Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China online entertainment industry**, focusing on mobile gaming, online video, and online music sectors. Mobile Gaming Insights - **Overall Market Performance**: Q3 2025 saw a **4% YoY decline** in mobile game grossing due to a high base in 2024, but a **2% QoQ increase**. This is softer than typical Q3 vs Q2 seasonality, attributed to fewer new launches in summer compared to previous years [2][10]. - **Key Players**: - **Tencent**: Achieved a **9% QoQ growth** in grossing, driven by strong performance from **Delta Force** (estimated **Rmb1.5 billion** in September). Other stable titles include **Honor of Kings**, **Peacekeeper Elite**, and **DNF Mobile** [2][9]. - **NetEase**: Reported a **5% QoQ growth** in mobile grossing, with notable contributions from **Eggy Party** and **Where Winds Meet**, although this was partially offset by declines in **Sword of Justice** and **Identity V**. It is noted that only about **40%** of NetEase's reported mobile revenue is tracked, indicating potential revenue from non-app store channels [2][6]. - **Bilibili**: Launched **Escape From Duckrov**, achieving a peak of **222,000 concurrent players**, ranking it as the **5 most played game globally on Steam** [2][6]. Online Video Sector - **Kuaishou** launched **Kling 2.5 Turbo**, which is now the **1** in text-to-video and image-to-video generation, maintaining a cost advantage over competitors like Google's Veo 3 [3][4]. - **iQiyi**: Experienced a **10% MoM/YoY decline** in MAUs but is expected to see low-single-digit QoQ growth in membership revenue for Q3, aided by summer traffic improvements [3][4]. - **Tencent Video** and **Youku** have seen some recent successes with new content releases, while **Mango TV** maintained flat MAUs YoY [3][4]. Online Music Trends - The online music industry saw a **2% YoY increase** in MAUs, but time spent remained stable. **TME** (Tencent Music Entertainment) reported a **7% decline** in combined MAUs, with QQ Music and Kugou Music showing significant drops [6][7]. - **NetEase Cloud Music** showed a slight recovery with a **2% YoY increase** in MAUs, while **Soda Music** outperformed with a **91% YoY increase** in MAUs, likely benefiting from ByteDance's traffic [6][7]. Future Content Pipeline - Upcoming major content releases include titles from **Tencent Video**, **iQiyi**, **Youku**, and **Mango TV**, with several anticipated to launch in late October and throughout November and December [7][8]. Investment Outlook - The report remains positive on the online entertainment sector, citing: 1. Healthy consumer spending on leisure activities. 2. Supply-side improvements due to a more favorable regulatory environment and innovations in business models [4][5]. Additional Insights - The report emphasizes the importance of AI in content production and the potential for new business models to drive growth in the online entertainment sector [4][5]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state and future outlook of the online entertainment industry in China.

每经AI快讯，10月24日，香港交易所信息显示，摩根大通在哔哩哔哩-WH股的持股比例于10月20日从 15.94%升至16.38%。 ...

| BILI 哔哩哔哩 | | | | --- | --- | --- | | 28,950 + +0.240 +0.84% | | 收盘价 10/23 16:00 美东 | | 29.270 + 0.320 +1.11% | | 盘前价 10/24 04:18 美东 | | 雪 3 24 4 5 8 8 日 0 | | ● 快捷交易 | | 最高价 28.960 | 开盘价 28.690 | 成交量 230.61万 | | 最低价 28.290 | 昨收价 28.710 | 成交额 6609.09万 | | 平均价 28.659 | | 市盈率TM 396.58 总市值 119.65亿 (1) | | 振 幅 2.33% | 市盈率(静) 亏损 | 总股本 4.13亿 | | 换手率 0.81% | 市净率 6.017 | 流通值 82.82亿 | | 52周最高 30.920 | 委 比 99.06% | 流通股 2.86亿 | | 52周最低 14.470 | 量 比 0.85 | 每 手 1股 | | 历史最高 157.660 股息门M -- | | 换股比率 1.00 | | 历史最低 8.230 ...

（文章来源：每日经济新闻） 每经AI快讯，10月24日，港股科网股尾盘走强，哔哩哔哩(09626.HK)涨超3%，阿里巴巴(09988.HK)涨 超2%，腾讯音乐(01698.HK)、百度(09888.HK)等跟涨。 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is expected to achieve revenue of 7.65 billion RMB in Q3 2025, representing a year-over-year increase of 4.7%. The revenue breakdown by business segment includes gaming at 1.52 billion RMB (down 16.5% YoY), VAS at 3.12 billion RMB (up 10.5% YoY), advertising at 2.52 billion RMB (up 20% YoY), and e-commerce at 490 million RMB (down 14% YoY) [1] - The self-developed game "Escape from Duckkov" has exceeded expectations with sales surpassing 1 million copies within a week of its global release, potentially generating over 150 million RMB in revenue [2] - The company is actively enhancing its AI product functionalities, including AI translation and video generation tools for content creators, as well as integrating AI capabilities into its advertising offerings to improve efficiency and effectiveness [3] Revenue Forecast and Valuation - The company is projected to generate revenues of 22.53 billion RMB in 2023, increasing to 36.42 billion RMB by 2027, with a compound annual growth rate of approximately 8.8% [4] - Adjusted net profit forecasts for 2025, 2026, and 2027 are revised to 2.44 billion RMB, 3.77 billion RMB, and 4.83 billion RMB respectively, reflecting an upward adjustment of 14%, 7%, and 4% compared to previous estimates [3]

