Good day. Welcome to the Bilibili 2020 fourth quarter and full year earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Juliet Yang, Senior Director of Investor Relations. Please go ahead. Thank you, operator. Please note the discussion today will contain forward-looking statements relating to the company's future performance and are intended to qualify the safe harbor from liability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of the future performance and are subject to certain risks and uncertainties, assumptions, and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and in this discussion. A general discussion of the risk factors that could affect Bilibili's business and financial results is included in certain filings of the company with the Securities and Exchange Commission. The company does not undertake any obligation to update this forward-looking information except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purpose only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the 2020 fourth quarter and full year financial results news release 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 Bilibili Investor Relations website at ir.bilibili.com. Joining us today on the call from Bilibili senior management are Mr. Rui Chen, Chairman of the Board and Chief Executive Officer, Ms. Carly Lee, Vice Chairwoman of the Board and Chief Operating Officer, and Mr. Xin Fan, Chief Financial Officer. I will now turn the call over to Mr. Fan, who will read prepared remarks on behalf of Mr. Chen. Thank you, Juliet, and thank you everyone for participating in our 2020 fourth quarter and fiscal year-end conference call. I am pleased to deliver today's opening remarks on behalf of Mr. Chen. We had an exceptional year in 2020. Through a challenging microenvironment, we remained focused on our growth strategies and achieved record results. In the fourth quarter, our MAUs reached 202 million, up 55% year-over-year, marking a new starting point for our growth journey. In addition, mobile MAUs were up 61% year-over-year to 187 million. On the user engagement front, we had 54 million DAUs, up 42% year-over-year. Our users remain highly engaged and spend an average 75 minutes on our platform daily in the fourth quarter, reflecting the strong appeal of Bilibili content offerings and the stickiness of our growing community. The high quality and rapid growth of our user base laid a solid foundation for our commercialization efforts. In the fourth quarter, our Premium Membership services continued to drive paying user conversion. MPUs reached 18 million, up 103% year-over-year. Our overall paying ratio increased to 8.9% compared with 6.8% in the same period last year. At the same time, more business partners are turning to Bilibili to reach and engage our massive audience base of young generations. Our advertising business grew by 149% in the fourth quarter year-over-year, marking the seventh consecutive quarter of accelerated growth on year-over-year basis. On the back of this momentum, our total revenues reached another record high of RMB 3.8 billion in the fourth quarter, and RMB 12 billion for the full year. This represents impressive year-over-year growth of 91% and 77% respectively. We attribute our success to our broad content library, engaging community experience, and the rising brand awareness. In 2020, we made some key moves that resulted in a significant boost to our brand. We kicked off 2020 with a blockbuster New Year's Eve Gala, followed by our Hou Lang, Ru Hai, Xi Xiang Feng marketing trilogy, and introduced our brand proposition, All the Videos You Like. We carried these efforts into the fourth quarter and closed the year with our second New Year's Eve Gala, The Most Beautiful Night of 2020. During the live broadcast night, the popularity index more than tripled compared with our 2019 event, achieving 120 million playbacks within 48 hours. These successful marketing initiatives have allowed us to connect and resonate with more users and reach a more diverse audience, and we believe we can continue with the strong momentum in 2021. Building on the success of our 2020 user growth, one thing is clear, our appeal is much broader and reaches beyond Gen Z. We are now widely recognized by a larger audience that now includes those born between 1985 to 2009. Popularly referred to as the Gen Z+ demographic. This group of users share similar attributes, and we have established unparalleled market share among this vibrant Gen Z+ community. According to the iResearch latest report, over 86% of our MAUs were below the age of 35 in 2020. This group is the driving force for all kinds of consumption in China, especially the video-based consumption market. In 2019, Gen Z+ contributed 65% of the video-based market dollars. Video continues to be integrated with more and more aspects of daily lives. It is becoming the primary means of communicate, entertain, and exchange information. This visualization trend is creating massive market opportunities in China. The video-based market expected to reach RMB 1.8 trillion in the