A：The conference call discussed the company's third quarter twenty twenty five financial results and business updates, which included solid growth, improved profitability, and the addition of a larger, more engaged community. User metrics showed significant increases in daily active users (DAU) and monthly active users (MAU), with an average daily time spent per user reaching an all-time high of one hundred and twelve minutes. The company's revenue grew five percent year over year to RMB seven point seven billion, with an increase in gross profits and a marked improvement in non GAAP operating and net margins.

A：User metrics showed a nine percent year over year increase in DAU to 117 million, and an eight percent growth in MAU to 376 million. The average daily time spent per user increased by six minutes compared to the same period last year, signifying a strong demand for quality content and the unique community experience offered by the company. These results demonstrate user momentum and the company's leading user mind share as the best PUGV community in China.

A：The indicators of increasing commercial value and user engagement include the rise in monthly paying users to a record high of 35 million in the third quarter, up 17 percent year over year. Users are demonstrating a stronger willingness to spend on the platform, with more converting through various games andVAS offerings. Additionally, the advertising business accelerated with a 23 percent year over year revenue growth, and the average user age is 26, suggesting a maturing cohort with stronger purchasing power.

A：The company reported total net revenues of RMB seven point seven billion, an increase of five percent year over year, and a marked improvement in gross profits and gross margin to 36.7 percent. Non GAAP operating profit surged 153 percent year over year, with a non GAAP operating margin of 9 percent, and non GAAP net profit grew 233 percent with a margin of 10.2 percent, indicating meaningful improvements and the sustainability of the company's growth model.

A：The company successfully launched the self-developed game 'Escape from Ducas Tao Li Yaka F. U.' in October, which became an instant hit with global sales of over three million copies and great user reviews. This demonstrates the company's expertise in genre insights, in-house development capabilities, and game reinvention for new generations of gamers. AI is being developed to enhance user experience, such as through multilingual video accessibility features, and is also transforming operational efficiency. Future plans include several AI-powered applications and the expansion of AI integration into video podcast production and enhancing operational efficiency.

A：The company's strategic priorities include empowering its unique PUGV community, strengthening commercialization capabilities, and sustaining profitability. It plans to scale core businesses, explore opportunities in innovative games, and leverage AI to enhance user experience and monetization potential. The company will continue to focus on content and community growth, bolster commercialization efforts, and integrate technology such as AI to position itself at the forefront of tech innovation and user interests.

A：The content ecosystem is growing stronger with a focus on quality content and community connections, leading to increased engagement and commercialization. The company has seen record engagement, with average daily time spent per user at 112 minutes, up from 106 minutes in the same period last year. Creators play a central role in the company's platform, and efforts are directed at helping talented creators grow their following and increase their earnings. A growing number of creators are earning income through advertising andVAS products, and average income per creator is up 22 percent year over year, reflecting a robust relationship between creative success and user engagement.

A：The advertising business showed significant progress with a 23 percent year over year revenue growth to RMB 2.6 billion. The company's ad infrastructure was enhanced through the use of multimodal LLM for a deeper understanding of video content and user intent, improving targeting and recommendation efficiency. AI integration is reshaping how advertisers connect with the community through ad algorithms, placement, and creative tools that generate compelling content. These advancements drove a 16 percent year over year increase in the number of advertisers seeking incremental value on the platform.

A：Game revenues came in at RMB 1.5 billion in the third quarter, down 17 percent year over year due to high基数 effects. However, the company remains focused on building a diversified game portfolio with 'Semo' maintaining its popularity. The user experience was enhanced, and the company plans to launch the traditional Chinese version of 'Female' in the first quarter of 2026 for Hong Kong, Macau, and Taiwan, with additional international versions planned for later that year, targeting strategy players worldwide.

A：The success of 'Escape from Dhaka', a single-player extraction shooter game developed by a five-men team, is significant as it has won over millions of users with innovative gameplay and cute graphics. It has sold over three million copies globally, making it the number one popular indie game in China for the year. This achievement signifies the company's expanding game development capabilities across genres and platforms and its confidence to bring more franchise titles to players next year.

A：'End Card: Song Guo' is an asymmetric PPT card game inspired by the Three Kingdoms culture, designed for a broad audience of casual players. It features fast-paced matches that last around three minutes per round, making it suitable for casual online play. As the company's first step into the casual gaming genre, the title is backed by a strong foundation from the 'Vibrant' gaming community for player acquisition and long-term engagement.

