Financial Performance - Total net revenue reached RMB 5.8 billion (USD 814.5 million), an increase of 11% year-over-year[3] - Net loss was RMB 1.7 billion (USD 241.2 million), a reduction of 36% compared to the same period in 2021[5] - Total net revenue for the third quarter of 2022 reached RMB 5,793,651 thousand, representing a 11.5% increase from RMB 5,206,574 thousand in the same period of 2021[14] - The company reported a net loss of RMB 1.72 billion for the three months ended September 30, 2022, compared to a net loss of RMB 2.68 billion for the same period in 2021, indicating a reduction in losses by about 35.5%[38] - The adjusted net loss for the nine months ended September 30, 2022, was RMB 6.01 billion, compared to RMB 4.71 billion for the same period in 2021, reflecting a 27.5% increase in losses[19] User Engagement - Daily active users (DAUs) reached 90.3 million, a 25% increase year-over-year[3] - Monthly active users (MAUs) reached 332.6 million, also a 25% increase year-over-year[3] - Average monthly paying users reached 28.5 million, a 19% increase year-over-year[3] Revenue Breakdown - Mobile games generated RMB 1,471,331 thousand in revenue for the third quarter of 2022, up from RMB 1,391,666 thousand in the same quarter of 2021, marking a 5.7% increase[14] - Value-added services revenue was RMB 2.2 billion (USD 310.6 million), a 16% increase year-over-year[23] - Advertising revenue was RMB 1.4 billion (USD 190.5 million), a 16% increase year-over-year[23] - Mobile gaming revenue was RMB 1.5 billion (USD 206.8 million), a 6% increase year-over-year[23] Expenses - Sales and marketing expenses decreased by 25% year-over-year, amounting to RMB 1.2 billion (USD 172.7 million)[4] - Research and development expenses increased by 43% year-over-year, totaling RMB 1.1 billion (USD 159.0 million)[4] - Operating expenses totaled RMB 2.9 billion (USD 408.1 million), remaining flat compared to the same period in 2021[23] - The company reported a total operating expense of RMB 2,903,084 thousand for the third quarter of 2022, compared to RMB 2,896,491 thousand in the same quarter of 2021, indicating a slight increase[14] Cash and Assets - Cash and cash equivalents, term deposits, and short-term investments amounted to RMB 23.9 billion (USD 3.4 billion) as of September 30, 2022[5] - The company's cash and cash equivalents decreased to RMB 5.47 billion from RMB 7.52 billion, representing a decline of 27.3%[18] - As of September 30, 2022, Bilibili's total assets amounted to RMB 47.6 billion, a decrease of 8.5% from RMB 52.1 billion on December 31, 2021[18] Shareholder Information - The average number of weighted ordinary shares for basic earnings per share was 395,062,497 for the third quarter of 2022, compared to 387,921,805 in the same quarter of 2021[14] - The company incurred RMB 251.33 million in share-based compensation expenses for the third quarter of 2022, compared to RMB 238.44 million in the same quarter of 2021, reflecting a 5.5% increase[19] Future Projections - The company projects Q4 2022 net revenue to reach between RMB 6 billion and RMB 6.2 billion[7] - The management will hold an earnings conference call on November 29, 2022, at 7 AM EST[8] Strategic Goals - The company aims to enrich the daily lives of young people in China through its video community platform[9] - The company has established a strong emotional bond among users, content creators, and high-quality content, enhancing community engagement[9] Risks and Challenges - The company continues to face risks and uncertainties, including competition in the online entertainment industry and the impact of government policies in China[13]

Bilibili Inc. (NASDAQ:BILI) Q2 2022 Results Conference Call September 8, 2022 8:00 AM ET Company Participants Juliet Yang - SD, IR Ni Li - VC of the Board of Directors, COO Rui Chen - Chairman of the Board, CEO Xin Fan - CFO Conference Call Participants Brian Gong - Citi Lei Zhang - Bank of America Daniel Chen - JP Morgan Xueqing Zhang - CICC Operator Good day, and welcome to Bilibili's Second Quarter 2022 Financial Results and Business Update Conference Call. Today's conference is being recorded. At this t ...