revenues, generated by nearly 1.2 billion video users by 2025, according to our research. As a full-spectrum video community platform and the go-to platform for the Gen Z demographic, we are at the forefront of this exciting visualization opportunity. With that, I will walk you through some of our activities during the fourth quarter, beginning with our content. Our content creators are extremely important to us. Their creation represents their vision of the world around them, which reflects and influences Gen Z+ preferences. For the fourth quarter, we had approximately 1.9 million content creators uploading 5.9 million videos per month, representing increases of 88% and 109%, respectively, both year-over-year. We continue to provide our content creators with support on multiple levels. These include video editing tools and tutorings that help facilitate new creations, as well as monetary rewards and our advertising platform. Most importantly, we continue to improve our algorithm to make sure the right content is distributed to the right audiences while promoting high-quality, original content. These attributes are what make Bilibili the most sought-after platform for content creators to showcase their talents, share their passions, and make a living doing what they love. We continue to enhance our content offerings both in depth and in breadth. In the fourth quarter, our most popular content verticals in terms of video views were lifestyle, game, entertainment, anime, and tech knowledge. Among those leading verticals, knowledge was one of the fastest-growing verticals, attracting numerous intellects to our platform to share their knowledge and insights. In the fourth quarter, our tech knowledge verticals attract a wider audience and help contribute a significant 10% of total video views. Meanwhile, we continue to invest in areas where we see high potential to build out new strongholds. For 2021, as we grow with our existing users and attract new ones, we have identified several areas with large and growing demand, such as automotive, home furnishing, relationships, and parenting. In January 2021, we launched the Story Mode, our new PUGV content format that allows users to enjoy short videos in vertical formats. With Story Mode, we hope to satisfy user diverse needs by providing them with their seamless access to our high-quality content, ranging from seconds for their fragment time to minutes and hours for more immersive experiences. We are encouraged by the initial results brought by the new model. Turning to our OGV content, our years of investment in Chinese anime bore fruit in 2020. Chinese anime MAUs have surpassed Japanese anime MAUs and have become our number one category within OGV. Over 160 million users watched Chinese anime on our platform in 2020. During the year, we released a number of popular Chinese anime titles and hit new records for attracting new users and converting them to paying members. These include Carp Reborn: Yuanlong, The Daily Life of the Immortal King: Xiān Wáng de Rìcháng Shēnghuó, Ling Cage: Ling Long, and the more recently launched Heaven Official's Blessing: Tian Guan Ci Fu, forming valuable IP assets. In November, we held our third annual Chinese anime press conference, Made by Bilibili. Here, we introduced 33 new titles that we plan to release over the next two years. In addition to market developments in China, we are excited to be a pioneer in promoting Chinese anime worldwide. Some of our international endeavors include our cooperation with Funimation and Netflix to stream Bilibili-produced Chinese anime series around the world. Our documentary, variety shows, and TV series continue to enrich our content library as well. In particular, we have been very successful with our recent endeavors in self-produced TV drama, Run For Young: Feng Quan Shao Nian De Tian Kong, and the music reality show, Rap For Youth: Shuo Chang Xin Shi Dai. Not only have we attracted new users, generated sizable memberships and advertising revenue with these additions, but we have also opened the gateway to new content verticals and formats. Turning to our community. As our user base continue to grow, particularly among the Gen Z+ audience, we are further nurturing bonds and sponsoring our community ties. In the fourth quarter, our daily video views reached 1.2 billion, up 70% year-over-year. Monthly interactions were also up by 94% year-over-year, with users generating 4.7 billion bullet chats, comments, likes, and Bilibili [emoji]. Our official member numbers reached new heights as well. At the end of fourth quarter, we surpassed the milestone of our first 100 million official members. With 103 million official members up 51% year-over-year. Our 12-month retention also remains strong, well above 80%. These consistent metrics are strong testimony to the success of our platform and growth strategies. Turning to our commercialization progress. We diversified our game offering even further in 2020, led by existing popular games such as Princess Connect, FGO, and Azur Lane. Our mobile game revenue grew to RMB 1.1 billion