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Group 1 - The Hong Kong mobile gaming stocks are experiencing a strong upward trend, with Zhongyou Mobile (00302.HK) rising over 15% [1] - Boyaa Interactive (00434.HK) has increased by more than 12% [1] - Other companies such as Bilibili (09626.HK) and Xindong Company (02400.HK) are also seeing gains [1]

Core Viewpoint - The company maintains its Non-GAAP net profit forecast for 2025 and 2026, with a target price of HKD 176 for Hong Kong stocks and USD 23 for US stocks, indicating potential upside of 27.8% and 25.5% respectively [1] Group 1: Financial Performance - In Q1 2025, the company's revenue reached CNY 7.003 billion, a year-on-year increase of 23.6%, aligning closely with market expectations [2] - The Non-GAAP net profit for Q1 2025 was CNY 363 million, exceeding market consensus of CNY 231 million and the company's own forecast of CNY 247 million, primarily due to lower-than-expected sales expenses [2] - Advertising revenue in Q1 2025 grew by 20% to CNY 1.998 billion, with effective advertising revenue increasing by over 30% year-on-year [2] Group 2: Game and User Engagement - Game revenue in Q1 2025 surged by 76.1% to CNY 1.731 billion, with expectations of a 60% year-on-year growth in Q2 2025 [2] - The company plans to launch the overseas version of its game "三谋" by the end of 2025 and aims to diversify the game across multiple platforms [2] - The average monthly paying user count reached 32 million in Q1 2025, with revenue from the charging plan increasing by over 200% year-on-year [2] Group 3: Profitability and Cost Management - The gross margin in Q1 2025 improved by 7.9 percentage points to 36.3%, with expectations for continued improvement in gross margin and Non-GAAP operating profit margin in 2025 [3] - Sales, management, and R&D expenses remained stable on a quarter-on-quarter basis [3] Group 4: Market Position and Commercialization Potential - The company reported year-on-year growth in MAU, DAU, and average daily usage time, with DAU reaching 107 million in Q1 2025 [4] - The company is enhancing its commercialization capabilities, with a focus on advertising, e-commerce, and charging plans, while maintaining a high level of user engagement [4]

Investment Rating - The report maintains a "BUY" rating for Bilibili, indicating a potential return of over 15% over the next 12 months [21]. Core Insights - Bilibili's total revenue for 1Q25 increased by 24% year-over-year to RMB7.0 billion, aligning with Bloomberg consensus estimates. The adjusted net income reached RMB362 million, a significant improvement from a net loss of RMB456 million in 1Q24, driven by gross profit margin expansion and controlled R&D expenses [1][2]. - For 2Q25, the expectation is for continued strong performance with a projected 20% year-over-year revenue growth, supported by advertising and mobile games [1]. - The target price has been fine-tuned to US$26.5, reflecting a 46% upside from the current price of US$18.15, based on a 25x FY26E non-GAAP PE [3][11]. Financial Performance Summary - **Revenue Growth**: - FY23A: RMB22,528 million - FY24A: RMB26,832 million (19.1% YoY growth) - FY25E: RMB30,584 million (14.0% YoY growth) [2][18]. - **Gross Margin**: - FY23A: 24.2% - FY24A: 32.7% - FY25E: 36.9% [2][18]. - **Adjusted Net Profit**: - FY23A: (RMB3,533.8 million) - FY24A: (RMB22.1 million) - FY25E: RMB2,243.8 million [2][18]. - **Earnings Per Share (EPS)**: - FY25E: 534.14 RMB cents, compared to consensus EPS of 4.53 RMB [2][18]. Business Segment Performance - **Value-Added Services (VAS)**: Revenue grew by 11% YoY to RMB2.81 billion, driven by live streaming and innovative monetization methods [7]. - **Advertising Revenue**: Increased by 20% YoY to RMB2.00 billion, with performance ads growing over 30% YoY [7]. - **Mobile Games Revenue**: Strong growth of 76% YoY to RMB1.73 billion, attributed to the success of the game "SanMou" [7]. Margin Expansion - The overall gross profit margin improved by 8 percentage points YoY to 36.3% in 1Q25, with adjusted operating profit margin rising by 14 percentage points YoY to 4.9% [7][8]. Valuation and Target Price - The SOTP-derived target price of US$26.5 reflects the valuation of different business segments: - Advertising: US$12.7 (48% of total valuation) - VAS: US$6.4 (24%) - Mobile Games: US$7.2 (27%) [11][12][13]. Market Data - Market capitalization stands at approximately US$7.62 billion, with a 52-week high of US$29.66 and a low of US$12.96 [3]. - The average trading volume over the past three months is US$65.4 million [3]. User Engagement Metrics - Monthly Active Users (MAUs) grew by 8% YoY to 368 million, with average daily time spent on the platform increasing by 3% YoY to 108 minutes [7]. Future Outlook - Management is optimistic about sustaining growth in mobile games, particularly with upcoming content releases for "SanMou" [7]. - For 2Q25, total revenue is expected to reach RMB7.36 billion, with mobile games, advertising, and VAS revenue projected to grow by 63%, 18%, and 11% YoY, respectively [7].

