Bilibili（BILI）2026年第2四半期決算説明会：広告成長、マージン拡大、AI投資

ビリビリ（NASDAQ: BILI）は、2026年第2四半期の増収継続と収益性の向上を発表しました。広告が引き続き主な成長牽引役となった一方、モバイルゲームの売上高は前年同期比で減少しました。また、経営陣は目的を絞ったAI投資と、2027年に向けて拡充されるゲームパイプラインの概要を示しました。

主要なポイント

• 総売上高は、広告売上高が同28%増の31億人民元に伸びたことが牽引し、前年同期比8%増の79億人民元となりました。
• 粗利益率は37.2%に達し、前年同期の36.5%から上昇して16四半期連続の改善を記録しました。
• 純利益は55%増の3億3,900万人民元となりました。調整後純利益は25%増の7億400万人民元となり、利益率は8.9%となりました。
• 1日あたりアクティブユーザー数（DAU）は7%増の1億1,700万人に増加し、1日あたりの平均利用時間は前年同期の105分から113分に伸びました。ユーザーの総利用時間は14%以上増加しました。
• モバイルゲーム売上高は14%減の14億人民元となりました。経営陣は、ゲーム売上高が2026年第4四半期から前年同期比で増収に転じると見込んでいます。
• 経営陣は、中長期的な目標として粗利益率40%～45%、営業利益率約15%～20%を維持しました。

主要財務データ

営業費用は7%増の26億人民元となりました。販売・マーケティング費用は1%増加、一般管理費は横ばい、研究開発費は主に継続的なAI投資により16%増加しました。

事業および運用実績

ユーザーエンゲージメントとコンテンツ

ビリビリの当四半期末時点のDAUは1億1,700万人、MAUは3億7,100万人となりました。1日あたりの平均利用時間は113分に伸び、総利用時間は前年同期比で14%以上増加しました。5分以上の動画の視聴時間は18%増加しました。

ゲーム関連および全般的なエンターテインメントの視聴時間は、それぞれ20%と35%増加しました。ベビー・マタニティコンテンツは36%増加し、音楽の視聴時間はAIGC（AI生成コンテンツ）による制作に一部支えられて24%増加しました。1日あたりの動画投稿数は28%増加しました。

フォロワー数1,000人以上のクリエイター数は30%増加し、クリエイターの平均収入は21%増加しました。月間インタラクション数は9%増の174億回となり、長文コメントは67%以上増加しました。公式会員数は2億9,900万人に達し、12ヶ月継続率は約80%を維持しました。

広告

広告はビリビリの最大の収益源であり、総売上高の39%を占めました。上位5つの部門は、ゲーム、デジタル製品・家電、インターネットサービス、EC、自動車でした。

住宅装飾、フットウェア・アパレル、自動車からの売上高はそれぞれ60%以上増加しました。AI関連広告の売上高は2倍以上に拡大し、検索広告の売上高も倍増しました。広告主の総数は14%拡大しました。

経営陣は成長の要因として、コンバージョン効率の向上、広告インベントリの拡大、そしてユーザープロファイリング、コンテンツマッチング、クリエイティブ生成、キャンペーン配置におけるAIによる改善を挙げました。CTCVRは前年同期比で19%改善しました。視聴ページ、スマートTV、PCなどマルチシナリオ配置からの売上高は、2026年上半期に50%増加しました。

ゲームおよび付加価値サービス

モバイルゲーム売上高は14%減の14億人民元となりました。経営陣は、既存戦略タイトルの最新周年シーズンが中国のiOSセールスランキングで2位を記録したことに触れ、ゲームのロングライフサイクルに引き続き注力することを再確認しました。

ビリビリは、自社開発のカジュアルシミュレーションゲーム『Lumi Master』を2026年9月17日に世界規模で配信開始する予定です。ライセンス取得済みの三国志戦略タイトルは第4四半期に予定されており、Bilibili Worldで発表された追加の3タイトルは2027年に予定されています。

付加価値サービス売上高は5%増の30億人民元となりました。有料会員数は9%増の2,570万人に達し、そのうち約80%が年間プランまたは自動更新プランを利用しています。ファン課金による売上高はほぼ50%増加しました。

AI投資と資本配分

経営陣は、AI投資を引き続き動画理解、動画配信、動画制作に集中的に行うと述べました。同社は、これらの機能がレコメンデーション、検索、クリエイターの生産性、および広告効率を向上させると期待しています。

