A：Billy delivered standout results across community growth and financial performance, with user growth regaining momentum, engagement and stickiness hitting new record highs, and the company achieving its first ever full year of GAAP profitability.

A：User growth accelerated every quarter, with year-over-year increases of 4% in Q1, 7% in Q2, 9% in Q3, and 10% in Q4, maintaining a user base of 131 million, with Q4 male users growing by 8% year-over-year to 366 million.

A：The average daily time spent by users continued to rise, by 8% in Q4 to 107 minutes, reflecting users gravitating towards high-quality pug v content and authentic community interactions.

A：Billy saw a year-over-year increase of 21% in MPUs (monthly paid users) to 36 million, and advertising revenues accelerated to RMB 3 billion, up 27% year-over-year in Q4, driven by a 23% full year increase to RMB 10.1 billion. The ad infrastructure was refined to achieve a 27% increase in advertising revenues.

A：AI was integral in Billy's content ecosystem, amplifying content discovery, targeting, and creativity, and driving user engagement and monetization. It allowed users to create professional-grade music videos and accelerated the discovery of high-quality content. This resulted in a 53% year-over-year growth in total watch time for AI-related topics and a significant increase in the number of AI music videos reaching the million view milestone.

A：The advertising business delivered better-than-expected results, with Q4 advertising revenues up 27% year-over-year to RMB 3 billion and full-year advertising revenues increasing 23% to RMB 10.1 billion. The top ad verticals were games, digital products, home appliances, internet services, e-commerce, and automotive, with a strong showing from home decoration and AI-related ad budgets increasing nearly 180% year-over-year.

A：Game revenues for the fourth quarter were down 14% year over year to RMB 1.5 billion, while full year game revenues grew 14% to RMB 6.4 billion.

A：The strategies for the eleventh season of ' Honour of Kings' included maintaining a balanced monetization strategy and extending the title's lifecycle by elevating the user experience. It launched the traditional Chinese version in January and planned to roll out the game across more Asian markets later in the year.

A：'Duck of Death' was a surprise hit, selling over three million copies in the first three weeks of its October debut, becoming the best-selling domestic single-player game of the year, and ranking among the top three of all time. This success is attributed to the company's ability to spot trends in demand and turn IT into breakout hits.

A：'Duck of Death' is moving to consoles and mobile platforms, which is expected to widen its reach and deepen its growth runway.

A：The company's strategy for game development is to build and scale high-quality, genre-defining games with lasting appeal for the gamers of tomorrow. For the Vas business, there is a focus on users showing a stronger willingness to pay directly for the content and services they care about.

A：The Vas business revenues grew 6% year over year to RMB 3.3 billion in the fourth quarter and up 8% to RMB 11.9 billion for the full year. The live broadcasting business maintained steady growth, and the gross margin continued to expand.

A：User engagement and monetization are critical at B站. High-quality PUG content attracts and retains young users, deeper engagement creates more value for creators, and this energy leads to healthier and more sustainable commercialization. AI is also reshaping the industry, and the company views it as a powerful accelerator of this cycle.

A：The company's focus moving forward is on great content, a strong community, and disciplined execution that creates lasting value.

A：Financial results for the fourth quarter included total revenues of RMB 8.3 billion, up 8% year over year, and a gross profit margin of 37.0%, up from 36.1% in the same period last year. The adjusted net profit was RMB 878 million, and the adjusted net profit margin expanded to 10.6% from 5.8% in the same period last year.With profitability achieved and momentum building, the company will focus on great content, a strong community, and disciplined execution. Regarding the share repurchase program, as of December 31, 2025, the company had repurchased a total of 7.0 million shares for a total cost of $131.2 million, leaving $68.8 million available for future buybacks.

A：In this community, users not only watch content, but also actively provide feedback, which is crucial to content creators. Content creators rely on user input and feedback to create better content. Feedback from users is especially important for start-up and growing creators, telling them what content is good and in what direction they should create. The community of B station can guide and cultivate creators in the early stage, and form a good content ecology. The community of BStation has a decisive influence on the content creators. For emerging or middle-level creators, community feedback is key to finding their creative direction. Station B has a steady stream of high-quality UP masters, and about 1/3 new UP masters appear every year, thanks to the nourishment and cultivation of community soil. In addition, the community of Station B is decentralized, with thousands of categories of content and a diversified user group. Such a community environment requires time accumulation and the participation of real users, forming a competitive barrier for Station B.