Core Insights - Bilibili-W (09626) shares rose over 3% following the release of its Q1 2025 unaudited financial results, with a current price of 144.4 HKD and a trading volume of 75.0074 million HKD [1] Financial Performance - The total net revenue for Q1 2025 reached RMB 7.003 billion (USD 965 million), representing a year-on-year increase of 24% [1] - Gross profit amounted to RMB 2.539 billion (USD 350 million), up 58% year-on-year, with a gross margin of 36.3%, an increase from 28.3% in the same period of 2024 [1] - The net loss narrowed to RMB 10.7 million (USD 1.5 million), a 99% reduction year-on-year, while adjusted net profit was RMB 362 million (USD 49.8 million), marking a turnaround from loss to profit [1] - Operating cash flow was RMB 1.302 billion (USD 179 million), compared to RMB 638 million in the same period of 2024 [1] - Daily active users (DAUs) reached 106.7 million, an increase from 102.4 million in 2024 [1] Revenue Breakdown - Value-added services revenue was RMB 2.807 billion (USD 387 million), an 11% increase year-on-year, driven by growth in live streaming and other value-added services [2] - Advertising revenue reached RMB 1.998 billion (USD 275 million), up 20% year-on-year, primarily due to strong growth in performance-based advertising [2] - Mobile gaming revenue was RMB 1.731 billion (USD 239 million), a significant increase of 76% year-on-year, attributed to the strong performance of the exclusive licensed game "Three Kingdoms: Strategize the World" [2]

Group 1 - Gree Electric's former secretary Meng Yutong may return to the company for live streaming activities, with confirmation still pending from Gree [2] - Meng Yutong shared a chat record with Gree's chairman Dong Mingzhu on social media, indicating a potential reconnection after two years [2] - Gree's official account welcomed Meng Yutong back, suggesting a positive reception to her potential return [2] Group 2 - Xiaomi's chairman Lei Jun announced that the self-developed 3nm flagship chip, Xuanjie O1, has entered mass production [3] - The Xuanjie O1 chip will be featured in high-end devices such as the Xiaomi 15s Pro smartphone and the Xiaomi Pad 7 Ultra tablet [3] - Qualcomm's CEO emphasized that despite Xiaomi's self-developed chip, Qualcomm remains a significant supplier for the company [3] Group 3 - Leap Motor's founder and chairman Zhu Jiangming clarified rumors regarding his death, expressing frustration over the false claims [4] - Zhu Jiangming highlighted the need for entrepreneurs to continuously prove their existence and the viability of their companies [4] - Leap Motor achieved financial results that exceeded expectations in the first quarter of 2025 [4] Group 4 - Lenovo is reportedly developing a self-researched chip named "SS1101," featuring a ten-core CPU architecture and a high-performance GPU [5] - The SS1101 chip has achieved a single-core GeekBench 6 score exceeding 2000 and a multi-core score surpassing 6700, indicating performance close to the Dimensity 8400 level [5] Group 5 - Former Midea Group vice president Yin Bitong has joined Hisense Group as the president of the air conditioning division, overseeing all air conditioning business lines [6][7] - This move has been confirmed by insiders within Hisense, indicating a strategic shift in leadership for their air conditioning sector [7]

港股开盘，恒指开涨0.23%，科指开涨0.28%。哔哩哔哩(09626.HK)开涨1.93%，昨日公布业绩，一季度 经调整净利润为3.62亿元，同比扭亏为盈。 ...