in the fourth quarter, up 30% year-over-year. Old and new fans alike continue to find great joy in these games, driving their steady performances. Genshin Impact continue to win fans with massive success, and Bilibili is the game primary Android partner in China. As for our game pipeline, we have 14 titles that have obtained approvals and are scheduled for launch. We are very excited about our new exclusive licensed games. In the upcoming quarters, we plan to bring players Sword Art Online, [Non-English content] Artery Gear, [Non-English content] and Guardian Tales, [Non-English content]. As for our jointly operated games, we continue to be a partner of choice for leading game developers. In 2021, we will continue to work with top developers to bring more premium games to Chinese users, such as NetEase Harry Potter and Diablo, as well as Tencent's League of Legends mobile games. Turning to our VAS business. Driven by our Premium Memberships and live broadcasting business, revenue from VAS increased by 118% year-over-year, reaching RMB 1.2 billion in the fourth quarter. Premium Memberships are on the rise, gaining viewers exclusive or advanced access to our OGV content. At the end of the fourth quarter, we had engaged 14.5 million Premium Members, up 91% year-over-year. The majority of our members pay for annual memberships or our automated renew programs. As a natural extension of our media platform, we continue to build our live broadcasting content ecosystem. While more hosts are attracted to Bilibili, more content creators are leveraging our live broadcasting platform to connect with fans and showcase their talents. Having secured three years of exclusive live broadcasting rights to the League of Legends World Championship in China, we further enhanced our esports content offering with the recent S10 event hitting record high viewership. Last but not least, let's review our advertising business. Thanks to our strong user growth and enhanced brand name, advertisers are even more aware of our users' value and coming to Bilibili for increased visibility. At the same time, our ad efficiency and effectiveness further improved, as our algorithm improved. Revenue from advertising segment reached RMB 722 million, up 149% year-over-year in the fourth quarter. Again, food and beverage, e-commerce, skincare and cosmetics, and 3C products were the leading verticals in the fourth quarter. Our New Year's Eve Gala proved to be a great draw for advertisers as well. This year, we welcome the new Customer Friend, and the traditional appliance giant, Midea, as our key sponsors of Gala. Our results speak for themselves, and our business continue to gain momentum. Bilibili is decidedly the go-to platform, capturing the hearts and the minds of Generation Z+, and our audience of young users keep growing. We have entered a new era where video is becoming the dominant vertical for people to get connected, informed, and entertained. The trend of visualization is only getting started. At the same time, China's overall economy is on the rise, and is expected to continue with vigorous growth. We are not only helping to shape the new visualization paradigm but also gaining market share in this huge and growing video market. In 2021, we will continue to invest in our content and our brand to expand our reach and further capitalize on this tremendous opportunity. This concludes Mr. Chen's remarks. I will now provide a brief overview of our financial results for the fourth quarter and the full year of 2020. Total net revenues for the fourth quarter were RMB 3.8 billion, up 91% from the same period of 2019. In the fourth quarter, we continued to see a more balanced and diversified revenue mix. Our total net revenues breakdown by streams was approximately 29% games, 33% VAS, 19% advertising, and 19% e-commerce and other business. Cost of revenues increased by 80% year-over-year to RMB 2.9 billion. Revenue sharing cost, a key component of cost of revenues, was RMB 1.3 billion, also up an 80% increase from the same period in 2019. Gross profit increased by 137% year-over-year to RMB 944.1 million. Our gross margin improved to 20.6% in the fourth quarter, compared with 19.8% from the same period last year. Total operating expenses were RMB 1.8 billion, up 126% from the same period in 2019. Selling marketing expenses were RMB 1 billion, representing a 147% increase year-over-year. The increase was primarily attributed to the increased channel and marketing expenses associated with our app and brand, such as our 2020 branding campaigns, as well as expenses for our mobile games and the salary and marketing personnel. By allocating resources to build our brand and appeal among a broader audience, we achieved substantial growth in 2020. We believe that efforts will be further reaching with positive impact to the market over the long run. We can already see the benefit of these strategies through our broader user base, demographics content, and overall industry leadership. We plan to continue building on this momentum in 2021 to further strengthen and expand our virtuous growth cycle. G&A expenses were RMB 343 million, representing 115% increase year-over-year. The increase was primarily due to increased headcount in general administrative and personnel, increased share-based compensation expenses, increased allowance for doubtful accounts, and higher rental expenses. R&D expenses were RMB 484 million, representing a 97% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses. Net loss was RMB 844 million for the fourth quarter of 2020, compared to RMB 387 million in the same period of 2019. Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses and amortization expenses related to the intangible assets acquired through business acquisitions and the income tax related to the intangible assets acquired through business acquisition, was RMB 682 million compared to RMB 337 million in the same period of 2019. Basic diluted net loss per share was RMB 2.34. Adjusted basic diluted net loss per share was RMB 1.88. For the full year of 2020, our total net revenues increased by 77% to RMB 12 billion. Notably, we saw a shift in our revenue streams, with 60% of our total revenues in 2020 coming from our non-game business, and game account for 40%. Gross profit for the 2020 full year increased 139% to RMB 2.8 billion. Net loss for 2020 was RMB 3.1 billion compared to RMB 1.3 billion in 2019. Adjusted net loss for 2020 was RMB 2.6 billion compared with RMB 1.1 billion in 2019. Basic and diluted net loss per share for 2020 was RMB 8.71. This compared with RMB 3.99 in 2019. Adjusted basic and diluted net loss per share was RMB 7.46, compared with RMB 3.3 in 2019. As of December 31, 2020, we had cash and cash equivalents, time deposits, as well as short-term investments of RMB 12.8 billion, compared to RMB 8.1 billion as of December 31, 2019. With that in mind, we are currently projecting net revenues for the first quarter of 2021 to be between RMB 3.7 billion and RMB 3.8 billion. Thank you for your attention. We would like now to open the call to your questions. Operator, please go ahead. Thank you so much. Ladies and gentlemen, we will now begin the question and answer session. As a reminder, if you wish to ask a question, you will need to press star and one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press the hash key. Again, it's star and one if you wish to ask a question. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. Thank you so much. Our first question comes from the line of Alex Poon from Morgan Stanley. Alex, your line is now open. [Non-English content] My first question is related to the user growth in coming years, and the strategy in terms of the product strategy, etc. At the same time, how can we maintain the user quality? For example, in fourth quarter, we noticed there is a small decline in terms of DAU/MAU ratio and also the user time spent on a year-over-year basis. Thank you very much. [Non-English content] User growth has always remained our top priority, and I personally take a great priority in looking after the user growth strategy. Under the rapid trend of visualization, we believe every Internet user could potentially become a video user, and this is creating a massive market opportunity for us. [Non-English content] I believe the user growth for all the content platform really depends on the quality of the content. Whichever platform has the highest quality content, the user will turn to that platform. For Bilibili, we have always practiced the philosophy that to leverage high quality content to attract our users, and we are really focused on expanding our content offerings and content categories. [Non-English content] The reason why Bilibili can continuously produce high-quality content is because we have built ever-growing, sustainable content ecosystem, which naturally give birth to many high-quality content. [Non-English content] As we attract our users through our ever-growing high quality content, at the same time, our highly engaged sticky community help us to retain those users and providing them unique community experience. [Non-English content] Our commercial efforts is also organically combined and merged with our content ecosystem as well as our community. In many ways, it does not affect our user experience. On the contrary, we think it's becoming part of our content offerings and community experience. [Non-English content] Looking at the past two years, we have experienced a very high quality and rapid user growth. You may even notice that our reach for broader audiences is beyond the Generation Z. According to the latest third-party report, about 86% of our users in 2020 are aged below 35. Bilibili is becoming the primary choice for not only the Gen Z, but also become a lot of users' choice that age below 35. [Non-English content] On top of our user number is expanding, we think we are expanding our influential power across multiple content verticals. In the past, people might have the perception that Bilibili has all the content young generations like, such as anime, games, music, and entertainment. In 2020, you would notice that there are many