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 a reconciliation table are available in the news release we issued earlier today.

As a reminder, this conference is being recorded. In addition, 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.

Carly 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. Thank you to everyone for joining us today.

2025 was a marquee year for Bilibili. We delivered standout results across both our community growth and financial performance.

Throughout the year, our user growth regained its momentum, while engagement and stickiness consistently hit new record highs. We also made incredible strides on the commercial front and achieved our first-ever full year of GAAP profitability.

Looking at our community, momentum really picked up speed toward year end. DAU growth accelerated every single quarter year-over-year: up 4% in Q1, 7% in Q2, 9% in Q3, and 10% in Q4, hitting 130 million users.

Q4 MAUs also grew by 8% year-over-year to 366 million. While much of the internet is still flooded with fast-food content, more and more people are gravitating toward depth and quality.

They're spending more time on high-quality PUGV content and the authentic community interactions that Bilibili is known for. In Q4, average daily time spent continued to rise, up 8% to 107 minutes.

This strong momentum reinforces our conviction that users are elevating their content consumption, and we believe this shift gives us a massive, long-term runway ahead. As our users dive deeper into the content they love, their willingness to spend continues to rise.

This is reflected in our MPUs, which surged 21% year-over-year to a record 36 million. Users' growing spending power is also extending beyond direct payments.

Bilibili has become a trusted destination for consumption decisions, where users don't just watch, but actively research and embrace new products. AI is a prime example.

A growing number of AI advertisers now view Bilibili as the go-to platform to reach curious young minds. By leveraging our interactive community, they can turn exposure into real user conversion and lasting influence.

These strengths, combined with our refined ad infrastructure, drove a 27% year-over-year increase in advertising revenue in Q4, once again exceeding expectations. The power of our community and commercialization engine and its potential is also showing up in our financial results.

2025 marked a major milestone as we reached our first full year of GAAP profitability alongside solid revenue growth. For the year, total revenues grew to RMB30.3 billion, up 13% year-over-year, and we reported a GAAP net profit of RMB1.2 billion.

In Q4, total revenues increased by 8% year-over-year to RMB8.3 billion. Gross profit grew 11%, and gross profit margin rose to 37.0%, marking our 14th consecutive quarter of margin expansion.

With disciplined cost management and stronger operating leverage, our adjusted net profit nearly doubled to RMB878 million, and our adjusted net profit margin expanded to 10.6%. By the start of 2026, the average age of our users reached 26.5.

They are moving into higher income brackets with greater spending power and more diverse needs. As they move into new stages of life, we are growing with them, expanding our commercial opportunities and unlocking more value across every touchpoint in our ecosystem.

To better serve our evolving community, we are integrating AI into every corner of Bilibili. To us, AI isn't just a buzzword; it's a practical tool that expands human creativity, increases connection, and boosts distribution efficiency.

By leveraging frontier LLMs, we've made our content discovery and ad targeting sharper than ever. We're also providing AIGC tools that help creators and advertisers get started more easily, while AI translation is helping our best content reach a global audience.

The more we invest in these capabilities, the more confident we are that AI will take our ecosystem and our business to the next level. With that, let me walk you through our core pillars of content, community, and commercialization.

Starting with content and community. The biggest takeaway from our 2025 story is that, in a world full of short and disposable content, demand for high-quality content and authentic community connections is only getting stronger.

We've leaned into this trend by deliberately allocating more resources to promoting high-quality content and fostering welcoming, interest-driven communities. The results are clear.

In Q4, average daily time spent reached 107 minutes, up 8% year-over-year, while watch time for videos longer than 5 minutes grew by more than 20%. Our commitment to quality content across categories is driving higher user engagement and time spent.

In Q4, watch time of lifestyle content grew by more than 30%, while Chinese anime and game-related content increased by 56% and 24% year-over-year, respectively. Notably, in July 2025, we officially launched video podcast initiative and quickly established an early lead in this impactful format.

Our highly engaged community played a key role in driving its rapid adoption, sparking more meaningful discussions among users. In the second half of 2025, total watch time for video podcasts exceeded 8 billion minutes.

In 2025, AI became a powerful amplifier of our content ecosystem, driving engagement, unlocking creativity, and accelerating the discovery of high-quality content. Total watch time for AI-related topics surged 53% year-over-year in Q4, cementing Bilibili's position as the go-to platform for AI learning.

Beyond consumption, AI is streamlining the creative process and even reshaping how content is made. A great example is AI music.

Creators are now turning simple ideas into professional-grade music videos with ease. In the fourth quarter, the number of AI music videos reaching the million-view milestone grew over 5-fold year-over-year.

At the same time, AI-driven distribution helps high-quality work find its audience much faster. This is especially beneficial for emerging creators.

In Q4, the number of creators with over 1,000 followers increased by more than 30% year-over-year. As creators build larger audiences and stronger connections, that engagement is increasingly turning into monetization on Bilibili.

In 2025, nearly 3 million creators earned income on our platform across advertising and VAS channels. With improved commercialization efficiency, average income per creator grew 21% year-over-year.

Just as importantly, users are demonstrating more and more willingness to pay for content they genuinely enjoy and creators they truly value. Last year, more than 10 million users supported high-quality PUGV content and creators through fan charging.

Turning to our core community metrics. In Q4, each active user followed over 90 creators on average, up from 81 a year ago, reflecting strengthening network effects within our community.

By the end of 2025, we had over 284 million official members, and their 12th-month retention rate remained stable at around 80%. Our creator ecosystem also balances longevity with fresh energy.

This is evident in the 2025 Power Up 100 list, where creators have been active on Bilibili for 7 years on average, while nearly 40% were first-time honorees compared with last year. Beyond daily activity, Bilibili continues to reinforce its role as a cultural home for young generation.

Our signature New Year's Eve Gala delivered its best commercial performance to date and has grown into an annual ritual for young audiences. During the recent Chinese New Year, we once again partnered with CCTV as the exclusive bullet chat platform, enabling young viewers to celebrate the festival together online.

