Core Viewpoint - The recent resignation of Chen Rui from two affiliated companies of Bilibili has attracted significant attention, highlighting his high compensation amidst the company's ongoing financial struggles [1][2][11]. Management Changes - Chen Rui has resigned as the legal representative and executive director of Shanghai Kuanyu Digital Technology Co., Ltd. and Huandian Technology (Shanghai) Co., Ltd., with Huang Shengsheng taking over [1][2]. - This is not the first time Chen Rui has stepped down from affiliated company positions; he previously resigned from Shanghai Bilibili Technology Co., Ltd. in July 2019 and from Shanghai Bilibili eSports Information Technology Co., Ltd. in March 2023 [3]. Compensation Details - Chen Rui's total compensation reached 254 million yuan in the previous year, making him the highest-paid chairman among listed gaming companies, surpassing Tencent's Ma Huateng [4][6]. - His compensation structure included 2.115 million yuan in base salary, 161,000 yuan in medical and retirement plan contributions, and 252 million yuan in stock incentives [4][6]. Financial Performance - Bilibili has faced significant financial pressure, with cumulative losses exceeding 25.4 billion yuan from 2018 to 2024, despite revenue growth from 4.129 billion yuan in 2018 to an expected 26.832 billion yuan in 2024 [11]. - The company achieved its first quarterly profit in Q4 2022 but reported a net loss of 11 million yuan in Q1 2023 [11]. - Revenue contributions from various segments in Q1 2023 included 2.807 billion yuan from value-added services, 1.998 billion yuan from advertising, and 1.731 billion yuan from mobile games, with respective year-on-year growth rates of 11%, 20%, and 76% [11][12]. User Engagement and Market Position - Bilibili's average daily active users reached 107 million, with monthly active users hitting a record of 368 million [11]. - However, Bilibili's user base remains significantly smaller compared to major competitors like Douyin and Kuaishou, which have 914 million and 480 million monthly active users, respectively [11][14]. - In the long video segment, Bilibili trails behind Tencent Video, iQIYI, and Mango TV, with 225 million monthly active users [14]. Future Outlook - Bilibili plans to launch a traditional Chinese version of its game "Three Kingdoms: Strategy" by the end of the year and aims for long-term user retention [13]. - The company is also increasing its marketing expenditures, with Q1 2023 sales and marketing costs rising to 1.167 billion yuan, a 26% increase year-on-year [13].