恒生指数探底回升，截至收盘上涨0.72%。其中互联网涨幅居前，银行、工商、科技、地产等紧随其 后；大消费也有不错表现。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 银行开盘后执行拉升，随后全天维持在中轴上方盘整，截至收盘上涨0.88%。其中邮储银行大涨 4.59%，民生银行上涨2.39%，农业银行、工商银行、招商银行等多股涨幅均在1%上方。 大消费探底回升后收涨0.35%，其中臣子生物大涨6.68%，李宁上涨6.55%，金沙江中国上涨4.4%，美团 上涨4.06%，美高梅上涨3.42%，阿里巴巴、华润啤酒、理想汽车等多股涨幅均在1%上方。 医疗低开低走，临近尾盘小幅反转，截至收盘下跌1.31%。其中石药集团下跌2.96%，中国生物制药下 跌2.78%，翰森制药、三生制药、康方药业、阿里健康等多股跌幅均在1%上方。 互联网探底回升，截至收盘上涨1.07%，其中美团大涨4.06%，阿里巴巴上涨1.67%，腾讯控股上涨 1.52%，京东集团上涨1.5%，百度集团上涨1.22%；商汤、哔哩哔哩、金蝶国际等股逆势收跌。 ...

格隆汇10月23日丨哔哩哔哩-W(09626.HK)公告，公司的董事会将于2025年11月13日(星期四)(香港时间) 举行董事会会议，藉以(其中包括)批准公司截至2025年9月30日止第三季度的未经审计财务业绩("第三季 度业绩")及第三季度业绩公告。公司将于2025年11月13日(星期四)下午六时正(香港时间)或前后于香港 联合交易所有限公司网站www.hkexnews.hk公布第三季度业绩。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 我們的管理層將於2025年11月13日（星期四）下午八時正（香港時間）召開業績電話會議。 電話會議詳情如下： 活動名稱：嗶哩嗶哩股份有限公司2025年第三季度業績電話會議 註冊鏈接：https://register-conf.media-server.com/register/BI1fe01172142541e9b7728979958e79c2 所有與會者須於電話會議召開前使用上文提供的鏈接完成在線註冊程序。註冊後，各與 會者將收到一組用以參與電話會議的與會者撥入號碼及個人密碼。 此外，電話會議的網上直播可於本公司的投資者關係網站http://ir.bilibili.com獲取，會議 結束後將提供網上直播的重播。 承董事會命 嗶哩嗶哩股份有限公司 陳睿 Bilibili Inc. 嗶哩嗶哩股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9626） 董事會會議日期及 刊 發 ...

-Earnings Call Scheduled for 7:00 a.m. ET on November 13, 2025- SHANGHAI, Oct. 23, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it will report its third quarter 2025 unaudited financial results on Thursday, November 13, 2025, before the open of U.S. markets. The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on Nove ...

Summary of Bilibili's Conference Call Company Overview - The conference call focuses on Bilibili's gaming business, which has evolved through four distinct phases from reliance on agency games to self-developed titles and optimization strategies, culminating in record revenue from "Three Kingdoms: Strategy" [2][3]. Key Points and Arguments Gaming Business Evolution - Bilibili's gaming business has transitioned through four phases: 1. **2016-2019**: Rapid revenue growth through agency games like "FGO" and "Azur Lane," with revenue increasing from less than 500 million to 3.5 billion, accounting for over 80% of total revenue by 2019 [3]. 2. **2019-2021**: Shift towards self-development, investing in nearly 20 game companies, but faced challenges with unsuccessful projects [3]. 3. **2022-2023**: Major optimization phase, including leadership changes and strategic adjustments [3]. 4. **2024-Present**: Achieved record revenue of 5.6 billion from "Three Kingdoms: Strategy," a 40% year-on-year increase [2][3]. Future Product Expectations - Upcoming key products include "Three Kingdoms: Card" (testing on October 30) and the successful single-player game "Escape from Yakov," which sold 500,000 copies in four days, with potential sales reaching 1-2 million [2][6][8]. Revenue Projections - "Three Kingdoms: Card" is expected to generate annual revenue between 1-3 billion, with a central estimate of around 2 billion. If successful, Bilibili's gaming revenue could reach 7.3 billion in 2026, a 14% increase year-on-year [4][13]. Strategic Changes - Key strategic changes include: 1. Focusing on creative leadership and exclusive agency rather than deep self-development [5]. 2. Expanding game categories to include SLG, card games, and independent titles [5]. 3. Emphasizing small team productions for efficiency [5]. 4. Utilizing platform value for effective marketing through community engagement [5]. Market Positioning - Bilibili aims to differentiate "Three Kingdoms: Card" from competitors like Giant Network by targeting a broader user base with lower user acquisition costs and a focus on younger audiences [12][13]. Financial Outlook - The financial outlook suggests that if "Three Kingdoms: Card" performs well, Bilibili's gaming revenue could significantly boost overall company performance, with potential net profits reaching 3.5 billion to 3.8 billion by 2026 [4][14]. Investment Potential - Based on projections, Bilibili's target market value could reach 123.6 billion to 150 billion RMB, indicating a potential stock price increase of 40% to 78% from current levels [14]. Additional Important Insights - "Escape from Yakov" is designed as a single-player PVE game with a unique top-down perspective, making it more accessible to players who may struggle with traditional first-person gameplay [8][9]. - The game has significant growth potential if it can expand into online and mobile formats, which would require additional resources and support from Bilibili [9]. - The competitive landscape for "Three Kingdoms: Card" is shaped by the existing popularity of "Three Kingdoms Kill," which has a substantial market presence [11][12]. This comprehensive analysis highlights Bilibili's strategic shifts, product expectations, and financial projections, indicating a positive outlook for the company's gaming business and overall market position.