Bilia — Call Transcript 2026

Good day, and welcome to Bilibili's first quarter 2026 financial results and business update 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. 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. 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. Rui Chen, Chairman of the Board and Chief Executive Officer, Ms. Ni Li, Vice Chairwoman of the Board and Chief Operating Officer, and Mr. Sam Fan, Chief Financial Officer. I will now turn the call to Mr. Chen. Thank you, Juliet, and thank you to everyone joining us today. 2026 is off to a great start for Bilibili. In the first quarter, we kept up the momentum from last year, delivering solid growth across our community, commercialization, and profitability. Let's start with the community. High-quality content and authentic experience continue to drive organic growth and deepen user engagement. In Q1, DAUs grew 8% year-over-year to 115 million, and MAUs increased to 376 million. Average daily time spent reached a new high of 119 minutes, up 11 minutes year-over-year, which led to a 19% surge in total user time spent. We see this level of engagement as a powerful engine for our commercial business. In the first quarter, we delivered robust advertising revenue growth of 30% year-over-year, further accelerating from 2025. Meanwhile, MPUs increased by 7% year-over-year to 34.4 million as more users directly pay for content and services they truly care about on our platform. This commercial momentum led to a strong financial performance. Total revenues grew 7% year-over-year to RMB 7.5 billion. Gross profit was up 9% year-over-year, and gross margin reached 37.1%, marking our fifteenth consecutive quarter of margin expansion. Thanks to our top-line growth and increased operating leverage, our operating profit was over 10 times what it was a year ago. On a non-GAAP basis, net profit grew by 62% year-over-year, with our adjusted net profit margin expanding to 7.8%. To us, this set of results confirms a fundamental shift in user behavior. In a world full of quick hits, more users are choosing to spend more time on quality content. That is exactly what Bilibili stands for, and it will continue to drive our growth. With our average user now around 26.5 years old, our cohort is starting to spend more and spend better. As their needs evolve, we are staying close to them, offering the products and experiences they care about most. The content ecosystem we have built remains our most durable asset. Today, we are using AI to make this ecosystem even more powerful. We are focusing our investments on three key areas: how we understand videos, how we recommend them, and how we help creators build them. Ultimately, we are not just evolving with AI, we are using it to reinforce the very thing that makes Bilibili unique. Having said that, we remain very disciplined with our capital. Although AI requires an upfront investment, the returns in engagement and monetization are already tangible. At the same time, AI is driving meaningful efficiencies across our operations, which is directly supporting our margin expansion. By combining the heart of our community with the power of our technology, we are creating lasting value for our users and shareholders. With that, let me walk you through our core pillars of content, community, and commercialization, starting with content and community. As content options multiply, users are becoming even more selective. They are coming to Bilibili for high-quality PUGV content and a unique community experience that they cannot find anywhere else. Across our content categories, ACG remains our cultural anchor. In the first quarter, watch time for games and Chinese anime grew 27% and 20% year-over-year, respectively, proving our enduring appeal to the younger generation. Beyond our ACG legacy, knowledge-based content, including AI-related information, grew 20% year-over-year as users turn to us for deeper insights. Music categories also saw robust growth with a 25% year-over-year increase in time spent, largely driven by AIGC music. Consumption-related categories kept rising, with watch time for parenting and early education and outdoor-related categories surging by more than 50% year-over-year. The breadth of our content library is only one part of the story. Our deeper competitive moat lies in the humanity of the community. Every month, our users generate over 17 billion real human interactions. In an AI-driven world, they are the most authentic human signals available. While high-quality data is becoming a global scarcity, our hundreds of billions of organic interactions provide us with the gold standard for understanding true human preferences. This profound insight is what fuels our engagement and loyalty. In the first quarter, total user time spent rose 19% year-over-year, and 291 million official members maintained an 80% twelve-month retention rate. Meanwhile, we continue to see AI as an amplifier for our ecosystem's flywheel. On the supply side, the unique creative spirit of our community has found new momentum through the AI-powered tools that scale creativity across the platform. By lowering the barriers to entry and boosting productivity, we have seen a significant influx of creators and content. In Q1, the number of daily active creators and daily submissions grew by 6% and 19% year-over-year respectively. This isn't just a game of volume. With AI assisting the creative process, more talent is producing high-quality breakout content right out of the gate. Our recent AI creation contest is a perfect example. We attracted the most talented creators to join our platform, creating nearly 150 breakout works with over a million views each. By deepening our comprehension of both content and user behavior, we've made content discovery more efficient, directly accelerating growth for our creators. In the first quarter, the number of creators with over 1,000 followers grew by more than 30% year-over-year, and those with 10,000, 100,000, and one million or more followers each grew over 20%. Naturally, as their audiences grow, earnings follow. Average income per creator rose 24% this quarter, creating a powerful virtuous cycle. Now let us take a closer look at our commercial businesses and their progress. First, our advertising business once again delivered standout results in Q1. Revenues grew 30% year-over-year, reaching RMB 2.6 billion. This ongoing acceleration reflects the value of our community that we continue to unlock and how we are turning user engagement into real results for advertisers. In Q1, our top five ad verticals were games, internet services, digital products and home appliances, e-commerce, and automotive. Game ads delivered strong incremental revenue growth this quarter. In the internet services sector, AI advertisers kept scaling, with ad budgets surging over 170% year-over-year. At the same time, our maturing user base is also capturing more advertisers' budgets. Ad revenues from digital products and home appliances and automotive both grew over 30% year-over-year in Q1. Home decoration was a particular standout, with ad spending jumping more than 130% year-over-year. Using AI to improve efficiency and drive ad business is a core priority this year. By integrating AI more deeply into our algorithms, we've gained much sharper insights into user interests and long-term patterns. This clarity has meaningfully optimized how we match users with ads, resulting in a 25% year-over-year increase in CTCVR of performance-based ads this quarter. Furthermore, our AIGC tools are streamlining creative production and crafting ads that resonate with users, helping advertisers connect with our community more effectively and drive higher click-through rates. We are also unlocking growth across diverse platforms and touchpoints. In the first quarter, ad revenues from PC and OTT platforms grew by over 50% year-over-year, while new scenarios like search and mini-programs more than doubled. We're exploring new integrated formats within Video Player, finding new ways to turn user time into commercial value. With expanding traffic, diverse new scenarios, and continuous efficiency gains, we remain confident in the sustained momentum of our ad business. Now turning to our games business. Game revenues were RMB 1.5 billion, down 12% year-over-year and flat quarter-over-quarter. The year-over-year decline was mainly due to the high base set by San Guo: Mou Ding Tian Xia in the same period last year. While the latest seasons of San Mou performed steadily quarter-over-quarter, we're focused on the game's long-term life cycle, keeping the experience balanced and the IP strong. Meanwhile, our evergreen titles, FGO and Azur Lane, remain stable and continue to provide a solid revenue base. In 2026, we're building on Sanmo's success and expanding our presence in the Three Kingdoms IP. In April, we soft-launched N Card: San Guo Dai Xiang Pai, a lighter casual card game that has received positive feedback on its core gameplay. We're iterating the product and optimizing user acquisition as we prepare for its official launch this July. Meanwhile, our new SLG title, Sanwang: San Guozhi Wang Dao Tianxia, began initial testing in late March. Built on the original San Guozhi IP with enhanced 3D visuals, Sanwang targets a differentiated group of SLG fans and complements Sanmo. Early user feedback was encouraging, and we plan to roll the game out late this year. Beyond N Card and Sanwang, our self-developed simulation game, Lumi Master: Xiaoyao Wa Lumi, entered its paid testing in May. We plan to bring it to global gamers in Q4 this year. It has been well-received for its cozy art style and accessible gameplay. Our jointly operated pipeline for the coming quarters is also expanding into more genres, giving us broader player coverage and a more balanced portfolio. Turning to our VAS business, VAS revenue grew by 4% year-over-year to RMB 2.9 billion in Q1. We kept refining our live broadcasting operations, delivering a stable performance with improved gross margin. premium members reached 24.8 million by the end of the first quarter, up 5% year-over-year. Around 80% are on annual or auto-renewal plans. Our Charging Plan also kept growing at a healthy pace. Revenue was up over 50% year-over-year, driven by stronger creator-user relationships and users growing willingness to directly support content they love. In April, we published our 2025 ESG report outlining our continued focus on high-quality content, healthy community development, and steady improvements in governance and operations. Given our reach and influence among China's young generation, we take this responsibility very seriously, and we have maintained our A rating by MSCI, reflecting our consistent approach to long-term sustainable growth. To close, we believe great content and a strong community bring people together. The value we have built is just beginning to show its potential. With AI as the accelerator, our community and commercial ecosystems are reinforcing each other more than ever. We will stay focused on strengthening that flywheel and investing in areas that support long-term growth, taking Bilibili to the next level. We are excited about what is ahead. With that, I will turn the call over to Sam to walk through our financials in more detail. Sam? Thank you, Rui Chen. Hello, everyone. This is Sam. In the interest of time on today's call, I will review our first quarter highlights. We encourage you to refer to our press release issued earlier today for a closer look at our results. Total revenues for the first quarter was RMB 7.5 billion, up 7% year-over-year. Our total revenues breakdown by revenue stream for Q1 was approximately 39% VAS, 35% advertising, 20% mobile games, and 6% from our IP derivatives and other businesses. Our cost of revenues increased by 5% year-over-year to RMB 4.7 billion in the first quarter. While our gross profit rose 9% year-over-year to RMB 2.8 billion. Our gross profit margin reached 37.1% in Q1, up from 36.3% in the same period last year, marking our 15th consecutive quarter of margin expansion. In the first quarter, we continued to improve monetization efficiency with disciplined spending. Our total operating expenses were up 3% year-over-year to RMB 2.6 billion. Sales and marketing expenses decreased by 1% year-over-year. G&A expenses increased by 3%, and R&D expenses increased by 9%, primarily due to expanded AI investments and partially offset by efficient spending control. Our operating profit was RMB 167 million, up over 10 times year-over-year. Our adjusted operating profit reached RMB 524 million, and our adjusted operating profit margin reached 7.0% in the first quarter versus 4.9% in the same period a year ago. Net profit was RMB 202 million versus an RMB 11 million net loss in Q1 2025. Our adjusted net profit was RMB 585 million, up 62% year-over-year, and our adjusted net profit margin was 7.8%, improved from 5.2% in the same period a year ago. As of March 31, 2026, we had cash and cash equivalents, time deposits, and short-term investments of RMB 24.2 billion or $3.5 billion. In Q1, we repurchased 2.5 million shares for a total cost of $60.3 million under our $200 million share repurchase program. As of today, we have completed this share repurchase program, purchasing a total of 9.9 million shares. We remain committed to enhancing long-term shareholder return, and our board is considering renewing the share repurchase program at an appropriate time. Thank you for your attention. We would now like to open the call to your questions. Operator, please go ahead. Thank you. We will now begin the question and answer session. To ask a question now, 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 statements 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. A moment for our first question. We will now take our first question from the line of Lincoln Kong of Goldman Sachs. Please go ahead, Lincoln. Your line is open. Hey. Thank you much for taking my question. Congrats on a very solid first quarter result. My question is about the community. We have seen our user metrics have continued to deliver a stellar performance. How significant is this AI has been a driver in terms of the user acquisition and engagement duration? Also, what's our perspective on the strategic role that sort of this AI created assisted creation tools has played with with the Bilibili's content ecosystem. Thank you. [Non-English content] What's really driving our user growth and time spend is still Bilibili's rich supply of high quality content and our very unique community experience. [Non-English content] AI doesn't change that fundamental logic. If anything, it's making our strength even stronger. [Non-English content] From a high quality content supply perspective, as I mentioned last quarter, AI is bringing greater leverage. Ladies and gentlemen, please remain on the line. Your conference will resume shortly. Pushing their expression boundaries and unleash so much more productivity. [Non-English content] That's why you're seeing in during the first quarter that the average daily active content creator and their daily submission grew by 6% and 19% year-over-year respectively. [Non-English content] it's not just about efficiency. AI is not only helping us to increase supply, but we are seeing it bringing so much quality into our content offering. [Non-English content] For example, in some category, AI is already fundamentally changing how content gets made. For example, in the film industry, it requires a full crew to work on the shooting and production and post-production area. Now with the help of AI, we only need one or two very core production and creativity people, and they can make the equivalent or even better content. [Non-English content] is that another example would be music. In the traditional music industry, it requires a full crew and team to work on music productions. Now with the help of AI, just one talented content creator can make very high quality, music content. [Non-English content] That's why we're very delighted to see that in the past, some categories that was very hard and expensive to make. Now with the help of AI, the most talented content creator can