Shanghai, Feb. 25, 2024 /PRNewswire/ -- China's leading venture capital firm Qiming Venture Partners announced its recent signing of the United Nations-supported Principles for Responsible Investment (PRI). By signing the PRI, Qiming has joined an international network of over 5,000 signatories that share a mission to shape a global sustainable financial system that ensures growth for investors, enterprises, environment, and the wider society. "The signing is a testimony to our commitment to Environmental, ...

SHANGHAI, China, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Bilibili Inc. ("Bilibili" or the "Company") (NASDAQ:BILI), an iconic brand and a leading video community for young generations in China, today announced that it is notifying holders of its 1.375% Convertible Senior Notes due 2026 (CUSIP No. 090040AB2) (the "Notes") that, pursuant to the Indenture dated as of April 5, 2019 (the "Indenture") relating to the Notes by and between the Company and Deutsche Bank Trust Company Americas, as trustee, each holder has ...

Group 1: US Stock Market Performance - The three major US stock indices experienced slight gains, with the Dow Jones up 0.37%, S&P 500 up 0.23%, and Nasdaq up 0.07% [1] - Popular Chinese concept stocks surged, with the Nasdaq Golden Dragon China Index rising nearly 6%, marking its largest single-day gain in over six months [1] - Major tech stocks showed mixed results, with Tesla rebounding over 2% and Apple continuing its two-day rise after launching Vision Pro, while Netflix and Meta fell over 1% [1] Group 2: Company-Specific Developments - Palantir's stock surged 30.8% following a strong earnings report driven by robust demand for its AI products, marking the company's first profitable year [1] - WeWork's founder Adam Neumann is attempting to buy back the company after its bankruptcy filing last November, with his new real estate firm Flow Global seeking to acquire WeWork or its assets [3][4] - WeWork may be forced to accept new bankruptcy loans due to slower-than-expected progress in rent negotiations [4] Group 3: Economic Policy Insights - Cleveland Fed President Mester expressed a willingness to consider three interest rate cuts this year if the US economy performs as expected, while remaining cautious about inflation uncertainties [2] - Mester noted that the current strong labor market and spending data provide the Fed with the flexibility to maintain interest rates at current levels [2]

The industry is witnessing a mixed bag of fortunes in the dynamic world of online streaming. Though industry bellwethers such as Netflix continue to shine, its competition is struggling, with many of them evolving into streaming stocks to sell. Moreover, certain streaming platforms are struggling remarkably in terms of their financials, with gross margins and revenue growth falling short of industry averages. This is a telling sign of underlying operational inefficiencies and a challenging market environmen ...

Group 1 - Proposed gaming regulations in China are expected to impact smaller developers more significantly than larger ones, while also leading to a reduction in overall online advertising revenue [1][2] - Online games are estimated to account for approximately 20% of the online advertising industry's revenue, indicating a direct correlation between gaming revenue and ad revenue [1] - Major game developers, such as NetEase, Tencent, and Bilibili, derive a substantial portion of their revenue from gaming, with NetEase being heavily reliant on this segment [1] Group 2 - The National Press and Publication Administration has recently approved over 100 new domestic games and 40 imported games, suggesting ongoing regulatory activity in the gaming sector [2] - Incentives for daily sign-ins and initial in-app purchases are common strategies used by online games to enhance user engagement and collect valuable user data [2] - The financial impact of the proposed regulations remains uncertain, particularly regarding whether they will apply to new games only or also to existing titles [2][3]

Investor Presentation November 2023 ...

Bilibili Inc. (NASDAQ:BILI) Q3 2023 Earnings Conference Call November 29, 2023 7:00 AM ET Company Participants Juliet Yang - Executive Director-Investor Relations Rui Chen - Chairman of the Board of Directors & Chief Executive Officer Sam Fan - Chief Financial Officer Conference Call Participants Zhang Xueqing - CICC Fang Wei - Mizuho Felix Liu - UBS Zhang Lei - Bank of America Operator Good day, and welcome to the Bilibili Third Quarter 2023 Financial Results and Business Update Conference Call. Today's co ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 Bilibili Inc. 嗶哩嗶哩股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9626） 內 幕 消 息 2023 年 第 三 季 度 未 經 審 計 的 財 務 業 績 公 告 本公司欣然宣佈其根據美國證券交易委員會（「美國證交會」）的適用規則刊發的截至2023 年9月30日止第三季度未經審計財務業績（「第三季度業績」）。 本公告隨附的附表一為本公司於2023年11月29日（美國東部時間）刊發的有關第三季度業 績的新聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 本公告載有前瞻性陳述。該等陳述乃根據1995年《美國私人證券訴訟改革法》中的「安全 港」條文作出。該等前瞻性陳述可從所用詞彙如「將」、「預期」、「預計」、「旨在」、「未 來」、「擬」、「計劃」、「相信」、「估計」、「有信心」、「潛在」、「繼續」或其他類似陳述加 以識別。其中，本公告內的展望和引述管理層 ...

