近的一个平台，就是我们是最能够看懂中国年轻玩家他喜欢玩什么的一个平台。同时的话，就是我们公司又有做优质内容的共识和耐心，所以就是我觉得这两点结合起来，我们就一定能够持续做出年轻人喜欢的游戏。

Speaker #6: You, when you—when you to your—the 19. Woman, do you think...

Juliet Yang: The biggest advantage of Bilibili in game business is that we are the platform that is staying the closest to the young gamers in China. At the same time, the company has the commitment and the gene in focusing around high quality content. We have the consensus and have the patience. Those two factor combined will eventually help us to find and develop the best games that we can offer. That concludes this question. Next question please, operator.

Speaker #7: And the biggest advantage of bilibili in game business is that we are the platform that is that that is staying the closest to the young gamers in China , as at the same time , the company has the commitment and the gene and focusing around high quality content , we have the consensus and have the patience .

Speaker #7: Those two factors combined will eventually help us to find and develop the best games that we can offer . That concludes this question .

Operator: Thank you. We will now take our next question from Felix Liu of UBS. Please ask your question, Felix.

Speaker #7: And next question , please . Operator .

Speaker #1: Thank you. We will now take our next question from Felix Liu of UBS. Please ask your question, Felix.

Felix Liu: 谢谢管理层接受我的提问，也恭喜我们非常好的 Q4 业绩。我的问题是关于 AI。近期 AI 视频创作模型不断迭代，也让视频创作内容的这个越来越，变得越来越容易。想请问管理层，目前的这个 AI 发展对 B 站带来了怎样的机遇和挑战？ 2026 年 B 站在 AI 上，最重要的投入方向是什么？ Thank you management for taking my question and congratulations on the strong Q4 results.

Felix Liu: 谢谢管理层接受我的提问，也恭喜我们非常好的 Q4 业绩。我的问题是关于 AI。近期 AI 视频创作模型不断迭代，也让视频创作内容的这个越来越，变得越来越容易。想请问管理层，目前的这个 AI 发展对 B 站带来了怎样的机遇和挑战？ 2026 年 B 站在 AI 上，最重要的投入方向是什么？

Speaker #9: Q3 I , I I Can I Thank you for taking my question . And congratulations on the strong Q4 results . My question is on AI .

Felix Liu: Thank you management for taking my question and congratulations on the strong Q4 results.My question is on AI. We noticed that there is a continued development in video gen AI, which has made creating video contents more and more easy. How do you management see your opportunities and challenges from the recent developments in video gen AI? And looking ahead into 2026, what are your key investment priorities around AI? Thank you.

Felix Liu: My question is on AI. We noticed that there is a continued development in video gen AI, which has made creating video contents more and more easy. How do you management see your opportunities and challenges from the recent developments in video gen AI? And looking ahead into 2026, what are your key investment priorities around AI? Thank you.

Speaker #9: We noticed that we . There is a continued development in video AI and which has made creating video content more and more easy .

Speaker #9: How do manage ? See your opportunities and challenges from the recent developments in AI and what are and looking ahead into 2026 , what are your key Investment priorities around AI ?

Rui Chen: AI 带来 B 站的肯定还是一个利好，别的平台就是竖短内容其实已经挺过剩了，就是因为 AI 的这个本质的作用是能够提高产能嘛，提高创作效率。竖短内容很过剩的情况下，你再提高创作效率，其实作用也不明显。 B 站的优质内容它其实产能是缺乏的。如果能够提高优质内容的一个创作效率，那无论对于我们的 up 主还是对于我们的用户都是个利好。尤其是那个好的 up 主是稀缺的，如果能够让好的 up 主做视频的这个效率提升，让他做视频的速度变快，那对于 B 站来说，那是个大好事。我们对于这一波 AI，我们的态度就是非常积极地去利用 AI 来赋能我们的创作者。

Speaker #9: Thank you

Speaker #6: Maybe the AI. The, the you. How the... How the AI, or the AI.

Juliet Yang: The essence of AI creation tools is about improving the productivity of high-quality content. Compare with short-form vertical content, which is already oversupply. The benefit of creating even more short content is limited. On the contrary, where Bilibili is standing for as the long-form, high-quality content, where AI is essentially helping a small number of high-quality, talented content creator to create high-quality content at much faster pace. That essentially is increasing the supply of what is known for scarce of the quality content. It's fundamentally benefiting our platform in terms of empowering talented content creator to create more high-quality content.

Speaker #7: The essence of AI creation tools is about improving the productivity of high quality content compared with short form vertical content , which is already oversupply .

