“`json
[
{
“Analyst name and firm name”: “Lincoln Kong from Goldman Sachs”,
“The question”: “Regarding content, what are the specific plans this year to enhance quality content? Also, what is the progress on AI applications?”,
“The response”: “Bilibili aims to focus on high-quality content which stands out amidst a plethora of content, especially short videos. Users are engaging more with premium quality content as they seek fulfillment. Data shows an increase in average daily user time and monthly paying users. Bilibili plans to promote quality content and support top content creators with better monetization avenues. The potential of AI lies in leveraging Bilibili’s rich video content repository for training AI models and maintaining a unique position in AI innovation and commercialization.”
},
{
“Analyst name and firm name”: “Shui Qing Zhang from CICC”,
“The question”: “What is the performance of SEMMO in series six and seven? What are your expectations for the new anniversary version? What is the outlook for the game business growth in the second half of the year?”,
“The response”: “The key goal for SEMMO is sustainable long-term operation, aiming for a lifespan of at least five years, with a focus on user retention. SEMMO’s DAU reached new records in 2025, and strategies include marketing campaigns and new versions to maintain interest. New releases include an anniversary edition and plans for international expansion and multiple devices. Maintaining legacy titles like Azure Lane and FGO is crucial, with anniversaries likely boosting engagement. New games in the pipeline await approval, with an ongoing exploration of novel game genres.”
},
{
“Analyst name and firm name”: “Yuwen Zhang from China Renaissance”,
“The question”: “Regarding the advertising business, what were the drivers behind the 20% growth, and what is the outlook for ad growth this year?”,
“The response”: “Bilibili’s advertising business grew driven by high-value users and strong association with quality content, leading to an increase in ad revenue per DAU. Growth is supported by a robust ad infrastructure with enhancements in AI tools increasing efficiency. AI-assisted tools are employed to create compelling ad content, and new formats are being introduced. Key verticals include gaming, home appliances, and AI, attracting significant ad revenue. For the remainder of the year, Bilibili expects continued growth above industry average, supported by user value and content quality.”
},
{
“Analyst name and firm name”: “Felix Liu from UBS”,
“The question”: “Can management share the outlook on margin trends for the rest of the year? What are your midterm GP and profit margin targets?”,
“The response”: “Bilibili expects continued improvement in gross and net margins throughout 2025, with a long-term GP margin target of 40%-45%. The 2025 plan includes controlling R&D and G&A expenses and sustaining marketing expenses based on game promotion. The long-term operating margin target remains at 15%-20%, driven by increasing revenues in high-margin areas like gaming and advertising, and efficiency in fixed costs as a proportion of revenue.”
}
]
“`