[Executive Summary](index=1&type=section&id=1.%20Executive%20Summary) [Third Quarter 2023 Highlights](index=1&type=section&id=1.1%20Third%20Quarter%202023%20Highlights) Bilibili reported flat total net revenues year-over-year but significant improvements in gross profit and a narrowing of net loss and adjusted net loss, with strong user growth as DAUs surpassed 100 million | Metric | Q3 2023 (RMB) | YoY Change | | :----- | :------------ | :--------- | | Total Net Revenues | 5.8 billion | Flat | | Advertising Revenues | 1.6 billion | +21% | | Gross Profit | 1.5 billion | +38% | | Gross Profit Margin | 25.0% | vs 18.2% in Q3 2022 | | Net Loss | 1.3 billion | Narrowed by 22% | | Adjusted Net Loss | 863.5 million | Narrowed by 51% | | Average Daily Active Users (DAUs) | 102.8 million | +14% | [Management Commentary](index=1&type=section&id=1.2%20Management%20Commentary) CEO Rui Chen highlighted strong user growth and engagement, with DAUs exceeding 100 million and average daily time spent reaching a historical high of 100 minutes, while CFO Sam Fan emphasized improved gross profit margin, controlled operating expenses, and positive operating cash flow, signaling a positive operational cycle - DAUs surpassed **100 million**, a **14% YoY increase**[3](index=3&type=chunk) - Users' average daily time spent reached a historical high of **100 minutes**, boosting total user time spent by **19% year-over-year**[3](index=3&type=chunk) - Advertising and value-added services revenues increased by **21%** and **17% year-over-year**, respectively, driven by enhanced commercialization efficiency[3](index=3&type=chunk) - Gross profit margin improved from **18% to 25% year-over-year**, with gross profit growing by **38%**[3](index=3&type=chunk) - Total operating expenses decreased by **12% year-over-year**, and adjusted net loss narrowed by **51% year-over-year**[3](index=3&type=chunk) - Operating cash flow turned **positive in Q3**, indicating a positive operational cycle[3](index=3&type=chunk) [Third Quarter 2023 Financial Results](index=1&type=section&id=2.%20Third%20Quarter%202023%20Financial%20Results) [Total Net Revenues](index=1&type=section&id=2.1%20Total%20Net%20Revenues) Total net revenues for Q3 2023 were RMB5.8 billion (US$795.7 million), remaining flat compared to the same period in 2022 | Metric | Q3 2023 (RMB) | Q3 2022 (RMB) | YoY Change | | :----- | :------------ | :------------ | :--------- | | Total Net Revenues | 5.8 billion | 5.79 billion | Flat | [Revenue by Segment](index=1&type=section&id=2.2%20Revenue%20by%20Segment) Value-added services and advertising revenues showed strong growth, increasing by 17% and 21% respectively, while mobile games and IP derivatives revenues experienced declines, with mobile games down 33% YoY due to a high base and new game performance [Value-added Services (VAS)](index=1&type=section&id=2.2.1%20Value-added%20Services%20%28VAS%29) | Metric | Q3 2023 (RMB) | Q3 2022 (RMB) | YoY Change | | :----- | :------------ | :------------ | :--------- | | VAS Revenues | 2.6 billion | 2.21 billion | +17% | [Advertising](index=1&type=section&id=2.2.2%20Advertising) | Metric | Q3 2023 (RMB) | Q3 2022 (RMB) | YoY Change | | :----- | :------------ | :------------ | :--------- | | Advertising Revenues | 1.6 billion | 1.35 billion | +21% | [Mobile Games](index=2&type=section&id=2.2.3%20Mobile%20Games) | Metric | Q3 2023 (RMB) | Q3 2022 (RMB) | YoY Change | QoQ Change | | :----- | :------------ | :------------ | :--------- | :--------- | | Mobile Games Revenues | 991.8 million | 1.47 billion | -33% | +11% | - Year-over-year decrease was mainly due to the high base from the release of Space Hunter 3 in June 2022, as well as lower-than-expected revenues from certain new games in the third quarter of 2023[6](index=6&type=chunk) [IP Derivatives and Others](index=2&type=section&id=2.2.4%20IP%20Derivatives%20and%20Others) | Metric | Q3 2023 (RMB) | Q3 2022 (RMB) | YoY Change | | :----- | :------------ | :------------ | :--------- | | IP Derivatives & Others Revenues | 580.0 million | 757.8 million | -23% | [Cost of