On the day of the broadcast, more than 133 million bullet chats were shared, and DAUs reached a record high, up 16% compared with last year. Now, let's talk about our commercial businesses and their progress.

First, we were very encouraged to see our advertising business deliver better-than-expected results in Q4. Advertising revenues accelerated to RMB3.0 billion, up 27% year-over-year, and full year advertising revenues increased by 23% to RMB10.1 billion.

This industry-leading growth reflects both the rising value of our user base and our continued progress in improving ad efficiency. As users spend more on the platform, Bilibili is becoming an even more compelling destination for advertisers.

In Q4, the top 5 ad verticals were games, digital products and home appliances, internet services, e-commerce, and automotive. Home decoration was a standout, with ad spend jumping over 80% year-over-year, another strong signal that our users are maturing and seeking more lifestyle-focused upgrades.

AI advertisers also ramped up, with AI-related ad budgets climbing nearly 180% year-over-year in Q4, and that momentum has carried into 2026. In 2025, we pushed AI even deeper into our commercial algorithms, boosting traffic value without compromising the user experience.

The precision paid off: ad spend aimed at deeper conversions grew by more than 40% year-over-year, and negative user feedback was cut by over 50%. We also made performance advertising faster and easier.

Our smart ad delivery system and AI-powered creative tools now streamline campaign setups, lifting cold start success rates by nearly 300% from last year. On top of these efficiency gains, we broadened our ad inventory across the ecosystem.

New openings in search, PC, and OTT drove ad revenue in these scenarios up by over 60% year-over-year. This rapid growth shows untapped potential we have across our multi-screen, multi-scenario ecosystem, and we still have plenty of runway to expand further.

Looking ahead to 2026, we're confident in the outlook for our advertising business. That confidence comes from rising user value and plenty of room to drive more efficiency, especially as we continue applying AI to strengthen monetization capabilities.

At the same time, demand from gaming and AI advertisers remains strong, with both sectors eager to reach Bilibili's young, high-value user base. With stronger tools and a supportive market backdrop, we are set to capture even more of the opportunities ahead.

Turning to our game business. Game revenues were down 14% year-over-year to RMB1.5 billion in Q4, reflecting the high base set by Sanmou, San Guo: Mou Ding Tian Xia, in the same period of last year.

Even so, full year game revenues still grew 14% to RMB6.4 billion. In Q4, Season 11 of Sanmou held steady, and we're focused on extending the title's life cycle by elevating the user experience and maintaining balanced monetization.

On the global front, we launched the traditional Chinese version in January and plan to roll out the game across more Asian markets later this year. Meanwhile, our evergreen titles, FGO and Azur Lane, remained stable and continued to generate reliable revenues.

Our biggest surprise of 2025 was Escape from Duckov, Tao Li Ya Ke Fu. This self-developed title was a real dark horse.

It sold over 3 million copies in the first 3 weeks of its October debut and went on to become the best-selling domestic single-player game of the year, and now ranks among the top 3 of all time. This success is a clear example of how we spot unmet demand and turn it into breakout hits.

As AI continues to reshape the digital landscape, strong IP is becoming even more valuable. It can migrate across platforms and spawn new experiences.

That is why Duckov is now moving to consoles and mobile, widening its reach and deepening its growth runway. Looking ahead, our pipeline is strong, including our exclusive casual card game N Card, San Guo: Bai Jiang Pai, and our self-developed simulation game Lumi Master, Shan Yao Ba!

Lu Mi. Our pipeline of jointly operated games for 2026 is also shaping up well, giving us a broad and diversified slate.

Our strategy is straightforward: build and scale high-quality, genre-defining games that have lasting appeal for the gamers of tomorrow. As for our VAS business, users are showing a stronger willingness to pay directly for the content and services they care about.

That demand drove revenues up 6% year-over-year to RMB3.3 billion in 4Q and up 8% to RMB11.9 billion for the full year. In 2025, our live broadcasting business maintained steady growth, and gross margin continued to expand.

Premium memberships reached 25.3 million by year end, up 12% year-over-year, supported by a strong performance from our Chinese anime slate led by our hit production, A Mortal's Journey to Immortality, Fan Ren Xiu Xian Chuan. Annual subscriptions and auto-renewals remained around 80%, highlighting the loyalty and long-term commitment of our core community.

Other VAS products delivered strong momentum in 2025. Revenues from our fan charging program was particularly strong, doubling for the full year, with more than 10 million users directly supporting creators and high-quality content throughout the year.

In closing, our progress this year underscores the strength of our content and community. Our flywheel is working: high-quality PUGV attracts and retains young users, deeper engagement creates more value for creators, and that energy is translating to healthier and more sustainable commercialization.

AI is also reshaping our industry, and we see it as a powerful accelerator of this cycle. We will continue investing in AI to reinforce our position as the platform of choice for China's most engaged young audience.

With profitability achieved and momentum building, we will stay focused on what defines Bilibili: great content, a strong community, and disciplined execution that creates lasting value. With that, I will turn the call over to Sam to share more financial details.

Sam, please go ahead.

Thank you, Mr. Chen.

Hello, everyone. This is Sam.

In the interest of time on today's call, I will review our fourth quarter highlights, as Mr. Chen's remarks have already covered our full year results at a high level.

We encourage you to refer to our press release issued earlier today for a closer look at our full year results. In the fourth quarter, we continued to deliver solid top-line growth while expanding margins and strengthening our profitability profile.

With gross margin improving for the 14th consecutive quarter and operating leverage continuing to build across the business, we entered 2026 with much greater financial resilience to build on. Total revenues for the fourth quarter were RMB8.3 billion, up 8% year-over-year.

Our total revenues breakdown by revenue stream was approximately 39% VAS, 37% advertising, 18% mobile games, and 6% from our IP derivatives and other businesses. Our cost of revenues increased by 6% year-over-year to RMB5.2 billion in the fourth quarter, while our gross profit rose 11% year-over-year to RMB3.1 billion.

