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Alex Liu

Managing Director and Senior Equity Analyst at Bank of America

Alex Liu is a Managing Director and Senior Equity Analyst at Bank of America, specializing in coverage of the healthcare and biopharmaceutical sectors with a particular focus on companies such as Pfizer, Merck, Johnson & Johnson, and Eli Lilly. Known for his rigorous research and analytical precision, Liu has achieved a TipRanks success rate of approximately 68% and consistently delivers above-average returns for clients, earning recognition as one of the leading healthcare analysts on the Street. He began his analyst career in the early 2010s at Citigroup before joining Bank of America in 2017, steadily advancing through roles of increasing responsibility. Liu holds FINRA Series 7, 63, and 86/87 licenses, underscoring his commitment to professional standards and regulatory compliance.

Alex Liu's questions to Bilibili (BILI) leadership

Question · Q3 2025

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.

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Question · Q3 2025

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.

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