Bilibili Chen Rui: Nearly 40 million users watched product-laden content in Q2, and the advertising business increased by 30% year-on-year, contributing nearly one-third of the overall revenue.

• Total net revenue was 6.127 billion yuan, a year-on-year increase of 16%.
• Net loss was 608 million yuan, narrowed by 61% year-on-year.
• Not in accordance with U.S. GAAP, the adjusted net loss was 271 million yuan, a year-on-year narrowing of 72%.

Main content of the conference call analyst Q&A session:

JP Morgan analyst Daniel Chen:

• Question: Regarding the advertising business, the growth rate in the second quarter was outstanding. What are the driving forces behind it and the outlook for the second half of the year?

Chairman and CEO Chen Rui:

• Answer:

  • Underlying logic: traffic growth, user business value release.
  • Target users: Young people’s consumption needs and abilities are growing.

  • Advertising strategy: “One horizontal and N vertical” (platform infrastructure and vertical industry solutions).

    • "Yiheng": The advertising platform was upgraded, and the number of large performance advertising customers increased by 50%; the material creative center was optimized, and the CVR increased by 30%.
    • “N Vertical”: Vertical industry solutions, e-commerce and digital home appliances have become the driving force for advertising growth.
    • E-commerce: Large open-loop strategy, cooperation with e-commerce platforms, e-commerce customer investment increased by 300% year-on-year, sales increased by 140% year-on-year, and new customer rate was 50%.
    • Transactions: The number of users bringing goods increased by 70%, the average daily number of UP owners who brought goods increased by 130%, and the number of live streaming sessions increased by 270%.

• Looking forward to the second half of the year:

  • The optimization of advertising product infrastructure continues to release potential.
  • Upgrade vertical industry solutions and expand into online services, education, medical, maternal and infant and other industries on the basis of consolidating existing industry shares.
  • Income model: User payment and advertising revenue go hand in hand, and the model of game member live streaming and advertising revenue goes hand in hand.

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