ビリビリは、以前発表した10億人民元のAI関連設備投資計画の約70%～80%を上半期中に投入しており、主にサーバー、コンピューティングリソース、敷金に充てられました。CFOは、通期のAI関連研究開発費の予想額は5億人民元のまま変更ないと述べました。

取締役会は6月に、新しい2年間で3億米ドルの自社株買いプログラムを承認しました。6月30日時点で、ビリビリは新プログラムに基づき190万株を3,100万米ドルで買い戻しました。2026年の年初から決算説明会の日までに、買い戻し総数は580万株、1億1,800万米ドルに達しました。

経営陣の見通し

経営陣は、2026年第4四半期から2027年にかけて予定されている5タイトルのリリースに支えられ、モバイルゲーム売上高が2026年第4四半期から前年同期比での増収に復帰すると見込んでいます。

同社は、粗利益率40%～45%、営業利益率約15%～20%という中長期目標を維持しました。経営陣は、目標達成への進捗は健全な売上成長、高粗利益な広告の貢献拡大、オペレーション効率の改善、そして規律あるAI投資にかかっていると述べました。

リスクと注視すべき領域

• 経営陣は消費者支出への圧力や厳しいマクロ経済環境を認めたものの、持続可能な広告成長には引き続き自信を示しました。
• モバイルゲーム売上高は14%減少したため、第4四半期に予想される回復においては、今後リリースされるタイトルの時期、評判、定着率、およびマネタイズが重要となります。
• AI関連投資が研究開発費の16%増加に寄与しました。経営陣は支出と商業的マネタイズおよび収益性目標とのバランスを取ると述べました。
• ビリビリは検索、PC、スマートTV、視聴ページ全体で広告インベントリを拡大しており、ユーザー体験を損なうことなくコンバージョン効率を継続的に向上させることが求められています。

アナリスト質疑応答の要点

経営陣は、AI生成コンテンツや短尺動画の量が増加することで、高品質なクリエイター主導のコンテンツの相対的な価値が高まる可能性があると主張しました。1日あたりの動画投稿数が28%増加し、フォロワー数1,000人以上のクリエイターが30%増加したことを挙げ、AIツールとレコメンデーションの改善がコンテンツの供給と配信を裏付けている証拠としました。

広告について、経営陣はビリビリの平均ユーザー年齢が26.5歳に達したと述べ、購買力を持つ若い消費者をターゲットとする広告主に対するプラットフォームの魅力を強調しました。AI関連の広告主からの売上高は2倍以上に拡大し、経営陣はこの分野を継続的な成長機会と捉えています。

収益性について、CFOは広告の成長、ゲームパイプライン、AIを活用したオペレーション効率がさらなる利益率拡大の主な原動力であると特定しました。同社は株主還元が引き続き優先事項であることを再強調し、市場状況に応じて自社株買いを継続すると述べました。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, and welcome to the Bilibili's Second Quarter 2026 Financial Results and Business Update Conference Call. Today's conference is being recorded.

At this time, I would like to turn the call over to Juliet Yang, Executive Director of Investor Relations. Please go ahead.

Juliet Yang

Thank you, operator. During this call, we'll discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC and Hong Kong Stock Exchange.

The non-GAAP financial measure will provide are for comparison purpose only. The definition of this measure and the reconciliation table are available in the news release we 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 the Bilibili IR website at ir.bilibili.com.

Joining us today from Bilibili senior management are Mr. Rui Chen, Chairman of the Board and Chief Executive Officer; Ms. Carly Li, Vice Chairwoman of the Board and Chief Operating Officer; and Mr. Sam Fan, Chief Financial Officer.

I will now turn the call to Mr. Chen.

Rui Chen

Thank you, Juliet, and thank you to everyone joining us today. Our strong momentum carried into the second quarter, and we delivered another set of solid results. Both our community and top line growth remained healthy and profitability continued to expand. As users increasingly seek substance over noise, our high-quality content and authentic community experience keep attracting new users and driving deeper engagement.

In Q2, DAUs increased by 7% year-over-year to 117 million, while MAUs grew to 371 million. Average daily time spend rose to 113 minutes from 105 minutes a year ago, which drove total time spent of over 14%. That engagement is translating into stronger commercial results. Advertising revenue grew 28% year-over-year, marking another quarter of industry-leading growth. Meanwhile, MPUs increased 7% year-over-year to 33.4 million, reflecting users increasing willingness to pay for the content and community experiences they truly value.

