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    Miranda Zhuang • Bank of America Merrill Lynch

    Miranda Zhuang's questions to Bilibili Inc (BILI) leadership

    Miranda Zhuang's questions to Bilibili Inc (BILI) leadership • Q2 2025

    Question

    Miranda Zhuang from Bank of America Securities asked for an analysis of the drivers behind the strong advertising business performance in Q2, the outlook for the second half of the year, and upcoming new products or technologies.

    Answer

    Management, translated by Juliet Yang, explained that the 20% YoY ad revenue growth was driven by their 'one horizontal and vertical' strategy, enhanced ad infrastructure, and improved efficiency from LLM integration. Key factors included integrated seeding and conversion campaigns, better ad delivery via multi-modal models, and optimized deep conversion capabilities. For H2, the focus is on broader product application across endpoints like PC and OTT, and deeper AI integration for ad creation and automated placement, with confidence in sustaining above-industry growth.

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    Miranda Zhuang's questions to Baidu Inc (BIDU) leadership

    Miranda Zhuang's questions to Baidu Inc (BIDU) leadership • Q2 2025

    Question

    Miranda Zhuang of Bank of America Merrill Lynch questioned the sustainability of AI-driven cloud demand amid economic softness and asked about the GPU supply situation, including any improvements from eased restrictions.

    Answer

    EVP Dou Shen confirmed that AI cloud demand remains strong and is broadening from tech to traditional industries. He attributed this to Baidu's cost-effective, full-stack solutions. Regarding GPUs, Shen stated the focus is on a flexible architecture that maximizes utilization across various chips, including domestic ones, to ensure resilience against supply constraints.

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