Speaker #7: The benefit of creating even more short content is limited . But on the contrary , we're . Bilibili is standing for as the long high quality content where AI is essentially helping us .

Speaker #7: Small number of high quality , talented content creator to create high quality content at much faster pace . That essentially is increasing the supply of what is known for skirts of the quality content .

Speaker #7: So it's fundamentally benefiting our platform in terms of empowering talented content creators to create more high quality content

Rui Chen: 对，我是很高兴地看到，呃， B 站其实现在应该是行业里面优质 AI 内容创作，呃，就是最丰富也最好的一个平台吧。呃，比如说像我们的音乐这个品类，然后我们可以看到就是现在有很多的好的音乐的这种视频，它是借助 AI 去产生的。因为以前音乐这一块它的这个产能是有限的，因为它对于 UP 主的要求比较高，你要做原创音乐。但是现在呢，就是只要你有好的审美和创意，即使你不是那么的那个在音乐方面很专业，你也能够做出很好的音乐的视频。啊，这个是让我们就是音乐这一块优质的内容增长很快。包括鬼畜，就是以前做鬼 - 鬼畜就是还是很麻烦的。但是现在的话就也是一样，就只要你有好的审美和创意，做鬼畜比过去要容易很多。所以我们可以看到就是那个就 Q4 包括全年，就是 AI 辅助生产的优质内容在我们这儿量增长得非常快，然后那个观看时长是提升了，就跟那个去年，去年前一年相比是提升了一百倍。

Speaker #6: The User AI But The how the the shipping to AI to How the The the . You . How the shipping To The How the To AI Can Be

Juliet Yang: We are already starting to see early signs of how AI creation tool is helping us to improve the supply of high quality content. AI music is a perfect example. With the help of AI music tools, even music lover without formal training can turn their good ideas into professional quality music works. The same thing goes with categories such as auto-tune remix. In the past, it's very hard to produce a good auto-tune remix video, but now with a good sense of humor and creativity, this is helping our creators to produce high quality content a much faster pace. We've seen this on the video views and video watch time growth within the help of AI's content creation tools. Those contents watch time and video views is growing multiple folds year-over-year in Q4.

Speaker #7: And we are already starting to see early signs of how AI creation tool is helping us to improve the supply of high quality content .

Speaker #7: AI music is a perfect example. With the help of AI music tools, even a music lover without formal training can turn good.

Speaker #7: Their good ideas into professional quality . Music works , works and the same thing goes with . Categories such as auto to remix in the past , it's very hard to produce a good auto tune .

Speaker #7: Remix video , but now with a good sense of humor and creativity , this is helping our creators to produce high quality content much faster .

Speaker #7: Pace. We've seen this in the video views and video watch time growth with the help of AI content creation tools. Those contents' watch time and video views are growing multiple folds.

Rui Chen: 就说一下那个就是在 AI 这块，具体我们呃，会啊做投入的几个点吧。第一个呢，就是那个增强型的内容理解。啊，其实过去像 B 站这样的，就是以中长优质那个内容为主的平台，就是它要精确地去匹配就用户的这个意图，呃，在过去其实是比较困难的。但是因为现在 AI 技术的一个提升，就是 AI 对于内容理解能力的一个增强，其实让我们更容易去匹配啊用户喜欢的一个内容。呃，而且的话，那个我们对内容的理解越深，我们也能越早地去发现优质内容，这个其实对于 B 站的这个能力来说，呃，还是非常重要的。我们可以看到就是在 Q3、Q4 我们用增的一个，呃，就是速度明显比以前加快，其实它与我们对优质内容的理解能力的变强是有直接关系的。

Speaker #7: Year over year, in the fourth quarter.

Speaker #6: AI we Are You AI Only The using the The

Juliet Yang: I'll talk about a few points that will enhance our investment on AI, how AI is helping our community. First of all, is leveraging the large language model to enhance our ability to understand the content and user intent, especially for platform like Bilibili that offers a very long form, high quality content. In the past, it's very difficult to truly comprehend the full meaning of that content and match it with the right users. Now we leveraging the AI capability, we can truly understand the meaning, to comprehend the high quality content and better understand our user at the same time. This is also helping us to identify high quality content a much earlier stage and push it to more people. If you look at the Q3 and Q4 user matrix, the AI comprehension of context is truly helping us to drive the user engagement, drive the user growth. That's the area we'll be focusing on. That's one.

Speaker #7: And I'll talk about few points that will enhance our investment on AI . How AI is helping our community . First of all is leveraging the large model to enhance our ability to understand the content and user intent , especially for platforms like Bilibili that offers a very long form , high quality content .

