Good day, and welcome to the Bilibili Fourth Quarter and Fiscal Year 2024 Financial Results and Business Update Conference Call. Today's conference call is being recorded. At this time, I would like to turn the conference over to Juliet Yang, Executive Director of Investor Relations. Please go ahead.

Thank you, operator. During this call, we'll discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC and Hong Kong Stock Exchange. The non-GAAP financial measure we provide is for comparison purposes only. The definition of this measure and a reconciliation table are available in the news release we issued earlier today. As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at ir.bilibili.com. Joining us today from Bilibili senior management are Mr. Rui Chen, Chairman of the Board and Chief Executive Officer; Ms. Carly Li, Vice Chairwoman of the Board and Chief Operating Officer; and Mr. Sam Fan, Chief Financial Officer. I will now turn the call to Mr. Chen.

Thank you, Juliet, and thank you, everyone, for participating in today's call to discuss our fourth quarter and 2024 year-end results. 2024 marked a pivotal year for Bilibili. We closed the year with our first GAAP net profit in the fourth quarter while achieving solid growth across the board. We attribute these achievements to the unique proposition of our video community, the growing value of our user base, and our enhanced commercialization efficiency. Looking at these in more detail, first on our financial performance, we are very happy with the progress made in improving our overall financial metrics this year. Total revenues came in at RMB 7.7 billion in the fourth quarter and RMB 26.8 billion for the full year, reflecting year-over-year increases of 22% and 19%, respectively, driven by continued improvements in our ad products and infrastructure. Our advertising business sustained strong growth, with revenues increasing 24% year-over-year in the fourth quarter and 28% for the year. Meanwhile, our mobile games revenues surged by 79% year-over-year in the fourth quarter and 40% for the year as we successfully expanded into the strategy game genre. The rapid growth of these high-margin businesses and improved operating leverage drove our Q4 gross profit margin to 36.1%, contributing to a 68% year-over-year growth in gross profit. Building on these, we successfully achieved our first quarter of net profit on a GAAP basis at RMB 89 million, and our adjusted net profit reached RMB 452 million in Q4. While opening a new chapter of profitability, our community remains vibrant and highly engaged. In the fourth quarter, DAUs and MAUs reached 103 and 340 million, respectively, with users spending an average of 99 minutes daily on our platform. Our user base represents nearly 70% of China's Gen Z plus population with an average age of 25. They are the golden cohort of consumers with rising spending power and consumption demand. We are also seeing a growing desire among users for fulfillment and empowerment through high-quality video content. As the hub for the young generation, Bilibili is uniquely positioned to meet these evolving needs while unlocking greater commercial value. In addition, under the tailwind of fast-evolving AI technology, the rise of open-source models like DeepSeek is opening up new frontiers for innovation. These models will enable more companies like us to skip the demanding and capital-intensive process of developing a model on our own and build on the foundation to develop and implement solutions in a cost-effective way. In this context, high-quality and exclusive data assets are becoming increasingly significant. With our extensive accumulation of high-quality video content and rich community interaction data over the past decade, we are uniquely positioned to apply these AI innovations and fully unleash the potential of our community. Building on the momentum of 2024, we look forward to driving even greater value for our users, creators, and stakeholders in the year ahead. With that overview, let's look at our core pillars of content, community, and commercialization in more detail. Beginning with content and community, growing with our users continues to fuel the natural expansion of our high-quality content offerings. In Q4, our average daily video views exceeded 4.8 billion, up 14% year-over-year. On top of our dominance in ACG-related content, we have also built strong user mind share in pan entertainment and pan knowledge categories. Meanwhile, as our users enter new life stages, our content offerings are naturally expanding into broader lifestyle and consumption-related areas. In 2024, video views in automotive and baby and maternity grew by nearly 40% and over 70% year-over-year, respectively. Content creators are also the cornerstone of our ecosystem. In January, we honored the top creators at our 2024 Bilibili Power Up Award Ceremony, recognizing their incredible talent and outstanding contributions to our community. This year's honors covering over 100 million followers and spanning diverse categories are known for their high quality and fulfilling content. Over 90% of them have been creating content on Bilibili for more than 5 years. Notably, 36 out of the top 100 content creators were first-time winners. Meanwhile, we remain committed to empowering content creators to earn more income through our diverse commercialization channels while pursuing their creative passion. In 2024, nearly 3.1 million content creators earned income on our platform. Content creators' total income through our advertising products and VAS services increased by 21% year-over-year. Notably, our fan charging program has been a standout feature where creators' total earnings increased by nearly 500% in 2024. Turning to our community metrics, our DAUs were more engaged and spent an average of 99 minutes per day on our platform in the fourth quarter compared with 95 minutes in the same period last year. Monthly interactions grew by 10% year-over-year, exceeding 15.5 billion. By the end of the year, our official