在很长一段时间里，综艺编导向晚的生活只剩下三件事，为虚无缥缈的客户和项目熬夜、回家睡觉、和同事吐槽录制"耍大牌"的艺人。真正的节目录制时 间只占一年中的半个月。 这是她这几年的常态。今年她离开了综艺行业，入职了一家头部直播公司做直播综艺的策划。刚刚转行时，很多同行劝她不要去，觉得"综艺更有内容价 值"，以及"直播肯定比综艺更累"。 "我现在才敢说，做直播哪儿是降维啊，明明是找对了路，有种打了全世界的脸的感觉。"即使与河豚君隔着电话，她的音调依旧是上扬的。此时她正在休 年假，这也是原来在综艺公司没有的待遇，"虽然现在也时常因为固定的直播安排加班，但好歹不会因为艺人迟到加班。" 这一年，向晚感受最明显的，是在综艺行业里缺失很久的秩序感和价值感。 秩序感来源于直播节奏紧密。放在以前，每年一个项目就能保住一个综艺团队，提案期占一年的3/4。录制期永远在等艺人降临现场；结束录制还要面临 连轴转的后期剪辑，找素材到天亮是日常。 在新行业里，她每个月完成一个节目策划是基础，前半个月用来策划，后半个月分成4～6场直播。每场直播2～4小时，播完收工，绝不拖泥带水。 价值感则很直观，娱播实现了以往综艺实现不了的梦——从烧钱到赚钱 ...

Core Insights - Bilibili reported Q3 2025 total net revenue of 7.69 billion yuan, a 5% year-on-year increase, and a net profit of 469.4 million yuan, compared to a net loss of 79.8 million yuan in the same period of 2024 [1] - Adjusted net profit, not in accordance with US GAAP, reached 786.3 million yuan, marking a 233% year-on-year growth [1] Financial Performance - Total net revenue for Q3 2025 was 7.69 billion yuan, up 5% year-on-year [1] - Net profit was 469.4 million yuan, a significant turnaround from a net loss of 79.8 million yuan in Q3 2024 [1] - Adjusted net profit was 786.3 million yuan, reflecting a 233% increase year-on-year [1] User Growth and Engagement - Daily Active Users (DAU), Monthly Active Users (MAU), and user engagement metrics reached new highs, with DAU showing the highest quarterly increase since 2021 [3] - The growth in DAU is attributed to a focus on high-quality content, which is seen as a sustainable growth driver [4][5] - The number of paying users reached a record high of 35 million, representing a 17% year-on-year increase, with the growth primarily driven by premium memberships [6] Content Strategy - The emphasis on high-quality content is viewed as essential for sustaining user growth, as users express a strong demand for quality over quantity [4][5] - The community plays a crucial role in discovering and supporting quality content creators, fostering a culture of continuous improvement and engagement [5] Gaming Performance - The self-developed game "Escape from Duckkov" achieved over 3 million sales globally within a month of its release, with a peak online player count of 300,000 and a 96% positive rating on Steam [8][9] - Future plans include porting "Escape from Duckkov" to consoles and mobile platforms, with a focus on community feedback during development [10] Advertising Revenue - Advertising revenue for Q3 reached 2.57 billion yuan, a 23% year-on-year increase, with Bilibili's market share continuing to grow [12] - The company is optimistic about future advertising revenue growth, particularly during peak shopping events like "Double Eleven," where ad revenue increased by 30% year-on-year [16] Financial Outlook - The company expects to maintain a gross margin of 37% in Q4, with a long-term target of 40% to 45% [17] - Free cash flow has reached 1 billion USD per quarter, with plans to invest in high-quality revenue-generating businesses and new opportunities [17][18] AI Integration - Bilibili is actively integrating AI into its platform, with a significant increase in AI-related content submissions and a focus on using AI to enhance creator efficiency [19][20] - The company aims to develop AI tools that assist creators in producing high-quality content, including features for video translation and podcast creation [20]