You can also see that momentum in our financial results. Total revenues for Q2 rose 8% to RMB 7.9 billion, and gross profit grew 10% year-over-year. Gross margin expanded to 37.2%, marking our 16th consecutive quarter of margin improvement. Our top line growth and increased operating leverage drove our net profit up 55% year-over-year, and our adjusted net profit reached RMB 704 million, with our adjusted net profit margin expanding to 8.9%.

In the AI era, we see two major tailwinds. First, AI tools help our creators produce great content much faster, while AI and powered content understanding is making our recommendation far more efficient. Second, and perhaps more importantly, in a world full of passive algorithmic content, rail human connection becomes a rare commodity. People choose Bilibili because they want meaningful content, share interest and genuine interaction, and that makes our community even more attractive. That is why we remain committed to our AI strategy while staying highly disciplined in how we invest.

We'll use AI to improve content and efficiency without losing sight of our community routes, and unique advantage. Strengthening this flywheel of community and monetization will continue to build lasting, compounding value for our users, our creators and our shareholders.

With that, let me walk you through our core pillars of content, community and commercialization. Let's start with our content. Across our 17-year history, various content formats have come and gone, but Bilibili's distinct blend of quality content and vibrant interest-driven communities continues to capture users' intentional high-value time. In Q2, total time spent on our platform expanded by 14% year-over-year. Notably, watch time from videos over 5 minutes grew by 18% year-over-year, demonstrating users growing demand for meaningful and high-quality content.

Turning to our interest-based content categories. We're seeing steady growth across both core and emerging hub. Total watch time for game-related content and general entertainment content increased by 20% and 35% year-over-year, respectively. Baby and maternity also grew by 36% year-over-year, as more of our users step into parenthood. At the same time, AI tools are expanding creative boundaries across our platform.

For instance, watch time for music content grew 24% year-over-year, catalyzed by AIGC-driven creation. Beyond content consumption, AI is also supercharging creator output. In Q2, daily video submissions jumped by 28% compared to the same period last year. Video podcasts offer another compelling example of our users embracing immersive content.

Last month, average daily watch time for video podcast exceeded 100 million minutes. This remarkable engagement shows that even in today's world of fast-paced content, there is still a huge and growing appetite for in-depth storytelling. Behind these figures, empowering creators remains a top priority. Through refined algorithms, we now match quality content with interested users much earlier.

In Q2, the number of creators with over 1,000 followers grew by 30% year-over-year. The diverse monetization channels we provide also helped average creator income increased by 21% year-over-year in the second quarter.

Turning to our community. As we touched on earlier, authentic human connection has become rare and valuable in the era of automated bite-size content. That is why Bilibili's interactive community feels like a true oasis in today's digital world. Here, hundreds of millions of users connect over shared passions, expressing their feelings through comments and bullet chats to find a genuine sense of belonging.

In Q2, monthly interactions grew 9% year-over-year to $17.4 billion, while deeper connections like long comments jumped over 67%. Meanwhile, by processing these rich user interactions, our algorithms can spot and elevate high-quality content much faster, driving healthy, steady growth in both our user base and time spent. This level of engagement and interaction naturally keeps users coming back and expands our network of trust.

In Q2, the average active user followed 96 creators, up 11% from a year ago. By the end of Q2, our official members reached 299 million with 12-month retention remaining solid at around 80%. Ultimately, our community doesn't just surface the best content, it builds lasting user loyalty and drives enduring platform value. This summer, we brought our community off-line once again through our signature events, Bilibili World and Bilibili Macro Link. Over the 3-day event, more than 400,000 fans gathered in person in Shanghai, making it one of the largest off-line ACG expos in China and a vibrant new cultural landmark for the city.

Seeing so many young people come together to share their passion was a powerful reminder of what community means. This is what Bilibili looks like offscreen, authentic, energetic and deeply connected. Now let's turn to our commercial businesses, beginning with advertising.

In Q2, advertising revenue increased by 28% year-over-year to RMB 3.1 billion, marking our 14th straight quarter of 20% year-over-year growth. This industry-leading growth reflects our high-value, deeply engaged user base, alongside ongoing enhancements to our ad products and technical infrastructure. Growth was broad-based across industries, games, digital products and home appliances, Internet services, e-commerce and automotive were our 5 largest advertising verticals in Q2, while our core gaming vertical maintained healthy growth new verticals are also flourishing as our users mature into new life stages with expanding consumption needs.