Revenues and Gross Profit](index=2&type=section&id=2.3%20Cost%20of%20Revenues%20and%20Gross%20Profit) Cost of revenues decreased by 8% year-over-year due to effective cost control, leading to a 38% increase in gross profit to RMB1.5 billion and an improved gross profit margin of 25.0% | Metric | Q3 2023 (RMB) | Q3 2022 (RMB) | YoY Change | | :----- | :------------ | :------------ | :--------- | | Cost of Revenues | 4.4 billion | 4.74 billion | -8% | | Gross Profit | 1.5 billion | 1.05 billion | +38% | | Gross Profit Margin | 25.0% | 18.2% | +6.8 ppts | - The decrease in cost of revenues was mainly due to lower content costs, server and bandwidth costs, and other costs, led by effective cost control[7](index=7&type=chunk) [Operating Expenses](index=2&type=section&id=2.4%20Operating%20Expenses) Total operating expenses decreased by 12% year-over-year, with reductions across sales and marketing, general and administrative, and research and development expenses, reflecting the company's cost control efforts [Sales and Marketing Expenses](index=2&type=section&id=2.4.1%20Sales%20and%20Marketing%20Expenses) | Metric | Q3 2023 (RMB) | Q3 2022 (RMB) | YoY Change | | :----- | :------------ | :------------ | :--------- | | Sales & Marketing Expenses | 992.3 million | 1.23 billion | -19% | [General and Administrative Expenses](index=2&type=section&id=2.4.2%20General%20and%20Administrative%20Expenses) | Metric | Q3 2023 (RMB) | Q3 2022 (RMB) | YoY Change | | :----- | :------------ | :------------ | :--------- | | G&A Expenses | 499.1 million | 543.4 million | -8% | [Research and Development Expenses](index=2&type=section&id=2.4.3%20Research%20and%20Development%20Expenses) | Metric | Q3 2023 (RMB) | Q3 2022 (RMB) | YoY Change | | :----- | :------------ | :------------ | :--------- | | R&D Expenses | 1.1 billion | 1.13 billion | -6% | [Operating Loss and Net Loss](index=2&type=section&id=2.5%20Operating%20Loss%20and%20Net%20Loss) Loss from operations narrowed by 40% year-over-year to RMB1.1 billion, net loss also narrowed by 22% to RMB1.3 billion, and adjusted net loss significantly narrowed by 51% to RMB863.5 million, reflecting improved operational efficiency and cost control | Metric | Q3 2023 (RMB) | Q3 2022 (RMB) | YoY Change | | :----- | :------------ | :------------ | :--------- | | Loss from Operations | (1.1 billion) | (1.85 billion) | Narrowed by 40% | | Adjusted Loss from Operations | (755.4 million) | (1.55 billion) | Narrowed by 51% | | Net Loss | (1.3 billion) | (1.72 billion) | Narrowed by 22% | | Adjusted Net Loss | (863.5 million) | (1.77 billion) | Narrowed by 51% | [Other Income and Expenses](index=2&type=section&id=2.6%20Other%20Income%20and%20Expenses) The company reported a total investment loss of RMB245.0 million in Q3 2023, a significant change from an income of RMB178.6 million in Q3 2022, primarily due to fair value changes in investments in publicly traded companies | Metric | Q3 2023 (RMB) | Q3 2022 (RMB) | Change | | :----- | :------------ | :------------ | :----- | | Investment Income/(Loss), net | (245.0 million) | 178.6 million | (423.6 million) | | Fair Value Change in Investments | (137.4 million) | 343.0 million | (480.4 million) | [Earnings Per Share (EPS)](index=3&type=section&id=2.7%20Earnings%20Per%20Share%20%28EPS%29) Basic and diluted net loss per share improved to RMB3.26, down from RMB4.34 in Q3 2022, with adjusted basic and diluted net loss per share also improving significantly to RMB2.12 from RMB4.46 | Metric | Q3 2023 (RMB) | Q3 2022 (RMB) | Change | | :----- | :------------ | :------------ | :----- | | Basic & Diluted Net Loss per Share | (3.26) | (4.34) | Improved by 25% | | Adjusted Basic & Diluted Net Loss per Share | (2.12) | (4.46) | Improved by 52% | [Cash and Investments](index=3&type=section&id=2.8%20Cash%20and%20Investments) As of September 30, 2023, Bilibili held RMB14.5 billion (US$2.0 billion) in cash and cash equivalents, time deposits, and short-term investments | Metric | As of Sep 30, 2023 (RMB) | As of Dec 31, 2022 (RMB) | Change | | :----- | :----------------------- | :----------------------- | :----- | | Cash & Cash Equivalents, Time Deposits, Short-term Investments | 14.5 billion | 19.56 billion | -25.9% | [Corporate Financial Activities](index=3&type=section&id=3.