Group 1: Financial Performance - In Q1 2025, Bilibili achieved revenue of 7.0 billion RMB, a year-on-year increase of 24% [1] - Gross profit increased significantly by 58% year-on-year, with a gross margin rising to 36.3%, marking the 11th consecutive quarter of improvement [1] - Adjusted net profit reached 360 million RMB, indicating sustained profitability [1] Group 2: User Engagement - Daily active users reached 107 million, while monthly active users hit a record high of 368 million, growing by 7.8% year-on-year [1] - Average daily usage time increased to a historical high of 108 minutes, with user interaction metrics also showing growth [1] Group 3: Gaming Business - Bilibili's gaming revenue for Q1 was 1.73 billion RMB, a remarkable year-on-year growth of 76%, primarily driven by the game "Three Kingdoms: Strategy of the World" [2] - The company aims for long-term operation of "Three Kingdoms," with expectations for a stable lifecycle of at least five years [2] - Plans for a traditional Chinese version and multi-platform adaptations of "Three Kingdoms" are underway [2] Group 4: Advertising Revenue - Advertising revenue for Q1 was 2.0 billion RMB, reflecting a 20% year-on-year growth, aligning with market expectations [5] - The growth in advertising revenue is attributed to improved efficiency from AI and increased ad spending from AI companies [5] - AI-related advertising spending doubled in Q1, significantly boosting the overall advertising revenue [5] Group 5: Market Trends - Bilibili's user demographic has matured, with an average user age of 26, indicating a shift towards a more financially capable audience [6] - The top five industries contributing to advertising revenue include gaming, internet services, e-commerce, home appliances, and automotive [6] - The growth in advertising revenue from home appliances and maternal and pet-related sectors demonstrates evolving consumer behavior as users age [6]