Core Viewpoint - The recent discussions surrounding Bilibili's membership policy adjustments have sparked significant public interest, with concerns about potential user loss due to the proposed changes [1][2]. Group 1: Membership Policy Changes - Bilibili announced that starting March 1, 2026, all video content will require a paid membership for complete access, including basic comment features [1]. - The company quickly refuted claims about the membership policy, labeling them as false rumors and indicating potential legal action against the spreaders of misinformation [2]. Group 2: Financial Performance - Bilibili's latest quarterly report shows a total net revenue of 7.69 billion yuan, a year-on-year increase of 5%, and a net profit of 469 million yuan, a turnaround from a net loss of 79.8 million yuan in the same period last year [3]. - Adjusted net profit reached 786 million yuan, reflecting a 233% increase year-on-year [3]. - User engagement metrics also improved, with daily active users reaching 117 million (up 9% year-on-year) and monthly active users at 376 million (up 8% year-on-year) [3]. Group 3: User Growth Challenges - Despite positive financial results, Bilibili's user growth rate has slowed, with monthly and daily active user growth now in single digits compared to previous double-digit growth [3]. - The company had previously set a target of reaching 400 million monthly active users by the end of 2023, which it has not yet achieved [3]. Group 4: Competitive Landscape - Bilibili faces significant competition from short video platforms like Douyin and Kuaishou, which are drawing away younger users and their engagement time [4]. - Analysts suggest that Bilibili should focus on strengthening its community and original content while also introducing more high-quality long-form video content to foster a sustainable user engagement and payment cycle [4]. Group 5: Content Ecosystem Concerns - There are concerns regarding the rise of accounts that illegally distribute content, which could undermine the platform's original content ecosystem and discourage creators [5]. - The balance between commercial interests and community engagement remains a challenge for Bilibili, as the company aims to enhance user experience while accelerating commercialization [5].