A：The development of advertising business in the fourth quarter and the whole year of 2025 was in line with the company's internal expectations, showing a trend of accelerating growth quarter by quarter. From 20% year-on-year growth in the first quarter to 27% year-on-year growth in the fourth quarter, and achieved sustained growth in the advertising budget market. Station B believes that these achievements reflect the improvement of user value and the improvement of commercialization efficiency. For the future, the company will continue to pay attention to and grasp the market dynamics, and maintain the continuous growth of advertising business by optimizing user experience and improving commercialization capabilities.

A：There are three main drivers for Q4 to exceed market expectations. First of all, the potential inventory has been released to a certain extent, especially in non-mainstream scenarios such as search PC large screen, small cities, etc. to achieve more than 60% growth, some scenarios even more than 200. Secondly, the continuous improvement of advertising efficiency is reflected in the deepening of the combination of AI and advertising materials, as well as the use of automated delivery systems, and the improvement of accuracy has further promoted efficiency growth. Finally, in the industry, in addition to the advantages of areas such as network clothing, digital, home appliances, e-commerce, Q4 also benefited from the AI application boom brought about by the increase in revenue and the impact of the bulk purchase war, while education and training, automotive, home improvement and other industries to achieve double-digit growth. At present, the market environment has changed into stock competition, and customers' requirements for effectiveness and efficiency are constantly improving. The trend we 've noticed is that advertisers are increasingly focusing on the quality of post-launch conversions, not just the size of the exposure. Station B can provide high-quality content and conversion efficiency, attracting young users with strong consumption ability and rising decision-making ability, which is also an advantage that other platforms do not have. In addition, with the evolution of the AI, high-quality video content community B station is expected to achieve large-scale development, so that good content and good advertising combined. In the past few years, advertising products and algorithm capabilities have been significantly improved, reaching the upper level of the industry, and there is still much room for improvement and potential in the future. Therefore, we are confident in the advertising growth in 2026 and Q1, and are expected to further increase the advertising market share.

A：The AI industry will lead to a surge in advertising budgets in the short term, but in the medium to long term, the AI industry is different from other advertising budgets in that it may face a major reshuffle and budget reallocation. Although the advertising budget of the AI industry will be increased in the short term, in the long run, the AI industry will have a positive impact on the advertising business, and station B has more natural and high-quality scenes to put in AI advertisements. young users have high acceptance of AI. as a high-quality content community, putting in advertisements can effectively transform users' consumption mind and product efficiency, which is better than pure traffic platforms.

A：AI creation tools are enhancing the production of high-quality content by enabling individuals without formal training to turn their good ideas into professional quality content, as seen in the case of AI music and auto-generated remix videos.

A：AI has improved content understanding on B站, allowing for a more precise match between user intent and content, especially for long-form high-quality content. This has led to an acceleration in the discovery of and push for优质内容, which is critical for B站能力提升。AI is leveraging large language models to enhance the ability to understand the content and user intent, particularly for platforms offering long-form high-quality content, resulting in a better comprehension of the content and user needs.

A：AI is helping to better match advertisements with the right users by leveraging content comprehension to understand users' needs and desires, thereby improving the targeting of ads.

A：AI is anticipated to significantly boost the efficiency of content creators by providing an AI辅助创作工具， which is expected to help creators produce content more efficiently.

A：AI for video translation offers the benefit of a perfect translation that includes not only text but also voice and lip sync, available in mainstream languages, thus enabling content creators to reach a global audience.

A：The company plans to focus its AI investment on two strategic areas: improving the productivity of content creators and enhancing the recommendation efficiency to better understand client and user needs, believing these will generate significant value for the ecosystem.

A：The company remains confident in the continued growth of its community and aims to improve monetization efficiency. It expects the operating leverage to continue to materialize, with a slight improvement in the first quarter's adjusted operating margin year over year. The company is on track to meet its midterm targets of a 40 to 45 percent gross profit margin and a 15 to 20 percent adjusted operating margin. Additionally, it plans to modestly increase investment in AI and reinvest a portion of its incremental profits into AI applications closely aligned with its core interests to improve the supply of high-quality content, drive user growth, and enhance monetization efficiency.