Exhibit 99.1 Bilibili Inc. Announces Second Quarter 2022 Financial Results SHANGHAI, September 8, 2022 — Bilibili Inc. ("Bilibili" or the "Company") (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the second quarter ended June 30, 2022. Second Quarter 2022 Highlights: • Total net revenues reached RMB4.9 billion (US$732.9 million), a 9% increase from the same period in 2021. • Average monthly acti ...

Financial Performance - Total net revenue reached RMB 4.9 billion (USD 732.9 million), an increase of 9% year-over-year[3] - Monthly active users (MAUs) reached 305.7 million, a 29% increase year-over-year[3] - Daily active users (DAUs) reached 83.5 million, a 33% increase year-over-year[3] - Average monthly paying users reached 27.5 million, a 32% increase year-over-year[3] - Advertising revenue increased by 10% year-over-year to RMB 1.158 billion (USD 172.9 million)[4] - Value-added services revenue increased by 29% year-over-year to RMB 2.103 billion (USD 314.0 million)[4] - Total net revenue for the six months ended June 30, 2022, was RMB 9,963,030, a 18.6% increase compared to RMB 8,396,327 for the same period in 2021[16] - Total net revenue for the second quarter of 2022 was RMB 4,908,931, a decrease of 1.3% compared to RMB 4,995,254 in the same period of 2021[40] - Mobile games revenue for the second quarter of 2022 was RMB 1,046,236, a decrease of 22.3% from RMB 1,357,818 in the previous quarter[16] - Advertising revenue for the second quarter of 2022 reached RMB 1,158,252, reflecting a 11.3% increase from RMB 1,040,770 in the previous quarter[16] - Gross profit for the six months ended June 30, 2022, was RMB 1,545,526, down 19.8% from RMB 1,926,858 for the same period in 2021[16] Expenses and Losses - Research and development expenses increased by 68% year-over-year to RMB 1.132 billion (USD 169.0 million)[5] - Sales and marketing expenses decreased by 16% year-over-year to RMB 1.172 billion (USD 175.0 million)[5] - Operating costs increased by 19% year-over-year to RMB 4.171 billion (USD 622.7 million)[4] - Operating loss for the company was RMB 2,191.1 million (USD 327.1 million), compared to RMB 1,520.6 million in the same period of 2021[6] - Net loss amounted to RMB 2,010.4 million (USD 300.2 million), an increase from RMB 1,121.8 million in the same period of 2021[6] - Adjusted net loss was RMB 1,967.9 million (USD 293.8 million), compared to RMB 1,324.7 million in the same period of 2021[6] - Operating loss for the second quarter of 2022 was RMB 2,191,062, compared to RMB 1,990,812 in the previous quarter, indicating a worsening of 10.1%[16] - The company reported a net loss of RMB 2,010,445 for the second quarter of 2022, compared to a net loss of RMB 2,284,132 in the previous quarter[16] - The adjusted net loss for the six months ended June 30, 2022, was RMB 4,294,577, compared to RMB 2,026,672 for the same period in 2021, representing an increase of 112.5%[19] Cash and Investments - Cash and cash equivalents, term deposits, and short-term investments totaled RMB 24.9 billion (USD 3.7 billion) as of June 30, 2022[6] - Cash and cash equivalents decreased to RMB 3,491,471 as of June 30, 2022, from RMB 7,523,108 as of December 31, 2021[18] - Total assets as of June 30, 2022, were RMB 48,503,627, down from RMB 52,053,151 as of December 31, 2021[18] - Total liabilities increased slightly to RMB 30,560,913 as of June 30, 2022, compared to RMB 30,337,085 as of December 31, 2021[18] - The company repurchased approximately 2.6 million American Depositary Shares (ADS) at a total cost of USD 53.6 million as of June 30, 2022[6] - The company plans to repurchase up to USD 500 million of ADS over the next 24 months, with USD 23.6 million spent in Q2 2022[6] Future Outlook - The company expects net revenue for Q3 2022 to be between RMB 5.6 billion and RMB 5.8 billion[9] - The company plans to transition to a primary listing on the Hong Kong Stock Exchange, effective October 3, 2022[3] - The company has received shareholder approval for its proposed dual primary listing on the Hong Kong Stock Exchange, effective October 3, 2022[8] - The company expects to continue cost control measures while aiming for growth in the second half of 2022[27] Corporate Governance - The company confirmed compliance with the corporate governance code as stipulated in the Hong Kong Listing Rules as of June 30, 2022[22] - The Nomination and Corporate Governance Committee consists of independent non-executive directors, including Mr. JP Gan as the chairman[47] - The committee reviewed the company's compliance with the Corporate Governance Code and the Hong Kong Listing Rules[48] - The committee monitored risks related to different voting structures and related party transactions[48] - Recommendations were made for the board to continue implementing corporate governance measures and to regularly review their effectiveness[48] Strategic Focus - The company emphasizes the importance of retaining and enhancing user engagement, membership, and advertising clients as part of its strategic focus[38] - The company is committed to providing high-quality content, products, and services while expanding its offerings in the online entertainment sector[38] - The company acknowledges the impact of the COVID-19 pandemic on its business and financial performance, highlighting the need for adaptability[38] - The company aims to maintain its cultural and brand image within target user communities amidst competitive pressures in the online entertainment industry[38] - The company is focused on managing costs and expenditures effectively to support its operational strategies[38]

انطاناتط 1 Investor Presentation June 2022 Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue," or other similar expressions. Among other things, the Effect ...

