Bilibili's strong performance in advertising, with 30% YoY growth, is particularly noteworthy given the challenging macroeconomic environment in China. This suggests that Bilibili's platform is becoming increasingly attractive to advertisers, likely due to its engaged young user base and improved ad products. The company's focus on commercialization is yielding results, as evidenced by the 11% YoY increase in Value-added Services (VAS) revenue. This indicates that Bilibili is successfully monetizing its user base through premium memberships and live broadcasting. However, the slight 4% decrease in IP derivatives and others revenue suggests potential challenges in this segment. Moving forward, Bilibili's ability to maintain its growth trajectory while achieving profitability will be important for investor confidence.