%20Corporate%20Financial%20Activities) [Repurchase of Convertible Senior Notes](index=3&type=section&id=3.1%20Repurchase%20of%20Convertible%20Senior%20Notes) In Q3 2023, Bilibili repurchased US$14.5 million (RMB104.0 million) of December 2026 Notes for US$13.0 million (RMB93.3 million) cash, with the aggregate outstanding principal amount of convertible senior notes as of September 30, 2023, being US$861.8 million (RMB6.3 billion) - Repurchased an aggregate principal amount of **US$14.5 million (RMB104.0 million)** December 2026 Notes[13](index=13&type=chunk) - Aggregate cash consideration for the repurchase was **US$13.0 million (RMB93.3 million)**[13](index=13&type=chunk) - As of September 30, 2023, the aggregate outstanding principal amount of April 2026 Notes, 2027 Notes and December 2026 Notes was **US$861.8 million (RMB6.3 billion)**[13](index=13&type=chunk) [Outlook](index=3&type=section&id=4.%20Outlook) For the full year 2023, Bilibili expects total net revenues to be at the low-end of the RMB22.5 billion to RMB23.5 billion range, primarily due to lower-than-expected mobile game revenues - For the full year of 2023, total net revenues are expected to be at the low-end of the **RMB22.5 billion to RMB23.5 billion range**[14](index=14&type=chunk) - The revised outlook is primarily due to lower-than-expected mobile game revenues[14](index=14&type=chunk) [Conference Call Information](index=4&type=section&id=5.%20Conference%20Call%20Information) Bilibili's management will host an earnings conference call on November 29, 2023, at 7:00 AM U.S. Eastern Time, with participants required to register online to receive dial-in numbers and a personal PIN, and a live webcast and replay available on the company's investor relations website - Earnings conference call scheduled for **November 29, 2023, at 7:00 AM U.S. Eastern Time** (8:00 PM Beijing/Hong Kong Time)[15](index=15&type=chunk) - Participants are required to register online in advance to receive dial-in numbers and a personal PIN[15](index=15&type=chunk) - A live webcast and replay will be available on Bilibili's investor relations website (https://ir.bilibili.com/)[15](index=15&type=chunk) [Company Overview](index=4&type=section&id=6.%20Company%20Overview) [About Bilibili Inc.](index=4&type=section&id=6.1%20About%20Bilibili%20Inc.) Bilibili is an iconic brand and a leading video community in China, dedicated to enriching the lives of young generations, offering a wide array of video-based content, fostering a strong community, and pioneering the 'bullet chatting' feature - Bilibili is an iconic brand and a leading video community for young generations in China[16](index=16&type=chunk) - Mission: to enrich the everyday lives of young generations in China[16](index=16&type=chunk) - Value proposition: 'All the Videos You Like'[16](index=16&type=chunk) - Pioneered the 'bullet chatting' feature, a live comment function that transforms user viewing experience[16](index=16&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=7.%20Non-GAAP%20Financial%20Measures) [Use of Non-GAAP Financial Measures](index=4&type=section&id=7.1%20Use%20of%20Non-GAAP%20Financial%20Measures) Bilibili uses non-GAAP measures (adjusted loss from operations, adjusted net loss, adjusted EPS) to evaluate operating results and for decision-making, excluding items like share-based compensation, amortization of acquired intangibles, fair value changes in investments, and organizational optimization expenses, to provide a clearer view of underlying business trends - The Company uses non-GAAP measures (**adjusted loss from operations, adjusted net loss, and adjusted net loss per share**) for evaluating operating results and financial/operational decision-making[17](index=17&type=chunk) - Non-GAAP measures exclude share-based compensation, amortization expense related to intangible assets acquired through business