Speaker #7: In the past , it's a very difficult to truly comprehend the full meaning of that content , and match it with the right users , but now we leveraging the AI capability , we can truly understand the meaning the to comprehend the high quality content and better understand our user at the same time .

Speaker #7: This is also helping us to identify high quality content at much earlier stage and push it to more people . And if you look at the Q3 and Q4 user matrix , the AI comprehension of context is truly helping us to drive the user engagement drive .

Speaker #7: The user growth—that's the area we'll be focusing on. That's one.

Rui Chen: 对, 刚才 Carly 也提到了, 就是在商业广告方面, AI 的这个赋能, 这个其实也是一样的, 就是如何能够让我们的内容和广告能够有更好的结合, 这个也是能够直接对我们的这个就是平台是起到一个非常重要作用的.

Speaker #6: AI

Juliet Yang: As Carly mentioned earlier, AI is also helping us to better match the advertisement with the right user. This has been done through the content comprehension, at the same time understand our users' needs and their desire and need on the platform to better match the right advertisement with the right users.

Speaker #7: And, as mentioned earlier, AI is also helping us to better match the advertisement with the right user. This is being done through content comprehension.

Speaker #7: At the same time, we understand our users' needs and their desires on the platform, to better match the right advertisement with the right users.

Rui Chen: 对，还有一个非常重要的一个领域是 AI 的辅助创作。呃，这一块我们在去年其实是做了一些尝试，我们认为在今年应该是到了，呃，能够直接对创作者的这个创作起到提效的一个，一个作用的一个阶段吧。我们今年应该会正式地去 launch 我们的 AI 辅助创作的一个工具，呃，这个是能够帮助我们的创作者提高他们的这个创作效率。

Speaker #6: AI the To the AI

Juliet Yang: Secondly, is on AIGC tools that help content creators to create content more efficiently. We have already launched few products, but this year we'll be upgrading that AIGC tools to really enhance the productivity of creating videos. Leveraging those tools, we believe this will be a big efficiency step, stepping up for our content supply and for the overall content creation process.

Speaker #7: Secondly, is on ABC tools that help content creators to create content more efficiently. We have already launched a few products, but this year we will be upgrading those AGC tools to really enhance the productivity of creating videos.

Speaker #7: Leveraging these tools, we believe this will be a big efficiency step. Stepping up for our content supply and for the overall content creation process.

Rui Chen: 包括用 AI 来做，呃视频的一个翻译。因为它翻译的不仅是，这是文字语言，它还会翻译是，就是把声音跟那个口型也能实现一个非常完美的一个翻译。而且就是以现在就是我们对这个，呃 AI 能力的这么一个挖掘，呃基本上我们可以认为主流的语言是可以翻译得非常地道的。这个也能够帮助我们的 up 主，就是把他们的内容传到更多的国家去。

Speaker #6: So, both of you—I saw shopping the AI with the...

Juliet Yang: That AIGC tool also includes the translation function. It's not just pure a subtitle translation, it's a very native translation of the context of the meaning as well as lip syncing and also the creator's voice. We believe we already mastered the ability to translate Bilibili content into all the mainstream languages across the world. This will help our content creators to bring their high quality content to a global stage.

Speaker #7: And that AI tool also includes the translation function . It's not just pure a subtitle translation . It's a very native translation of the context of the meaning as well as lip syncing and the also the creator's voice .

Speaker #7: We believe we already mastered the ability to translate Bilibili content into all the mainstream languages across the world . This will help our content creators to bring their high quality content to a global stage

Rui Chen: 对，经过我们内容内部的这个尝试吧，我现在还是很确定，就是 AI 能够去提升我们的，创作者的一个产能，以及提升我们平台的一个效率。就是我们还是会在我们业务，能够产生收益的点上，我们去做这一个 AI 的一个投入，我们也能够很快地去看到这些投入的一个效果。

Speaker #6: AI The AI through a

Juliet Yang: Based on what we have done and observed, we will be focusing on those two area. One is improving the productivity of our content creator, and number 2 is improve the recommendation efficiency to better understanding our content and our users' needs. Our investment focus will be strictly aligned into those two areas that we believe in the longer term will generating much larger value for our overall ecosystem. That concludes this question. Operator, next question, please.

Speaker #7: And based on what ? What we have done and observed , we will be focusing on those two areas . One is improving the productivity of our content creator .