Bilibili Inc. (NASDAQ:BILI) Q1 2022 Earnings Conference Call June 9, 2022 8:00 AM ET Company Participants Juliet Yang - Executive Director of Investor Relations Xin Fan - Chief Financial Officer Rui Chen - Chairman of the Board & Chief Executive Officer Carly Li - Vice Chairwoman of the Board & Chief Operating Officer Conference Call Participants Lei Zhang - Bank of America Yiwen Zhang - China Renaissance Alex Yao - JPMorgan Alex Poon - Morgan Stanley Xueqing Zhang - CICC Operator Good day, and welcome to t ...

Financial Performance - Total net revenue reached RMB 5,054.1 million (USD 797.3 million), an increase of 30% year-over-year[3] - Total net revenue for the three months ended March 31, 2022, was RMB 5,054,099 thousand, a decrease of 12.5% compared to RMB 5,780,783 thousand for the same period in 2021[37] - Revenue from mobile games was RMB 1,357.8 million (USD 214.2 million), a 16% increase year-over-year[4] - Revenue from mobile games for the three months ended March 31, 2022, was RMB 1,357,818 thousand, an increase from RMB 1,295,350 thousand for the same period in 2021, representing a growth of approximately 4.8%[17] - Revenue from value-added services was RMB 2,052.2 million (USD 323.7 million), a 37% increase year-over-year[4] - The revenue from value-added services for the three months ended March 31, 2022, was RMB 2,052,192 thousand, an increase from RMB 1,894,518 thousand for the same period in 2021, indicating a growth of approximately 8.3%[17] - Advertising revenue increased by 46% year-over-year to RMB 1,040.8 million (USD 164.2 million)[4] - Advertising revenue for the three months ended March 31, 2022, was RMB 603,319 thousand, a decrease from RMB 1,003,299 thousand for the same period in 2021, representing a decline of approximately 40%[17] User Engagement - Monthly active users (MAUs) reached 293.6 million, with mobile MAUs at 276.4 million, representing increases of 31% and 33% year-over-year, respectively[3] - Daily active users (DAUs) reached 79.4 million, a 32% increase compared to the same period last year[3] - Average monthly paying users reached 27.2 million, up 33% year-over-year[3] - The company has a significant focus on user engagement, with paid users defined as those who make payments for various products and services on the platform[29] - The company aims to enrich the daily lives of young people in China through a wide range of video content and interactive features[31] - The company has established a strong community around high-quality content and talented creators, enhancing user experience[31] Financial Losses - Operating loss was RMB 1,990.8 million (USD 314.0 million), compared to RMB 1,031.0 million in the same period last year[6] - The operating loss for the three months ended March 31, 2022, was RMB 1,990,812 thousand, compared to an operating loss of RMB 1,999,540 thousand for the same period in 2021, showing a slight improvement[17] - Net loss was RMB 2,284.1 million (USD 360.3 million), compared to RMB 904.9 million in the same period last year[6] - The net loss for Bilibili was RMB 2,284,132 thousand for the quarter ending March 31, 2022, compared to RMB 2,095,767 thousand for the same period in 2021, indicating an increase in losses[40] - The net loss attributable to shareholders for the three months ended March 31, 2022, was RMB 2,281,982 thousand, compared to a net loss of RMB 2,088,014 thousand for the same period in 2021, representing an increase in loss of approximately 9.3%[17] Cash and Assets - Cash and cash equivalents, term deposits, and short-term investments totaled RMB 24.7 billion (USD 3.9 billion) as of March 31, 2022[6] - Cash and cash equivalents decreased to RMB 5,077,992 thousand as of March 31, 2022, down from RMB 7,523,108 thousand at the end of 2021[19] - As of March 31, 2022, Bilibili's total assets amounted to RMB 47,907,174 thousand, a decrease from RMB 52,053,151 thousand as of December 31, 2021[19] - Total current liabilities as of March 31, 2022, were RMB 11,335,787 thousand, a decrease from RMB 12,071,011 thousand as of December 31, 2021[19] - The company's total equity attributable to shareholders was RMB 19,471,920 thousand as of March 31, 2022, down from RMB 21,716,066 thousand at the end