verticals that are emerging, that have the mass market appeal to all the age groups. For example, knowledge sector was one of the fast-growing sectors in last year. Knowledge as itself is the high-quality content for all age groups that's out there. [Non-English content] On top of our further ever-growing PUGV content ecosystem, we've noticed in our OGV department, there has been a great synergy. For example, our traditional strong verticals, anime, and documentary continuously to thrive. On the other hand, we have seen new emerging content categories, such as our New Year's Gala, our films, and TV productions, is also welcoming more and more audiences. [Non-English content] All the above, we can summarize our user growth can at least meet three criteria. One is we will continue to penetrate the young generations. In the past, it might be the Gen Z demographic, people born between 1990-2009. We believe we can further expand to the age group that's born after 1985 or even 1980. [Non-English content] The second point is on the quality of the content. We believe we can become a leading player in more and more content verticals and gaining more mind share of those verticals in the market. [Non-English content] For example, in the past, people may have the perception the best anime and the best game content is on Bilibili. Going forward, we hope to establish more mind share and higher ground on more and more verticals, for example, in knowledge and in many more. We believe there will be more high-quality content in various content verticals will be emerging on Bilibili, gaining more market share. [Non-English content] By achieving the first two points, we are confident we can continue to take a leading role in terms of the taste of the content and leading the young generations' preferences over content and over our artistic preferences. We will continue to maintain a highly engaged and friendly community environment, at the same time, increase our commercialization capability. [Non-English content] In the past, we have done a lot of work setting up our user growth, and we have done a lot of groundwork, and we are very prudent when it comes to setting up plans and strategies. In the past, we have set two user growth, once is back in 2018. Back then, we set a user target to achieve 150 in 2020. We update that user goal back in 2019, which is to refresh the user target to achieving 220 million by 2021. [Non-English content] In the past, the goal that we announced, we believe we have very good track record in delivering those goal. As for the 220 million by 2021, we are quite confident to achieve that goal in advance. Standing where we are today at early 2021, we are setting up a new three-year user target, which we believe we can achieve 400 million MAUs by end of 2023. [Non-English content] As we move forward, we believe that the internet companies competition over user is only getting more and more fierce. Despite a challenging environment, we remain confident about our goals. We will further enhance our advantage in our content ecosystem as well as our engaging community. We are quite confident to achieve that user guidance. [Non-English content] [Non-English content] As for the DAU to MAU ratio, I would like to emphasize that in the fourth quarter, our main mobile app, the DAU to MAU ratio, actually slightly improved quarter-over-quarter. We have made the judgment back in the third quarter that as our user experience fast growth, the DAU to MAU ratio might fluctuate, but over the long term, it shouldn't have large differences. As for the time spent, for this quarter, our time spent per DAU was 75 minutes, compared to the same period last year, only a slight decrease, which we believe is a normal case. [Non-English content] When we look at the time spent per DAU in January this year, it actually improved to above 80 minutes. This is also in check with our overall judgment on the time spent and DAU to MAU. [Non-English content] Carly would like to supplement one point. One is that, as Mr. Chen mentioned, our growth model is driven by our content ecosystem as well as our community. You would also say that we made all the right moves in expanding Bilibili brand name in 2020. As we look forward to 2021, we'll continue to further expand our branding perception and branding awareness through multiple marketing events. [Non-English content] We've done a user perception study on our brand awareness back in 2019, 2020, and the number was over 30% in 2019. The brand awareness perception rate was improved to over 60% in 2020. We hope with number of our branding initiatives and marketing events, we hope to increase that perception rate above 90% in 2021. [Non-English content] Okay. One more thing is that on the branding initiatives, we are going to launch several campaigns in cooperation with company events and a big content launch to increase our brand perception and brand awareness. At the same time, we'll also work with other leading internet players to increase our perceptions, along with active user acquisition and channel acquisitions. Okay. Thank