memberships increased by 12% to 258 million, and their 12-month retention rate continued to be around 80%. Moreover, we were thrilled to close 2024 with our New Year's Eve Gala, the most beautiful night of 2024. The event once again proved a must-watch for young audiences, attracting over 230 million views. In addition, during the recent Chinese New Year holiday, we partnered with CCTV for the Spring Festival Gala. As its exclusive bullet chat live broadcasting platform and content partner, we offered a unique and interactive viewing experience for this iconic most-watched TV event in China. On the day of the broadcast, our DAUs increased by nearly 20% compared with Chinese New Year's Eve in 2024. These community events have reinforced our leadership among China's young generation while expanding our appeal to a broader user group, bringing more people to our vibrant community. Now I'd like to talk about the progress of our commercialization in our business lines. First, we made some exciting headway in our advertising business. Our total ad revenues grew by 24% to RMB 2.4 billion for the fourth quarter and increased by 28% to RMB 8.2 billion for the full year, both on a year-over-year basis. Ad revenue per DAU also increased by over 20% year-over-year for both Q4 and the full year of 2024. We attribute our industry-leading ad growth to the growing value of our user base as well as our improved ad efficiency. In 2024, we further opened our ecosystem to embrace more advertising opportunities while enhancing our ad infrastructure, optimizing ad matching algorithms, and upgrading ad products. These improvements fueled our strong and sustained advertising growth throughout the year, particularly in performance-based ad revenues, which grew over 40% year-over-year for the full year. Meanwhile, despite the challenging macro environment, brand and native ad revenues also saw double-digit year-over-year growth in 2024. As we gained deeper insights into our users' consumption preferences and patterns throughout the year, more advertisers turned to Bilibili to reach new consumers with better ROI. In 2024, the number of advertisers on our platform grew by over 30% year-over-year. Games, digital products, home appliances, e-commerce, Internet services, and automotive were the top 5 industry verticals in the fourth quarter. With the recent macro stimulus policy, Bilibili played an important role in empowering both local retailers and home appliance advertisers to strengthen their brand equity, influence purchasing decisions, and drive direct sales conversions. Additionally, we are attracting more advertisers from emerging verticals. In the fourth quarter, revenues from transportation and education advertisers grew by over 100% year-over-year. Looking ahead, we remain optimistic about our ad business growth as we are still in the early stages of unlocking the commercial value of our community. In 2025, we will continue deploying our best resources to build a more efficient ad platform and improve our ad products. Industry-wise, we will continue to explore opportunities in our leading game vertical, including the launch of Bilibili Mini Games and more. We will also actively pursue wider and deeper partnerships with consumer brand advertisers, connecting them with our high-value user base. Turning to our games business, our games revenues increased by 79% to RMB 1.8 billion in Q4 and 40% to RMB 5.6 billion for 2024, both on a year-over-year basis. The growth was driven by our Hit Strategy Game, San Guo: Mou Ding Tian Xia, and contribution from our Japanese ACG title, which we launched in overseas markets in November 2024. San Guo's sustained popularity gives us confidence in its long-term potential. DAUs remained stable across the first 5 game seasons through our focus on high-quality gameplay while carefully balancing commercialization. We will also enter into a sixth game season on February 22. As we expand its content and features, we believe more young players will be drawn to the SLG genre. Solidifying San Guo as one of our flagship evergreen titles, the game's success is also a milestone in our strategy to diversify game genres, highlighting the strength of our gaming community. We'll actively explore opportunities like San Guo to better serve the new generation of gamers. And finally, let's look at our VAS business. Revenues from our VAS business increased by 8% in Q4 to RMB 3.1 billion and 11% for the full year to RMB 11 billion, both on a year-over-year basis. During the year, both live broadcasting and premium memberships sustained healthy growth, with the gross margin for live broadcasting continuing to improve. By the end of the year, our premium memberships reached 22.7 million with over 80% on annual subscriptions or auto-renewal packages. As we nurture a healthy live broadcasting ecosystem and a steady premium membership program, we continue to explore products and services uniquely suited to our community features. Notably, our newly introduced fan charging program, which allows paid users to access exclusive, high-quality videos from subscribed creators, attracted over 8 million participants in 2024. Revenues from the fan charging programs surged by over 400% year-over-year during the year, creating a new revenue stream for talented creators to monetize their content. The program's early success also highlights our platform's strength and our users' strong willingness to pay for quality content. In summary, building on our unique community and distinctive product offerings, we will continue to unlock its full commercial potential, driving sustainable growth and increased profitability. We are also excited to ride the new wave of AI advancements and further expand beyond what we could have previously imagined. Above all, our core mission remains unchanged: to provide a space where creators and fans come together, connect through shared passion, and enjoy the content and experiences they love. With that, I will turn the call over to Sam to share more financial details.