of 2021[19] Future Projections - The company expects net revenue for Q2 2022 to reach between RMB 4.85 billion and RMB 4.95 billion[9] - The company acknowledges uncertainties related to the ongoing COVID-19 pandemic that may impact its projections[29] - The company will hold an earnings conference call on June 9, 2022, to discuss its performance and outlook[30] - The company highlights the potential risks and uncertainties that may affect its future performance, including competition and regulatory factors[34] Non-GAAP Metrics - The adjusted net loss and adjusted earnings per share are non-GAAP financial metrics used to assess operational performance[12] - The company emphasizes the importance of non-GAAP metrics in understanding its business trends and making financial decisions[12] - The adjusted net loss attributable to Bilibili shareholders for Q1 2022 was RMB (1,652,769) thousand, slightly improved from RMB (1,652,060) thousand in Q1 2021[20] - The adjusted net loss per share (basic) was RMB 4.20 for the quarter ending March 31, 2022, consistent with the previous quarter's figure[40]

Exhibit 99.1 Bilibili Inc. Announces 2022 First Quarter Financial Results SHANGHAI, China, June 09, 2022 (GLOBE NEWSWIRE) – Bilibili Inc. ("Bilibili" or the "Company") (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2022. First Quarter 2022 Highlights: • Total net revenues reached RMB5,054.1 million (US$797.3 million), a 30% increase from the same period in 2021. ...

Financial Performance - Total net revenue for 2021 reached RMB 19,383.684 million, a 61.5% increase from RMB 11,998.976 million in 2020[7] - Gross profit for 2021 was RMB 4,043.147 million, representing a 42.3% increase from RMB 2,840.176 million in 2020[7] - Net loss attributable to shareholders for 2021 was RMB 6,789.228 million, compared to RMB 3,011.704 million in 2020, indicating a 125.5% increase in losses[7] - The company reported a pre-tax loss of RMB 6,713.450 million for 2021, compared to RMB 3,000.648 million in 2020, indicating a 123.4% increase in pre-tax losses[7] - The company reported a net loss of RMB 6,808,739 for the year 2021, compared to RMB 3,054,017 in 2020, indicating a significant increase in losses[63] - The company reported a total comprehensive loss for 2021 reached RMB 7,229,730, compared to RMB 3,379,117 in 2020, indicating a significant increase in losses[55] Assets and Liabilities - Total current assets as of December 31, 2021, amounted to RMB 36,446.856 million, up from RMB 15,739.547 million in 2020, reflecting a growth of 131.1%[8] - Total assets increased to RMB 52,053.151 million in 2021 from RMB 23,865.608 million in 2020, marking a growth of 118.5%[8] - Total liabilities rose to RMB 30,337.085 million in 2021, compared to RMB 16,083.404 million in 2020, an increase of 88.6%[8] - Total equity attributable to shareholders reached RMB 21,716.066 million in 2021, up from RMB 7,782.204 million in 2020, a growth of 178.1%[8] - Cash and cash equivalents increased from RMB 4.68 billion in 2020 to RMB 7.52 billion in 2021, a growth of 60.0%[21] - Short-term investments surged from RMB 3.36 billion in 2020 to RMB 15.06 billion in 2021, marking a 347.5% increase[21] Revenue Streams - Revenue from in-game virtual items for the year ended December 31, 2021, was RMB 5,090.9 million[15] - Revenue from value-added services surged to RMB 6,934.9 million in 2021, up from RMB 3,845.7 million in 2020, marking an increase of about 80.5%[125] - Advertising revenue increased to RMB 4,523.4 million in 2021, compared to RMB 1,842.8 million in 2020, reflecting a growth of approximately 145.5%[125] - E-commerce and other revenue rose to RMB 2,834.5 million in 2021, up from RMB 1,507.2 million in 2020, indicating an increase of around 88.0%[125] Operating Expenses - Operating expenses rose to RMB 10.47 billion in 2021, up 75.5% from RMB 5.98 billion in 2020[53] - Total operating costs rose to RMB 76,232 in 2021, up from RMB 37,087 in 2020, representing a 105% increase[55] - Research and development expenses surged to RMB 316,607 in 2021, up from RMB 126,250 in 2020, reflecting a 150% increase[55] - Sales and marketing expenses increased to RMB 53,452 in 2021, compared to RMB 40,808 in 2020, marking a 