Our gross profit margin reached 37.0% in Q4, up from 36.1% in the same period last year, showing the strength of our business model as we continue to scale. Our total operating expenses were down 3% year-over-year to RMB2.6 billion in the fourth quarter.

Sales and marketing expenses decreased by 9% year-over-year to RMB1.1 billion, mainly due to decreased marketing expenses for our games. G&A expenses increased 4% to RMB528 million, and R&D expenses were flat at RMB921 million.

Our operating profit was RMB504 million, up 299% year-over-year. Our adjusted operating profit was RMB838 million, and our adjusted operating profit margin reached 10.1%, improving from 6.0% in the same period a year ago.

Net profit was RMB514 million versus RMB89 million in Q4 2024. Our adjusted net profit was RMB878 million, and our adjusted net profit margin expanded to 10.6% from 5.8% in the same period last year.

Cash flow-wise, we generated about RMB1.8 billion in operating cash flow in the fourth quarter and RMB7.1 billion for the full year. As of the 31st of December 2025, we had cash and cash equivalents, time deposits, and short-term investments of RMB24.2 billion, or $3.5 billion.

Under our $200 million share repurchase program approved by the board in November 2024, we had repurchased a total of 0.6 million shares in Q4 for a total cost of $14.7 million. As of the 31st of December 2025, we have repurchased a total of 7.0 million shares at a total cost of $131.2 million, leaving about $68.8 million available for future buybacks.

Thank you for your attention. We would now like to open the call to your questions.

Operator, please go ahead.

thank you, management, for taking my question, and congrats on the very strong finish in 2025. My question is about the community.

In 2025, we have seen accelerated growth of our user and time spent. Could management elaborate the driving factors behind it and how should we think about the future user and time spent growth potential?

When we think about all the competition, how would Bilibili do to maintain all the creators and our users? What's our strategies behind it?

Thank you. B站用户增长背后最核心的原因是我们平台上优质的内容在不断地增加。

The core driver behind Bilibili growth is the continuous increase in supply of high-quality content on our platform. 我之前说过，就是内容平台之间的竞争，它的终局就是看哪个平台拥有最多的优质内容。就是优质内容它最后是决定这个竞争的最重要的一个因素。尤其是在现在我们可以看到这种工业生产的快餐化的内容越来越多的时候，优质内容它会显得更稀缺，在用户心目中的心智会更强。

I've mentioned this before: in the content industry, the endgame of competition is about quality. That's to say, platform that can consistently deliver great content will be the ultimate winner.

This is especially true today, where there's a clear oversupply of industrialized fast-food content. In this environment, true high-quality content become even more precious and more powerful in shaping users' mindshare.

B站之所以能够持续地去产生优质内容，是因为我们是具备这个优质内容的土壤和种子。在我看来，社区就是培养优质内容的土壤。就是在B站上面我们可以看到有很多懂得去欣赏优质内容的用户，而且这些用户他往往是整个社会里面就是有话语权的那种用户，他们能够在一些优质内容刚刚产生的时候就能够去分辨他们，而且去传播他们。 The reason why Bilibili has the ability to unlock the supply of high-quality content is because we have both the soil and the seeds to grow the high-quality content.

First, our community is that very fertile soil. Bilibili has a large base of users who knows how to appreciate, recognize, and spread great content.

They are the group of people who has the ability to identify high-quality content at very early stage and spread it across our community.

这些用户就是我们所提到过的这个社区，他们对优质内容的创作者是非常重要的。因为UP主在创作内容的时候，他不相大家所想的那样是闭门造车的，他是需要用户给他反馈的，就告诉他哪些内容好，哪些内容用户喜欢。而这些懂得欣赏优质内容的人，他给UP主的反馈，他是不断地激励UP主去创作优质内容的。然后就是这一种激励就形成了一个正循环，那就是我们的UP主在B站上面他创作B站用户喜欢的内容，这些内容就是放到全社会就是全社会的优质内容。

That group of users not just watch content, they actively provide feedback that defines a good content. Our content creator relies on their input, their feedback to create even better content.

That's why content creators on Bilibili can create content not only for Bilibili's users to appreciate; come to the whole society, those are still the top-quality content.

这个社区对创作者是非常重要的。那个我们有的时候会看到一个B站上面的头部创作者好像他做的内容在其他平台上也会受喜欢，但那个是因为这个创作者他已经成长起来了。但是在一个人创作者他刚刚开始成长的时候，他是需要用户告诉他哪些内容是好内容的，而B站它就是能够起到这样的一个作用。

This type of community is essentially important to content creators. You might argue that for very top content creator, their experience across multiple platforms may be similar.

For the much larger group of middle or emerging creators, they really, truly rely on the community's feedback telling them what is a good content, what direction they should be aiming for. This is very, very important for creator community.

所以我们可以看到就B站的优质的UP主他是源源不断的，他每年都会产生一波新的。我们每年评百大UP主的时候，都有差不多三分之一的那个UP主是这个这一年新冒出来的一个UP主。所以的话就这个就是社区它是土壤的作用，这个土壤是能够源源不断地产生优质内容的。

That's why you've seen that on Bilibili there's continuous supply of new content creators that has grown and thrived on our platform. Every year when we publish our top 100, top content creator, about one-third of the content creators are the newly emerged content creator that was never nominated before.

That is the power of our community soil, the fertile soil that can cultivate and grow a very large number of new, talented content creators.

而且这样的一个社区它是需要那个时间去积累的，因为它是由一个又一个的真实的用户产生的。而且B站它是个去中心化的一个平台，就是我们有上千商品类的內容，就相当于它要聚集很多很多种不同的用户在这里。这个其实是用现在的所谓的那些工业的手段是很难短时间造就的，所以我也是一直说就是这个社区也是B站的竞争壁垒。

What we have done in the past is staying focused for the past 17 years, cultivating and building this kind of community. This relies on every single real user's contribution and feedback.

We need patience, we need time to build this very tight-knit community. This is our biggest moat of this defensive mechanism of having this community as a back in our business.