acquisitions, income tax related to acquired intangible assets, gain/loss on fair value change in investments in publicly traded companies, gain/loss on repurchase of convertible senior notes, expenses related to organizational optimization, and termination expenses of certain game projects[17](index=17&type=chunk)[18](index=18&type=chunk) - The purpose is to help identify underlying trends, provide useful information, enhance understanding of past performance and future prospects, and allow for greater visibility into key metrics[17](index=17&type=chunk) [Legal and Supplementary Information](index=5&type=section&id=8.%20Legal%20and%20Supplementary%20Information) [Exchange Rate Information](index=5&type=section&id=8.1%20Exchange%20Rate%20Information) The report translates RMB amounts to US dollars at a rate of RMB7.2960 to US$1.00, based on the exchange rate on September 29, 2023, for convenience only - Translations of RMB amounts into US$ are provided at a rate of **RMB7.2960 to US$1.00**[19](index=19&type=chunk) - The exchange rate is based on **September 29, 2023**, as set forth in the H.10 statistical release of the Federal Reserve Board[19](index=19&type=chunk) - Translations are solely for the convenience of the reader, and the Company makes no representation that amounts could be converted at any particular rate or at all[19](index=19&type=chunk) [Safe Harbor Statement](index=5&type=section&id=8.2%20Safe%20Harbor%20Statement) This section contains forward-looking statements subject to risks and uncertainties, including operational results, financial condition, strategies, user growth, competition, cost management, and regulatory policies, with the company undertaking no duty to update this information - The announcement contains forward-looking statements made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995[20](index=20&type=chunk) - These statements involve inherent risks and uncertainties, and actual results could differ materially due to various factors[20](index=20&type=chunk) - Factors include results of operations, financial condition, strategies, user growth, content quality, competition, cost management, and PRC governmental policies and regulations[20](index=20&type=chunk) - The Company undertakes no duty to update such information, except as required under applicable law[20](index=20&type=chunk) [Investor Relations Contact](index=6&type=section&id=9.%20Investor%20Relations%20Contact) Provides contact information for investor and media inquiries in China and the United States - Contact details for Bilibili Inc. (Juliet Yang) and Piacente Financial Communications (Helen Wu in China, Brandi Piacente in US) are provided for investor and media inquiries[21](index=21&type=chunk) [Unaudited Financial Statements](index=7&type=section&id=10.%20Unaudited%20Financial%20Statements) [Condensed Consolidated Statements of Operations](index=7&type=section&id=10.1%20Condensed%20Consolidated%20Statements%20of%20Operations) Presents the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2023, detailing revenues by segment, cost of revenues, operating expenses, and net loss | Metric (RMB thousands) | Q3 2022 | Q2 2023 | Q3 2023 | 9M 2022 | 9M 2023 | | :--------------------- | :------ | :------ | :------ | :------ | :------ | | Total Net Revenues | 5,793,651 | 5,304,199 | 5,805,081 | 15,756,681 | 16,178,891 | | Gross Profit | 1,054,216 | 1,227,534 | 1,450,417 | 2,599,742 | 3,781,883 | | Total Operating Expenses | (2,903,084) | (2,505,217) | (2,557,590) | (8,630,484) | (7,541,400) | | Loss from Operations | (1,848,868) | (1,277,683) | (1,107,173) | (6,030,742) | (3,759,517) | | Net Loss | (1,716,040) | (1,548,132) | (1,337,246) | (6,010,617) | (3,515,023) | | Net Loss per Share, Basic | (4.34) | (3.74) | (3.26) | (15.22) | (8.54) | [Notes to Unaudited Financial Information](index=8&type=section&id=10.2%20Notes%20to%20Unaudited%20Financial%20Information) Provides a breakdown of share-based compensation expenses included in cost of revenues and operating expenses for the three and nine months ended September 30, 2023 | Share-based Compensation (RMB thousands) | Q3 2022 | Q2 2023 | Q3 2023 | 9M 2022 | 9M 2023 | | :--------------------------------------- | :------ | :------ | :------ | :------ | :------ | | Cost of revenues | 16,076 | 17,440 | 18,808 | 54,188 | 48,710 | | Sales and marketing expenses | 15,295 | 14,662 | 13,523 | 41,226 | 42,689 | | General and administrative expenses | 135,420 | 153,597 | 155,511 | 418,295 | 446,724 | | Research and development expenses | 84,537 | 115,115 | 116,195 | 272,179 | 327,462 | | **Total** | **251,328** | **300,814** | **304,037** | **785,888** | **865,585** | [Condensed Consolidated Balance Sheets](index=9&type=section&id=10.3%20Condensed%20Consolidated%20Balance%20Sheets) Presents the unaudited condensed consolidated balance sheets as of December 31, 2022, and September 30, 2023, detailing assets, liabilities, and shareholders' equity | Metric (RMB thousands) | Dec 31, 2022 | Sep 30, 2023 | | :--------------------- | :----------- | :----------- | | Total Assets | 41,830,570 | 33,895,233 | | Total Liabilities | 26,590,983 | 18,420,210 | | Total Shareholders' Equity | 15,239,587 | 15,475,023 | | Cash and Cash Equivalents | 10,172,584 | 7,639,889 | | Short-term Investments | 4,623,452 | 2,469,203 | | Long-term Debt | 8,683,150 | 3,076,494 | [Reconciliations of GAAP and Non-GAAP Results](index=10&type=section&id=10.4%20Reconciliations%20of%20GAAP%20and%20Non-GAAP%20Results) Provides detailed reconciliations of GAAP loss from operations and net loss to their respective non-GAAP adjusted measures, outlining the specific adjustments made for share-based compensation, amortization, fair value changes, and other non-recurring items | Metric (RMB thousands) | Q3 2022 | Q2 2023 | Q3 2023 | 9M 2022 | 9M 2023 | | :--------------------- | :------ | :------ | :------ | :------ | :------ | | Loss from operations (GAAP) | (1,848,868) | (1,277,683) | (1,107,173) | (6,030,742) | (3,759,517) | | Add: Share-based compensation expenses | 251,328 | 300,814 | 304,037 | 785,888 | 865,585 | | Add: Amortization expense related to intangible assets acquired through business acquisitions | 48,151 | 48,151 | 47,734 | 144,486 | 144,036 | | **Adjusted loss from operations (Non-GAAP)** | **(1,549,389)** | **(928,718)** | **(755,402)** | **(4,901,664)** | **(2,749,896)** | | Net loss (GAAP) | (1,716,040) | (1,548,132) | (1,337,246) | (6,010,617) | (3,515,023) | | Add: Share-based compensation expenses | 251,328 | 300,814 | 304,037 | 785,888 | 865,585 | | Add: Amortization expense related to intangible assets acquired through business acquisitions | 48,151 | 48,151 | 47,734 | 144,486 | 144,036 | | Add: (Gain)/Loss on fair value change in investments in publicly traded companies | (342,952) | 186,687 | 137,358 | (7,023) | (43,875) | | **Adjusted net loss (Non-GAAP)** | **(1,765,138)** | **(964,062)** | **(863,451)** | **(5,387,986)** | **(2,858,303)** | | Adjusted net loss per share, basic | (4.46) | (2.33) | (2.12) | (13.64) | (6.95) |

Financial Performance - Net revenue for the six months ended June 30, 2023, was RMB 10,373.81 million, representing a 4.1% increase compared to RMB 9,963.03 million in the same period of 2022[5]. - Gross profit for the same period increased by 50.9% to RMB 2,331.47 million, up from RMB 1,545.53 million in 2022[5]. - The net loss attributable to shareholders decreased by 49.3% to RMB 2,174.39 million, compared to RMB 4,288.91 million in the prior year[5]. - Adjusted net loss for the six months ended June 30, 2023, was RMB 1,994.85 million, a reduction of 44.9% from RMB 3,622.85 million in 2022[5]. - Operating loss narrowed to RMB 2.7 billion, down 37% from RMB 4.2 billion in the previous year[44]. - Net loss for the period was RMB 2.2 billion, a 49% reduction from RMB 4.3 billion in the same period of 2022[47]. - The company reported a significant reduction in pre-tax loss, which decreased by 49.9% to RMB 2,122.19 million from RMB 4,237.98 million in the previous year[5]. Revenue Breakdown - In the first half of 2023, Bilibili's advertising revenue increased by 29% year-over-year, reaching RMB 2.8 