31% rise[55] Cash Flow and Financing - Operating cash flow for 2021 was negative at RMB (2,647,008), a decline from positive RMB 753,103 in 2020[63] - The company raised approximately HKD 22.9 billion (RMB 19.3 billion) from its global offering in March 2021, following its listing on the Hong Kong Stock Exchange[67] - The net cash provided by financing activities in 2021 was RMB 30,389,152 million, compared to RMB 5,078,842 million in 2020[64] - The company recorded net cash used in investing activities of RMB 2,906.6 million for the year ended December 31, 2021[81] Shareholder Information - Basic and diluted net loss per share for 2021 was RMB (17.87), worsening from RMB (8.71) in 2020[55] - The weighted average number of ordinary shares (basic) increased to 379,898,121 in 2021 from 345,816,023 in 2020[55] - The company reported a net loss attributable to shareholders of RMB (6,789.2 million) for the year ended December 31, 2021[197] Taxation and Compliance - The effective corporate income tax rate for the group was 1.42% for the year ended December 31, 2021, compared to 1.78% in 2020 and 2.83% in 2019, primarily due to tax incentives[162] - The group has accumulated net operating tax losses of RMB 9,785,503 thousand, with RMB 286,268 thousand expiring in 2025 and RMB 9,155,679 thousand expiring in 2026 and beyond[163] - The group is subject to a 6% sales tax on services and a value-added tax (VAT) ranging from 0% to 16% on goods sold, with an additional cultural business construction fee of 1.5% applicable until December 31, 2024[164] Employee Compensation - Employee benefits expenses for the year ended December 31, 2021, totaled RMB 761.3 million, a substantial increase from RMB 235.9 million in 2020, reflecting a growth of approximately 222.5%[184] - The total medical and pension plan contribution expenses for the year ended December 31, 2021, were RMB 695.3 million, significantly higher than RMB 195.7 million in 2020, indicating increased investment in employee welfare[184] Investment and Acquisitions - The company issued USD 1,600 million 2026 December notes in November 2021 with a coupon rate of 0.50%, netting RMB 10.16 billion after deducting issuance costs[176] - The company has a purchase obligation for the acquisition of broadcasting rights for the League of Legends World Championship, totaling RMB 800 million (USD 125.5 million), with RMB 315 million (USD 49.4 million) remaining unpaid as of December 31, 2021[198]

Financial Performance - Total revenues for Bilibili Inc. reached RMB 19,383,684 thousand for the year ended December 31, 2021, a significant increase compared to RMB 11,998,976 thousand in 2020, reflecting a growth of approximately 61.5%[31] - The net loss attributable to Bilibili Inc.'s shareholders was RMB 6,789,228 thousand for the year ended December 31, 2021, compared to a net loss of RMB 3,011,704 thousand in 2020, indicating an increase in losses of about 125.7%[31] - Total costs and expenses for Bilibili Inc. were RMB 25,812,758 thousand for the year ended December 31, 2021, up from RMB 15,139,939 thousand in 2020, marking an increase of about 70.5%[31] - The company reported a loss before income tax expenses of RMB 6,713,450 thousand for the year ended December 31, 2021, compared to a loss of RMB 3,000,648 thousand in 2020, indicating a deterioration of about 123.4%[31] - The company experienced a net loss of RMB 6,808,739 thousand for the year ended December 31, 2021, compared to a net loss of RMB 3,054,017 thousand in 2020, representing an increase of approximately 122.5%[31] Revenue Sources - Revenues contributed by the VIEs accounted for 97.2%, 86.0%, and 74.5% of total revenues for the years 2019, 2020, and 2021, respectively[15] - Third-party revenues from other subsidiaries amounted to RMB 2,903,818 thousand for the year ended December 31, 2021, compared to RMB 2,160,009 thousand in 2020, representing a growth of approximately 34.4%[31] - Revenue from Value-Added Services (VAS) increased from 24.2% in 2019 to 35.8% in 2021, indicating a growing reliance on this revenue stream[72] Costs and Expenses - Loss from subsidiaries and VIEs was RMB 6,713,764 thousand for the year ended December 31, 2021, compared to RMB 3,011,704 thousand in 