When it comes to industrialized, pure traffic-driven model, it's very hard for this type of model to build a community.

有了社区之后，就有了这个社区这个土壤之后的话，我们认为这个优质内容的种子就是UP主。因为我一直认为优质内容的源头它其实是UP主独一无二的灵魂，就是因为有了这一个又一个的富有创造力的UP主，他们才能够去产生优质内容。其实对于B站来说的话，那个UP主他是信任B站这个社区的，他是愿意在把他的这个创作、成长的这个过程放在B站的。所以的话，那个这个也是形成了我们的一个就是UP主加社区的这么一个生态。

The creator are the seeds on the soil. At its core, we believe the high-quality content is the results of creators' uniqueness, their one-of-a-kind soul, combined with their strong production capabilities.

It's because we have this unique creators and they entrust our platform and they entrust us to witness their growth and unleash their creativity, that's why we have a very unique ecosystem.

我们对于B站未来的增长是充满信心的。因为我过去也说过，就是内容消费它其实是一个只能升级不能降级的过程。就是当你看到越多的内容，你就越会想去消费好的内容。就是如果你没看过什么内容，你可能看一下就能满足你，但是你看的内容越多，你就越会去想消费好的内容。而我认为现在中国它其实已经到了一个就是内容足够多，所以的话就是有越来越多的用户他会慢慢地去消费想去消费好的内容。B站它因为有这样的一优质内容的一个心智，所以的话越来越多的用户他会成为B站的这么一个用户。我们现在的而且我们现在的用户的平均年龄已经是到了这个26、7岁，然后随着他进入到了一个有更多的可支配的金钱可以可以花这么一个阶段，那个他在B站上的这个消费他也会提升。然后所以的话我觉得B站它现在已经进入了一个良性的一个发展阶段，我对未来的用户增长还是认为它是一个必然的一个过程。

We are very confident about our future user growth. As we've mentioned in the past, we've witnessed that there is a clear content consumption upgrade trend that is happening.

This type of consumption upgrade is just a one-way street: once people start to experience truly great content, it's very hard for them to go back. We've seen that oversupply of short content, as people start to consume more and more content, and it's just very natural for them to start to appreciate this high-quality content that Bilibili has to offer.

We also have that user mindshare, we are seeing that our high-quality content is attracting more and more user onto our platform. On top of that, our user age is come to 26 and 27.

As they move into their next stage of life, content consumption will continue to evolve, and their purchasing power will grow as well. For us, that represents a long-term structural opportunity for growth.

就说到那个就未来的一个就竞争中的一个策略啊，我觉得我最关注的是两件事。第一个呢就是保持和强化B站优质内容的心智。我认为这个还是非常重要的，因为这个无论对于我们的用户还是对于我们的这个创作者，只要我们这个心智在那个不断地强化，我就觉得会有越来越多的创作者和用户会来到我们这里。然后第二个呢就是我觉得是要让我们的这个UP主，然后在平台上有更好的发展，有更长的生命周期，有更多的商业回报。那个我觉得更长的生命周期这点，我觉得我们是做得不错的。现在B站大量的UP主吧，都是5年、10年的这个，然后就他们在我们这5年、10年之后，他仍然是那个非常旺盛地在创作，他的粉丝也越积越多。在商业回报这块，我们的这个2025年有超过300万的这个UP主，然后在B站获得收入。然后而且人均收入跟去年同比增是21%。从那个粉丝增长方面的话，我们万粉、十万粉、百万粉的UP主啊，在今年的这个这个人数比去年的同比增長是20%。所以的话我觉得就是我刚才说的这两件事吧，那个我觉得这两件事做好了，我们应该在竞争当中就会永远是主动的一方。

When it comes to competition, we'll focus on two things. First, we'll stay very clear about our positioning around high-quality content and make sure the platform continues to be the place for deeper expression and an interest-based, high-quality content community.

Secondly is that we'll be focusing on our creators, make sure this is a platform for their long-term creation as well as improved monetization potentials. In terms of their creation period, we are quite happy with the results what we have seen now.

We have a large number of content creators who's been creating content on our platform for 5 to 10 years, and they continue to gain followers and creating lasting values on the platform. On the monetization-wise, we continue to cultivate more avenues for content creators to make more money.

In the last year, in 2025, there are about 3 million of content creators received income on our platform, and their average income also grew by 21% year-over-year. On top of that, the number of content creators with 10,000 followers, 100,000 followers, 1 million followers, they all grew over 20% year-over-year.

Those two factors combined will position us very well in this competitive landscape and continue to thrive. Thank you, Operator.

Next question, please.

哎，感谢管理层接受我的提问，恭喜公司四季度广告收入超预期的增长。那我的问题也是关于广告的，想请教管理层四季度是哪些行业或者广告产品驱动了这一成绩？那我们也有注意到近期各大AI应用有加大宣传广告的一个力度，那B站如何看待这一趋势对于我们广告业务的利好？以及应该如何展望一季度和全年2026年全年的一个广告增长？谢谢。And thanks management for taking my question, and congratulations on the strong advertising growth in the fourth quarter. My question is also about advertising.

Could management share which industries and ad products were the main drivers behind the strong performance in Q4? We have also noticed that many AI applications have been ramping up their marketing spending recently.

How does management see this trend benefiting your advertising business? Could management also provide some color on the advertising growth outlook for the first quarter and the full year of 2026?

Thank you. 第四季度跟2025年全年的广告业务其实发展还是符合我们内部预期的。就全年在每个季度实现了还是加速的增长，从第一个季度我们看到是同比增長20%，到Q4同比增長27%。

The performance of our advertising business in fourth quarter and for the full year 2025 was in line with our internal expectations. Growth actually accelerated quarter by quarter throughout the year, from 20% year-on-year growth in the first quarter to 27% year-on-year growth in the fourth quarter.