make this production very easily. [Non-English content] In our most recent AI creation contest, we're seeing that AIGC videos are very, very impressive in terms of the quality that, over this contest, we saw over 150 videos each surpassed one million views. In summary, we are seeing that AI is bringing so much more quality and quantity into the PV-PUGV field. [Non-English content] Another booster is that AI amplifies the power of Bilibili community. In a community like Bilibili, where user love content, know what they want, have high standards, have strong taste, high quality content is naturally more likely to stand out. [Non-English content] Every We're seeing AI is making that effect even more stronger. Every month, our user generates more than 17 billion real human interactions on Bilibili. In the AI era, this kind of human, real human feedback and tagging is becoming even more valuable. Like I said, those tagging, those feedbacks are from people who know what they want, who have strong taste, and have high desire for high quality content. [Non-English content] our internally developed model, we are spending a lot of time to making it understand what is high quality content and identify those high quality content in a much earlier stage. [Non-English content] We are seeing this ability to directly translate on creators followers growth. In the first quarter, the number of content creator with more than 1,000 followers grew by over 30% year-over-year. Creators that with 10,000, 100,000 and 1,000,000 followers also grew by more than 20% year-over-year. [Non-English content] As creator get more followers, they also make more money. In Q1, average income per creator is up, 24% year-over-year. [Non-English content] To summarize, AI is making our great content creator even more powerful, and Bilibili is the home to many of the most creative creators, the one who really wanted to express themselves and build lasting connection with users. [Non-English content] Over the years, we've built a very strong creator ecosystem and community culture, and AI is really amplifying that effect. We believe this historical opportunity of AI can bring the opportunity that makes Bilibili 10 times more valuable, and we will really invest and seize that opportunity for us. Thank you. Operator, next question please. Thank you. We will now take our next question from Daniel Chen of JPMorgan. Please ask your question. Daniel, your line is open. [Non-English content]My question is on the advertising revenue. We see that the ad revenue growth accelerated to 30% year-over-year in the first quarter, which is very strong. May we know which industry for the ads product actually exceed your expectation? Also, how should we expect the outlook for the second quarter and the full year advertising revenue? Thank you. [Non-English content] Our advertising revenue reported RMB 2.6 billion in the first quarter, up 30% year-over-year, marking our thirteenth consecutive quarter of a double-digit growth. [Non-English content] At the very core, the biggest driver behind our advertising growth is still the value of Bilibili's community and our users. The average age of our user is about 26.5 years old, which means they are entering a stage of life where both personal spending power and household decision-making power are rising rapidly. That is exactly the kind of high-value user group advertisers are most eager to reach. [Non-English content] What sets us apart from platforms that are purely traffic-driven is that the value of advertising on Bilibili is never one-off spending. Instead, we run much deeper into users' mindshare. We help our brands to move from a single one-off impression to repeated continuous touchpoints, and from a single isolated transaction to build lasting brand equity [Non-English content] That is exactly why we saw a continuous growth of our advertising efficiency. During Q1, our brand ads, performance ads, and native ads all delivered a strong double-digit growth, and for certain categories, even high double-digit growth. For Q1, our top five advertising verticals were games, internet services, digital products and home appliances, e-commerce, and automotive. [Non-English content] Looking ahead into Q2 and onwards, we do see a deeper integration of AI into our advertising system will continue to improve our ad efficiency in the near term. More importantly, we believe the bigger value will come from the long-term transformation that AI can bring to ads business [Non-English content] This year, we've continued to improve both distribution efficiency and recommendation algorithms. We have further leveled up our ability to understand user interest, purchase intent, and our content themselves. By plugging this into our recommendation models, we can now match user content and ads so much more precisely. That's the reason why you see the strong growth in our advertising revenue in Q1. This is driving a more accurate matching capability delivered and a strong CTCVR growth for our performance ads in the first quarter. [Non-English content] We are also providing advertisers with more automated campaign management and AI powered creative tools to help them to improve ads delivery efficiency. In Q1, penetration of our automated ad spending increased to about 85%, and we will continue to see this penetration to further increase into Q1 and for the rest of the year. [Non-English content] On top of that, the AIGC tools are helping advertisers to create the materials that perfectly buy with Bilibili community style, and the adoption of AIGC creative continue to increase. At the same time, these AIGC creatives are delivering much better ad performances with improved click through rates, generally around double digits better. [Non-English content] That summarize, how AI is helping us to improve our ad efficiency. I will be sharing more information on next quarter and going forward. We believe, there are so much more that AI can bring into our a-ad system. On top of that, we're also expanding ad inventory across different screens and more user scenarios from the mobile app to our PC, iPad, OTT and in-car screens. We currently already cover a majority of that scenarios. On different, products or ad scenarios, we are also trying new inventories from feed to search, comments, and in-player ads and mini programs. This is covering Bilibili users time spent across the major, product touchpoints. This will bring in additional ad inventory and ad volume for our business. [Non-English content] Well, on top of that ad inventory and scenario growth, our strategy across different ad industry is also very important and we will continue to deepen our services into different, industry verticals. By aligning ourselves operation tech capabilities, we can now offer a full stack solution tailored to each specific industry. Looking into the second half of this year, we expect stronger growth momentum from those high-value categories such as AI technology, automotive, home decoration, and appliances, which we believe will continue to lead a very strong growth. Meanwhile, we will also continue to expand our market share in our core verticals such as games, e-commerce, and education. [Non-English content] To summarize, we remain confident in maintaining a very healthy advertising growth for the rest of the year. Thank you. Operator, next question, please. Thank you. We will now take our next question from Yang Liu of Morgan Stanley. Please ask your question. Yang, your line is open. [Non-English content] Yeah, let me translate my question. My question is about the game segment. Could management comment on the Three Kingdoms N card soft launch performance? What is now expectation for this game? Also another self-developed game Lumi Master started the paid test this month. What's the test result and what is the expectation on launch timing? Another game Three Kingdoms [Non-English content] how to expect this game's contribution? Could management comment if there's any other game pipeline except for the three game I mentioned before. Thank you. [Non-English content] The N card soft launch performance is, generally in line with expectation. We plan to official launch this game in July this year. [Non-English content] This game is one of a kind game and the first of its kind that features a very unique gameplay system that blends hero skills with poker mechanism. From the soft launch feedback, our user, we find this gameplay has resonate with young user groups quite nicely. [Non-English content] Because this game is very creative and innovative, we take the approach to iterate the game as we launch, as we collect more user feedbacks. We believe this is a more sustainable approach to make this game even better. [Non-English content] We believe this game has the potential to become a large DAU title that can last for a very long time in this casual category, and we believe it has the right elements to get to that. We are putting a lot of resource and hoping this game will continue to refine its game plan operation. By the time it's ready, we will be launching it to a mass audience. [Non-English content] Well, as we mentioned the N card Three Kingdoms, I will briefly touch upon the San Wang title. The San Wang title is a very unique SLG title based on the very authentic Three Kingdom IP by Koei. This game has stayed true to the original Three Kingdom IP and experience while introducing so much refreshed 3D visual style. It's targeting a more mature SLG audiences and has higher taste towards the game's quality and visual experience. [Non-English content] We think Sanwang and San Mo really complement each other, but with a differentiated target user group. Where Sanwang is targeted to the IP fans who has strong taste and preferences towards a better visual quality. Where San Mo targets a younger cohort that doesn't want to spend so much time and money into the SLG title. That is the reason why after launching San Mo, we choose to license another title in the Three Kingdoms IP. We think these two titles have great synergies and really complement each other. [Non-English content] We already completed the first round of beta test pay testing at the end of March for San Wang title, and we saw very positive user feedback. We are currently continuing refine and polishing the title and listening closely to user feedback, and we are planning to launch this title within this year. [Non-English content] Next, I'll talk about our self-developed game, Lumi Master. For Lumi Master, it is also one of its kind, the very first title that combines pet hatching with casual gameplay. [Non-English content] We started a global user testing in early May this year and that we have received a very encouraging user feedback and we are targeting a global launch for this title in Q4 this year. [Non-English content] Lastly, I wanted to briefly touch upon Escape from Duckov, which is a Bilibili self-development title. This year, we broke another record, by selling over four million copies of this game. [Non-English content] As we continue to promote this game on the PC front, we are actively working on the console version and the mobile version. Our goal is to continue to enhance the IP and over time make this IP Escape from Duckov IP become a well known franchise, for young gamers. [Non-English content] Over the past few years, I've been sharing our game strategy. I think it summarized to three points. One is, long term operation. We've seen that into our legacy title, FGO and Azur Lane, which are celebrating its tenth year anniversary and ninth year anniversary respectively this year. San Mo is going to celebrate its second year anniversary very soon. Going forward for all Bilibili game title, we are targeting a very long term operation, even for console one off games like Escape from Duckov. We're hoping this game will have lasting impact when we continue to generate sales over time. Long term operation is definitely one of the most important strategy for our game business. [Non-English content] The second strategy is to become the leader in the segment genre. First of all, our strategy into game genre is very, very focused. We will be deciding a good direction how we will dig deep into this genre to become either the best or the first in this genre. For example, the SLG, the Three Kingdom IP, we've launched one game, we have two in the pipeline, and we have more that's coming up. Potentially in the near future, we will build a Three Kingdom universe. Another example is the console game, the PC copy based game. This is also a direction we believe has very large opportunity and strong user demand, and we will be focusing to produce the best or become the first in its own kind. This will be another important strategy for our game business. [Non-English content] The last one is we creating games for young generation of gamers. We believe that for all game business, that focusing on young user is a must. As a young generation community hub, we're the platform that is closest to this young cohort and understanding their desire, inventing games to cater to their preferences is that, is Bilibili bread and butter. By staying close to the young generation, there will always be good opportunities. This is showing on our N card and our Lumi Master titles. Fundamentally, we are just creating a new title. We are creating or reinventing this title to catering to this generation of gamers that fits their tastes the best. By staying close to the young gamers, we believe this brings us so much more opportunity. That concludes this question and this question. The operator, next question, please. Thank you. Our next question comes from Xueqing Zhang of CICC. Please ask your question Xueqing. Your line is open. [Non-English content] Thanks management for taking my question. My question is about financials. Last quarter, the company mentioned that it would increase investments in AI. What is the progress so far? When should we expect to see meaningful returns from these AI investments? Also could you provide some color on the outlook for OpEx and the CapEx related to AI as well as the margin outlook for the second quarter and the full year? Thank you. Thanks, Xueqing. This is Sam, I will take this question. About the direction of our AI investment, as mentioned by Rui Chen, we are very focused primarily on keyword of Bilibili video. We are investing three main areas: video understanding, video distribution and video creation. We believe this investment will significantly enhance the value of Bilibili's content ecosystem and the community, and it directly benefit all monetization lines. In Q1, we have already began exploring and applying these efforts. Recent initiative results evidenced in our DAU growth, user time spent growth and advertising revenue growth. We expect the positive feedback loop has just begun and will continue to deliver greater efficiency. Regarding to the CapEx, in Q1, our CapEx increased about 80% year-over-year, around RMB 200 million, mainly driven by higher investment in servers and computing resources to support AI improvements. For the full year, we expect our AI related CapEx to increase by approximately RMB 1 billion, with an impact on P&L of around RMB 500 million. Meanwhile, we will cut certain OPEX expenses to offset part of such impact. Using our Q1 result as an example, when we see our expenses increased by 9% year-over-year, while we still deliver solid bottom line results. Driven by revenue growth and continued operating leverage, our adjusted net profit increased by 62% year-over-year, with adjusted net profit margin rising to 7.8%. We expect Q2 advertising revenue to maintain rapid growth with the contribution from our AI initiatives, with gross margin steadily improving and the net profit margin have further room to increase. We also maintain our mid to long term gross margin target 40%-45% and operating profit ratio target of 15%-20% unchanged. Thank you for this question. Thank you. That concludes the question and answer session. Thank you once again for joining Bilibili's first quarter 2026 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 U.S. can be found on today's press release. Thank you and have a great day.