you so much. Your next question comes from the line of Alex Yao of JPMorgan. Alex, your line is now open. [Non-English content] My first question is about the advertising business, which has been accelerating almost four quarters in a row in the past several quarters. Can you guys elaborate a bit more on the growth driver behind this rapidly growing advertising business? Can you talk about the advertising revenue growth outlook for 2021? A follow-up question on this advertising monetization is that we noticed you guys have recently launched a number of KOL economy monetization models such as the [Non-English content]. Can you talk through your latest thinking on the KOL economy monetization on Bilibili? Can you talk about the feedback from both advertisers as well as the content creators on the introduction of [Non-English content]? Thank you. [Non-English content] First of all, we have over near half of active users, that is China's young generation. Bilibili is the platform that has the most concentrated young generation users. As we believe as Gen Z become the mainstream of the society, they have more saying and more spending power across various industry verticals. The next decade will be the new consumer upgrade, new consumer branding upgrade for China's overall consumption industry. As Bilibili's user has the most influence and more spending power within this vertical, Bilibili is becoming the must invest advertising platform. [Non-English content] In 2020, as we experienced fast and high-quality user growth, our influence over the branding and brand advertising has also increasing. Over the years, we have continuously improved our commercial middle platform capabilities, and our advertising revenue has experienced accelerated growth for seven consecutive quarters. In the fourth quarter, our advertising revenue reached RMB 120 million, and up 149% year-over-year. For the full year, our advertising revenue also grew by 126% year-over-year. [Non-English content] For 2021, we do not intend to increase our ad load, and we're going to maintain the ad load around 5%. From our perspective, we are still at the phase to building our infrastructure, and our advertising business still have a huge potential to grow. [Non-English content] First of all, we'll continue to enhance our middle platform capability, serving the commercialization progress. As our product. As our advertising product improves and our algorithm improves, our overall advertising efficiency will also improve. The efficiency is not only reflect on the increase of our advertising revenue, it also reflects on other business. For example, our jointly operated games improvement also depends on the improvement of our advertising efficiency. That goes with our live broadcasting, membership, and e-commerce. [Non-English content] On top of our news feeds, we tend to enhance our commercialization capability across multiple business lines and across multiple platforms. For example, the business line includes live broadcasting, comic, and our audio drama platform. As for the multi-screen, that goes to our mobile device, on iPad, on PC, and our smart televisions to help the brands to connect even further in multiple ways with the young generations. [Non-English content] The third point would be to increase our integrated marketing efficiency and standardize more of the procedures among this overall integrated marketing campaign. In 2020, we have significantly improved the ad efficiencies on single users. In 2021, we are going to elevate that on a single industry basis to better serve our industry verticals. [Non-English content] Last but not least, I'll add some point on our Sparkle advertising platforms. This platform was launched in Q3 last year. It is a matchmaking platform between content creator and various advertisers. The born of the platform is a natural development of our advertisers' needs and our content creators' needs, as more content creator need commercialization empowerment, and our advertisers also need efficient ways to influence users' decision making. The born of the platform is to connect both parties' needs at the same time to ensure a smooth, efficient transaction between two parties. In 2021, we'll spend more efforts in improving this platform, bringing more opportunity for both parties. [Non-English content] In summary, we are quite confident of our advertising revenue growth. We believe we can still maintain a high growth rate that's above the overall growth rate of the company. Thank you so much. That concludes the question-and-answer session. I would like to turn the conference back over to the management for any additional or closing comments. Well, thank you once again for joining us today. If you have further questions, please contact myself, Julie Yang, Bilibili Senior IR Director, or TPG Investor Relations. Our contact information for IR in both China and the U.S. can be found in today's press release. Have a great day. Thank you. That does conclude our conference for today. Thank you for participating. You may all now disconnect.