A：The Vas business experienced revenue growth of 7 percent year over year to RMB three billion, with more users joining the live broadcasting universe. The focus remains on refining operations to ensure steady sustainable growth while improving margins, particularly through popular Chinese anime titles. Premium memberships reached a record high of 25.4 million by the end of the quarter, and around 80 percent of members are on annual or auto renewal plans, indicating loyalty and a deep connection to the community.

A：The company is deeply committed to shaping a healthy culture and community for China's youth, with ESG principles at the core of its mission. It has reaffirmed its Baa1 rating by Moody's, recognizing ongoing progress in using technology and culture to create meaningful impacts. The long-term strategy is to continue creating lasting value for all stakeholders, which has created a self-reinforcing cycle of high-quality content attracting younger users, an engaged community providing ongoing value, and monetization following organically. As the company becomes more profitable, this 'fly wheel' effect will become even more effective.

A：The company's total net revenues for the third quarter were RMB 7.7 billion, up five percent year over year, driven by growth across commercial businesses, particularly high-margin advertising businesses. The cost of revenues increased by two percent year over year to RMB 4.9 billion, while gross profit rose 11 percent year over year to RMB 2.8 billion. Gross profit margin reached 36.7 percent in Q3 compared to 34.9 percent in the same period last year. Total operating expenses were RMB 2.5 billion, down 6 percent year over year. Adjusted operating profit was RMB 688 million, and the adjusted operating profit margin reached 9 percent in the third quarter. Net profit was RMB 469 million compared to a loss in Q3 2024, with an adjusted net profit of RMB 786 million.

A：The community of Bilibili is composed of users who love content and have high aesthetic abilities. They can discover and promote new high-quality content creation. On Bilibili, creators can find an audience that appreciates their innovative content and receive motivation and feedback from fans. This positive cycle helps them continue to create better content. Furthermore, the presence of the community makes creators happy and willing to create content on the platform for the long term.

A：In the current quarter, the number of paying users on Bilibili reached 35 million, a year-on-year increase of 17%, with big members being the main driving force behind the growth of paying users. The growth of user payments is a long-term trend for three reasons: first, the average age of users in the community is 26, which increases the value of user advertising and consumer paid services; second, there are many UP owners on the platform who persistently create high-quality content, attracting users to pay for their personal IP; third, young users tend to pay for content they like, and this trend is becoming increasingly apparent.

A：The reason why the game "To" was able to successfully start and become a fun game is because our team decided in 2023 to develop a single-player game targeting young people, even though the gameplay like "TaKv" was not yet mainstream at that time. We adhere to the philosophy of "not forcing players, not forcing monetization", daring to push the limits in niche markets. This has been the core idea behind the approval of new projects in the past two years, and the "TaKv" project is one successful example of this approach.

A：We have now started the process of porting the game to mainframe and mobile platforms. Since the gameplay on these platforms will be different from the PC version, we will carefully refine the product and listen to the community's feedback during the development process. We hope that the mainframe and mobile versions will also be successful.

A：The Three Kingdoms Hundred Generals card game has undergone small-scale testing, with positive feedback from players. We will continue to refine the product and expect it to be launched in the first quarter of next year. The game is designed to be a casual experience with three-minute rounds, and we hope to promote it to a wide user base through the B station community, gradually developing it into a long-term, healthy, and sustainable game.

A：Sunflower is one of the games we highly value, and its performance in Q3 meets expectations. Currently, our goal is to develop it into a long-term healthy operating product of five years or more, focusing on player experience and game balance. We will launch a traditional Chinese version for Hong Kong, Macau, and Taiwan in the first quarter of next year, and more international versions will be released in the second half of the year.

A：The overall advertising revenue of Q3B station is 25.7 billion, an increase of 23% year-on-year, continuing to rise. In addition to performance advertising, brand advertising and UP main advertising revenues have grown significantly, with a leading growth rate in the market. As for the subsequent realization space of the advertising business, as the B station ecosystem and audience value are more recognized by more customers, the advantages of deeply affecting user consumption nature will be further highlighted, reflected in the fact that advertising on B station can achieve both short-term conversion and long-term brand accumulation dual goals. At the same time, we will continue to optimize advertising strategies, strengthen SKA services, improve the large customers' repurchase rate and market budget share, in order to drive the growth of advertising revenue.