Thank you, Mr. Chen. Hello, everyone. This is Sam. In the interest of time on today's call, I will review our fourth quarter highlights as Mr. Chen's remarks have touched on our full year results at a high level. We encourage you to refer to our press release issued earlier today for a closer look at our full year results. Throughout the year, we steadily improved our financials, showing the elasticity of our business and our ability to generate profits amid growth. We can see the fruits of our efforts in our fourth quarter results, showing continued revenue growth in our core high-margin advertising and games businesses, continuous margin expansion and our first full quarter of GAAP profitability. Total net revenues for the fourth quarter were RMB 7.7 billion, up 22% year-over-year. Our total revenue breakdown by revenue stream for Q4 was approximately 40% VAS, 31% advertising, 23% mobile games, and 6% from our IP derivatives and other businesses. Our cost of revenues increased by 5% year-over-year to RMB 4.9 billion in the fourth quarter, while our gross profit rose 68% year-over-year to RMB 2.8 billion. Our gross profit margin reached 36.1% in Q4, up 10 percentage points from 26.1% in the same period last year. Our strong gross profit and margin growth highlight the flexibility and the scalability of our business model. Our total operating expenses were down 10% year-over-year to RMB 2.7 billion in the fourth quarter. Sales and marketing expenses increased by 10% year-over-year to RMB 1.2 billion, mainly due to increased marketing expenses for our exclusively licensed games. G&A expenses were RMB 506 million, flat year-over-year. R&D expenses were RMB 919 million, down 31% year-over-year, mainly due to a one-off game termination expense in Q4 2023. Our operating profit and net profit turned positive to RMB 126 million and RMB 89 million for the fourth quarter, respectively, marking significant gains from year-over-year losses. Furthermore, our adjusted operating profit and adjusted net profit reached RMB 463 million and RMB 452 million, respectively. Our adjusted net profit ratio in the fourth quarter was 6% compared with an adjusted net loss ratio of 9% in the same period a year ago. Cash flow-wise, we generated RMB 1.4 billion in operating cash flow in the fourth quarter and RMB 6 billion for the full year. We also recorded RMB 4.3 billion in free cash flow for the full year. As of December 31, 2024, we had cash and cash equivalents, time deposits, and short-term investments of RMB 16.5 billion or USD 2.3 billion. In November 2024, we completed the repurchase rights offer for our December 2026 notes. After the completion of this transaction, the aggregate outstanding principal amount of April 2026 notes, 2027 notes, and December 2026 notes was USD 13.4 million. Lastly, we announced a share repurchase program of up to USD 200 million in November 2024 for a 24-month period. The program underscores our commitment to enhancing shareholder returns and reaffirms our confidence in our business's cash flow generation. As of the end of the year, we had repurchased approximately 0.8 million ADRs under this program for a total cost of USD 16.4 million. Thank you for your attention. We would now like to open the call to your questions. Operator, please go ahead.

And now we're going to take our first question from Lincoln Kong from Goldman Sachs.

My question is about 2025. After reaching breakeven last year, how should we consider our overall strategy moving into 2025? We have observed significant opportunities for AI. How should we approach integrating AI with our community?