Speaker 5: Good day, and welcome to Bilibili's first quarter 2026 financial results and business update 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. Good day, and welcome to Bilibili's first quarter 2026 financial results and business update conference call. good day and welcome to bilibili's first quarter 2026 financial results and business update conference call Today's conference is being recorded. 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. at this time i'd like to turn the conference over to juliet yang executive director of investor relations Please go ahead. please go ahead

Speaker 2: 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. An investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at ir.bilibili.com. Thank you, operator. thank you operator During this call, we'll discuss our business outlook and make forward-looking statements. 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. 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. 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 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. 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. as a reminder this conference is being recorded An investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at ir.bilibili.com. 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. Rui Chen, Chairman of the Board and Chief Executive Officer, Ms. Ni Li, Vice Chairwoman of the Board and Chief Operating Officer, and Mr. Sam Fan, Chief Financial Officer. I will now turn the call to Mr. Chen. Joining us today from Bilibili senior management are Mr. Rui Chen, Chairman of the Board and Chief Executive Officer, Ms. Ni Li, Vice Chairwoman of the Board and Chief Operating Officer, and Mr. Sam Fan, Chief Financial Officer. joining us today from bilibili senior management are mr rui chen chairman of the board and chief executive officer ms ni li vice chairwoman of the board and chief operating officer and mr sam fan chief financial officer I will now turn the call to Mr. Chen. i will now turn the call to mr chen