Ad revenues from home decoration, footwear and apparel and automotive each grew more than 60% year-over-year. We also captured incremental budget from emerging industries. AI advertisers continue to scale and revenues from this vertical more than doubled year-over-year, driving sustained growth in Internet services. Our ads are also becoming more efficient by deepening our understanding of product information, creative assets, user interest and conversion goals, AI helps us deliver more relevant ads and drive better conversion.

Our CTCVR continued to improve, increasing 19% year-over-year in Q2. Beyond matching, we are extending AI across creative production and campaign operations, from AIGC tools to ad placement AI agents, making advertising easier and more efficient for a broader range of clients. We are also extending monetization into deeper high-intent user scenarios.

Take search, for example, a high-value scenario sitting right at the moment of decision making -- revenue doubled year-over-year in Q2. At the same time, we are unlocking growth across additional scenarios, including PC, smart TV and the watch page. As monetization expands across the entire user journey, we see vast commercial potential ahead.

Turning to our games business. Game revenues for the quarter were RMB 1.4 billion, down 14% year-over-year, mainly due to the [indiscernible set last year. latest second anniversary season 15 went well with players, ranking #2 on China's iOS top grossing chart. We'll keep focusing on the game's long-term life cycle by delivering fresh content and carefully balancing user experience with monetization.

Meanwhile, our legacy titles, including SGO and Azure Land continued to deliver stable performance during the quarter. In July, we officially launched our casual card game [indiscernible] We continue to refine the game and enrich its gameplay while approaching user acquisition with a long-term focus on ROI and retention.

Looking at the second half of 2026, our self-developed simulation game, Lumi Master, Lumi, was well received by global players in recent tests. Building on this encouraging reception, we plan to launch the game on September 17 globally. [indiscernible] our new licensed SLG title, is scheduled to roll out in Q4, complementing Sonmol with a differentiated gameplay experience.

Beyond Lumi and San Guo, we also introduced three new titles at Bilibili World, including two licensed games, Online 3, [indiscernible] and MMORPG based on a globally recognized IP that has already secured its publication license; and misfound card game, he got a Hayes, which is adapted from another well-known IP.

We also announced a new self-developed tactical RPG, the ravages of time, all three titles will be released next year. Together, these titles expand our pipeline across genres and development models while attracting new player segments.

Turning to our VAS business. In Q2, VAS revenues grew 5% year-over-year to RMB 3.0 billion. Our live broadcasting business maintained its steady performance, and we continue to refine our operations to ensure stable and sustainable growth with better margins.

At the end of Q2, premium members reached 25.7 million up 9% year-over-year with around 80% on annual or auto renewal plans. Fan charging also kept its momentum with revenue up nearly 50% year-over-year. Band charging turns audience appreciation into direct financial support to creators across a wide range of categories can do what they love and produce quality content over the long term.

Beyond the numbers, we remain deeply committed to shaping a healthy culture and community for China's young generation. principles are central to that mission.

This year, MSCI ESG upgraded Bilibili to an AA rating from an A rating, recognizing our ongoing progress in using technology and culture to create meaningful social impact. At the end of the day, we found that across every technological shift, one thing remains constant, people create rich, meaningful content and real human connection. Bilibili is uniquely built at the intersection of both. As AI enables us to fulfill this mission with greater precision and scale, I couldn't be more confident in our path ahead.

With that, I will turn the call over to Sam to walk through our financials in more detail. Sam?

Xin Fan

Thank you, Mr. Chen, and hello, everyone. In the interest of time on today's call, I will focus on our second quarter financial highlights. We encourage you to refer to our press release issued earlier today for a closer look at our results. Total revenues for the second quarter were RMB 7.9 billion, up 8% year-over-year. The breakdown of total revenues by revenue stream was approximately 39% advertising, 37% VAS, 18% mobile games and 6% from our IP derivatives and other businesses.

Cost of revenues increased by 7% year-over-year to RMB 5.0 billion. Gross profit increased around 10% year-over-year to RMB 3.0 billion, while gross margin expanded to 37.2% from 36.5% in the same period last year, marking our 16th consecutive quarter of margin improvement.

Our total operating expenses were up 7% year-over-year to RMB 2.6 billion. Sales and marketing expenses increased by 1% year-over-year. G&A expenses were flat and R&D expenses increased by 16%, primarily due to continued investment in our AI capabilities.

