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The following is a summary compiled by Dolphin Research regarding the Q3 2025 earnings call minutes for $Bilibili(BILI.US). For financial report commentary, please refer to "Bilibili: Ecosystem Continues to Recover, the Small Station Grows Again." 1. Review of Core Financial Information: The third quarter achieved solid financial performance. As the revenue structure shifts towards high-profit businesses, total net income increased by 5% year-on-year to RMB 7.7 billion, with value-added services contributing approximately 39%, advertising business contributing 33%, gaming business contributing 20%, and IP business contributing 8%...

The following are the 3Q25 earnings call minutes of $Duolingo(DUOL.US) organized by Dolphin Research. For financial report interpretation, please refer to "Duolingo: Weak Guidance + Uncertainty of Short-term Changes, the Green Bird Falls from the High Valuation Altar." I. Key Financial Indicators II. Management Report We achieved excellent results in the third quarter, with all indicators performing steadily. This year, we are expected to create outstanding results once again. Currently, more than 50 million people use Duolingo daily. We expect user registrations to reach nearly 1.2 billion this year, with a year-on-year growth rate of 33%...

User engagement is good, and ad sales hit a record high.