Speaker 6: Thank you, Juliet, and thank you to everyone joining us today. 2026 is off to a great start for Bilibili. In the first quarter, we kept up the momentum from last year, delivering solid growth across our community, commercialization, and profitability. Let's start with the community. High-quality content and authentic experience continue to drive organic growth and deepen user engagement. In Q1, DAUs grew 8% year-over-year to 115 million, and MAUs increased to 376 million. Average daily time spent reached a new high of 119 minutes, up 11 minutes year-over-year, which led to a 19% surge in total user time spent. We see this level of engagement as a powerful engine for our commercial business. Thank you, Juliet, and thank you to everyone joining us today. 2026 is off to a great start for Bilibili. thank you juliet and thank you to everyone joining us today 2026 is off to a great start for bilibili In the first quarter, we kept up the momentum from last year, delivering solid growth across our community, commercialization, and profitability. in the first quarter we kept up the momentum from last year delivering solid growth across our community commercialization and profitability Let's start with the community. let's start with the community High-quality content and authentic experience continue to drive organic growth and deepen user engagement. high-quality content and authentic experience continue to drive organic growth and deepen user engagement In Q1, DAUs grew 8% year-over-year to 115 million, and MAUs increased to 376 million. in q1 daus grew 8% year-over-year to 115 million and maus increased to 376 million Average daily time spent reached a new high of 119 minutes, up 11 minutes year-over-year, which led to a 19% surge in total user time spent. average daily time spent reached a new high of 119 minutes up 11 minutes year-over-year which led to a 19% surge in total user time spent We see this level of engagement as a powerful engine for our commercial business. we see this level of engagement as a powerful engine for our commercial business In the first quarter, we delivered robust advertising revenue growth of 30% year-over-year, further accelerating from 2025. Meanwhile, MPUs increased by 7% year-over-year to 34.4 million as more users directly pay for content and services they truly care about on our platform. This commercial momentum led to a strong financial performance. Total revenues grew 7% year-over-year to RMB 7.5 billion. Gross profit was up 9% year-over-year, and gross margin reached 37.1%, marking our fifteenth consecutive quarter of margin expansion. Thanks to our top-line growth and increased operating leverage, our operating profit was over 10 times what it was a year ago. On a non-GAAP basis, net profit grew by 62% year-over-year, with our adjusted net profit margin expanding to 7.8%. In the first quarter, we delivered robust advertising revenue growth of 30% year-over-year, further accelerating from 2025. in the first quarter we delivered robust advertising revenue growth of 30% year-over-year further accelerating from 2025 Meanwhile, MPUs increased by 7% year-over-year to 34.4 million as more users directly pay for content and services they truly care about on our platform. meanwhile mpus increased by 7% year-over-year to 34.4 million as more users directly pay for content and services they truly care about on our platform This commercial momentum led to a strong financial performance. this commercial momentum led to a strong financial performance Total revenues grew 7% year-over-year to RMB 7.5 billion. total revenues grew 7% year-over-year to rmb 7.5 billion Gross profit was up 9% year-over-year, and gross margin reached 37.1%, marking our fifteenth consecutive quarter of margin expansion. gross profit was up 9% year-over-year and gross margin reached 37.1% marking our fifteenth consecutive quarter of margin expansion Thanks to our top-line growth and increased operating leverage, our operating profit was over 10 times what it was a year ago. thanks to our top-line growth and increased operating leverage our operating profit was over 10 times what it was a year ago On a non-GAAP basis, net profit grew by 62% year-over-year, with our adjusted net profit margin expanding to 7.8%. on a non-gaap basis net profit grew by 62% year-over-year with our adjusted net profit margin expanding to 7.8% To us, this set of results confirms a fundamental shift in user behavior. In a world full of quick hits, more users are choosing to spend more time on quality content. That is exactly what Bilibili stands for, and it will continue to drive our growth. With our average user now around 26.5 years old, our cohort is starting to spend more and spend better. As their needs evolve, we are staying close to them, offering the products and experiences they care about most. The content ecosystem we have built remains our most durable asset. Today, we are using AI to make this ecosystem even more powerful. We are focusing our investments on three key areas: how we understand videos, how we recommend them, and how we help creators build them. To us, this set of results confirms a fundamental shift in user behavior. to us this set of results confirms a fundamental shift in user behavior In a world full of quick hits, more users are choosing to spend more time on quality content. in a world full of quick hits more users are choosing to spend more time on quality content That is exactly what Bilibili stands for, and it will continue to drive our growth. that is exactly what bilibili stands for and it will continue to drive our growth With our average user now around 26.5 years old, our cohort is starting to spend more and spend better. with our average user now around 26.5 years old our cohort is starting to spend more and spend better As their needs evolve, we are staying close to them, offering the products and experiences they care about most. as their needs evolve we are staying close to them offering the products and experiences they care about most The content ecosystem we have built remains our most durable asset. the content ecosystem we have built remains our most durable asset Today, we are using AI to make this ecosystem even more powerful. today we are using ai to make this ecosystem even more powerful We are focusing our investments on three key areas: how we understand videos, how we recommend them, and how we help creators build them. we are focusing our investments on three key areas how we understand videos how we recommend them and how we help creators build them Ultimately, we are not just evolving with AI, we are using it to reinforce the very thing that makes Bilibili unique. Having said that, we remain very disciplined with our capital. Although AI requires an upfront investment, the returns in engagement and monetization are already tangible. At the same time, AI is driving meaningful efficiencies across our operations, which is directly supporting our margin expansion. By combining the heart of our community with the power of our technology, we are creating lasting value for our users and shareholders. With that, let me walk you through our core pillars of content, community, and commercialization, starting with content and community. As content options multiply, users are becoming even more selective. They are coming to Bilibili for high-quality PUGV content and a unique community experience that they cannot find anywhere else. Across our content categories, ACG remains our cultural anchor. Ultimately, we are not just evolving with AI, we are using it to reinforce the very thing that makes Bilibili unique. ultimately we are not just evolving with ai we are using it to reinforce the very thing that makes bilibili unique Having said that, we remain very disciplined with our capital. having said that we remain very disciplined with our capital Although AI requires an upfront investment, the returns in engagement and monetization are already tangible. although ai requires an upfront investment the returns in engagement and monetization are already tangible At the same time, AI is driving meaningful efficiencies across our operations, which is directly supporting our margin expansion. at the same time ai is driving meaningful efficiencies across our operations which is directly supporting our margin expansion By combining the heart of our community with the power of our technology, we are creating lasting value for our users and shareholders. by combining the heart of our community with the power of our technology we are creating lasting value for our users and shareholders With that, let me walk you through our core pillars of content, community, and commercialization, starting with content and community. with that let me walk you through our core pillars of content community and commercialization starting with content and community As content options multiply, users are becoming even more selective. as content options multiply users are becoming even more selective They are coming to Bilibili for high-quality PUGV content and a unique community experience that they cannot find anywhere else. they are coming to bilibili for high-quality pugv content and a unique community experience that they cannot find anywhere else Across our content categories, ACG remains our cultural anchor. across our content categories acg remains our cultural anchor In the first quarter, watch time for games and Chinese anime grew 27% and 20% year-over-year, respectively, proving our enduring appeal to the younger generation. Beyond our ACG legacy, knowledge-based content, including AI-related information, grew 20% year-over-year as users turn to us for deeper insights. Music categories also saw robust growth with a 25% year-over-year increase in time spent, largely driven by AIGC music. Consumption-related categories kept rising, with watch time for parenting and early education and outdoor-related categories surging by more than 50% year-over-year. The breadth of our content library is only one part of the story. Our deeper competitive moat lies in the humanity of the community. Every month, our users generate over 17 billion real human interactions. In the first quarter, watch time for games and Chinese anime grew 27% and 20% year-over-year, respectively, proving our enduring appeal to the younger generation. in the first quarter watch time for games and chinese anime grew 27% and 20% year-over-year respectively proving our enduring appeal to the younger generation Beyond our ACG legacy, knowledge-based content, including AI-related information, grew 20% year-over-year as users turn to us for deeper insights. beyond our acg legacy knowledge-based content including ai-related information grew 20% year-over-year as users turn to us for deeper insights Music categories also saw robust growth with a 25% year-over-year increase in time spent, largely driven by AIGC music. music categories also saw robust growth with a 25% year-over-year increase in time spent largely driven by aigc music Consumption-related categories kept rising, with watch time for parenting and early education and outdoor-related categories surging by more than 50% year-over-year. consumption-related categories kept rising with watch time for parenting and early education and outdoor-related categories surging by more than 50% year-over-year The breadth of our content library is only one part of the story. the breadth of our content library is only one part of the story Our deeper competitive moat lies in the humanity of the community. our deeper competitive moat lies in the humanity of the community Every month, our users generate over 17 billion real human interactions. every month our users generate over 17 billion real human interactions In an AI-driven world, they are the most authentic human signals available. While high-quality data is becoming a global scarcity, our hundreds of billions of organic interactions provide us with the gold standard for understanding true human preferences. This profound insight is what fuels our engagement and loyalty. In the first quarter, total user time spent rose 19% year-over-year, and 291 million official members maintained an 80% twelve-month retention rate. Meanwhile, we continue to see AI as an amplifier for our ecosystem's flywheel. On the supply side, the unique creative spirit of our community has found new momentum through the AI-powered tools that scale creativity across the platform. By lowering the barriers to entry and boosting productivity, we have seen a significant influx of creators and content. In an AI-driven world, they are the most authentic human signals available. While high-quality data is becoming a global scarcity, our hundreds of billions of organic interactions provide us with the gold standard for understanding true human preferences. in an ai-driven world they are the most authentic human signals available. while high-quality data is becoming a global scarcity our hundreds of billions of organic interactions provide us with the gold standard for understanding true human preferences This profound insight is what fuels our engagement and loyalty. this profound insight is what fuels our engagement and loyalty In the first quarter, total user time spent rose 19% year-over-year, and 291 million official members maintained an 80% twelve-month retention rate. in the first quarter total user time spent rose 19% year-over-year and 291 million official members maintained an 80% twelve-month retention rate Meanwhile, we continue to see AI as an amplifier for our ecosystem's flywheel. meanwhile we continue to see ai as an amplifier for our ecosystem's flywheel On the supply side, the unique creative spirit of our community has found new momentum through the AI-powered tools that scale creativity across the platform. on the supply side the unique creative spirit of our community has found new momentum through the ai-powered tools that scale creativity across the platform By lowering the barriers to entry and boosting productivity, we have seen a significant influx of creators and content. by lowering the barriers to entry and boosting productivity we have seen a significant influx of creators and content In Q1, the number of daily active creators and daily submissions grew by 6% and 19% year-over-year respectively. This isn't just a game of volume. With AI assisting the creative process, more talent is producing high-quality breakout content right out of the gate. Our recent AI creation contest is a perfect example. We attracted the most talented creators to join our platform, creating nearly 150 breakout works with over a million views each. By deepening our comprehension of both content and user behavior, we've made content discovery more efficient, directly accelerating growth for our creators. In the first quarter, the number of creators with over 1,000 followers grew by more than 30% year-over-year, and those with 10,000, 100,000, and one million or more followers each grew over 20%. Naturally, as their audiences grow, earnings follow. In Q1, the number of daily active creators and daily submissions grew by 6% and 19% year-over-year respectively. in q1 the number of daily active creators and daily submissions grew by 6% and 19% year-over-year respectively This isn't just a game of volume. this isn't just a game of volume With AI assisting the creative process, more talent is producing high-quality breakout content right out of the gate. with ai assisting the creative process more talent is producing high-quality breakout content right out of the gate Our recent AI creation contest is a perfect example. our recent ai creation contest is a perfect example We attracted the most talented creators to join our platform, creating nearly 150 breakout works with over a million views each. we attracted the most talented creators to join our platform creating nearly 150 breakout works with over a million views each By deepening our comprehension of both content and user behavior, we've made content discovery more efficient, directly accelerating growth for our creators. by deepening our comprehension of both content and user behavior we've made content discovery more efficient directly accelerating growth for our creators In the first quarter, the number of creators with over 1,000 followers grew by more than 30% year-over-year, and those with 10,000, 100,000, and one million or more followers each grew over 20%. in the first quarter the number of creators with over 1,000 followers grew by more than 30% year-over-year and those with 10,000 100,000 and one million or more followers each grew over 20% Naturally, as their audiences grow, earnings follow. naturally as their audiences grow earnings follow Average income per creator rose 24% this quarter, creating a powerful virtuous cycle. Now let us take a closer look at our commercial businesses and their progress. First, our advertising business once again delivered standout results in Q1. Revenues grew 30% year-over-year, reaching RMB 2.6 billion. This ongoing acceleration reflects the value of our community that we continue to unlock and how we are turning user engagement into real results for advertisers. In Q1, our top five ad verticals were games, internet services, digital products and home appliances, e-commerce, and automotive. Game ads delivered strong incremental revenue growth this quarter. In the internet services sector, AI advertisers kept scaling, with ad budgets surging over 170% year-over-year. At the same time, our maturing user base is also capturing more advertisers' budgets. Average income per creator rose 24% this quarter, creating a powerful virtuous cycle. average income per creator rose 24% this quarter creating a powerful virtuous cycle Now let us take a closer look at our commercial businesses and their progress. now let us take a closer look at our commercial businesses and their progress First, our advertising business once again delivered standout results in Q1. first our advertising business once again delivered standout results in q1 Revenues grew 30% year-over-year, reaching RMB 2.6 billion. revenues grew 30% year-over-year reaching rmb 2.6 billion This ongoing acceleration reflects the value of our community that we continue to unlock and how we are turning user engagement into real results for advertisers. this ongoing acceleration reflects the value of our community that we continue to unlock and how we are turning user engagement into real results for advertisers In Q1, our top five ad verticals were games, internet services, digital products and home appliances, e-commerce, and automotive. in q1 our top five ad verticals were games internet services digital products and home appliances e-commerce and automotive Game ads delivered strong incremental revenue growth this quarter. game ads delivered strong incremental revenue growth this quarter In the internet services sector, AI advertisers kept scaling, with ad budgets surging over 170% year-over-year. in the internet services sector ai advertisers kept scaling with ad budgets surging over 170% year-over-year At the same time, our maturing user base is also capturing more advertisers' budgets. at the same time our maturing user base is also capturing more advertisers' budgets Ad revenues from digital products and home appliances and automotive both grew over 30% year-over-year in Q1. Home decoration was a particular standout, with ad spending jumping more than 130% year-over-year. Using AI to improve efficiency and drive ad business is a core priority this year. By integrating AI more deeply into our algorithms, we've gained much sharper insights into user interests and long-term patterns. This clarity has meaningfully optimized how we match users with ads, resulting in a 25% year-over-year increase in CTCVR of performance-based ads this quarter. Furthermore, our AIGC tools are streamlining creative production and crafting ads that resonate with users, helping advertisers connect with our community more effectively and drive higher click-through rates. We are also unlocking growth across diverse platforms and touchpoints. Ad revenues from digital products and home appliances and automotive both grew over 30% year-over-year in Q1. ad revenues from digital products and home appliances and automotive both grew over 30% year-over-year in q1 Home decoration was a particular standout, with ad spending jumping more than 130% year-over-year. home decoration was a particular standout with ad spending jumping more than 130% year-over-year Using AI to improve efficiency and drive ad business is a core priority this year. using ai to improve efficiency and drive ad business is a core priority this year By integrating AI more deeply into our algorithms, we've gained much sharper insights into user interests and long-term patterns. by integrating ai more deeply into our algorithms we've gained much sharper insights into user interests and long-term patterns This clarity has meaningfully optimized how we match users with ads, resulting in a 25% year-over-year increase in CTCVR of performance-based ads this quarter. this clarity has meaningfully optimized how we match users with ads resulting in a 25% year-over-year increase in ctcvr of performance-based ads this quarter Furthermore, our AIGC tools are streamlining creative production and crafting ads that resonate with users, helping advertisers connect with our community more effectively and drive higher click-through rates. furthermore our aigc tools are streamlining creative production and crafting ads that resonate with users helping advertisers connect with our community more effectively and drive higher click-through rates We are also unlocking growth across diverse platforms and touchpoints. we are also unlocking growth across diverse platforms and touchpoints In the first quarter, ad revenues from PC and OTT platforms grew by over 50% year-over-year, while new scenarios like search and mini-programs more than doubled. We're exploring new integrated formats within Video Player, finding new ways to turn user time into commercial value. With expanding traffic, diverse new scenarios, and continuous efficiency gains, we remain confident in the sustained momentum of our ad business. Now turning to our games business. Game revenues were RMB 1.5 billion, down 12% year-over-year and flat quarter-over-quarter. The year-over-year decline was mainly due to the high base set by San Guo: Mou Ding Tian Xia in the same period last year. While the latest seasons of San Mou performed steadily quarter-over-quarter, we're focused on the game's long-term life cycle, keeping the experience balanced and the IP strong. In the first quarter, ad revenues from PC and OTT platforms grew by over 50% year-over-year, while new scenarios like search and mini-programs more than doubled. in the first quarter ad revenues from pc and ott platforms grew by over 50% year-over-year while new scenarios like search and mini-programs more than doubled We're exploring new integrated formats within Video Player, finding new ways to turn user time into commercial value. we're exploring new integrated formats within video player finding new ways to turn user time into commercial value With expanding traffic, diverse new scenarios, and continuous efficiency gains, we remain confident in the sustained momentum of our ad business. with expanding traffic diverse new scenarios and continuous efficiency gains we remain confident in the sustained momentum of our ad business Now turning to our games business. now turning to our games business Game revenues were RMB 1.5 billion, down 12% year-over-year and flat quarter-over-quarter. game revenues were rmb 1.5 billion down 12% year-over-year and flat quarter-over-quarter The year-over-year decline was mainly due to the high base set by San Guo: Mou Ding Tian Xia in the same period last year. the year-over-year decline was mainly due to the high base set by san guo mou ding tian xia in the same period last year While the latest seasons of San Mou performed steadily quarter-over-quarter, we're focused on the game's long-term life cycle, keeping the experience balanced and the IP strong. while the latest seasons of san mou performed steadily quarter-over-quarter we're focused on the game's long-term life cycle keeping the experience balanced and the ip strong Meanwhile, our evergreen titles, FGO and Azur Lane, remain stable and continue to provide a solid revenue base. In 2026, we're building on Sanmo's success and expanding our presence in the Three Kingdoms IP. In April, we soft-launched N Card: San Guo Dai Xiang Pai, a lighter casual card game that has received positive feedback on its core gameplay. We're iterating the product and optimizing user acquisition as we prepare for its official launch this July. Meanwhile, our new SLG title, Sanwang: San Guozhi Wang Dao Tianxia, began initial testing in late March. Built on the original San Guozhi IP with enhanced 3D visuals, Sanwang targets a differentiated group of SLG fans and complements Sanmo. Early user feedback was encouraging, and we plan to roll the game out late this year. Meanwhile, our evergreen titles, FGO and Azur Lane, remain stable and continue to provide a solid revenue base. meanwhile our evergreen titles fgo and azur lane remain stable and continue to provide a solid revenue base In 2026, we're building on Sanmo's success and expanding our presence in the Three Kingdoms IP. in 2026 we're building on sanmo's success and expanding our presence in the three kingdoms ip In April, we soft-launched N Card: San Guo Dai Xiang Pai, a lighter casual card game that has received positive feedback on its core gameplay. in april we soft-launched n card san guo dai xiang pai a lighter casual card game that has received positive feedback on its core gameplay We're iterating the product and optimizing user acquisition as we prepare for its official launch this July. we're iterating the product and optimizing user acquisition as we prepare for its official launch this july Meanwhile, our new SLG title, Sanwang: San Guozhi Wang Dao Tianxia, began initial testing in late March. meanwhile our new slg title sanwang san guozhi wang dao tianxia began initial testing in late march Built on the original San Guozhi IP with enhanced 3D visuals, Sanwang targets a differentiated group of SLG fans and complements Sanmo. built on the original san guozhi ip with enhanced 3d visuals sanwang targets a differentiated group of slg fans and complements sanmo Early user feedback was encouraging, and we plan to roll the game out late this year. early user feedback was encouraging and we plan to roll the game out late this year Beyond N Card and Sanwang, our self-developed simulation game, Lumi Master: Xiaoyao Wa Lumi, entered its paid testing in May. We plan to bring it to global gamers in Q4 this year. It has been well-received for its cozy art style and accessible gameplay. Our jointly operated pipeline for the coming quarters is also expanding into more genres, giving us broader player coverage and a more balanced portfolio. Turning to our VAS business, VAS revenue grew by 4% year-over-year to RMB 2.9 billion in Q1. We kept refining our live broadcasting operations, delivering a stable performance with improved gross margin. premium members reached 24.8 million by the end of the first quarter, up 5% year-over-year. Around 80% are on annual or auto-renewal plans. Our Charging Plan also kept growing at a healthy pace. Beyond N Card and Sanwang, our self-developed simulation game, Lumi Master: Xiaoyao Wa Lumi, entered its paid testing in May. beyond n card and sanwang our self-developed simulation game lumi master xiaoyao wa lumi entered its paid testing in may We plan to bring it to global gamers in Q4 this year. It has been well-received for its cozy art style and accessible gameplay. we plan to bring it to global gamers in q4 this year. it has been well-received for its cozy art style and accessible gameplay Our jointly operated pipeline for the coming quarters is also expanding into more genres, giving us broader player coverage and a more balanced portfolio. our jointly operated pipeline for the coming quarters is also expanding into more genres giving us broader player coverage and a more balanced portfolio Turning to our VAS business, VAS revenue grew by 4% year-over-year to RMB 2.9 billion in Q1. turning to our vas business vas revenue grew by 4% year-over-year to rmb 2.9 billion in q1 We kept refining our live broadcasting operations, delivering a stable performance with improved gross margin. premium members reached 24.8 million by the end of the first quarter, up 5% year-over-year. we kept refining our live broadcasting operations delivering a stable performance with improved gross margin. premium members reached 24.8 million by the end of the first quarter up 5% year-over-year Around 80% are on annual or auto-renewal plans. around 80% are on annual or auto-renewal plans Our Charging Plan also kept growing at a healthy pace. our charging plan also kept growing at a healthy pace Revenue was up over 50% year-over-year, driven by stronger creator-user relationships and users growing willingness to directly support content they love. In April, we published our 2025 ESG report outlining our continued focus on high-quality content, healthy community development, and steady improvements in governance and operations. Given our reach and influence among China's young generation, we take this responsibility very seriously, and we have maintained our A rating by MSCI, reflecting our consistent approach to long-term sustainable growth. To close, we believe great content and a strong community bring people together. The value we have built is just beginning to show its potential. With AI as the accelerator, our community and commercial ecosystems are reinforcing each other more than ever. We will stay focused on strengthening that flywheel and investing in areas that support long-term growth, taking Bilibili to the next level. Revenue was up over 50% year-over-year, driven by stronger creator-user relationships and users growing willingness to directly support content they love. revenue was up over 50% year-over-year driven by stronger creator-user relationships and users growing willingness to directly support content they love In April, we published our 2025 ESG report outlining our continued focus on high-quality content, healthy community development, and steady improvements in governance and operations. in april we published our 2025 esg report outlining our continued focus on high-quality content healthy community development and steady improvements in governance and operations Given our reach and influence among China's young generation, we take this responsibility very seriously, and we have maintained our A rating by MSCI, reflecting our consistent approach to long-term sustainable growth. given our reach and influence among china's young generation we take this responsibility very seriously and we have maintained our a rating by msci reflecting our consistent approach to long-term sustainable growth To close, we believe great content and a strong community bring people together. to close we believe great content and a strong community bring people together The value we have built is just beginning to show its potential. the value we have built is just beginning to show its potential With AI as the accelerator, our community and commercial ecosystems are reinforcing each other more than ever. with ai as the accelerator our community and commercial ecosystems are reinforcing each other more than ever We will stay focused on strengthening that flywheel and investing in areas that support long-term growth, taking Bilibili to the next level. we will stay focused on strengthening that flywheel and investing in areas that support long-term growth taking bilibili to the next level We are excited about what is ahead. With that, I will turn the call over to Sam to walk through our financials in more detail. Sam? We are excited about what is ahead. we are excited about what is ahead With that, I will turn the call over to Sam to walk through our financials in more detail. with that i will turn the call over to sam to walk through our financials in more detail Sam? sam