I want to emphasize that we have successfully achieved both GAAP and non-GAAP profitability ahead of our target set for 2022, reaching this milestone by the end of 2024. As we look toward 2025, we see it as a new chapter for us, maintaining our proven model of content and community. Having reached profitability and established a positive operational cycle for our commercialization, we aim to add another engine to our business model to ensure sustainable community growth. This year, we will focus on expanding our margins, increasing profitability, and fostering healthy community growth. Looking beyond 2025, it's important to rethink how Bilibili can maintain robust growth, as we have for the past 15 years. From a user perspective, high-quality content is central to Bilibili's identity, which explains why our users have remained loyal to our platform for such a long duration. Moving forward, high-quality video content will be the cornerstone of our strategy, as we believe it can withstand economic fluctuations and help us transition into the next era of the video industry. I want to discuss the synergy between high-quality content and user-generated videos. We are now in an era where video content is abundant, and the age of casual consumption is seemingly over. The future success of video lies in prioritizing quality over quantity, and Bilibili has a strong reputation for delivering high-quality content. We have attracted talented content creators and users who value this quality, supported by the shared understanding among video enthusiasts. As a premier platform for high-quality video, we will become increasingly competitive in the evolving video market. For instance, one of our content creators, who specializes in food documentaries, has monetized his work successfully, earning tens of millions of RMB. This demonstrates users’ willingness to pay for quality content and the significant commercial potential it holds. Moreover, I want to address the value of our high-quality content alongside our self-developed intellectual properties. The success we saw last year with certain titles and the recent popular anime further reinforces our belief that amidst content oversupply, there is a growing demand for high-quality work. At Bilibili, we have cultivated a strong portfolio of original IPs that resonate with our audience, such as "A Mortal’s Journey," which has achieved record highs in viewership and paid subscriptions in 2024. Ten years ago, I would not have predicted that Bilibili's most popular themes would revolve around such concepts, but it’s clear that these established IPs attract large audiences similar to timeless tales like “Journey to the West.” Thus, our users recognize and reward high-quality content with greater revenues. We anticipate that Bilibili will continue to be a center for high-quality user-generated video content, producing well-known IPs for a broad audience. Lastly, I want to talk about the synergy between AI and high-quality content. The excitement about AI's potential has been growing for the past couple of years, and this innovation presents opportunities across all sectors. Bilibili's strength lies in its rich repository of Chinese video content and data. The advancement in large language models demands high-quality data, and Bilibili is perfectly positioned as a generator of such data through our engaging video content and real-time user interactions. Additionally, we benefit from a wealth of quality comments and interactions, known as bullet chats, which create valuable training data for AI systems. The emergence of accessible AI models, such as DeepSeek, places us in a favorable position to explore and realize the full value of our data assets. We have been conducting numerous tests recently, yielding surprising results, and we look forward to sharing more progress in the upcoming quarters. Thank you for your attention.

And now we're going to take our next question, and it comes from the line of Felix Liu from UBS.

Congratulations on the impressive advertisement performance in 2024. Could you provide more insights into what contributed to the strong advertisement growth this year? Additionally, what is the management's outlook for advertisements in 2025 based on the year-to-date observations of advertiser sentiment? What will be the key focus areas for your advertisement business in 2025?