Operating profit increased 48% year-over-year to RMB 373 million, while adjusted operating profit increased 21% to RMB 696 million, lifting adjusted operating profit margin to 8.8% from 7.8% in the same period last year.

Net profit increased by 55% year-over-year to RMB 339 million, while adjusted net profit increased 25% to RMB 704 million and adjusted net profit margin reached 8.9%. As of June 30, 2026, we had cash and cash equivalents time deposits and short-term investments of RMB 24.3 billion or USD 3.6 billion.

In June, our Board approved a new 2-year USD 300 million share repurchase program. Under this new program, a total of 1.9 million shares have been purchased for a total cost of USD 31 million as of June 30, 2026. From the beginning of the year through today, a total of 5.8 million shares have been purchased for a total cost of USD 118 million.

Moving forward, we will continue to evaluate market conditions and execute our repurchase program accordingly to enhance long-term shareholder value.

Thank you for your attention. We would now like to open the call to your questions. Operator, please go ahead.

Operator

[Operator Instructions] And now we're going to take our first question, and the question comes from line of Lincoln Kong from Goldman Sachs.

質疑応答

Lincoln Kong

[Foreign Language] Congrats a very solid quarter. So looking back over the past few years, short form content has surged, while the average length of the long-form video has also steadily decreased. But B2B has sustained a very healthy growth throughout this dynamic period. So what's driving this resilience? And looking ahead to the AI era, how do we expect the user preference and the consumption habits to evolve over time?

Rui Chen

[Foreign Language]

Juliet Yang

[Interpreted] Actually, over the past few years, you see explosive growth for both short-form content and long-form content. And the shorter form content grow much faster. And looking at Bilibili, we're not choosing the lens of the content to be focused on, but rather, we are focusing on good content, high-quality content. And naturally, for those high-quality content, they are generally more inclined to be in a format of long form -- mid- to long-form.

Well, we believe whether it's -- whether the length of the content on the device of the consumption scenario, the ultimate go from users as everyone wants to watch good content.

Well, over the past year, we do see exponential supply growth for short video content. Over time, as people are used to have watched enough low-quality in content, they naturally develop a taste for high-quality content. They are no longer satisfied with the content that just grab their attention for one second. They care more and more about with the time they spend on the content is actually worth it. And that is exactly why Bilibili has been able to keep growing in the past few years.

We have been focusing on providing a high-quality content that is interesting in depth and really connect with user emotionally. And that's why users are willing to slow down and spend there about intentional time on Bilibili.

The reason why Bilibili are able to cause some -- create high quality content for a few reasons. One is we have amassed a very talented group of content creator who believes in the community, who believes in the Bilibili platform. Secondly, as over the past decade, we have viewed a very engaging community with a lot of user who truly appreciate high-quality content, they have the view of what is good, high-quality content and forms a community to appreciate and also can select and define the quality, what is the good quality content. They can choose and promote among millions of daily video submissions and allow this high quality content and talented content creator to emerge from our platform. .

In the second quarter, our monthly user interaction were over 70 billion, up 9% year-over-year. Long comments that over 100 captures grew even faster by 67%. This high level of real human interaction help us to better identify high-quality content.

And regarding -- in the AI era, how the video landscape is going to change, we believe that the AI tools will exponentially unleash the supply of video content. And over time, the high-quality content is the only solution or the only answer among those oversupply of video content. We believe over time, only high-quality content will have viewership. Those low-quality content will have no...

In the AI era, I will be very focused on two aspects. One is on video creation, content creation. Second is on content distribution. First of all, on the content creation, I will pay very close attention to those content creator with high intelligence and high creative power. How they are leveraging AI to create content to realize their creation into actual work.

We believe that repetitive low-quality content will have no room for survival. But those talented content creators will be extremely beneficial from this evolution of creation tools. And in the past, half year, we have been paying very close attention on this aspect, and it's generating very positive results. As a matter of fact, in the second quarter, our monthly content submission increased by 28%. This is a hard evidence to support the AI tool is enlarging enhancing uplifting our creators' creative output.

Secondly, on content distribution, compared with the short videos that only have the factor for longer-form video -- much cotenant information and structures. Traditional recommendation algorithm often struggle to fully understand and recommend this type of content. And also user generally have more complex intent when they come to choose not to longer-form content. That's why we are focusing on our AI on helping our content distribution become more efficient. And we think this new generation of AI tool is helping us to comprehend understand the content, the meaning of the content and better understand our user intention. And here's a few numbers to support our progress.

