Shulou(Shulou.com)11/24 Report--

On the evening of August 17, bilibili (hereinafter referred to as "bilibili") released his unaudited financial report for the second quarter of 2023.

According to the financial report, in the second quarter, bilibili's total revenue reached 5.304 billion yuan (the same unit below), an increase of 8 per cent over the same period last year, and a gross profit of 1.2 billion yuan, an increase of 66 per cent over the same period last year. The adjusted net loss was 964 million yuan, which was 51 per cent lower than the same period last year.

After the release of the results, bilibili Chairman and CEO Chen Rui, Vice Chairman and Chief operating Officer Li Mi and CFO Fan Xin and other executives attended the subsequent earnings conference call to interpret the main points of the results and answer analysts' questions.

The following is the main content of the question and answer session of the analyst in this conference call:

CICC analyst Xueqing Zhang: the number of daily active users of the company increased further in the second quarter. I would like to ask the management how to look forward to the changing trend of daily active users in the future. What is the performance of user growth in the recent summer peak season?

Chen Rui: since last year, I have always stressed that improving capacity and achieving healthy daily active users are the two most important things for the company, and we do the same in practice. On the premise that the company's market fees fell by 22% year-on-year in the second quarter of this year, the number of daily active users increased by 15% to 96.5 million compared with the same period last year, and the average daily use time of users was 94 minutes, which is also an all-time high for the same period in previous years. The total use time of the community has increased by 22% year-on-year, which in my opinion is very healthy and positive.

We believe that the growth of daily active users is the premise and basis for bilibili to make a profit. In the past few years, we have gradually explored a way to turn traffic into revenue through advertising and live streaming. We feel that the growth of daily active users and revenue will form a positive cycle of flywheel. In the second quarter, our advertising and live streaming business grew by 36% and 32% respectively compared with the same period last year, which is higher than the industry average.

For the outlook for the summer vacation, we can see that the number of daily active users and the average length of daily use have maintained a healthy and strong growth. Bilibili's daily active users are expected to break through the 100 million mark for the first time in the third quarter. and we also predict that the average daily use time will also reach a new high. We are confident that under the premise of controlling market costs, we can attract and retain more users through bilibili's high-quality content and community, achieve healthy growth in the number of daily active users, and at the same time convert high-quality users into our business revenue.

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