Core Insights - Bilibili (B站) reported a strong performance in Q1 2025, with revenue reaching 7.003 billion yuan, a year-on-year increase of 24%, and an adjusted net profit of 362 million yuan [1] - The company achieved a record high in both daily active users at 107 million and monthly active users at 368 million, with average daily usage time also hitting a record of 108 minutes [1] Group 1: Gaming Business - The gaming segment was a significant driver of growth, with revenue increasing by 76% year-on-year to 1.731 billion yuan, largely due to the performance of the exclusive game "Three Kingdoms: Strategy" [1] - Bilibili plans to enhance the "Three Kingdoms" game by launching a traditional Chinese version and exploring multi-platform opportunities, including mini-games [2] - The company has 4 to 5 new games ready and awaiting approval, indicating a proactive approach to exploring new game categories [2] Group 2: Advertising Business - The advertising segment also showed strong growth, with revenue of 1.998 billion yuan in Q1, up 20% year-on-year [2] - AI-driven advertising performed exceptionally well, with revenue growth of nearly 400%, and AI-generated content accounting for 30% of the effect ads [2] - Bilibili's unique horizontal video format and waterfall information flow layout provide a distinctive advertising environment, which AI can optimize for better user engagement [2]