In second quarter, DAU grew by 7% year-over-year, and our total user time spend increased by 14% year-over-year. And the number of creators with over 1,000 followers grew by 30% year-over-year. A lot of the driver behind those numbers are from using AI to make our algorithm working better.

That concludes the first question's answer. Operator, next question, please.

Operator

Now we're going to take our next question. And the question comes from the line of Yang Liu from Morgan Stanley.

Yang Liu

[Foreign Language] Let me translate my question. My question is about the advertisement business. Since 2Q, we started to see weakening macro and consumption data in China. How to think about the future second half advertisement business growth? And also, what is the marginal change for the advertisement from the AI industry? And also, could management help to break down the 2Q and the second half advertisement growth driver. And also in the second half, we start to have a little bit higher base, which verticals can support the advertisement business to sustain a relatively high growth?

Xin Fan

[Foreign Language]

Juliet Yang

[Interpreted] The second quarter despite macroeconomic pressure on consumer spending. Our ad business over a very strong performance with revenue reaching RMB 3.1 billion, up 28% year-over-year. This resilient growth reflects strong recognition of our user base and our community value, more and more advertiser realize. It's a must-invest platform for them to gain access to the young generation. We also achieved early success in our vertical industry strategies and our ad scenario expansion.

Our content ecosystem, users' time spent on AI-related knowledge content surged by 72% year-over-year. Bilibili has become the largest AR learning video community across the Internet as users actively come to our platform to track and learn about large language models and AI tools.

At the same time, -- from AI factor grew by over 100% year-over-year in the second quarter, benefiting from the strong match between AI target audiences and our user base. As AI as a major long-term trend, we expect continuous demand from various clients across different stages, and we remain very optimistic about this incremental opportunity.

As for the second part outlook, we're seeing more advertisers and higher conversion efficiency in the short term. But at the same time, they also want channels that deliver sustained long-term impacts rather just one-off impressions to help them to build lasting brand value. They are also prioritizing their limited budget on high-value users with genuine purchasing power. All of these demands precisely match with Bilibili's unique strength.

The average age of Bilibili user now is 26.5 years old, making them the primary driver or the main consumption force in the current Chinese society. Over the past 2 years, they also have established a strong purchasing mindset on Bilibili, demonstrating clear willingness to buy products recommended by the platform or by the content creators. In the second quarter, our top 5 ad verticals were gaining consumer electronics, Internet services, e-commerce and automotive, while our total advertiser base expanded by 14% year-over-year.

Unlike other platform, we have a multi-tree multi-scenarios strategy that allows Bilibili to accompany users seamlessly throughout their day, whether it's listening or watching Bilibili during commute or casting deliver content on TV screen and home with their family or using our apps or iPad doing fair time for learning.

Across these different streams, user can watch and upload video interact to bullet chats commentary, search their favorite content creators during live stream, watch anime or documentaries and play games. And ads naturally follow users you have their daily such in the first half of this year -- watch page, Smart TV portal, PC and program have all unlocked valuable new ad inventories with revenue from this multi scenario placement grew by 50% year-over-year in the first half.

-- AI is also empowering our efficiency from several angles, including improving our user comprehension, including user profiling, content matching, ad creative generation and algorithm efficiency to continue to lift our monetization. And also, we have launched our automated ad placement system that also has made it much easier for new advertisers to join us. This is driving a double-digit growth for our new advertisers client base.

And as we mentioned, it is indeed a very challenging macro environment, and there will be a lot of changes across different industry players. However, given what we just mentioned, we still remain quite confident about our continuous growth for our ad business. Thank you.

Operator, next question, please.

Operator

And now we're going to take our next question. And the question comes from the line of Daniel Chen from JPMorgan.

Qi Chen

[Foreign Language] So my question is on the online game. So the company just shared quite a lot of information on the game pipeline. I was wondering which one is the most anticipated ones. And also, what's the expectation for the launch timing? And on -- and besides this -- the Three Kingdoms strategy game has been launched for 2 years. So how should we look at the future performance of this game?

Rui Chen

[Foreign Language]

Juliet Yang

[Interpreted] On the second half to next year, it will be our harvesting fees and -- We do have several exciting titles lined up for launch.

