BILIBILI-W shares increased by 4.79% in morning trading, reaching HKD 214.40 with a trading volume of HKD 265 million. China Merchants Securities released a research report projecting that BILIBILI-W will achieve revenue of 7.6 billion RMB in the third quarter, representing a 4% year-on-year increase. The expected adjusted net profit attributable to the parent company is 650 million RMB, up 175% year-on-year and 16% quarter-on-quarter. By business segment, the advertising sector is projected to generate revenue of 2.5 billion RMB in Q3, a 20% year-on-year growth, primarily driven by increased revenue from performance-based advertisements. As we enter Q4, Bilibili has recently launched its "Double 11" promotional campaign and established deeper data integration with Alibaba and JD.com, providing brands and merchants with essential e-commerce operational metrics, massive exposure venues, and crucial insights into consumer behavior, thus further optimizing advertising conversion efficiency and enhancing the advertising experience.