A：The company reported total revenues of RMB seven point five billion, with a 9% year-over-year increase in gross profit and a gross margin of 37.1%. The operating profit grew over ten times compared to the previous year, and on a non-GAAP basis, net profit grew by 62% year over year with an adjusted net profit margin of 7.8%. AI investments yielded tangible returns in engagement and monetization, contributing to margin expansion.

A：The company's results confirm a fundamental shift in user behavior, with users choosing to spend more time on high-quality content. This trend of users seeking out quality content over quick hits aligns with the company's mission and is expected to drive future growth.

A：The average user age is around 26.5 years old, and as the cohort matures, users are beginning to spend more and better, aligned with their evolving needs. The company is focusing on staying close to its users to offer them the products and experiences they care about most.

A：The company is focusing its investments on three key areas: understanding videos, recommending videos, and helping creators build videos, all powered by AI.

A：AI is driving meaningful efficiencies across operations and is providing a return in engagement and monetization. The AI also supports the community by enhancing the creative process, with more talent producing high-quality content right from the start. This has led to a virtuous cycle where creators with growing audiences see their earnings rise.

A：The advertising business saw a year-over-year revenue growth of 30%, reaching RMB 2.6 billion in the first quarter. This growth reflects the value of the company's community and its ability to convert user engagement into results for advertisers.

A：Ad revenues from digital products and home appliances and automotive grew over thirty percent year over year. Specifically, ad spending in Q1 increased more than 130% year over year in home decoration. PC and OTT platforms saw add revenues grow by over 50% year over year, and new formats within the video player led to more than doubling in new scenarios like search and mini programs.

A：The integration of AI has provided sharper insights into user interests and long-term patterns, leading to more effective ad matching and a 25% year-over-year increase in CTR for performance-based ads. AI has also streamlined creative production, crafting ads that resonate with users and driving higher click-through rates.

A：Game revenues were down 12% year over year, mainly due to a high base set by the previous year. The focus is on a long-term game cycle with balanced experiences and strong IP. The company's evergreen titles remain stable, providing a solid revenue base. New titles include 'Nan卡三国有记必江话I' - a casual card game with positive feedback on core gameplay, and 'San Wang San Guo Zhi Wang Dao Tian Xi' - a new SLG title that complements existing games. Self-developed simulation game 'Looming Master Shaya VA Lume' entered paid testing in May, and the company plans to bring it to global gamers in Q4.

A：Vas revenue grew 4% year over year to RMB 2.9 billion, with stable live broadcasting operations and improved gross margin. Premium members reached 24.8 million, up 5% year over year, with around 80% on annual or auto renewal plans. The fan charging program also grew at a healthy pace, up over 50% year over year, driven by stronger creator-user relationships and users' willingness to support content they love.

A：The company takes its responsibility to China's young generation seriously, maintaining an 'A' rating by MCI, reflecting its consistent approach to long-term sustainable growth. This is part of the company's commitment to high-quality content, healthy community development, and governance improvements as outlined in the 2025 ESG report.

A：The company is focusing on AI as an accelerator to reinforce its community and commercial ecosystems, investing in areas that support long-term growth and taking 'Bilibili' to the next level. The Vas business is seeing growth and the company plans to continue enhancing monetization efficiency while maintaining discipline in spending.

A：For the first quarter, total revenues were RMB 7.5 billion, up 7% year over year. Gross profit rose 9% year over year to RMB 2.8 billion, with a gross profit margin of 37.1%, up from 36.3%. Operating profit was RMB 167 million, up over ten times year over year. Adjusted operating profit was RMB 524 million with an adjusted operating profit margin of 7.0%, compared to 4.9% in the same period a year ago. Net profit was RMB 202 million, compared to an RM 11 million net loss in Q1 2025. Adjusted net profit was RMB 585 million, up 62% year over year, with an adjusted net profit margin of 7.8%, an improvement from 5.2% in the same period a year ago.

A：Behind the growth of B station users and market growth, the core driving force is still the high-quality content supply and unique community experience of B station. AI does not change the underlying logic of Station B, but amplifies these two characteristics of Station B. AI has not only increased the quantity of content available, but also significantly improved the quality of content, and has changed the way of creation in some categories, so that creations that used to require a lot of teamwork can now be achieved by one or two core creators. Through the AI creation competition, we see that AI has a significant effect on improving the quality of creation, and AI also amplify the ability of the B station community to identify high-quality content.

A：AI, by improving the content production efficiency, station B can create high-quality medium and long videos more effectively, which makes up for the problem of excess short video content and insufficient supply of high-quality medium and long videos. In addition, the AI creation competition shows that users use AI to create amazing works, with a cumulative broadcast volume of more than 0.7 billion times, and a single video broadcast volume of up to 1 million times. AI can also better screen and promote high-quality content according to the community users' love for content and high aesthetic standards, thereby enhancing the value of the B station community.

A：Station B has developed a series of models in-house to better understand and discover explosive content. This ability to identify high-quality content is directly reflected in the data of up main powder. In the first quarter, the number of up owners of 1,000 powder increased by more than 30% year on year, and the number of up owners of 10,000 powder, 100,000 powder and 1 million powder also increased by more than 20% year on year. Due to the increase in the number of up-owners, their income has also increased rapidly. In the first quarter, the per capita income of up-owners rose by 24% year-on-year.

A：AI the ability to significantly amplify the ability of high-quality creators, Station B gathers the most creative and deeply expressed group of creators in China. Through AI technology, these creators can create high-quality content more efficiently and gain higher exposure and revenue growth on the platform, further consolidating B- Station's position as a platform for deeply connected users and quality creators.

A：Yes, I would like to announce that the escape compression game has quietly sold more than 4 million copies this year, and the sales continue. We are now promoting the host version while optimizing the operation, and actively developing the hand tour version. The goal is to turn Yakov into an evergreen game IP loved by young people.

A：We have started global user testing, early feedback has been very positive, and the goal is to release the new game globally this year. The game play of Station B can be summarized in three sentences: first, long-term operation; Secondly, the head strategy in the vertical field does not change a place with one shot, but deeps the vertical market, either being the first or the first echelon, and continuing to invest. Finally, the category is younger. Based on the characteristics of the active community of young users in Station B, innovative games that meet the needs of young people are continuously introduced.