The first title in our pipeline is Lumi Master. Lumi Master is self -- Bilibili's self-developed light casual game that evolves pac catching and simulation game play. It received a lot of positive feedback during its global test in May and also recent testing feedback has been very well. We are planning for a global launch in September 17, next month. And we have -- we have developed a very innovative gameplay and artistic profit design to cater to young generation needs. We believe with this lighter game play and appeal to younger players. We hope this game can catch a broader casual gaming audiences on a global base, especially for young gamers.

And the second title in our platform is San Guo, which is a strategy game especially licensed from the classic Three Kingdom San Guo Kingdom IP. We expect to launch this game towards end of this year compared to it targets a more mature audience with a strong interest in San Guo IP. And both of the visual style and gameplay have been significantly upgraded from the classic IP. And why we are launching another 3 Kingdom night title, we think he really complements some in both gameplay and target audiences, and it can further strengthen our presence and strategy in We also gained a lot of valuable feedback from the second beta testing we just finished, and we will continue to fine-tune this game. We hope our goal is to build another strategy gain that can be lasting and a popular for our audiences.

And beyond that, we have also introduced several new pipeline items we can do the Bilibili world and will be launched next year. The first one is Three Kingdoms: The Ravages of time, San Guo -- This is another self-developed title that is focused on tactical RPG This title is based on a classic IP with a history of over 20 years. And Bilibili platform has also produced published the enemy that based on this IP. Our goal is to make this classic IP, revitalize this classic IP and make it a great technical RPG for younger generation. .

And the second title for next year is RO3. Needless to say, this is a very classic IP with the large audiences that last over 20 years. It's a very classic MMORPG. And we received a lot of users on the for bringing this title back to them. That is why we have signed and licensed this IP and hopefully, to bring this classic IP back to its fan base. Currently, the scheme has already secured its license. And we -- actually, we started to launch technical testing today with a mainland currently, the user feedback has been quite positive, and we are targeting to launch this in next year.

And to answer your question on our classic game, this game has just celebrated second year anniversary with a major update in June. And the new content has been well received by our players. As a matter of fact, from season 8, our first anniversary season last year, throughout season 15, our second anniversary season in this year, has ranked among the top 5 on the ILS top-grossing charts. Every game season, which is quite impressive. And for this game, our goal has remained unchanged. Our target to be as a lasting strategy being back, hence company gamers for life. And our goal or strategy for our being business remains to focus on the vertical to either do become the best or first in its own segment and make sure every title has a long life cycle. That is the strategy we'll continue to be focusing on.

And when I mentioned based on the end caring, which was recently launched initially, we've noticed that the LTV or July version has doubled compared to the April version, and we also plan to launch the game Season 2 in October with a focus on improving long-term retention and adding more interactive long game play. We would notice that recently, we have launched many different Three Kingdoms IP titles, including the light casual poker game and also we have immersive hard core strategy game like The reason why we are exploring this IP in a such dynamic way, is first of all, we think that there's a lot of overlap for users who are interested in this IP, and they can cross-sell from each other.

And secondly is we have a very -- and very high quality video community that with a lot of gamers who can share their experience and promote the game and also provides a very good platform for us to engage with users and continue to improve our games. That is why we are hoping to achieve long-term operations across different IPs and different titles and continues to provide good gaming experience for our gamers.

That concludes this question. Operator, next question, please.

Operator

Now we'll go and take our next question. And the question comes line of Xueqing Zhang from CICC.

Xueqing Zhang

[Foreign Language] Congratulations on the solid quarter. My question about the AI. Company discussed how AI has improved its advertising and help increase user time at the Investor Day. Could management elaborate a little more on how AI is enhancing the communicate -- community ecosystem, user engagement and different baselines. In addition, how much of the previously announced CNY 1 billion in AI-related CapEx has been deployed so far? And expect our pace of spending going forward?

Rui Chen

[Foreign Language]

Juliet Yang

[Interpreted] So we believe AI is already consistent for the next era. And -- for us, it's not -- not to think about how important AI is for us is to think about how we will use AI in our own business. As a matter of fact, there are a lot of things in the AI chain. We will be engage with. The things where we invest will be very closely tied to our core business, which is video. And to be more specific on three areas: video understanding, video distribution and video creation. All of our investments will be strictly focused on those three areas.

First of all, AI is helping us to better understand both content and users. Bilibili has a huge amount of video library. And this video carries much more information, and our user has a very diverse interest to be able to better understand the value of our content, the meaning of the content and what users want is a key component in both improving user experience and our commercialization efficiency. With AI, we're improving our video understanding search and recommendation capability. It is helping users to find content they are interested, the more efficiently matter while helping our ad system to better match ads with users' needs. And for us, this investment not only is working on our user growth, it is also working on our commercialization results.