Speaker #7: And number two is improve the recommendation efficiency to better understanding our content and our users needs . And I'll our investment focus will be strictly aligned into those two areas that we believe in the longer term , will generating much larger value for our overall ecosystem that concludes this question .

Operator: Thank you. Next question comes from the line of Yiwen Zhang of China Renaissance. Please go ahead, Yiwen.

Speaker #7: Operator next question please .

Speaker #1: Thank you. Next question comes from the line of Yuen Chang of China Renaissance. Please go ahead, Yuen.

Yiwen Zhang: 哎，谢谢管理层接受我的提问。呃首先恭喜公司实现了全年 GAAP 盈利。然后我们的问题是关于财务的，就我们也注意到四季度调整后的一个运营利润率做到了十点一，uh percent，然后离我们中期指 - 指引的一个十五到二十 percent 又，呃接近了一步吧。然后我们如何展望二六年的收入跟利润的一个变化，然后中长期咱们的目标是否有更新？谢谢。 So thanks for taking my question.

Speaker #5: Hey Percent

Speaker #10: Your Share . So thanks for taking my question . First , congrats on your whole year gap profitability . The question regarding financials , we note for Q last year , adjusted operating margin has reached 10.1% .

Yiwen Zhang: First, congrats on your whole year GAAP profitability. The question regarding financials, we know for Q last year adjusted operating margin has reached 10.1%, a step closer to our mid-term guidance of 15% to 20%. How should we think about revenue and the profitability, for profitability onward in 2026? Additionally, do we have any update on the medium to long-term target? Thank you.

Speaker #10: Step closer to our mid-term guidance of 15% to 20%. So how should we think about revenue and profitability? For profitability outlook in 2026?

Speaker #10: Additionally, do we have any update on the medium- to long-term target? Thank you.

Xin Fan: Thank you. I will take this question. Looking ahead to 2026, we remain confident in the continuous growth of our community. At the same time, we will keep improving our monetization efficiency and more effectively translate this growth in high quality user to the commercial value. Among our business, advertising is where we see the clearest growth opportunity. Our operating leverage will also continue to come through. We expect gross profit will improve slightly quarter-over-quarter in Q1, and our adjusted operating margin should continue to improve year-over-year in Q1. We are steadily progressing to our mid to long-term target, that 40% to 45% of our gross profit margin and 15% to 20% of our adjusted operating margin.

Speaker #11: Thank you. I will take this question. Looking ahead to 2026, we remain confident in the continued growth of our community.

Speaker #11: At the same time , we will keep improving our monetization efficiency and more effectively translate this growth in high quality user to the commercial value among our business .

Speaker #11: Advertising is where we see the clearest growth opportunity . Our operating leverage will also continue to come through . We expect gross profit will improve slightly quarter over quarter in the first quarter , and our adjusted operating margin should continue to improve year over year .

Speaker #11: In Q1 , we are steadily progressing to our mid to long term target . That 40 to 45% of gross profit margin and 15% to 20% of adjusted operating margin .

Xin Fan: At the same time, in 2026, as mentioned by Rui Chen, we will modestly increase our investment in AI and reinvest partial of our incremental profits into AI applications that are closely aligned with our core business. This investment will help us further improve the supply of high quality content, drive the user growth, and enhance the monetization efficiency. Ultimately, we are delivering strong returns over the long term. Thank you for your question.

Speaker #11: At the same time, in 2026, as I mentioned by Ray, we will moderately increase our investment in AI and reinvest part of our incremental profit into AI applications that are closely aligned with our core business.

Speaker #11: This investment will help us further improve the supply of high quality content , drive the user growth , and enhance the monetization efficiency .

Speaker #11: Ultimately, we are delivering strong returns over the long term. Thank you for your question.

Juliet Yang: Thank you. Operator, that concludes all the Q&A session.

Operator: Thank you. That concludes the question and answer session. Thank you once again for joining Bilibili's Q4 and fiscal year 2025 financial results and business updates conference call today. If you have any further questions, please contact Juliet Yang, Bilibili's Executive IR Director or Piacente Financial Communications. Contact information for IR in both China and the US can be found on today's press release. Well, thank you, and have a great day.

Speaker #7: Thank you . Operator . That concludes all the Q&A session .

Speaker #1: Thank you . And that concludes the question and answer session . Thank you . Once again for joining Bilibili's fourth quarter and fiscal year 2020 financial results and business update conference call today .

Speaker #1: If you have any further questions , please contact Juliet Yang . Bilibili's executive IR director or Financial Communications contact information for IR and both China and the US can be found on today's press release .

Q4 2025 Bilibili Inc Earnings Call

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