1. Macro Data Overview - GDP in Q1 2025 increased by 5.4% year-on-year, the same as the previous quarter and higher than the same period last year [1] - In April 2025, the manufacturing PMI was 49.0%, down from 50.5% in the previous month and 50.4% in the same period last year [1] - The non-manufacturing PMI for business activities in April 2025 was 50.4%, down from 50.8% in the previous month and 51.2% in the same period last year [1] - Other economic indicators such as CPI, PPI, and social financing scale also showed corresponding changes [1] 2. Commodity Investment Reference Comprehensive - The central bank will implement a moderately loose monetary policy to support key areas of the real economy [2] - China's latest LPR has been lowered, and major banks have cut deposit and mortgage rates [2] - China's gold and platinum imports reached new highs in April [2] - The EU is considering zero quotas on Russian natural gas imports [2] Metals - The holdings of the world's largest gold ETF increased by 0.57 tons [3] Coal, Coke, Steel, and Minerals - Two coke ovens of Tangshan Guoyi Special Steel Co., Ltd. were shut down [4] Energy and Chemicals - The EU may propose to lower the price cap on Russian seaborne oil [5] - Macquarie Group expects OPEC+ to increase production in July [6] - Turkey discovered a new natural gas field [6] - Abu Dhabi National Oil Company reached agreements with US energy companies [6] - Kazakhstan's oil production increased in May [7] Agricultural Products - China's expected summer grain purchase volume in 2025 is about 200 billion jin [8] - Henan Province will implement policies to support grain production [8] - Gansu Province launched a drought emergency response [9] - South Korean flour mills bought US wheat [10] - Japan will not sacrifice its agriculture in trade agreements [10] 3. Financial News Compilation Open Market - The central bank conducted 357 billion yuan of 7-day reverse repurchase operations, resulting in a net injection of 177 billion yuan [11] - The Ministry of Finance issued treasury cash deposits with lower interest rates [11] Key News - China's LPR and bank deposit rates were lowered [12] - The central bank will support the real economy with a moderately loose monetary policy [12] - Fiscal revenue showed positive growth in April, and expenditure progress was fast [13] - Unemployment rates for different age groups were released [13] - A press conference on science and technology finance policies will be held [13] - The government will continue to support infrastructure and urban renewal projects [14][15] - The financial regulator will study a loan management method for urban renewal projects [14] - The scale of wealth management products exceeded 31 trillion yuan in May [16] - Views on the impact of interest rate cuts on bank net interest margins are divided [17] - Large - denomination certificates of deposit are losing popularity [17] - Insurance companies have raised over 74 billion yuan this year [17] - Japan's central bank's reduction in bond purchases affected the bond market [18] - There were various bond - related events and credit rating adjustments [18][19] Bond Market Summary - Treasury futures mostly declined slightly, and bond yields generally rose [20] - Exchange - traded bonds showed mixed performance [20] - Convertible bond indexes rose, and money market rates mostly declined [21] - Domestic and foreign bond yields showed different trends [23] Foreign Exchange Market - The on - shore RMB depreciated against the US dollar, and the US dollar index declined [24] Research Report Highlights - CICC believes short - end yields may be range - bound, while medium - and long - end yields may decline [25] - Guosheng believes the 4 - month economic data is strong, and mid - term bond rates have room to fall [25] Today's Reminders - Many bonds will be listed, issued, have payments, and pay principal and interest on May 21 [27] 4. Stock Market News - A - shares rose on Tuesday, with small - cap stocks active and the North Exchange 50 and micro - cap indexes hitting new highs [28] - The Hong Kong Hang Seng Index and related indexes rose, with biotech stocks performing strongly [29] - Shengsheng Guojian and Shengsheng Pharmaceutical signed a large - scale cooperation agreement with Pfizer [29][30] - Huaxi Bio responded to the "naming brokerage" incident [30] - Xinhua Insurance will participate in the establishment of Honghu Fund Phase III [30] - Bilibili's Q1 revenue increased, and it achieved profitability [30] - CATL's H - share issuance increased after the over - allotment option was exercised [31]

Group 1 - HSBC upgraded Bilibili Inc.'s H-shares rating from Hold to Buy [1] - The target price for Bilibili Inc. is set at HKD 175.50 [1]

Group 1: Hong Kong Monetary Environment - The President of the Hong Kong Monetary Authority, Yu Weiwen, stated that the current low interest rate environment for the Hong Kong dollar may not be sustainable, and citizens should consider potential risks when making property, investment, or borrowing decisions [1] - The supply of Hong Kong dollar funds has become abundant due to a significant increase in surplus, but future fluctuations in the Hong Kong dollar exchange rate and interest rates remain uncertain [1] Group 2: Financial Data and Tax Revenue - From January to April, the national general public budget revenue was 80,616 billion yuan, a year-on-year decrease of 0.4%, with tax revenue at 65,556 billion yuan, down 2.1% [3] - The securities transaction stamp duty reached 53.5 billion yuan, marking a year-on-year increase of 57.8% [3] Group 3: Company Developments - Xinhua Insurance is set to participate in the third batch of insurance fund long-term investment reform pilot projects, aiming to increase its allocation to Hong Kong stocks [3] - Zhaoyi Innovation plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders and market conditions [4] - CNOOC Defense expects the current shipbuilding market cycle to continue, supported by a balanced global shipyard capacity and demand for fleet renewal [5] - GCL-Poly Energy's assistant vice president indicated that the cost of granular silicon still has room for reduction, with inventory levels remaining low [5] - Nongfu Spring's chairman stated that while the company does not oppose outsourcing, all current products cannot be outsourced due to high dependency on water sources and customized production systems [6] - Hisense Visual released the industry's first "projection-level" home theater equipment, featuring advanced laser projection technology [7] - Huyou-B's CSF-1R inhibitor has been prioritized for review by the National Medical Products Administration for treating TGCT [8] - Shanghai Pharmaceuticals received FDA approval for its rivaroxaban tablets [9] - Tencent launched the first industrial-grade AIGC game content production engine, significantly enhancing game asset generation efficiency [10] Group 4: Financial Performance - ZTO Express reported a 40.9% year-on-year increase in net profit for Q1, reaching 2.0392 billion yuan, with a 19.1% increase in package volume [10] - Gome Retail achieved a profit of 405 million yuan, turning around from a loss, despite a 1.4% decrease in revenue [10] - Huazhu Group's Q1 net profit increased by 35.66% to 894 million yuan, with total revenue rising by 2.22% [11] - Bilibili reported a 24% increase in total revenue for Q1, reaching 7.003 billion yuan, with an adjusted net profit of 362 million yuan, marking a return to profitability [12]