Speaker 7: Thank you, Rui Chen. Hello, everyone. This is Sam. In the interest of time on today's call, I will review our first quarter highlights. We encourage you to refer to our press release issued earlier today for a closer look at our results. Total revenues for the first quarter was RMB 7.5 billion, up 7% year-over-year. Our total revenues breakdown by revenue stream for Q1 was approximately 39% VAS, 35% advertising, 20% mobile games, and 6% from our IP derivatives and other businesses. Our cost of revenues increased by 5% year-over-year to RMB 4.7 billion in the first quarter. While our gross profit rose 9% year-over-year to RMB 2.8 billion. Thank you, Rui Chen. thank you rui chen Hello, everyone. hello everyone This is Sam. this is sam In the interest of time on today's call, I will review our first quarter highlights. in the interest of time on today's call i will review our first quarter highlights We encourage you to refer to our press release issued earlier today for a closer look at our results. we encourage you to refer to our press release issued earlier today for a closer look at our results Total revenues for the first quarter was RMB 7.5 billion, up 7% year-over-year. total revenues for the first quarter was rmb 7.5 billion up 7% year-over-year Our total revenues breakdown by revenue stream for Q1 was approximately 39% VAS, 35% advertising, 20% mobile games, and 6% from our IP derivatives and other businesses. our total revenues breakdown by revenue stream for q1 was approximately 39% vas 35% advertising 20% mobile games and 6% from our ip derivatives and other businesses Our cost of revenues increased by 5% year-over-year to RMB 4.7 billion in the first quarter. our cost of revenues increased by 5% year-over-year to rmb 4.7 billion in the first quarter While our gross profit rose 9% year-over-year to RMB 2.8 billion. while our gross profit rose 9% year-over-year to rmb 2.8 billion Our gross profit margin reached 37.1% in Q1, up from 36.3% in the same period last year, marking our 15th consecutive quarter of margin expansion. In the first quarter, we continued to improve monetization efficiency with disciplined spending. Our total operating expenses were up 3% year-over-year to RMB 2.6 billion. Sales and marketing expenses decreased by 1% year-over-year. G&A expenses increased by 3%, and R&D expenses increased by 9%, primarily due to expanded AI investments and partially offset by efficient spending control. Our operating profit was RMB 167 million, up over 10 times year-over-year. Our gross profit margin reached 37.1% in Q1, up from 36.3% in the same period last year, marking our 15th consecutive quarter of margin expansion. our gross profit margin reached 37.1% in q1 up from 36.3% in the same period last year marking our 15th consecutive quarter of margin expansion In the first quarter, we continued to improve monetization efficiency with disciplined spending. in the first quarter we continued to improve monetization efficiency with disciplined spending Our total operating expenses were up 3% year-over-year to RMB 2.6 billion. our total operating expenses were up 3% year-over-year to rmb 2.6 billion Sales and marketing expenses decreased by 1% year-over-year. sales and marketing expenses decreased by 1% year-over-year G&A expenses increased by 3%, and R&D expenses increased by 9%, primarily due to expanded AI investments and partially offset by efficient spending control. g&a expenses increased by 3% and r&d expenses increased by 9% primarily due to expanded ai investments and partially offset by efficient spending control Our operating profit was RMB 167 million, up over 10 times year-over-year. our operating profit was rmb 167 million up over 10 times year-over-year Our adjusted operating profit reached RMB 524 million, and our adjusted operating profit margin reached 7.0% in the first quarter versus 4.9% in the same period a year ago. Net profit was RMB 202 million versus an RMB 11 million net loss in Q1 2025. Our adjusted net profit was RMB 585 million, up 62% year-over-year, and our adjusted net profit margin was 7.8%, improved from 5.2% in the same period a year ago. As of March 31, 2026, we had cash and cash equivalents, time deposits, and short-term investments of RMB 24.2 billion or $3.5 billion. Our adjusted operating profit reached RMB 524 million, and our adjusted operating profit margin reached 7.0% in the first quarter versus 4.9% in the same period a year ago. our adjusted operating profit reached rmb 524 million and our adjusted operating profit margin reached 7.0% in the first quarter versus 4.9% in the same period a year ago Net profit was RMB 202 million versus an RMB 11 million net loss in Q1 2025. net profit was rmb 202 million versus an rmb 11 million net loss in q1 2025 Our adjusted net profit was RMB 585 million, up 62% year-over-year, and our adjusted net profit margin was 7.8%, improved from 5.2% in the same period a year ago. our adjusted net profit was rmb 585 million up 62% year-over-year and our adjusted net profit margin was 7.8% improved from 5.2% in the same period a year ago As of March 31, 2026, we had cash and cash equivalents, time deposits, and short-term investments of RMB 24.2 billion or $3.5 billion. as of march 31 2026 we had cash and cash equivalents time deposits and short-term investments of rmb 24.2 billion or $3.5 billion In Q1, we repurchased 2.5 million shares for a total cost of $60.3 million under our $200 million share repurchase program. As of today, we have completed this share repurchase program, purchasing a total of 9.9 million shares. We remain committed to enhancing long-term shareholder return, and our board is considering renewing the share repurchase program at an appropriate time. Thank you for your attention. We would now like to open the call to your questions. Operator, please go ahead. In Q1, we repurchased 2.5 million shares for a total cost of $60.3 million under our $200 million share repurchase program. in q1 we repurchased 2.5 million shares for a total cost of $60.3 million under our $200 million share repurchase program As of today, we have completed this share repurchase program, purchasing a total of 9.9 million shares. as of today we have completed this share repurchase program purchasing a total of 9.9 million shares We remain committed to enhancing long-term shareholder return, and our board is considering renewing the share repurchase program at an appropriate time. we remain committed to enhancing long-term shareholder return and our board is considering renewing the share repurchase program at an appropriate time Thank you for your attention. thank you for your attention We would now like to open the call to your questions. we would now like to open the call to your questions Operator, please go ahead. operator please go ahead

Speaker 5: Thank you. We will now begin the question and answer session. To ask a question now, 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 statements 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. A moment for our first question. We will now take our first question from the line of Lincoln Kong of Goldman Sachs. Please go ahead, Lincoln. Your line is open. Thank you. thank you We will now begin the question and answer session. we will now begin the question and answer session To ask a question now, please press star one one on your telephone and wait for your name to be announced. to ask a question now 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. 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. 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 statements during the Q&A session. the company will provide consecutive interpretation for management statements during the q&a session Please note that English interpretation is for convenience purposes only. please note that english interpretation is for convenience purposes only In the case of any discrepancy, management statements in the original language will prevail. in the case of any discrepancy management statements in the original language will prevail A moment for our first question. a moment for our first question We will now take our first question from the line of Lincoln Kong of Goldman Sachs. we will now take our first question from the line of lincoln kong of goldman sachs Please go ahead, Lincoln. please go ahead lincoln Your line is open. your line is open

Speaker 3: Hey. Thank you much for taking my question. Congrats on a very solid first quarter result. My question is about the community. We have seen our user metrics have continued to deliver a stellar performance. How significant is this AI has been a driver in terms of the user acquisition and engagement duration? Also, what's our perspective on the strategic role that sort of this AI created assisted creation tools has played with with the Bilibili's content ecosystem. Thank you. Hey. hey Thank you much for taking my question. Congrats on a very solid first quarter result. thank you much for taking my question. congrats on a very solid first quarter result My question is about the community. my question is about the community We have seen our user metrics have continued to deliver a stellar performance. we have seen our user metrics have continued to deliver a stellar performance How significant is this AI has been a driver in terms of the user acquisition and engagement duration? how significant is this ai has been a driver in terms of the user acquisition and engagement duration Also, what's our perspective on the strategic role that sort of this AI created assisted creation tools has played with with the Bilibili's content ecosystem. also what's our perspective on the strategic role that sort of this ai created assisted creation tools has played with with the bilibili's content ecosystem Thank you. thank you

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Speaker 10: What's really driving our user growth and time spend is still Bilibili's rich supply of high quality content and our very unique community experience. What's really driving our user growth and time spend is still Bilibili's rich supply of high quality content and our very unique community experience. what's really driving our user growth and time spend is still bilibili's rich supply of high quality content and our very unique community experience

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Speaker 10: AI doesn't change that fundamental logic. If anything, it's making our strength even stronger. AI doesn't change that fundamental logic. ai doesn't change that fundamental logic If anything, it's making our strength even stronger. if anything it's making our strength even stronger

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Speaker 10: From a high quality content supply perspective, as I mentioned last quarter, AI is bringing greater leverage. From a high quality content supply perspective, as I mentioned last quarter, AI is bringing greater leverage. from a high quality content supply perspective as i mentioned last quarter ai is bringing greater leverage

Speaker 5: Ladies and gentlemen, please remain on the line. Your conference will resume shortly. Ladies and gentlemen, please remain on the line. ladies and gentlemen please remain on the line Your conference will resume shortly. your conference will resume shortly

Speaker 10: Pushing their expression boundaries and unleash so much more productivity. Pushing their expression boundaries and unleash so much more productivity. pushing their expression boundaries and unleash so much more productivity

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Speaker 10: That's why you're seeing in during the first quarter that the average daily active content creator and their daily submission grew by 6% and 19% year-over-year respectively. That's why you're seeing in during the first quarter that the average daily active content creator and their daily submission grew by 6% and 19% year-over-year respectively. that's why you're seeing in during the first quarter that the average daily active content creator and their daily submission grew by 6% and 19% year-over-year respectively