在整个广告预算市场的占有率也是持续的提升的。这个结果呢，应该是B站的用户价值得到了进一步的提升，同时也可以体现出来和商业化效率提升的共同结果。

We continued to gain larger share of overall ad budgets. The results reflect both rising value of our user base as well as the continuous improvement in our monetization efficiency.

简单地看一下Q4我们在超出市场预期的这些驱动力吧。第一点是潜力的库存还是得到一定的释放的。可能在大多数人人认为其实在广告收入来说核心还是在feed流的主场景，但是在此以外，我们在Q4在搜索、PC、大屏、以及小程序等场景都实现了超过60%以上的增长，还有部分的场景是超过200%的。

Look at the drivers behind our stronger-than-market-expectation performance in Q4. First, we credit that to the untapped ad inventory within our multi-screen and multi-consumption products.

We continued to release more ad inventories on top of the feed scenarios. Areas such as search, PC, and OTT, they all grew more than 60% year-over-year, and for some certain scenarios, they even grew over 200% year-over-year in terms of ad consumption.

第二个呢我们看到广告的效率还是持续提升的，体现在其实AIGC跟广告素材一些结合，例如深转的进一步的体现，包括我们用AI实现的自动化投放系统，包括我们在看到的首广告推荐效率的精准度的变化，效率得到了进一步的提升。

Secondly is that we continued to improve our ad efficiency. This was mainly driven by the integration of AIGC tools with ad creative campaign, deeper conversion penetration, and our AI-backed ad delivery system.

All combined together is helping us to improve the overall ad efficiency and recommendation efficiency.

第三个在行业也可以看一下，就除了我们比较擅长的包括优势的领域网服、数码家电、电商等，在Q4也实现了像AI应用的繁荣带给我们的收入增量，以及闪购大战带给我们的收入增量。除此以外的话，其实在整个教育培训行业、汽车行业、家装跟家居也有双位数的一个增速。 Thirdly,

looking at the industry contribution, in addition to our strong verticals like internet services, digital products and home appliances, and e-commerce, we are benefiting from the AI application competition as well as the rapid growth of instant retail in the fourth quarter. At the same time, we're also seeing strong growth from education sector, automotive sector, and home and furnishing sector.

They all delivered a double-digit growth.

刚才提到AI就是任何行业繁荣或者竞争突然间加剧，其实短期都会导致广告预算的一个剧增。那AI行业其实也是一样的，所以我们在Q4看到AI的这个广告主的预算在变化。但中长期来看的话，就AI这个行业跟其他的广告预算不一样的点是，在中长期还是会我们判断还是会面临大洗牌以及预算的重新分配的。我觉得无论是短期还是中长期，对于B站都是个比较大的利好。

Whenever an industry goes through a boom or sees an intensified competition, it usually leads to a surge in advertising budget in the short term, and AI sector is no exception. What we see different here is, over long term, we also see opportunities when the industry goes through reshuffling and reallocation of budgets.

There's still very long way ahead in both short-term and long-term in terms of the budget gains for us in the AI industry.

所以今天我也就简单地说一下短期带给我们的一些变化。AI行业对于B站的广告预算肯定是新增的，这个毋庸置疑的。就包括AI应用、大模型、AI工具集中加大了投放，也会成为各个平台就广告业务的确定的增长点。但是呢，就B站是AI广告就相对于别的平台更天然优质的场景。包括什么？因为年轻的用户的科技属性其实更强，对AI的接受度也很高，B站就是一个优质内容集中、一个兴趣的社区。所以因此在B站上投放广告可以样这个预算转化为用户的消费心智，品效的转化都会优于纯流量型的平台。

Let's just focus on the short-term impact for the AI sector now. For sure, the AI sector is bringing incremental ad budgets to Bilibili.

Companies in area like AI applications, large language models, and AI tools are all significantly increasing their ad budget spending, and this is becoming a clear growth driver for advertising platforms including Bilibili and other platform. At the same time, Bilibili is a very natural fit for AI advertisers.

This goes to our young and highly tech-savvy user base with a strong openness to embrace new AI applications, new AI knowledges. The platform itself is because it's an interest-based community centered around high-quality content, the advertising on Bilibili is more likely to translate from the spending into real user mindshare.

Also when it comes to the branding and performance outcome delivers much stronger results compared to pure traffic play.

之后的话说一下就是对于Q1以及全年的我们的预期。就市场的环境现在已经是存量的竞争，就毋庸置疑的。就客户对于效果跟效率要求也在不断地提高，这个也是大家能看到。但是我们可能看到另外一个趋势是，广告主将会越来越关注投放后的转化的质量，而不单是追求数量，而不仅仅是追求我们所谓的曝光的规模。这也正正是B站可以带给客户的。

When it comes to the Q1 and to 2026 outlook, what we have witnessed is that the overall market environment is still very much about competing for the existing market shares, and the advertisers are becoming more demanding when it comes to performance and efficiency. At the same time, what we're seeing is that advertiser are paying more attention to the quality of conversion after the delivery, not just the scale of the number of exposures.

That's where Bilibili can deliver real value for our clients.

那B站的用户现在平均年纪是26到27岁嘛，就正处于消费能力跟决策能力快速上升的阶段。这也不单只是我们就是关注的用户群体，同时他们也是广告主最希望获取的一个消费力。

Our users are on an average around 26 to 27 years old, which is the stage both of their purchasing power and the decision-making influence is rising rapidly. This is the exact kind of consumer bracket that all advertisers are eager to reach.

另外我们可以关注到就B站是一个优质视频内容社区，刚睿总也反复提到。那再加上AI的一个进化的过程，会比我们想象来得更快。所以我们一直坚持的会就好的内容也是能做成很好的广告，很好的广告也同时可以是很优质的内容。那由于AI的进化，我们是预判在B站上会更快速地实现规模化能看到这些很好的内容跟很好的广告的。

As our CEO mentioned, Bilibili is a community built around high-quality video content. As AI technology continues to evolve, the line between good content and good advertisement will blurred.

That is to say, good ads can feel like a good content, and good content can also function very well as effective ads. We believe this model can scale up very quickly on Bilibili.

