A：Key financial results include total revenue of $540 million, a non-GAAP operating income of $41 million, non-GAAP EBITDA of $51 million, and operating cash flow of $73 million. As of September 30, the company had $3.3 billion in net cash.

A：The three key priorities for Joy in 2022 are strengthening ecosystem synergies, reinforcing organizational vitality, and aligning goals. The company is focusing on diversifying revenue streams and advancing toward its strategic positioning as a global tech company powered by multiple growth engines.

A：Joy is transforming its high growth tech business by establishing 'Bigger A' as an AI-powered global platform for performance-driven multi-channel advertising across different verticals.

A：In 2026, Bigger A is expected to substantially extend its traffic coverage through partnerships and expanded web advertising capabilities. The company expects to capture continued growth from web and mobile advertising and enhance its I Day 7 role product for better performance and targeting. Furthermore, they plan to invest in AI, building their team and resources to accelerate model investment and optimization, which will enable more precise size targeting and better performance for advertisers.

A：Shopify is optimistic about the future of the flag-based e-commerce sector and has been investing in research and development to expand its solutions. It has evolved from a storefront builder to a full e-commerce system with integrated tools for seamless, convenient commerce, payments, and AI capabilities. The company aims to continually enhance its product offerings to drive business success for its customers.

A：The live streaming business has seen sequential recovery and is expected to sustain robust double-digit revenue growth year over year. This growth is projected to result in year-over-year group revenue growth starting in Q4 2020 and continuing into 2026.

A：In the third quarter, the global average mobile MAU reached 266 million, with strong organic user growth driven by instant messengers. Live streaming revenues grew to 388 million due to a 3.5% sequential increase in total pay users. Bilibili saw positive sequential growth for the second consecutive quarter, supported by a comprehensive integrated approach including a robust content ecosystem and AI-powered user touchpoint enhancements.

A：Since the second half of the previous year, restructuring of the streamer incentive mechanism has led to significantly improved streamer engagement and content quality. Average training hours and view numbers increased 3.5% and 3.9% respectively in Q3. AI-powered improvements have enhanced viewing experiences and driven users to spend more time on the platform.

A：Bilibili is confident that its streamer incentives, content conservation, and AI-driven optimizations will drive the live streaming business to regain momentum for growth. The company is also advancing payment infrastructure to provide diverse, localized payment options, which is expected to improve payment rates and drive revenue growth.

A：In Q3, Bilibili achieved advertising revenue of 104 billion, up 30% year over year and 19.7% quarter over quarter. First-party ad revenue and profit remained stable with single-digit quarterly growth, while third-party Bilibili audio network recorded mid-double-digit year-over-year growth and 25% sequential growth.

A：Bilibili has enhanced its AI stage 7 road optimization with smarter road time prediction and smart building capabilities. This has led to significantly improved pre-ionization accuracy and generalization, enabling advanced advertisers to scale budgets with greater confidence while sustaining strong return on investment.

A：Bilibili's advertising business saw widespread growth across the board, driven by the Alpha and strong traffic, new market expansion, and robust demand from multiple verticals. Daily growth revenue reached a new high, and advertisers' spending increased by mid-double-digit quarterly growth. The company expects to benefit from its diverse revenue streams and continued algorithm optimization in Q4.

A：The green initiative and capital return strategies are core long-term strategic initiatives for Bilibili, with a focus on creating a meaningful and lasting impact in the space. The company has initiated share repurchases under its program, demonstrating its strong financial position and commitment to returning value to shareholders. With the stabilization of the live streaming business and the growth from advertising and other emerging businesses, the company expects its operating profit to continue improving, leading to long-term profitable growth.

A：The company anticipates that 2026 will be a pivotal year, serving as a jumping off point for growth into the next phase of growth.

A：In the third quarter of 2025, the company recorded total net revenues of 540.2 million, with a quarter-over-quarter growth of 6.4%. The live streaming business showed a 3.5% quarter-over-quarter revenue increase, and the advertising business had accelerating growth, with vehicle ad revenues up by 33.1% year over year and 19.7% quarter over quarter. EBITDA for the quarter was 6 million, up by 16.8% year over year and 4.9% quarter over quarter. Operating income remained strong at 73.4 million, and the company ended the quarter with 3.3 billion in net cash.

A：The company accelerated its share buyback during the quarter, purchasing back 30.8 million worth of shares between January 1 and November 14.

A：The advertising business, particularly Google's advertising revenues, increased by 33.1% year over year and 19.7% quarter over quarter to 103.9 million. The company's third-party big audience network recorded significant growth, with double-digit year-over-year and 25% sequential quarterly growth.

A：Live streaming now contributes 28.1% of the company's total group revenues, up from 21.3% in the same period last year.

A：The group's operating expenses for the quarter were 174.2 million, compared with 192 million in the period of 2024. Non-GAAP operating income for the quarter was 40.7 million, up by 16.6% year over year. Non-GAAP net income attributable to controlling interest was 32.4 million, up to 18.4% year over year. The group booked net cash inflows from operating activities of 73.4 million, maintaining a strong net cash position of 3.3 billion.

A：For the fourth quarter of 2025, the company expects net revenues to be between 563 million and 568 million, implying a 2.5% to 5.2% year-over-year growth for gross revenue in quarter 4. The company anticipates continued acceleration of growth from big ads, with the potential for total advertising revenue to deliver double-digit year-over-year growth in the fourth quarter.

A：The advertising business is being transformed by establishing Bego ads as a global platform for performance-driven multi-channel advertising across different verticals. The company plans to enable monetization for a wide range of suppliers including web open networks, mobile app developers, and others. The advertiser base is expected to become more diversified, covering a broader range of industries and types, including casual games, tool and utility apps, core verticals such as mitsuha, cowa, games, content, and social, as well as e-commerce marketplaces and web-based advertising. They also plan to penetrate through verticals such as finance, direct to customer e-commerce, etc.

A：The growth drivers for the advertising business in 2026 are expected to come from continued expansion of traffic, strong growth in the number of IAA and web-based one advertisers, together with their advertising spending and expansion into new verticals. Additionally, improvements in the advertising data infrastructure, including enhancing feedback and strengthening the iOS ecosystem, are expected to optimize the model's performance and efficiency. Finally, geographic market expansion is anticipated to build on the solid results and foundation that has already been achieved in the previous year.

A：Management does not provide a quantitative guidance at this stage due to the process of finalizing detailed operational plans for 2026. However, they indicate there is very clear visibility into the revenue growth for the group in 2026, with a return to positive year over year revenue growth being very certain. Live streaming is expected to resume year over year growth, and both the legal ads and e-commerce SaaS business are anticipated to deliver a very strong double-digit growth. The company has plans to focus on traffic quality and maintain an ROI-oriented approach for their social entertainment portfolio.

A：In Q3, the non-GAAP operating profit was 40.7 million, up by 16.6% year over year with a non-GAP EBITDA increase of 16.8% year over year and 4.9% QoQ to 15.6 million for Vigo segment. The non-GAP gross profit margin was 35%, down slightly due to the change in revenue mix. In Q4, the group's non-GAAP operating profit is expected to improve QoQ, indicating a nearly double-digit year over year increase for the full year of 2025 compared to 2024. The non-GAP EBITDA trends are expected to continue improving and grow steadily in 2026.