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Speaker 10: it's not just about efficiency. AI is not only helping us to increase supply, but we are seeing it bringing so much quality into our content offering. it's not just about efficiency. it's not just about efficiency AI is not only helping us to increase supply, but we are seeing it bringing so much quality into our content offering. ai is not only helping us to increase supply but we are seeing it bringing so much quality into our content offering

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Speaker 10: For example, in some category, AI is already fundamentally changing how content gets made. For example, in the film industry, it requires a full crew to work on the shooting and production and post-production area. Now with the help of AI, we only need one or two very core production and creativity people, and they can make the equivalent or even better content. For example, in some category, AI is already fundamentally changing how content gets made. for example in some category ai is already fundamentally changing how content gets made For example, in the film industry, it requires a full crew to work on the shooting and production and post-production area. for example in the film industry it requires a full crew to work on the shooting and production and post-production area Now with the help of AI, we only need one or two very core production and creativity people, and they can make the equivalent or even better content. now with the help of ai we only need one or two very core production and creativity people and they can make the equivalent or even better content

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Speaker 10: is that another example would be music. In the traditional music industry, it requires a full crew and team to work on music productions. Now with the help of AI, just one talented content creator can make very high quality, music content. is that another example would be music. is that another example would be music In the traditional music industry, it requires a full crew and team to work on music productions. in the traditional music industry it requires a full crew and team to work on music productions Now with the help of AI, just one talented content creator can make very high quality, music content. now with the help of ai just one talented content creator can make very high quality music content

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Speaker 10: That's why we're very delighted to see that in the past, some categories that was very hard and expensive to make. Now with the help of AI, the most talented content creator can make this production very easily. That's why we're very delighted to see that in the past, some categories that was very hard and expensive to make. that's why we're very delighted to see that in the past some categories that was very hard and expensive to make Now with the help of AI, the most talented content creator can make this production very easily. now with the help of ai the most talented content creator can make this production very easily

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Speaker 10: In our most recent AI creation contest, we're seeing that AIGC videos are very, very impressive in terms of the quality that, over this contest, we saw over 150 videos each surpassed one million views. In summary, we are seeing that AI is bringing so much more quality and quantity into the PV-PUGV field. In our most recent AI creation contest, we're seeing that AIGC videos are very, very impressive in terms of the quality that, over this contest, we saw over 150 videos each surpassed one million views. in our most recent ai creation contest we're seeing that aigc videos are very very impressive in terms of the quality that over this contest we saw over 150 videos each surpassed one million views In summary, we are seeing that AI is bringing so much more quality and quantity into the PV-PUGV field. in summary we are seeing that ai is bringing so much more quality and quantity into the pv-pugv field

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Speaker 10: Another booster is that AI amplifies the power of Bilibili community. In a community like Bilibili, where user love content, know what they want, have high standards, have strong taste, high quality content is naturally more likely to stand out. Another booster is that AI amplifies the power of Bilibili community. another booster is that ai amplifies the power of bilibili community In a community like Bilibili, where user love content, know what they want, have high standards, have strong taste, high quality content is naturally more likely to stand out. in a community like bilibili where user love content know what they want have high standards have strong taste high quality content is naturally more likely to stand out

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Speaker 10: Every We're seeing AI is making that effect even more stronger. Every month, our user generates more than 17 billion real human interactions on Bilibili. In the AI era, this kind of human, real human feedback and tagging is becoming even more valuable. Like I said, those tagging, those feedbacks are from people who know what they want, who have strong taste, and have high desire for high quality content. Every We're seeing AI is making that effect even more stronger. every we're seeing ai is making that effect even more stronger Every month, our user generates more than 17 billion real human interactions on Bilibili. every month our user generates more than 17 billion real human interactions on bilibili In the AI era, this kind of human, real human feedback and tagging is becoming even more valuable. in the ai era this kind of human real human feedback and tagging is becoming even more valuable Like I said, those tagging, those feedbacks are from people who know what they want, who have strong taste, and have high desire for high quality content. like i said those tagging those feedbacks are from people who know what they want who have strong taste and have high desire for high quality content

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Speaker 10: our internally developed model, we are spending a lot of time to making it understand what is high quality content and identify those high quality content in a much earlier stage. our internally developed model, we are spending a lot of time to making it understand what is high quality content and identify those high quality content in a much earlier stage. our internally developed model we are spending a lot of time to making it understand what is high quality content and identify those high quality content in a much earlier stage

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Speaker 10: We are seeing this ability to directly translate on creators followers growth. In the first quarter, the number of content creator with more than 1,000 followers grew by over 30% year-over-year. Creators that with 10,000, 100,000 and 1,000,000 followers also grew by more than 20% year-over-year. We are seeing this ability to directly translate on creators followers growth. we are seeing this ability to directly translate on creators followers growth In the first quarter, the number of content creator with more than 1,000 followers grew by over 30% year-over-year. in the first quarter the number of content creator with more than 1,000 followers grew by over 30% year-over-year Creators that with 10,000, 100,000 and 1,000,000 followers also grew by more than 20% year-over-year. creators that with 10,000 100,000 and 1,000,000 followers also grew by more than 20% year-over-year

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Speaker 10: As creator get more followers, they also make more money. In Q1, average income per creator is up, 24% year-over-year. As creator get more followers, they also make more money. as creator get more followers they also make more money In Q1, average income per creator is up, 24% year-over-year. in q1 average income per creator is up 24% year-over-year

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Speaker 10: To summarize, AI is making our great content creator even more powerful, and Bilibili is the home to many of the most creative creators, the one who really wanted to express themselves and build lasting connection with users. To summarize, AI is making our great content creator even more powerful, and Bilibili is the home to many of the most creative creators, the one who really wanted to express themselves and build lasting connection with users. to summarize ai is making our great content creator even more powerful and bilibili is the home to many of the most creative creators the one who really wanted to express themselves and build lasting connection with users

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Speaker 10: Over the years, we've built a very strong creator ecosystem and community culture, and AI is really amplifying that effect. We believe this historical opportunity of AI can bring the opportunity that makes Bilibili 10 times more valuable, and we will really invest and seize that opportunity for us. Thank you. Operator, next question please. Over the years, we've built a very strong creator ecosystem and community culture, and AI is really amplifying that effect. over the years we've built a very strong creator ecosystem and community culture and ai is really amplifying that effect We believe this historical opportunity of AI can bring the opportunity that makes Bilibili 10 times more valuable, and we will really invest and seize that opportunity for us. we believe this historical opportunity of ai can bring the opportunity that makes bilibili 10 times more valuable and we will really invest and seize that opportunity for us Thank you. thank you Operator, next question please. operator next question please

Speaker 5: Thank you. We will now take our next question from Daniel Chen of JPMorgan. Please ask your question. Daniel, your line is open. Thank you. thank you We will now take our next question from Daniel Chen of JP Morgan. we will now take our next question from daniel chen of jp morgan Please ask your question. please ask your question Daniel, your line is open. daniel your line is open

Speaker 1: [Non-English content]My question is on the advertising revenue. [Non-English content]My question is on the advertising revenue. [non-english content]my question is on the advertising revenue We see that the ad revenue growth accelerated to 30% year-over-year in the first quarter, which is very strong. May we know which industry for the ads product actually exceed your expectation? Also, how should we expect the outlook for the second quarter and the full year advertising revenue? Thank you. We see that the ad revenue growth accelerated to 30% year-over-year in the first quarter, which is very strong. we see that the ad revenue growth accelerated to 30% year-over-year in the first quarter which is very strong May we know which industry for the ads product actually exceed your expectation? may we know which industry for the ads product actually exceed your expectation Also, how should we expect the outlook for the second quarter and the full year advertising revenue? also how should we expect the outlook for the second quarter and the full year advertising revenue Thank you. thank you

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Speaker 10: Our advertising revenue reported RMB 2.6 billion in the first quarter, up 30% year-over-year, marking our thirteenth consecutive quarter of a double-digit growth. Our advertising revenue reported RMB 2.6 billion in the first quarter, up 30% year-over-year, marking our thirteenth consecutive quarter of a double-digit growth. our advertising revenue reported rmb 2.6 billion in the first quarter up 30% year-over-year marking our thirteenth consecutive quarter of a double-digit growth

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Speaker 10: At the very core, the biggest driver behind our advertising growth is still the value of Bilibili's community and our users. At the very core, the biggest driver behind our advertising growth is still the value of Bilibili's community and our users. at the very core the biggest driver behind our advertising growth is still the value of bilibili's community and our users The average age of our user is about 26.5 years old, which means they are entering a stage of life where both personal spending power and household decision-making power are rising rapidly. The average age of our user is about 26.5 years old, which means they are entering a stage of life where both personal spending power and household decision-making power are rising rapidly. the average age of our user is about 26.5 years old which means they are entering a stage of life where both personal spending power and household decision-making power are rising rapidly That is exactly the kind of high-value user group advertisers are most eager to reach. That is exactly the kind of high-value user group advertisers are most eager to reach. that is exactly the kind of high-value user group advertisers are most eager to reach

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Speaker 10: What sets us apart from platforms that are purely traffic-driven is that the value of advertising on Bilibili is never one-off spending. What sets us apart from platforms that are purely traffic-driven is that the value of advertising on Bilibili is never one-off spending. what sets us apart from platforms that are purely traffic-driven is that the value of advertising on bilibili is never one-off spending Instead, we run much deeper into users' mindshare. Instead, we run much deeper into users' mindshare. instead we run much deeper into users' mindshare We help our brands to move from a single one-off impression to repeated continuous touchpoints, and from a single isolated transaction to build lasting brand equity We help our brands to move from a single one-off impression to repeated continuous touchpoints, and from a single isolated transaction to build lasting brand equity we help our brands to move from a single one-off impression to repeated continuous touchpoints and from a single isolated transaction to build lasting brand equity

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Speaker 10: That is exactly why we saw a continuous growth of our advertising efficiency. That is exactly why we saw a continuous growth of our advertising efficiency. that is exactly why we saw a continuous growth of our advertising efficiency During Q1, our brand ads, performance ads, and native ads all delivered a strong double-digit growth, and for certain categories, even high double-digit growth. During Q1, our brand ads, performance ads, and native ads all delivered a strong double-digit growth, and for certain categories, even high double-digit growth. during q1 our brand ads performance ads and native ads all delivered a strong double-digit growth and for certain categories even high double-digit growth For Q1, our top five advertising verticals were games, internet services, digital products and home appliances, e-commerce, and automotive. For Q1, our top five advertising verticals were games, internet services, digital products and home appliances, e-commerce, and automotive. for q1 our top five advertising verticals were games internet services digital products and home appliances e-commerce and automotive

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Speaker 10: Looking ahead into Q2 and onwards, we do see a deeper integration of AI into our advertising system will continue to improve our ad efficiency in the near term. Looking ahead into Q2 and onwards, we do see a deeper integration of AI into our advertising system will continue to improve our ad efficiency in the near term. looking ahead into q2 and onwards we do see a deeper integration of ai into our advertising system will continue to improve our ad efficiency in the near term More importantly, we believe the bigger value will come from the long-term transformation that AI can bring to ads business More importantly, we believe the bigger value will come from the long-term transformation that AI can bring to ads business more importantly we believe the bigger value will come from the long-term transformation that ai can bring to ads business