之后的话你会发现过去两到三年，我们的广告产品跟算法能力已经逐步有提升，应该已达到了行业的中上水平。因为是中上，所以在未来我们应该还有很大的提升空间跟潜力。 Over the past 2 to 3 years, our advertising products and algorithm capabilities has already reached a very solid mid-to-high, upper-level compared to the overall industry.

We still see quite significant rooms for further improvement going forward.

所以综上在2026年，包括已经很就是很快结束的Q1，我们也可以对这个广告的这个增长还是充满信心的，同时也有信心在提升这个进一步提升广告预算在市场的份额。谢谢。

As for the growth outlook for Q1 and full year of 2026, we remain confident about continuous growth and further expansion in terms of market share. Thank you.

Operator, next question, please.

你好，谢谢管理层给我这个提问的机会。我的问题是关于游戏的。我想请教一下就是公司的这个独代游戏《三国：谋定天下》三谋已经稳定运行了也超过一年半的时间，然后我们自研的这边的《逃离鸭科夫》在去年也是行业里面的一个一个黑马。所以我想请教一下管理层能不能展望一下这个2026年整个对游戏业务的一些思考？三谋的话在这个26年的运营的重点是怎么样？然后最近的一些最新的流水趋势能不能分享一下？另外一个就是一些新的游戏，比如说这个《三国：百将牌》，还有这个《闪耀吧！鲁咪》，这个游戏能不能也分享一下最新的一些一些一些看法？I'll translate myself. The company's key game title, Sanmou, has been operating steadily for 1 and 1/2 years.

We saw last year the self-developed game Escape from Duckov has got a lot of attractions among users, gamers last year. Can management share some high-level strategic thoughts on game business into 2026?

What will be the operational focus for Sanmou, and any recent colors on the any color on the recent grossing trend for that game? For game pipelines, can you share a little bit more about thoughts and expectations for, for example, Three Kingdoms: N Cards and Lumi Master?

Thank you.

关于三谋我之前一直说我最重视的就是长线运营，所以的话就是在2026年那个我对三谋的期望就是两句话吧。第一个呢就是长线运营，第二个呢就是保持在SLG行业头部产品的位置。

For Sanmou, our strategy is very clear: we'll focusing on its long life cycle of this game, and secondly is to make this game continue to be the top among the strategy game genre.

因为SLG的模式本身就是适合做长线的，所以的话那个对于我们来说，那个我们会 在2026年更重视就是在比如说赛季运营方面剧本的推陈出新，然后用好的内容来驱动现有的用户不断活跃，也驱动过去的用户能够持续回流。

Naturally, strategy game is very suitable for a long-term operation. That we have planned for this year for this game is to focus on the iteration of different game seasons and focus on the gameplay and different storylines of different seasons to make sure that our gamers have brand-new and interesting gaming experience when they are playing this game.

同时的话我们也会很重视建设我们游戏的生态，然后强化我们的社区，增强玩家的参与感和讨论度，然后来保持我们的这个用户对于玩家心智的这么一个吸引力。 At the same time, we'll organize a more structured brand and community activities around the key moments to encourage players' participation and the discussion to further strengthen the user mindshare of a community sense of by playing this game.

就是2026年我们因为增加了三谋的这个海外市场嘛，所以的话我们也会这个就是在做做好国内的那个基础上也会同时做好海外。我们1月份港澳台是已经上线了，然后接下来的话我们会那个推进到韩国以及亚洲的其他地方。

While maintaining a robust Chinese fan base, we will continue to expand this IP's influence on a global scale. In January, we already launched this game in the Hong Kong, Macau, Taiwan region, and we do plan to further push this IP into Korea and Japan market and other Asian market to further expand influence and the power of the IP.

然后这里也说一下鸭科夫，因为那个鸭科夫在PC单机上应该是已经获得了成功，所以的话我们现在是会把它移植到这个主机游戏上。同时的话我们也在开发这个鸭科夫的这个手游版本，然后这两块目前的工作的进展都还是挺顺利的。我觉得鸭科夫它是有可能成为一个国内游戏的知名IP的，在这一块就它未来的潜力我们会持续挖掘。

As for Escape from Duckov, we are very encouraged by the results they deliver on the PC front, and we're already on the process of converting this game on a console version. At the same time, we're exploring more possibility of this IP on the mobile devices, and we believe this IP has the potential to become a very influential game overall in the China's gamer market.

也说一下刚才你问到的两个新游戏。第一个呢是《三国：百将牌》，就它在品类上属于是一款轻竞技的游戏，非常的轻松，也非常好玩，然后一把就3分钟，然后非常适合碎片化时间消费。 In terms of the pipeline, N Cards is designed to be a lightweight strategy competitive game.

It's very fun, it's very light. It's a 3 minutes per round type of poker game.

It designed very well to fit into this short, fragmented play sessions. 这个游戏应该是我们品类年轻化战略的一个产物吧，它的目标就是年轻用户。它的玩法的创新也是就全球首创吧，就是把这个英雄技能和这个这个牌类的这个规则做了一个融合。从我们目前的测试来看，年轻用户确实挺喜欢的。

The game is a result of our strategy of reinventing games for young generation. We have created this one-of-a-kind gameplay that combines casual poker with a unique card hero system.

This fits this generation's game preferences and their demand for casual, but different game experience. As a result of our beta testing, we've also discovered this game has been widely accepted and welcomed by the young generation.

因为它是一个很创新的玩法，所以的话我们现在团队目前都是会沉下心来去打磨游戏的一个品质吧。我们目前是已经做了两轮测试，我们计划在3月份再做一轮这个付费测试，然后计划年中上线。

Because this is a very innovative game, our team has spent a lot of time and focusing on polish game to its best quality. We've already conducted two rounds of beta testing.

We plan to conduct another round of paid beta testing in March this year, and we do plan to officially roll out this game around mid this year.