A：We plan to establish and promote a successful model on advertising in the Nai Xiao, especially targeting industries with larger budgets such as food and beverages, pets, mother and baby care, beauty, and fashion. Currently, although the scale in the fast-moving consumer goods sector is small, it is expected to grow in the future.

A：Competition will become more diverse in the second half of this year. We are confident in maintaining a certain amount of incremental space in areas such as gaming, platform computers, and content consumption in 2026.

A：Growth points come from both the customer level and the penetration of business into different community scenes. Currently, B station's advertising penetration in scenes is still relatively shallow, with great development potential. In particular, the year-on-year growth rate of Q3 advertising revenue has exceeded 50%.

A：The application of AI technology has indeed brought about significant changes. The consumption ratio of materials related to AIGC has reached 55% and continues to rise. At the same time, some internet service industries have also achieved applications such as documentary video editing and short film highlights. The ratio of customer's AI video material consumption exceeds 60%, effectively liberating productivity.

A：Smart advertising placement has increased the penetration rate of advertising consumption to over 45%, with most clients achieving consumption growth in this mode; in terms of distribution efficiency, by combining multimodal content understanding and generative recommendation algorithms, overall efficiency has increased by over 10%.

A：We will provide integrated marketing solutions for our large clients throughout the year, through carefully assembled service teams dedicated to achieving a repurchase rate of over 90% and continuously increasing customer spending on our platform. During the Double Eleven period, B station advertising increased by about 30% year-on-year, the number of customers increased by over 100% year-on-year, and the average new customer rate brought in by promotions for all industries was 55%, with some industries even exceeding 60%.

A：We have a positive and optimistic attitude towards our advertising business in Q4 and next year, and hope to bring more breakthroughs and changes.

A：The company achieved strong profitability in Q3, with gross profit margin increasing to 37% for the 13th consecutive quarter. It is expected to continue this trend for the rest of the year. In Q4, the company will maintain its mid-term gross profit margin target of 40% to 45%, while adjusted operating profit and other income before profit show significant growth. As for cash reserves, the company's current plans have not been disclosed in detail.

A：The company expects the adjusted operating margin to further improve to around ten percent in Q4 this year and to maintain a steady path towards the midterm target of a fifteen percent adjusted operating margin. They expect to achieve their mid to long-term margin targets due to their business model, strategy, and the leveraging scale of substantial park expansion.

A：The company plans to allocate its resources carefully, having already generated one billion in free cash flow every quarter. They intend to support high-quality revenue growth and the advertising business, invest in new opportunities such as expanding their business boundaries and reinventing games for new generations, and capture major strategic opportunities including the console game and mobile game sectors.

A：The company is seeking new talent for new areas like AI and has repurchased over a hundred million US dollars worth of cash shares this year. They have a two-year share buyback plan approved by the board, with around eighty-three million US dollars left, which they expect to fully utilize in the remaining period of the plan.

A：B站 is the platform with the highest concentration of AI-related content creators and users, making it a leader in incorporating AI into user-generated content. In the third quarter, nearly 10,000 AI-related content creators were active on B站, contributing to a 83%同比增长 in the daily average number of AI-related video uploads. The company plans to continue exploring opportunities to integrate AI into its products and services to enhance the user experience and content creation capabilities.

A：AI has the potential for significant growth as B站 already has a substantial number of young users who are interested in and want to learn and use AI. While AI may increase the supply of short videos, it's expected to have a limited impact on video consumption due to the already abundant supply of content. In the realm of high-quality content creation, AI is seen as a tool that can enhance efficiency for creators, particularly in assisting with tasks like music,动漫, and ghost production, as evidenced by the出现了一批优秀的AI辅助创作的作品。

A：B站 plans to focus on developing AI solutions for video content, particularly to assist creators in producing higher quality videos. They have introduced features like AI translation that include not only subtitles but also voice and lip同步 translation. B站 is also set to推出AI赋能的视频制作工具，旨在通过AI技术帮助提升创作者的效率，走在行业前沿。B站相信，AI将显著提升高质量视频创作的效率，并期待在未来成为该领域的领军企业。