Alex Liu

Alex Liu (Bank of America) inquired whether the successful "Unlimited Server" model from "Fantasy Westward Journey Online" would be replicated across other legacy titles and the anticipated pace of rolling out this gameplay approach.

Answer

CEO William Ding and VP of Corporate Development Bill Pang explained that the "Fantasy Westward Journey Online" Unlimited Server successfully restored classic gameplay while offering differentiated experiences, restructured the economy with free trading, and optimized the gaming process. This validated approach will be expanded, with the product team continuously interacting with the player community to introduce updates across more titles, providing richer, smoother, and fresh experiences while preserving classic elements.

Alex Liu with Bank of America asked about the success of the Fantasy Westward Journey PC Unlimited Server model and whether NetEase plans to replicate this model across more of its classic legacy titles. He also sought insights into the potential pace of rolling out such gameplay updates.

Answer

CEO William Ding and VP of Corporate Development Bill Pang explained that the Fantasy Westward Journey Online Unlimited Server successfully restored classic gameplay while offering differentiated experiences, restructured the economy with free trading, and optimized the gaming process. This approach lowered entry barriers and expanded the IP's player base. They confirmed that the product team maintains close interaction with the player community and believes more titles will introduce similar updates, providing richer and smoother experiences while restoring classics.

Alex Liu asked about the drivers behind Bilibili's accelerating user growth, including DAU, MAU, and time spent reaching historical highs, and inquired about any medium-term user targets. He also asked about the acceleration in Monthly Paying Users (MPU) growth, its underlying drivers, and future trends in user content payment.

Answer

Rui Chen, Chairman and CEO of Bilibili, and Juliet Yang, Executive Director of Investor Relations, explained that the primary driver for user growth is the focus on high-quality content, which remains in high demand despite overall video oversupply. They emphasized the community's role in discovering and supporting creators. For MPU growth, they cited three reasons: the increasing average age of users (now 26) leading to higher purchasing power, the monetization of long-term creators' personal IPs, and the growing trend among younger users to pay for content that brings them happiness.

Alex Liu asked about the drivers behind the accelerating growth in DAU, MAU, and average daily time spent, inquiring about any medium-term targets for user engagement. He also questioned the drivers for the accelerating growth in monthly paying users (MPU) and future trends in user content payment.

Answer

Chairman and CEO Rui Chen, through Executive Director of Investor Relations Juliet Yang, explained that continuous user growth is driven by a focus on high-quality content and Bilibili's unique community, which helps discover and promote content creators. For monthly paying users, Mr. Chen highlighted the maturing user base (average age 26) with increasing purchasing power, creators fostering personal IP and driving monetization through fan charging programs, and the younger generation's willingness to pay for self-gratification.