我们希望它能够成为一个大DAU的一个产品，当然我们会很有耐心地去实现这个目标。

Our goal is to, through long-term operation, make this game as large DAU as possible, and at the same time, we'll be very patient about the process. 《闪耀吧！鲁咪》是我们的 一款自研的游戏，它是一个休闲风格的捉宠游戏。

Lumi Master is a self-developed game. The game is very casual, cozy style with a simulation game element and a pet nurturing and catching element of gameplay.

它也是我们这个品类年轻化战略的一个产物吧，它是融合了宠物养成和模拟经营，也是很新的一种玩法。 This is another product of our game strategy of reinventing games for the new generation of gamers.

This game combines essential gameplay of both pet nurturing and as well as simulation. It's also very one of a kind and unique gameplay.

这游戏我们在去年年底就拿到了版号，我们计划是在今年的Q2开启付费测试，并且在今年内全球发行。

For this game, we're already obtained approval end of last year, and we do plan to launch our paid beta testing in the second quarter and to officially launch this game globally within this year.

2026年呢我觉得就是我们游戏应该就是叫两手抓吧，一手的话就是我不断强调的长线运营，因为我一直认为在目前游戏行业就红利越来越少的情况下，只有长线运营才能把业务做得更扎实。现在我们就是代理游戏基本上应该是有七成的收入应该是来自于我们长线运营的产品，就包括我们的三谋、我们的FGO和我们的碧蓝，这个也让我们的游戏的业绩其实是会比较稳固的。

As we look into 2026, they are two areas we'll be focusing on. One is long-term operation.

As I mentioned before, this is competition within the existing market, and a long-term operation will provide a solid foundation for our game business. Currently, we have about 70% of the game revenue comes from our long-term operating games, including Sanmou, FGO, and Azur Lane, and this provides a very stable income inflow for the game business.

除了那个长线运营之外，就是我重视的第二个词就是垂类头部。那个我们接下来就是所有无论是自研的立项还是我们的这个代理的新的项目，我都强调就一定得是 一个垂类的头部，要么是第一名，要么是做第一个，就是要作我们自己定义的这个这个产品。这一块就是我们增量的来源吧，就是我们未来游戏增量的来源。其实大家可以看到就是无论从这个从其实无论是从三谋还是包括百将牌，包括鸭科夫，包括鲁咪，包括我们后面要做的游戏，就都会贯彻这个思想，就是它一定还是在立项的时候就是一个面向未来的一个立项。 On the other hand, we will continue to explore new projects with its genre-defining potential.

Our principle is either to be number one in this genre or be the first of its kind in this genre. This will be our incremental game revenue contribution source.

This is guiding the projects such as N Cards, Lumi, and many other games in our pipeline. We are quite confident about this strategy will guide us to a even brighter future.

我觉得B站做游戏的优势就是我们是离中国年轻玩家最近的一个平台，就是我们是最能够看懂中国年轻玩家他喜欢玩什么的一个平台。同时的话就是我们公司又有做优质内容的共识和耐心，所以就是这两点结合起来，我们就一定能够持续做出年轻人喜欢的游戏。

The biggest advantage of Bilibili in game business is that we are the platform that is staying the closest to the young gamers in China. At the same time, the company has the commitment and the gene in focusing around high-quality content.

We have the consensus and have the patience. Those two factor combined will eventually help us to find and develop the best games that we can offer.

That concludes this question. Next question, please, Operator.

谢谢管理层接受我的提问，也恭喜我们非常好的Q4业绩。我的问题是关于AI。那近期AI视频创作模型不断迭代，也让视频创作内容变得越来越容易。想请问管理层目前这个AI发展对B站带来了怎样的机遇和挑战？2026年B站在AI上最重要的投入方向是什么？Thank you, management, for taking my question, and congratulations on the strong Q4 results. My question is on AI.

We notice that there is a continuous development in video GenAI, which has made creating video contents more and more easy. How do management see your opportunities and challenges from the recent development in video GenAI?

Looking ahead into 2026, what are your key investment priorities around AI? Thank you.

AI带给B站的肯定还是一个利好，因为别的平台就是短内容其实已经挺过剩了。就是因为AI的这个本质的作用是能够提高产能嘛，提高创作效率。因为短内容很过剩的情况下，你再提高创作效率其实作用也不明显。但是B站的优质内容它其实产能是缺乏的，如果能够提高优质内容的一个创作效率，那无论对于我们的UP主还是对于我们的用户都是个利好。尤其是那个好的UP主是稀缺的，如果能够让好的UP主做视频的这个效率提升，让他做视频的速度变快，那对于B站来说那是那是个大好事。所以的话我们对于这一波AI我们的态度就是非常积极地去利用AI来赋能我们的创作者。

The essence of AI creation tools is about improving the productivity of high-quality content. Compare with short-form, vertical content, which is already oversupplied, the benefit of creating even more short content is limited.

On the contrary, where Bilibili is standing for is the long-form, high-quality content, where AI is essentially helping a small number of high-quality talented content creator to create high-quality content at much faster pace. That essentially is increasing the supply of what is known for scarce of the quality content.

It's fundamentally benefiting our platform in terms of empowering talented content creators to create more high-quality content.

所以我很高兴地看到B站其实现在应该是行业里面优质AI内容创作就是最丰富也最好的一个平台吧。比如像我们的音乐这个品类，然后我们可以看到就是现在有很多的好的音乐的这种视频它是借助AI去产生的。因为以前音乐这一块它的这个产能是有限的，因为它对于UP主的要求比较高，你要做原创音乐。但是现在呢就是只要你有好的审美和创意，即使你不是那么的在音乐方面很专业，你也能够做出很好的音乐的视频。这个是让我们就音乐这块优质的内容增长很快，包括鬼畜，就以前做鬼畜就是还是很麻烦的，但是现在的话就也是一样，就只要你有好的审美和创意，做鬼畜比过去要容易很多。所以我们可以看到就是Q4包括全年，就是AI辅助生产的优质内容在我们这量增长的非常快，然后观看时长是提升了就跟去年跟前年相比是提升了100倍。

We are already starting to see early signs of how AI creation tool is helping us to improve the supply of high-quality content. AI music is a perfect example.