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Speaker 10: This year, we've continued to improve both distribution efficiency and recommendation algorithms. This year, we've continued to improve both distribution efficiency and recommendation algorithms. this year we've continued to improve both distribution efficiency and recommendation algorithms We have further leveled up our ability to understand user interest, purchase intent, and our content themselves. By plugging this into our recommendation models, we can now match user content and ads so much more precisely. That's the reason why you see the strong growth in our advertising revenue in Q1. We have further leveled up our ability to understand user interest, purchase intent, and our content themselves. we have further leveled up our ability to understand user interest purchase intent and our content themselves By plugging this into our recommendation models, we can now match user content and ads so much more precisely. by plugging this into our recommendation models we can now match user content and ads so much more precisely That's the reason why you see the strong growth in our advertising revenue in Q1. that's the reason why you see the strong growth in our advertising revenue in q1 This is driving a more accurate matching capability delivered and a strong CTCVR growth for our performance ads in the first quarter. This is driving a more accurate matching capability delivered and a strong CTCVR growth for our performance ads in the first quarter. this is driving a more accurate matching capability delivered and a strong ctcvr growth for our performance ads in the first quarter

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Speaker 10: We are also providing advertisers with more automated campaign management and AI powered creative tools to help them to improve ads delivery efficiency. In Q1, penetration of our automated ad spending increased to about 85%, and we will continue to see this penetration to further increase into Q1 and for the rest of the year. We are also providing advertisers with more automated campaign management and AI powered creative tools to help them to improve ads delivery efficiency. we are also providing advertisers with more automated campaign management and ai powered creative tools to help them to improve ads delivery efficiency In Q1, penetration of our automated ad spending increased to about 85%, and we will continue to see this penetration to further increase into Q1 and for the rest of the year. in q1 penetration of our automated ad spending increased to about 85% and we will continue to see this penetration to further increase into q1 and for the rest of the year

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Speaker 10: On top of that, the AIGC tools are helping advertisers to create the materials that perfectly buy with Bilibili community style, and the adoption of AIGC creative continue to increase. At the same time, these AIGC creatives are delivering much better ad performances with improved click through rates, generally around double digits better. On top of that, the AIGC tools are helping advertisers to create the materials that perfectly buy with Bilibili community style, and the adoption of AIGC creative continue to increase. At the same time, these AIGC creatives are delivering much better ad performances with improved click through rates, generally around double digits better. on top of that the aigc tools are helping advertisers to create the materials that perfectly buy with bilibili community style and the adoption of aigc creative continue to increase. at the same time these aigc creatives are delivering much better ad performances with improved click through rates generally around double digits better

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Speaker 10: That summarize, how AI is helping us to improve our ad efficiency. I will be sharing more information on next quarter and going forward. We believe, there are so much more that AI can bring into our a-ad system. On top of that, we're also expanding ad inventory across different screens and more user scenarios from the mobile app to our PC, iPad, OTT and in-car screens. We currently already cover a majority of that scenarios. On different, products or ad scenarios, we are also trying new inventories from feed to search, comments, and in-player ads and mini programs. This is covering Bilibili users time spent across the major, product touchpoints. This will bring in additional ad inventory and ad volume for our business. That summarize, how AI is helping us to improve our ad efficiency. that summarize how ai is helping us to improve our ad efficiency I will be sharing more information on next quarter and going forward. i will be sharing more information on next quarter and going forward We believe, there are so much more that AI can bring into our a-ad system. we believe there are so much more that ai can bring into our a-ad system On top of that, we're also expanding ad inventory across different screens and more user scenarios from the mobile app to our PC, iPad, OTT and in-car screens. on top of that we're also expanding ad inventory across different screens and more user scenarios from the mobile app to our pc ipad ott and in-car screens We currently already cover a majority of that scenarios. we currently already cover a majority of that scenarios On different, products or ad scenarios, we are also trying new inventories from feed to search, comments, and in-player ads and mini programs. on different products or ad scenarios we are also trying new inventories from feed to search comments and in-player ads and mini programs This is covering Bilibili users time spent across the major, product touchpoints. this is covering bilibili users time spent across the major product touchpoints This will bring in additional ad inventory and ad volume for our business. this will bring in additional ad inventory and ad volume for our business

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Speaker 10: Well, on top of that ad inventory and scenario growth, our strategy across different ad industry is also very important and we will continue to deepen our services into different, industry verticals. By aligning ourselves operation tech capabilities, we can now offer a full stack solution tailored to each specific industry. Looking into the second half of this year, we expect stronger growth momentum from those high-value categories such as AI technology, automotive, home decoration, and appliances, which we believe will continue to lead a very strong growth. Meanwhile, we will also continue to expand our market share in our core verticals such as games, e-commerce, and education. Well, on top of that ad inventory and scenario growth, our strategy across different ad industry is also very important and we will continue to deepen our services into different, industry verticals. well on top of that ad inventory and scenario growth our strategy across different ad industry is also very important and we will continue to deepen our services into different industry verticals By aligning ourselves operation tech capabilities, we can now offer a full stack solution tailored to each specific industry. by aligning ourselves operation tech capabilities we can now offer a full stack solution tailored to each specific industry Looking into the second half of this year, we expect stronger growth momentum from those high-value categories such as AI technology, automotive, home decoration, and appliances, which we believe will continue to lead a very strong growth. Meanwhile, we will also continue to expand our market share in our core verticals such as games, e-commerce, and education. looking into the second half of this year we expect stronger growth momentum from those high-value categories such as ai technology automotive home decoration and appliances which we believe will continue to lead a very strong growth. meanwhile we will also continue to expand our market share in our core verticals such as games e-commerce and education

Speaker 4: [Non-English content] [Non-English content] [non-english content]

Speaker 10: To summarize, we remain confident in maintaining a very healthy advertising growth for the rest of the year. Thank you. Operator, next question, please. To summarize, we remain confident in maintaining a very healthy advertising growth for the rest of the year. Thank you. to summarize we remain confident in maintaining a very healthy advertising growth for the rest of the year. thank you Operator, next question, please. operator next question please

Speaker 5: Thank you. We will now take our next question from Yang Liu of Morgan Stanley. Please ask your question. Yang, your line is open. Thank you. We will now take our next question from Yang Liu of Morgan Stanley. Please ask your question. Yang, your line is open. thank you. we will now take our next question from yang liu of morgan stanley. please ask your question. yang, your line is open

Speaker 9: [Non-English content] Yeah, let me translate my question. [Non-English content] Yeah, let me translate my question. [non-english content] yeah let me translate my question My question is about the game segment. Could management comment on the Three Kingdoms N card soft launch performance? What is now expectation for this game? Also another self-developed game Lumi Master started the paid test this month. What's the test result and what is the expectation on launch timing? Another game Three Kingdoms [Non-English content] how to expect this game's contribution? Could management comment if there's any other game pipeline except for the three game I mentioned before. Thank you. My question is about the game segment. my question is about the game segment Could management comment on the Three Kingdoms N card soft launch performance? could management comment on the three kingdoms n card soft launch performance What is now expectation for this game? what is now expectation for this game Also another self-developed game Lumi Master started the paid test this month. also another self-developed game lumi master started the paid test this month What's the test result and what is the expectation on launch timing? what's the test result and what is the expectation on launch timing Another game Three Kingdoms [Non-English content] how to expect this game's contribution? another game three kingdoms [non-english content] how to expect this game's contribution Could management comment if there's any other game pipeline except for the three game I mentioned before. could management comment if there's any other game pipeline except for the three game i mentioned before Thank you. thank you

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: The N card soft launch performance is, generally in line with expectation. We plan to official launch this game in July this year. The N card soft launch performance is, generally in line with expectation. the n card soft launch performance is generally in line with expectation We plan to official launch this game in July this year. we plan to official launch this game in july this year

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: This game is one of a kind game and the first of its kind that features a very unique gameplay system that blends hero skills with poker mechanism. From the soft launch feedback, our user, we find this gameplay has resonate with young user groups quite nicely. This game is one of a kind game and the first of its kind that features a very unique gameplay system that blends hero skills with poker mechanism. this game is one of a kind game and the first of its kind that features a very unique gameplay system that blends hero skills with poker mechanism From the soft launch feedback, our user, we find this gameplay has resonate with young user groups quite nicely. from the soft launch feedback our user we find this gameplay has resonate with young user groups quite nicely

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: Because this game is very creative and innovative, we take the approach to iterate the game as we launch, as we collect more user feedbacks. We believe this is a more sustainable approach to make this game even better. Because this game is very creative and innovative, we take the approach to iterate the game as we launch, as we collect more user feedbacks. because this game is very creative and innovative we take the approach to iterate the game as we launch as we collect more user feedbacks We believe this is a more sustainable approach to make this game even better. we believe this is a more sustainable approach to make this game even better

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: We believe this game has the potential to become a large DAU title that can last for a very long time in this casual category, and we believe it has the right elements to get to that. We are putting a lot of resource and hoping this game will continue to refine its game plan operation. By the time it's ready, we will be launching it to a mass audience. We believe this game has the potential to become a large DAU title that can last for a very long time in this casual category, and we believe it has the right elements to get to that. we believe this game has the potential to become a large dau title that can last for a very long time in this casual category and we believe it has the right elements to get to that We are putting a lot of resource and hoping this game will continue to refine its game plan operation. By the time it's ready, we will be launching it to a mass audience. we are putting a lot of resource and hoping this game will continue to refine its game plan operation. by the time it's ready we will be launching it to a mass audience

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: Well, as we mentioned the N card Three Kingdoms, I will briefly touch upon the San Wang title. The San Wang title is a very unique SLG title based on the very authentic Three Kingdom IP by Koei. This game has stayed true to the original Three Kingdom IP and experience while introducing so much refreshed 3D visual style. It's targeting a more mature SLG audiences and has higher taste towards the game's quality and visual experience. Well, as we mentioned the N card Three Kingdoms, I will briefly touch upon the San Wang title. well as we mentioned the n card three kingdoms i will briefly touch upon the san wang title The San Wang title is a very unique SLG title based on the very authentic Three Kingdom IP by Koei. the san wang title is a very unique slg title based on the very authentic three kingdom ip by koei This game has stayed true to the original Three Kingdom IP and experience while introducing so much refreshed 3D visual style. It's targeting a more mature SLG audiences and has higher taste towards the game's quality and visual experience. this game has stayed true to the original three kingdom ip and experience while introducing so much refreshed 3d visual style. it's targeting a more mature slg audiences and has higher taste towards the game's quality and visual experience

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: We think Sanwang and San Mo really complement each other, but with a differentiated target user group. Where Sanwang is targeted to the IP fans who has strong taste and preferences towards a better visual quality. Where San Mo targets a younger cohort that doesn't want to spend so much time and money into the SLG title. That is the reason why after launching San Mo, we choose to license another title in the Three Kingdoms IP. We think these two titles have great synergies and really complement each other. We think Sanwang and San Mo really complement each other, but with a differentiated target user group. we think sanwang and san mo really complement each other but with a differentiated target user group Where Sanwang is targeted to the IP fans who has strong taste and preferences towards a better visual quality. where sanwang is targeted to the ip fans who has strong taste and preferences towards a better visual quality Where San Mo targets a younger cohort that doesn't want to spend so much time and money into the SLG title. where san mo targets a younger cohort that doesn't want to spend so much time and money into the slg title That is the reason why after launching San Mo, we choose to license another title in the Three Kingdoms IP. that is the reason why after launching san mo we choose to license another title in the three kingdoms ip We think these two titles have great synergies and really complement each other. we think these two titles have great synergies and really complement each other

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: We already completed the first round of beta test pay testing at the end of March for San Wang title, and we saw very positive user feedback. We are currently continuing refine and polishing the title and listening closely to user feedback, and we are planning to launch this title within this year. We already completed the first round of beta test pay testing at the end of March for San Wang title, and we saw very positive user feedback. we already completed the first round of beta test pay testing at the end of march for san wang title and we saw very positive user feedback We are currently continuing refine and polishing the title and listening closely to user feedback, and we are planning to launch this title within this year. we are currently continuing refine and polishing the title and listening closely to user feedback and we are planning to launch this title within this year

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: Next, I'll talk about our self-developed game, Lumi Master. For Lumi Master, it is also one of its kind, the very first title that combines pet hatching with casual gameplay. Next, I'll talk about our self-developed game, Lumi Master. next i'll talk about our self-developed game lumi master For Lumi Master, it is also one of its kind, the very first title that combines pet hatching with casual gameplay. for lumi master it is also one of its kind the very first title that combines pet hatching with casual gameplay