2020, reflecting an increase of approximately 123.5%[31] - Content costs increased from RMB1,001.6 million in 2019 to RMB2,694.8 million (US$422.9 million) in 2021, reflecting a significant rise in expenses associated with acquiring or producing popular content[63] - The company incurred significant losses from operations amounting to RMB1,495.2 million in 2019, RMB3,141.0 million in 2020, and RMB6,429.1 million (US$1,008.9 million) in 2021, indicating a trend of increasing losses over the years[47] Cash Flow and Financing - The company reported a net cash used in operating activities of RMB (2,647,008) thousand for the year ended December 31, 2021[36] - The company reported a net cash provided by financing activities of RMB 30,389,152 thousand, highlighting strong financing efforts[36] - Bilibili Inc. raised RMB 19,288,423 thousand from the issuance of convertible senior notes, net of issuance costs[36] - The company issued US$500 million in convertible senior notes due 2026 with an interest rate of 1.375% per year[147] - In June 2020, the company issued US$800 million in convertible senior notes due 2027 with an interest rate of 1.25% per year[147] Regulatory Environment - The PRC government has indicated an intent to exert more oversight over overseas offerings, creating uncertainties for future capital raising activities[20] - The company faces risks related to compliance with PRC laws and regulations, which could impact its operational structure and financial performance[40] - The company is subject to significant competition in the video-based industry in China, competing for users, content providers, and advertisers[91] - The company must navigate the complexities of regulatory changes that may impact its ability to conduct offshore offerings and maintain its market position[212] User Engagement and Content - The business relies heavily on user-generated content, and any failure to attract and retain users could adversely affect its competitive position[39] - In 2021, 92.7% of total video views were from user-generated video content (PUGV), up from 91.4% in 2020, demonstrating a growing reliance on user-generated content[51] - The company faces challenges in attracting and retaining content creators, which is critical for expanding its content library and maintaining user engagement[49] Legal and Compliance Risks - The company is currently involved in approximately 210 lawsuits related to copyright infringement, which could divert resources and management attention[93] - The legal system in China may limit the effectiveness of enforcing contractual arrangements with VIEs, posing risks to operational control[182] - The company may incur substantial costs and resource diversion from litigation to enforce its intellectual property rights[100] Strategic Partnerships and Acquisitions - The company formed a strategic partnership with Riot Games in September 2020, acquiring a three-year exclusive license for live broadcasting League of Legends Esports events for an aggregate purchase price of RMB800 million (US$125.5 million)[63] - The company has made strategic acquisitions, including a controlling interest in Chaodian Inc. in July 2019 and the remaining interests in September 2020, which operates offline events and a talent agency[132] Market Expansion and Competition - The company anticipates further global market expansion, which may increase operational complexity and strain resources[77] - International expansion is a key growth strategy, but it presents challenges such as local market adaptation and brand recognition compared to the home market in China[170] - The company faces intense competition in the live broadcasting business, which may affect user retention and engagement[101] Technology and Security - The company has invested significant resources in developing and protecting its intellectual property, with potential risks from unauthorized use by third parties[99] - The company has experienced cyber-attacks and must continuously enhance its security measures to protect user data and maintain trust[61] - Compliance with PRC data security and personal information protection laws is becoming increasingly complex and costly, potentially impacting operational expenses[59]