With the help of AI music tools, even music lover without formal training can turn their good ideas into professional-quality music works. The same thing goes with category such as autotune remix.

In the past, it's very hard to produce a good autotune remix video, but now with a good sense of humor and creativity, this is helping our creators to produce high-quality content at much faster pace. We've seen this on the video views and video watch time growth within the help of AI's content creation tools.

Those contents' watch time and video views is growing multiple folds year-over-year in the fourth quarter.

说一下那个就是在AI这块具体我们会做投入的几个点吧。第一个呢就是那个增强型的内容理解。其实过去像B站这样的就是以中长优质内容为主的平台，就是它要精确地去匹配用户这个意图在过去其实是比较困难的。但是因为现在AI技术的一个提升，就是AI对于内容理解能力的一个增强，其实让我们更容易去匹配用户喜欢的一个内容。而且的话，那个我们对内容的理解越深，我们也越早地去发现优质内容。这个其实对于B站的这个能力来说还是非常重要的。我们可以看到就是在Q3、Q4我们用增的一个就是速度明显比以前加快，其实它与我们对优质内容的理解能力的变强是有直接关系的。

I'll talk about a few points that we will enhance our investment on how AI is helping our community. Is leveraging the large language model to enhance our ability to understand the content and user intent, especially for platform like Bilibili that offers a very long-form, high-quality content.

In the past, it's very difficult to truly comprehend the full meaning of that content and match it with the right users. Now, we leveraging the AI capability, we can truly understand the meaning, to comprehend the high-quality content, and better understand our user at the same time.

This is also helping us to identify high-quality content at much earlier stage and push it to more people. If you look at the Q3 and Q4 user metrics, the AI comprehension of context is truly helping us to drive the user engagement, drive the user growth.

That's the area we'll be focusing on, that's one.

刚才Carly也提到了在商业广告方面AI的这个赋能，这个其实也是一样的，就是如何能够让我们的内容和广告能够有更好的结合，这个也是能够直接对我们的这个就是平台是起到一个非常重要作用的。

As Carly mentioned earlier, AI is also helping us to better match the advertisement with the right user. This has been done through the content comprehension, at the same time, understand our users' needs and their desire and need on the platform to better match the right advertisement with the right users.

还有一个非常重要的一个领域是AI的辅助创作。这一块我们在去年其实是做了一些尝试，我们认为在今年应该是到了能够直接对创作者的这个创作起到提效的一个一个作用的一个阶段吧。我们今年应该会正式地去launch我们的AI辅助创作的一个工具，这个是能够帮助我们的创作者提高他们的这个创作效率。

Secondly is on AIGC tools that helps content creators to create content more efficiently. We have already launched few products, but this year will be upgrading that AIGC tools to really enhance the productivity of creating videos leveraging this tools.

We believe this will be a big efficiency stepping up for our content supply and for the overall content creation process.

包括用AI来做视频的一个翻译，因为他翻译的不仅是就是文字、语言，它还会翻译就是把声音跟那个口型也能实现一个非常完美的一个翻译。而且就是以现在就是我们对这个AI能力的这么一个挖掘，基本上我们可以认为主流的语言是可以翻译得非常地道的，这个也能够帮助我们的UP主就是把他们的内容传到更多的国家去。

That AIGC tool also includes the translation function. It's not just pure a subtitle translation, it's a very native translation of the context of the meaning, as well as lip-syncing and also the creator's voice.

We believe we already mastered the ability to translate Bilibili content into all the mainstream languages across the world. This will help our content creators to bring their high-quality content to a global stage.

经过我们内部的这个尝试吧，我现在还是非常确定就是AI能够去提升我们的创作者的一个产能，以及提升我们平台的一个效率。所以的话就是我们还是会在我们业务能够产生收益的点上我们去做这个AI的一个投入，我们也能够很快地去看到这些投入的一个效果。

Based on what we have done and observed, we will be focusing on those two area: one is improving the productivity of our content creator, and number two is improve the recommendation efficiency to better understanding our content and our users' needs. Our investment focus will be strictly aligned into those two areas that we believe in a longer term will generating much larger value for our overall ecosystem.

That concludes this question. Operator, next question, please.

哎，谢谢管理层接受我的提问。首先恭喜公司实现全年GAAP盈利。然后我们的问题是关于财务的，就我们也注意到四季度调整后的一个运营利润率做到了10.1%，然后离我们中长期指引的一个15%到20%又接近了一步吧。然后我们如何展望2026年的收入跟利润的一个变化？然后中长期咱们的目标是否有更新？谢谢。So thanks for taking my question. First, congrats on your whole year GAAP profitability.

The question is regarding financials. We note 4Q last year adjusted operating margin has reached 10.1%, a step closer to our medium-term guidance of 15% to 20%.

How should we think about revenue and profitability outlook in 2026? Additionally, do we have any update on the medium- to long-term target?

Thank you.

Thank you. I will take this question.

Looking ahead to 2026, we remain confident in the continued growth of our community. At the same time, we will keep improving our monetization efficiency and more effectively translate this growth in high-quality user to the commercial value.

Among our business, advertising is where we see the clearest growth opportunity. Our operating leverage will also continue to come through.

We expect gross profit will improve slightly quarter-over-quarter in the first quarter, and our adjusted operating margin should continue to improve year-over-year in Q1. We are steadily progressing toward our mid- to long-term target, that's 40% to 45% of gross profit margin and 15% to 20% of adjusted operating margin.

At the same time, in 2026, as mentioned by Rui, we will modestly increase our investment in AI and reinvest partial of our incremental profits into AI applications that are closely aligned with our core business. This investment will help us further improve the supply of high-quality content, drive the user growth, and enhance the monetization efficiency, ultimately will delivering strong returns over the long term.

Thank you for your question.

Thank you. Operator, that concludes all the Q&A session.