$BILIBILI-W(09626.HK)1. Core value-added services and advertising revenue growth face bottlenecks: User growth is slowing down, and highly engaged community users are resistant to commercialization, making it difficult to increase the payment rate and ad load rate. The main revenue engine lacks momentum.

2. The gaming business has failed to reproduce hit titles, and in-house development capabilities remain unproven: As a once-important profit source, the gaming business lacks consistently successful in-house or agency products, making it difficult to support performance in the fiercely competitive market.

3. Persistent huge losses and unclear narrowing path: The company incurs massive expenses on content costs, R&D, and marketing, but the progress in narrowing losses is slow. After "breaking the circle," it still hasn't found a clear path to scalable profitability, putting pressure on the long-term cash-burning model.