香港交易所信息显示，贝莱德在哔哩哔哩(09626.HK)的持股比例于04月09日从5.21%降至4.95%。 ...

香港交易所信息显示，贝莱德在哔哩哔哩-W的持股比例于4月9日从5.21%降至4.95%。 ...

港股科网股集体高开，阿里巴巴(09988.HK)开涨超4%，哔哩哔哩(09626.HK)开涨超2%，小米集团 (01810.HK)、美团(03690.HK)、腾讯控股(00700.HK)等跟涨。 ...

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 将投中网设为"星标⭐"，第一时间收获最新推送 各家的财报，也印证着这一趋势。 作者丨 刘毓航 编辑丨 魏佳 来源丨 定焦One 游戏厂商的"新品焦虑症"得到缓解。 就 在 厂商 们 苦于 二次元类游戏（以下简称"二游"） 吸引不动年轻人，就连品类头部《原神》和《崩铁》等都不可避免地迎来数据下滑之际 ，"叔系 手游"正在成为游戏行业的隐形金主。 这里的"叔系"，包含两重含义： 其一，指产品层面运营时间相对较长。像腾讯的《王者荣耀》《和平精英》，网易的《梦幻西游》都上线超过8年，且一直贡献着稳定的流水。 Sensor Tower发布的《2025移动游戏市场报告》显示，2024年，在大多数游戏类型中，老牌游戏的消费者支出占比超过80%。 其二，指玩家群体相对更成熟。这种成熟并不是完全指年龄更长，而是去圈层化且社交方式上相对更成熟。 当行业哀叹"年轻人玩不动了"，这些"叔系手游"的闷声发财，或许正是游戏行业逐渐醒悟的信号：不再一窝蜂模仿爆款，而是以长线运营为王。 "叔系手游" ，高歌猛进 这一轮在用户数量及流水方面创下好成绩的手游，可以被 ...

Group 1 - The core viewpoint of the article highlights a rebound in Hong Kong technology stocks, with notable increases in share prices for companies such as Xiaomi Group, Tencent Holdings, Alibaba, and Bilibili [1] Group 2 - Xiaomi Group's stock rose nearly 7% [1] - Tencent Holdings and Alibaba both saw their shares increase by over 4% [1] - Bilibili's stock also experienced a rise of more than 4% [1]

港股科技股回暖，小米集团(01810.HK)涨近7%，腾讯控股(00700.HK)、阿里巴巴(09988.HK)、哔哩哔哩 (09626.HK)涨超4%。 ...

Financial Performance - Net revenue for 2024 reached RMB 26,831,525, representing a 19.1% increase from RMB 22,527,987 in 2023[5] - Gross profit for 2024 was RMB 8,773,963, a significant increase of 61.2% compared to RMB 5,441,865 in 2023[5] - The adjusted operating loss improved dramatically to RMB 60,848 in 2024, a 98.2% reduction from RMB 3,384,962 in 2023[5] - The net loss attributable to Bilibili Inc. shareholders decreased by 72.1% to RMB 1,346,800 in 2024 from RMB 4,822,321 in 2023[5] - The company reported an adjusted net loss of RMB 38,955 for 2024, a 98.9% improvement from RMB 3,414,113 in 2023[5] - The operating loss narrowed to RMB 1.34 billion, a 73% improvement from RMB 5.06 billion in 2023[34] - The net loss for 2024 was RMB 1.36 billion, a 72% reduction from RMB 4.81 billion in 2023[38] Revenue Breakdown - In 2024, the company's total revenue reached RMB 26.8 billion, representing a year-on-year growth of 19%[10] - Advertising revenue grew by 28% year-on-year, reaching RMB 8.2 billion, driven by continuous optimization of advertising products and infrastructure upgrades[16] - Mobile game revenue increased by 40% year-on-year, totaling RMB 5.6 billion, largely due to the successful launch of the strategy game "Three Kingdoms: Strategize the World"[17] - The company's value-added services revenue grew by 11% year-on-year, reaching RMB 11 billion, with over 22.7 million premium members[15] - Value-added services revenue reached RMB 11 billion, up 11% from RMB 9.9 billion in 2023, driven by increased income from live streaming and other value-added services[24] - Mobile gaming revenue surged to RMB 5.6 billion, a 40% increase from RMB 4 billion in 2023, attributed to the strong performance of the exclusive licensed game "Three Kingdoms: Strategize the World"[26] Assets and Liabilities - Total current assets increased by 5.5% to RMB 19,756,055 in 2024, up from RMB 18,727,039 in 2023[5] - Total liabilities slightly decreased by 0.9% to RMB 18,594,587 in 2024, compared to RMB 18,754,800 in 2023[5] - Total assets decreased by 1.4% to RMB 32,698,500 in 2024 from RMB 33,159,067 in 2023[5] - The total equity attributable to shareholders decreased by 2.1% to RMB 14,103,913 in 2024 from RMB 14,404,267 in 2023[5] User Engagement - Daily active users (DAUs) reached approximately 104 million, while monthly active users (MAUs) exceeded 341 million, reflecting year-on-year growth of 6% and 4% respectively[11] - The average user spent over 102 minutes daily on the platform, contributing to a 12% increase in total user engagement time[11] - The number of active content creators reached approximately 4 million, with a monthly submission volume of 20.7 million[12] Corporate Governance - The company has committed to high corporate governance standards, transitioning to a primary listing status on the stock exchange[160] - Independent directors have confirmed their independence, reinforcing the board's integrity[157] - The board believes that the dual role of Chairman and CEO held by Chen Rui ensures consistent leadership and effective strategic planning[161] - The company has established three committees: the audit committee, remuneration committee, and nomination and corporate governance committee to oversee specific areas of corporate affairs[176] - The audit committee is composed of three independent directors, ensuring compliance with NASDAQ independence standards and includes a financial expert[178] Regulatory and Compliance Risks - The company faces significant regulatory risks from the Chinese government, which may severely limit or completely obstruct its ability to issue securities to investors[61] - The PCAOB's inability to inspect the company's auditors may lead to potential delisting of American Depositary Shares (ADS) in the U.S., significantly impacting investor value[61] - The company is subject to strict data privacy and cybersecurity laws in China, which could significantly impact its business if not adhered to[59] Employee and Social Responsibility - The company participates in various employee social insurance plans and provides commercial medical and accident insurance for its employees[50] - The company has committed to fulfilling social responsibilities and promoting sustainable growth, as detailed in its Environmental, Social, and Governance (ESG) report for the fiscal year ending December 31, 2024[64] - The company made charitable donations amounting to RMB 25.7 million during the reporting period[122] Shareholder and Financial Management - The board of directors did not recommend the distribution of an annual dividend for the fiscal year ending December 31, 2024[125] - The company has no dividend policy and currently does not plan to pay any cash dividends on its common stock in the foreseeable future[196] - The company has established a compensation committee to formulate the remuneration policy for directors[133] Strategic Initiatives - The company has a "community-first" development strategy, continuously investing in quality content to maintain its appeal to the younger generation[145] - The company has expanded its revenue sources significantly under the leadership of COO Li Ni, enhancing brand awareness[146] - The online platform's interactive feature, the bullet screen, remains a key component, with ongoing innovations led by President Xu Yi[147]