billion, while live streaming revenue grew by 23%[23]. - Revenue from value-added services reached RMB 4.5 billion, a 7% increase year-over-year, driven by live streaming[21]. - Advertising revenue increased by 29% to RMB 2.8 billion, compared to RMB 2.2 billion in the previous year, attributed to optimization of advertising products and improved efficiency[34]. - Mobile game service revenue decreased by 16% year-over-year to RMB 2 billion, primarily due to a lack of new game launches[24]. User Engagement - Daily active users (DAUs) grew by 17% year-over-year, exceeding 95 million, with a monthly active user (MAU) count of 319 million[14]. - The average daily video views increased by 34% year-over-year to 4.1 billion, with Story Mode views rising by 78%[16]. - The number of active content creators on the platform increased by 30% year-over-year, with monthly video submissions up by 61%[17]. - The core user base, defined as official members, grew by 26% year-over-year to 214 million, maintaining a retention rate of approximately 80%[19]. Asset and Liability Management - Total current assets decreased by 23.5% to RMB 18,710.69 million as of June 30, 2023, down from RMB 24,452.89 million at the end of 2022[5]. - Total liabilities decreased by 30.9% to RMB 18,362.68 million, compared to RMB 26,590.98 million at the end of 2022[5]. - Total assets as of June 30, 2023, were RMB 34,895.36 million, reflecting a 16.6% decrease from RMB 41,830.57 million at the end of 2022[5]. - Cash and cash equivalents decreased by 27% to RMB 14.3 billion as of June 30, 2023, primarily due to the repurchase of 2027 notes for a total cash consideration of USD 745.9 million (RMB 5.3 billion)[48]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code during the reporting period, except for the recommendation regarding the separation of the roles of Chairman and CEO[65]. - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2023, and met with independent auditor PwC[72]. - The company has adopted a code to regulate securities trading by directors and relevant employees, ensuring compliance with the standards set forth in the Listing Rules[68]. - The nomination and corporate governance committee consists of independent non-executive directors and has discussed the adequacy and effectiveness of accounting and internal control policies[74]. Shareholder Information - As of June 30, 2023, Chen Rui holds 49,299,006 shares of Class Y common stock, representing 58.89% ownership[80]. - Li Ni owns 7,200,000 shares of Class Y common stock, accounting for 8.60% of the total[80]. - Tencent holds 43,749,518 shares of Class Z common stock, representing 13.20% ownership[85]. - The total issued shares as of June 30, 2023, include 83,715,114 shares of Class Y and 327,376,931 shares of Class Z[85]. Future Plans and Investments - The company plans to focus on increasing advertising and live streaming revenue while controlling costs to further narrow losses and achieve healthy growth in daily active users[29]. - The company has no detailed future plans for significant investments or capital assets as of June 30, 2023[54]. - The company plans to fully utilize the net proceeds within three years as per the intended use disclosed in the prospectus[103]. Cash Flow and Financing - Cash used in operating activities for the first half of 2023 was RMB 651,158 thousand, significantly reduced from RMB 2,104,516 thousand in the same period of 2022, indicating improved cash flow management[135]. - The company believes that its cash and cash equivalents, along with operating cash flow, are sufficient to meet cash requirements for at least the next twelve months[150]. - The company continues to rely on external financing to support its operations and business development[150]. Compliance and Reporting - The financial statements are prepared in accordance with US GAAP and the Hong Kong Listing Rules, ensuring compliance with applicable accounting standards[152]. - The company has confirmed compliance with the code by all directors and relevant employees during the reporting period[69].