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: We started a global user testing in early May this year and that we have received a very encouraging user feedback and we are targeting a global launch for this title in Q4 this year. We started a global user testing in early May this year and that we have received a very encouraging user feedback and we are targeting a global launch for this title in Q4 this year. we started a global user testing in early may this year and that we have received a very encouraging user feedback and we are targeting a global launch for this title in q4 this year

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: Lastly, I wanted to briefly touch upon Escape from Duckov, which is a Bilibili self-development title. This year, we broke another record, by selling over four million copies of this game. Lastly, I wanted to briefly touch upon Escape from Duckov, which is a Bilibili self-development title. lastly i wanted to briefly touch upon escape from duckov which is a bilibili self-development title This year, we broke another record, by selling over four million copies of this game. this year we broke another record by selling over four million copies of this game

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: As we continue to promote this game on the PC front, we are actively working on the console version and the mobile version. Our goal is to continue to enhance the IP and over time make this IP Escape from Duckov IP become a well known franchise, for young gamers. As we continue to promote this game on the PC front, we are actively working on the console version and the mobile version. as we continue to promote this game on the pc front we are actively working on the console version and the mobile version Our goal is to continue to enhance the IP and over time make this IP Escape from Duckov IP become a well known franchise, for young gamers. our goal is to continue to enhance the ip and over time make this ip escape from duckov ip become a well known franchise for young gamers

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: Over the past few years, I've been sharing our game strategy. I think it summarized to three points. One is, long term operation. We've seen that into our legacy title, FGO and Azur Lane, which are celebrating its tenth year anniversary and ninth year anniversary respectively this year. San Mo is going to celebrate its second year anniversary very soon. Going forward for all Bilibili game title, we are targeting a very long term operation, even for console one off games like Escape from Duckov. We're hoping this game will have lasting impact when we continue to generate sales over time. Long term operation is definitely one of the most important strategy for our game business. Over the past few years, I've been sharing our game strategy. over the past few years i've been sharing our game strategy I think it summarized to three points. i think it summarized to three points One is, long term operation. one is long term operation We've seen that into our legacy title, FGO and Azur Lane, which are celebrating its tenth year anniversary and ninth year anniversary respectively this year. we've seen that into our legacy title fgo and azur lane which are celebrating its tenth year anniversary and ninth year anniversary respectively this year San Mo is going to celebrate its second year anniversary very soon. san mo is going to celebrate its second year anniversary very soon Going forward for all Bilibili game title, we are targeting a very long term operation, even for console one off games like Escape from Duckov. going forward for all bilibili game title we are targeting a very long term operation even for console one off games like escape from duckov We're hoping this game will have lasting impact when we continue to generate sales over time. we're hoping this game will have lasting impact when we continue to generate sales over time Long term operation is definitely one of the most important strategy for our game business. long term operation is definitely one of the most important strategy for our game business

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: The second strategy is to become the leader in the segment genre. First of all, our strategy into game genre is very, very focused. We will be deciding a good direction how we will dig deep into this genre to become either the best or the first in this genre. For example, the SLG, the Three Kingdom IP, we've launched one game, we have two in the pipeline, and we have more that's coming up. Potentially in the near future, we will build a Three Kingdom universe. Another example is the console game, the PC copy based game. This is also a direction we believe has very large opportunity and strong user demand, and we will be focusing to produce the best or become the first in its own kind. This will be another important strategy for our game business. The second strategy is to become the leader in the segment genre. the second strategy is to become the leader in the segment genre First of all, our strategy into game genre is very, very focused. We will be deciding a good direction how we will dig deep into this genre to become either the best or the first in this genre. For example, the SLG, the Three Kingdom IP, we've launched one game, we have two in the pipeline, and we have more that's coming up. first of all our strategy into game genre is very very focused. we will be deciding a good direction how we will dig deep into this genre to become either the best or the first in this genre. for example the slg the three kingdom ip we've launched one game we have two in the pipeline and we have more that's coming up Potentially in the near future, we will build a Three Kingdom universe. Another example is the console game, the PC copy based game. This is also a direction we believe has very large opportunity and strong user demand, and we will be focusing to produce the best or become the first in its own kind. potentially in the near future we will build a three kingdom universe. another example is the console game the pc copy based game. this is also a direction we believe has very large opportunity and strong user demand and we will be focusing to produce the best or become the first in its own kind This will be another important strategy for our game business. this will be another important strategy for our game business

Speaker 6: [Non-English content] [Non-English content] [non-english content]

Speaker 10: The last one is we creating games for young generation of gamers. We believe that for all game business, that focusing on young user is a must. As a young generation community hub, we're the platform that is closest to this young cohort and understanding their desire, inventing games to cater to their preferences is that, is Bilibili bread and butter. By staying close to the young generation, there will always be good opportunities. This is showing on our N card and our Lumi Master titles. Fundamentally, we are just creating a new title. We are creating or reinventing this title to catering to this generation of gamers that fits their tastes the best. By staying close to the young gamers, we believe this brings us so much more opportunity. That concludes this question and this question. The operator, next question, please. The last one is we creating games for young generation of gamers. We believe that for all game business, that focusing on young user is a must. the last one is we creating games for young generation of gamers. we believe that for all game business that focusing on young user is a must As a young generation community hub, we're the platform that is closest to this young cohort and understanding their desire, inventing games to cater to their preferences is that, is Bilibili bread and butter. as a young generation community hub we're the platform that is closest to this young cohort and understanding their desire inventing games to cater to their preferences is that is bilibili bread and butter By staying close to the young generation, there will always be good opportunities. This is showing on our N card and our Lumi Master titles. by staying close to the young generation there will always be good opportunities. this is showing on our n card and our lumi master titles Fundamentally, we are just creating a new title. We are creating or reinventing this title to catering to this generation of gamers that fits their tastes the best. fundamentally we are just creating a new title. we are creating or reinventing this title to catering to this generation of gamers that fits their tastes the best By staying close to the young gamers, we believe this brings us so much more opportunity. by staying close to the young gamers we believe this brings us so much more opportunity That concludes this question and this question. The operator, next question, please. that concludes this question and this question. the operator next question please

Speaker 5: Thank you. Our next question comes from Xueqing Zhang of CICC. Please ask your question Xueqing. Your line is open. Thank you. thank you Our next question comes from Xueqing Zhang of CICC. Please ask your question Xueqing. our next question comes from xueqing zhang of cicc. please ask your question xueqing Your line is open. your line is open

Speaker 8: [Non-English content] Thanks management for taking my question. My question is about financials. Last quarter, the company mentioned that it would increase investments in AI. What is the progress so far? When should we expect to see meaningful returns from these AI investments? [Non-English content] Thanks management for taking my question. [non-english content] thanks management for taking my question My question is about financials. my question is about financials Last quarter, the company mentioned that it would increase investments in AI. last quarter the company mentioned that it would increase investments in ai What is the progress so far? what is the progress so far When should we expect to see meaningful returns from these AI investments? when should we expect to see meaningful returns from these ai investments Also could you provide some color on the outlook for OpEx and the CapEx related to AI as well as the margin outlook for the second quarter and the full year? Thank you. Also could you provide some color on the outlook for OpEx and the CapEx related to AI as well as the margin outlook for the second quarter and the full year? also could you provide some color on the outlook for opex and the capex related to ai as well as the margin outlook for the second quarter and the full year Thank you. thank you

Speaker 7: Thanks, Xueqing. This is Sam, I will take this question. About the direction of our AI investment, as mentioned by Rui Chen, we are very focused primarily on keyword of Bilibili video. We are investing three main areas: video understanding, video distribution and video creation. We believe this investment will significantly enhance the value of Bilibili's content ecosystem and the community, and it directly benefit all monetization lines. In Q1, we have already began exploring and applying these efforts. Recent initiative results evidenced in our DAU growth, user time spent growth and advertising revenue growth. We expect the positive feedback loop has just begun and will continue to deliver greater efficiency. Regarding to the CapEx, in Q1, our CapEx increased about 80% year-over-year, around RMB 200 million, mainly driven by higher investment in servers and computing resources to support AI improvements. Thanks, Xueq ing. thanks xueq ing This is Sam, I will take this question. this is sam i will take this question About the direction of our AI investment, as mentioned by Rui Chen, we are very focused primarily on keyword of Bilibili video. We are investing three main areas: video understanding, video distribution and video creation. We believe this investment will significantly enhance the value of Bilibili's content ecosystem and the community, and it directly benefit all monetization lines. In Q1, we have already began exploring and applying these efforts. Recent initiative results evidenced in our DAU growth, user time spent growth and advertising revenue growth. We expect the positive feedback loop has just begun and will continue to deliver greater efficiency. Regarding to the CapEx, in Q1, our CapEx increased about 80% year-over-year, around RMB 200 million, mainly driven by higher investment in servers and computing resources to support AI improvements. about the direction of our ai investment as mentioned by rui chen we are very focused primarily on keyword of bilibili video. we are investing three main areas video understanding video distribution and video creation. we believe this investment will significantly enhance the value of bilibili's content ecosystem and the community and it directly benefit all monetization lines. in q1 we have already began exploring and applying these efforts. recent initiative results evidenced in our dau growth user time spent growth and advertising revenue growth. we expect the positive feedback loop has just begun and will continue to deliver greater efficiency. regarding to the capex in q1 our capex increased about 80% year-over-year around rmb 200 million mainly driven by higher investment in servers and computing resources to support ai improvements For the full year, we expect our AI related CapEx to increase by approximately RMB 1 billion, with an impact on P&L of around RMB 500 million. Meanwhile, we will cut certain OPEX expenses to offset part of such impact. Using our Q1 result as an example, when we see our expenses increased by 9% year-over-year, while we still deliver solid bottom line results. Driven by revenue growth and continued operating leverage, our adjusted net profit increased by 62% year-over-year, with adjusted net profit margin rising to 7.8%. We expect Q2 advertising revenue to maintain rapid growth with the contribution from our AI initiatives, with gross margin steadily improving and the net profit margin have further room to increase. We also maintain our mid to long term gross margin target 40%-45% and operating profit ratio target of 15%-20% unchanged. Thank you for this question. For the full year, we expect our AI related CapEx to increase by approximately RMB 1 billion, with an impact on P&L of around RMB 500 million. for the full year we expect our ai related capex to increase by approximately rmb 1 billion with an impact on p&l of around rmb 500 million Meanwhile, we will cut certain OPEX expenses to offset part of such impact. Using our Q1 result as an example, when we see our expenses increased by 9% year-over-year, while we still deliver solid bottom line results. Driven by revenue growth and continued operating leverage, our adjusted net profit increased by 62% year-over-year, with adjusted net profit margin rising to 7.8%. meanwhile we will cut certain opex expenses to offset part of such impact. using our q1 result as an example when we see our expenses increased by 9% year-over-year while we still deliver solid bottom line results. driven by revenue growth and continued operating leverage our adjusted net profit increased by 62% year-over-year with adjusted net profit margin rising to 7.8% We expect Q2 advertising revenue to maintain rapid growth with the contribution from our AI initiatives, with gross margin steadily improving and the net profit margin have further room to increase. We also maintain our mid to long term gross margin target 40%-45% and operating profit ratio target of 15%-20% unchanged. we expect q2 advertising revenue to maintain rapid growth with the contribution from our ai initiatives with gross margin steadily improving and the net profit margin have further room to increase. we also maintain our mid to long term gross margin target 40%-45% and operating profit ratio target of 15%-20% unchanged Thank you for this question. thank you for this question

Speaker 5: Thank you. That concludes the question and answer session. Thank you once again for joining Bilibili's first quarter 2026 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 U.S. can be found on today's press release. Thank you and have a great day. Thank you. thank you That concludes the question and answer session. Thank you once again for joining Bilibili's first quarter 2026 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 U.S. can be found on today's press release. Thank you and have a great day. that concludes the question and answer session. thank you once again for joining bilibili's first quarter 2026 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 u.s can be found on today's press release. thank you and have a great day