Indeed that our ad business was performing very well in 2024. Total ad revenue reached nearly RMB 8.2 billion for the full year, marking a 28% year-over-year growth. That is among the highest growth rates across the industry. Notably, our high-margin performance-based ads saw over 40% year-over-year growth that's also driving a significant improvement in our overall gross margin for the advertising business. And that is a big plus to our overall gross margin on a group level as well. The success, the reason that drives our advertising revenue comes from two uniqueness that Bilibili platform possesses: one is the high-quality user base, and secondly is that we have strong mind share for strong content offering in terms of high-quality content. Those two reasons are the fundamental drivers for those advertisers to put their ads on Bilibili platform. In 2024, our users' average age bridged 25 years old, a stage of life where consumer demand grows rapidly. This makes Bilibili the most ideal and effective platform for advertisers to engage with young consumers. Based on our communication with various advertisers, it has been a consensus that Bilibili is a perfect platform to help connect and communicate with the young generation, and it's also a very effective platform to influence young users' purchasing decisions. We also attribute our success to our continuous improvement to our one horizontal and vertical commercial efficiency strategy. Regarding the horizontal aspect, that refers to our ad infrastructure and ad product abilities. First of all, overall that in 2024, the number of advertisers grew over 30% year-over-year. We are attracting more advertisers across different industries to come to invest on our platform. We also improved our ad products to attract more advertising budgets from different advertisers. For example, now in Q4, over 65% of native advertisers also purchased the content promotion product on our platform, and that ratio was 50% a year ago. Moreover, AI played a very important role in helping to drive ad efficiencies with our AIGC tools that we are helping our advertisers to improve material creation efficiencies and overall click-through rates. Currently, AI participates in over 10% of ad material creation regarding covers and the titles. For that part, we saw a very significant improvement in the ad conversion rate. Let's touch upon the vertical strategies. In 2024, Bilibili continued to secure more ad budgets from key industries while also attracting new advertisers from emerging sectors. For the key industries such as games, in 2024, while solidifying our new game open beta testing budgets, we also continued to gain more shares from mini games budgeting. Recently, we launched the Bilibili Mini Games program, which has gained a lot of traction and show strong momentum among our advertisers. We believe that this will be one of the growth drivers for us to continue to gain more shares within the game advertising sector. Secondly, on our e-commerce sectors, in 2024, we remained committed to the open-loop strategy, further strengthening our partnership with all the major e-commerce platforms. In the past Double 11 shopping festivals, our overall GMV increased by over 150% year-over-year, and Bilibili brought over 50% new consumers to the merchants for all participated industries. That ratio is very valuable under this very intensive competitive environment within the e-commerce industry. Another example would be in the digital products and home appliances sectors. As people know that the young users have very strong needs for digital products, and since the average age of our users has entered 25, there is also a growing demand for home appliances as well. Plus, with the national subsidy stimulation within the home appliance sectors, we saw a very strong growth in the digital products and home appliances sectors. It contributed the highest incremental revenues in Q4 within our ad sectors. We talked about what we have done in 2024, and we believe the advertising sector is a highly competitive market and requires a real competitive edge to deliver real results in order to gain market shares. If we are looking beyond 2025 and beyond, what we need to do is continue to strengthen our advertising infrastructure and to drive efficiency. We remain overall optimistic and confident about the growth of our advertising business in 2025, and we expect to maintain an above-industry growth rate. That concludes Mr. Chen's answer.

Now we're going to take our next question, and it comes from line of Wei Fang from Mizuho.

My question is about your margins. The company's gross profit margin has reached 36% in Q4. How do you anticipate the trends of the gross margin and net margin will develop in 2025 and in the mid- to long term?

This is Sam. Thank you, Xueqing, I will take your question. Our profitability was mainly driven by gross profit and gross profit margin expansion, which is healthy and sustainable. In Q4, our gross margin reached a record high of 36%, marking consecutive quarters of improvement. The key contributors to this improvement include the rising share of high-margin gaming and advertising revenues. They now contribute over half of our total revenue, accounting for 54% of total revenue in Q4. Our fixed life costs, including content, staff, server bandwidth costs, further declined relative to revenue—from 25% in Q1 to 7% in Q4. Looking ahead, we expect the growth of revenue to continue, along with steady gross margin expansion in 2025. Over the long term, we are confident that gross margin will reach 40% to 45%. On the expense side, our operating expenses as a percentage of total revenues declined from 36% to 30% in 2024, and they have more room for further reduction in the future. We already achieved a 6% operating profit on a non-GAAP basis in Q4. In the long run, our operating profit margin target remains 15% to 20%.

Operator, next question, please.

And the next question comes from the line of Lei Zhang from Bank of America Merrill Lynch.

Our operating expenses as a percentage of total revenues declined from 36% to 30% in 2024, and they have more room for further reduction in the future. We already achieved a 6% operating profit on a non-GAAP basis in Q4. In the long run, our operating profit margin target remains between 15% and 20%.