And secondly, as AI is helping creating new types of content and unleashing productivity on Bilibili. As I mentioned, we are very focused on seeing those high-quality content creator, talented content creator, how they are using leveraging AI to produce good content. And in the past 2 quarters, we've seen so many good examples of how AI tools is unleashing those talented brains to bring good content on our platform. We're seeing some animation of film content that is to require a whole professional team or even a company to create, now can be created by individual content creators that the quality is so premium that they achieved tens of millions of video views. We are also seeing AI inspire new types of content across animation film, music, auto-tune remix categories, it is truly unleashing their -- the creators' talent, their talent, their creativity. We've seen a surge in content submission and the number of high-quality content videos are emerging on our platform. Here's a very vivid example for your reference. In May, we launched our Creator animation campaign on our platform just in 3 months, this video in this campaign has generated 270 minutes of watch time and over 180 million views and 6 series, each surpassing 10 million views. Those are the perfect example of how AI tools is helping Bilibili to unleashing creators' output and unleashing the supply of high-quality content.

Rui Chen

[Foreign Language]

Xin Fan

Yes. This is Sam. As Mr. Chen mentioned, our AI investment we highly focus. Regarding our previous target of 1-day R&D, which is well on track. We have already achieved 70% to 80% of sales in the first half of the year, primarily on the procurement of server computing hole deposits. This was expected to have R&D expenses for the whole year -- RMB 500 million, which remained unchanged.

Juliet Yang

operator, next question, please.

Operator

And now we're going to take our last question for today, and the question comes from line of Thomas Chong from Jefferies.

Thomas Chong

[Foreign Language] Congratulations on a very solid set of result. My question is, how does management view the margin upside across different business line? On AI, how should we think about AI empowerment to fixed cost leverage and room for the lowering in OpEx ratio? And any color about the AI spending over the next couple half years? On the other hand, how do management view the potential upside or downside to margin in second half and 2027? And lastly, what are management thoughts on capital allocations?

Xin Fan

Thank you. This is Sam. I will come to your questions. In Q2, our financial performance continued its strong momentum. Both revenue and gross profit grew nicely with our gross profit margin expanding -- sorry, 37.2%, marking the 60 consecutive quarter of sequential improvement. Meanwhile, our operating leverage continued to expand. Net profit grew by 55% year-over-year, and our adjusted net profit margin increased to 8.9%.

Looking at the mid- to long term, we believe there's still significant room for Bilibili's commercialization, driven by the sustained and healthy development of our business lines. More efficient operation gains in powered by AI, we are highly confident in our future profitability improvement.

First, our high-margin advertising business continue to grow and become our largest revenue contributor, accounting for 39% of total revenue. Despite some macroeconomic pressure, we expect our advertising revenue to maintain a sustainable and healthy growth trajectory going forward.

On Games, we have a robust pipeline of 5 new titles set to launch in Q4 of this year and into next year. We are confident that our gaming revenue will resume a year-over-year growth trend starting in the fourth quarter. We remain confident in our future profit expansion and our mid- to long-term target remains unchanged. Our gross profit margin of 40% to 45% and an operating margin around 15% to 20%.

We are confident in maintaining healthy revenue growth while continuously improving our operating efficiency. Also to drive the profit realization we will carefully balance our AI investment with commercial monetization, and we firmly believe that today's investment will play a vital role in Bilibili's standard development in the future.

Regarding to the shareholder return, delivering shareholder return is also a priority for us. From the beginning of this year to date, we have accumulated USD 118 million in share repurchase. In June of this year, our Board of Directors approved a new USD 300 million share repurchase program. As of the end of June, we already repurchased 1.9 million shares for over USD 31 million, under this new program. Going forward, we will continue to execute repurchases we are approximately market windows or cut long-term sustainable value for our shareholders.

Juliet Yang

Thank you, operator, that concludes our question and answer session for today.

Operator

And that concludes the question-and-answer session. Thank you once again for joining Bilibili's Second Quarter 2020 Financial Results and Business Update Conference Call today. If you have any further questions, please contact Juliet Yang, Bilibili's Executive IR Director or Piacente Financial Communications. Contact information for IR in both China and the U.S. can be found on today's press release. Thank you, and have a great day.