For us, the top priority for San Guo is long-term operation, as I discussed in the previous quarter. The target life cycle for this game will be at least 5 years. Based on the performance of the first 5 seasons, we think the team and the game have met that requirement. The game has consistently ranked among the industry best in terms of user engagement, retention, and revenue generation. That's why I feel quite confident for the next 5 years that San Guo will continue to contribute steady performances. We are also confident that because SLG, by its nature, has a longer life cycle, the target that we always bring to the team is that we're hoping to make San Guo a game that a player can play for a lifelong time. That's why we—whenever there is a new game season, the game will be back on the top charts, at least in the top 10 charts. The reason why we are very confident is that we have the determination and also experience in running a long life cycle game. For example, FGO, after 9 years of its launch, we still see double-digit revenue growth for this game. Another game, Azure Lane, which is celebrating its eighth year anniversary, we continue to see overall grossing improving year-over-year. That's why we are very confident and also determined to make San Guo a long-lasting game. Since San Guo is also a new game, we emphasize and care about what our players are seeing. We continue to listen to player feedback on gaming experiences and mechanisms and actively collaborate with the game developers to incorporate these insights and feedback and adjust the game accordingly. For example, in the upcoming game season 6 on February 22, a lot of updates and improvements are made according to the user feedback. We will be launching a new map, new battle strategies, and a new skin system and also bringing a new weather system to enhance the overall gameplay. We are also preparing for major updates for this June, which is going to be the 1-year anniversary for San Guo. We're looking to bring a lot of significant updates to increase gameplay and improve the overall game metrics for San Guo. Multi-platform expansion will also be one of the strategies for this game this year. Last Q4, we launched the game on the PC portal. This year, we're looking to bring this amazing game experience to multiple platforms and attract more users to enjoy the game. For the second half of this year, the overseas launch will be one of the most important tasks for San Guo. But right now, we're focused on the development of the traditional Chinese version of San Guo to better serve the overseas players. We will refine the game experience, adjust the game ecosystem design to better fit different countries' gamers' preferences. We're also hoping to make San Guo a favorite SLG strategy game for young players overseas. That concludes Mr. Chen's question-and-answer session, and we can move to one last question. Operator, please go ahead.

And now we're going to take our last question for today, and it comes from Wei Fang from Mizuho.

Now looking ahead to 2025, could you share your thoughts on how to further expand our user base and increase brand awareness? Also, can you elaborate on your partnership with CCTV New Gala?

Firstly, I'll discuss our partnership with the Spring Festival Gala. This year, we teamed up with CCTV's Spring Festival Gala as its exclusive bullet chat live streaming platform for the first time. CCTV also launched an official Spring Festival account on Bilibili, sharing highlights from the past 42 years of gala history. Our users have shown great enthusiasm for this content. Having watched the Spring Festival Gala for 40 years myself, I see a new dynamic emerging compared to past high-quality content, thanks to the feedback from the younger generation through bullet chats and comments, which really invigorates the experience. To share some results from this project, Bilibili's daily active users increased by 20% year-over-year on Chinese New Year's Eve compared to last year. With over a million daily active users, achieving a 20% increase from a single project is impressive. Another key point is that bullet chats have become an essential part of the Bilibili user experience, attracting many users specifically for this unique interaction during the gala. During the live stream, we recorded over 100 million bullet chats. Furthermore, Bilibili is strategically positioned to capture high-quality content nationwide, as the Spring Gala itself is distinctive and top-notch. Users come to Bilibili to watch and engage with bullet chats and commentary for exclusive experiences. The success of this partnership reinforces our belief in Bilibili's capability to host national content and audiences. Our strategy, which encompasses multi-screen and multi-scenario usage, has demonstrated Bilibili's unique strength in fan engagement during the Spring Festival Gala, particularly since the high-definition format is ideal for big screen viewing. Consequently, our growth in OTT users during this partnership exceeded expectations, solidifying our leadership and user presence in living rooms. A notable example is Bilibili's self-produced performance during the New Year's Gala, which became exceptionally popular, garnering over 50 million views across different platforms. This show's success not only highlights our understanding of young audiences but also showcases our ability to produce high-quality content that resonates at a national level. In summary, the success of this partnership has enabled Bilibili to connect the younger generation with the nationwide New Year's Eve Festival Gala, while also growing our user base and enhancing our brand. Overall, it has been a highly successful initiative. To address your earlier question about expanding our influence through the Bilibili brand, we achieve this through projects like this. Our past efforts during the New Year's Gala have proven effective in attracting new users and enhancing brand equity. We have executed similar campaigns during graduation season, and this year we tested new partnerships for the Chinese New Year. We plan to continue launching more initiatives like this moving forward. We believe such collaborations will further enhance our brand equity and influence, while also supporting our user growth strategy. Thank you. I’ll turn it back to you, operator.

And that concludes the question-and-answer session. Thank you once again for joining Bilibili's Fourth Quarter and Fiscal year 2024 financial results and business update conference call today. If you have any further questions, please contact Juliet Yang, Bilibili's Executive IR Director, or Piacente Financial Communications. Contact information for IR in both China and the U.S. can be found on today's press release. Thank you, and have a great day.