Group 1: Technology Giants' Performance - Nvidia surged by 3.6%, adding $40 billion to its market capitalization due to skyrocketing AI computing demand, while Apple and Tesla faced significant declines of 3.6% and reached new lows respectively [3] - Apple's supply chain costs have increased dramatically, leading to a loss of $80 billion in market value, while Tesla is struggling with a price war [3] Group 2: Chinese Concept Stocks Collapse - The Nasdaq Golden Dragon Index plummeted, with Alibaba dropping 9%, JD.com and Bilibili falling 5%, and Xpeng and Li Auto experiencing significant losses [3] - The decline is attributed to Trump's tariffs and a strong dollar, causing foreign capital to flee, although some Chinese stocks are now seen as undervalued, such as Pinduoduo with a PE ratio of only 15 [3] Group 3: Commodity Market Trends - Gold prices fell below $2950, and oil prices dropped to $60, as investors preferred to liquidate positions for cash rather than hold onto safe-haven assets [4] - The expectation is that once panic subsides, gold prices will rebound sharply, while oil could see further declines due to OPEC+ discord and global recession fears [4] Group 4: Currency and Economic Outlook - The US dollar index rose to 103, causing declines in the yen and euro, with emerging markets facing severe challenges [4] - The anticipation of rising interest rates from the Federal Reserve poses risks to global dollar-denominated debt, with currencies like the Argentine peso and Turkish lira experiencing significant devaluation [4] Group 5: Investment Strategies - Short-term focus on upcoming US CPI data, which could influence interest rate decisions and market performance [4] - Long-term investment strategies include focusing on AI computing power (Nvidia, AMD), targeting undervalued Chinese stocks (Tencent Music), and betting on domestic consumption and new infrastructure projects [4]

Financial Data and Key Metrics Changes - Total revenues for Q4 2024 were RMB 7.7 billion, reflecting a year-over-year increase of 22%, while full-year revenues reached RMB 26.8 billion, up 19% year-over-year [8][37] - The company achieved its first GAAP net profit in Q4, amounting to RMB 89 million, with an adjusted net profit of RMB 452 million [9][40] - Gross profit margin improved to 36.1% in Q4, up from 26.1% in the same period last year, contributing to a 68% year-over-year growth in gross profit [9][38] Business Line Data and Key Metrics Changes - Advertising revenues increased by 24% year-over-year in Q4 to RMB 2.4 billion, and for the full year, it grew by 28% to RMB 8.2 billion [22][64] - Mobile games revenues surged by 79% year-over-year in Q4 to RMB 1.8 billion, and for the full year, it increased by 40% to RMB 5.6 billion [27][38] - VAS revenues rose by 8% in Q4 to RMB 3.1 billion and by 11% for the full year to RMB 11 billion [30][38] Market Data and Key Metrics Changes - Daily Active Users (DAUs) reached 103 million, and Monthly Active Users (MAUs) were 340 million, with users spending an average of 99 minutes daily on the platform [10][18] - The user base represents nearly 70% of China's Gen Z population, with an average age of 25, indicating a strong consumer demographic [10][66] Company Strategy and Development Direction - The company aims to leverage high-quality content and community engagement as core pillars for growth, focusing on expanding its commercialization efforts [13][34] - Bilibili plans to explore AI advancements to enhance its content offerings and improve user engagement, positioning itself to capitalize on emerging technologies [11][58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the advertising business growth in 2025, expecting to maintain above-industry growth rates [24][74] - The company is committed to enhancing its advertising infrastructure and product offerings to drive efficiency and attract more advertisers [68][74] Other Important Information - The company successfully partnered with CCTV for the Spring Festival Gala, resulting in a 20% increase in DAUs during the event [96][101] - A share repurchase program of up to USD 200 million was announced, reflecting confidence in the company's cash flow generation [42][43] Q&A Session Summary Question: What is the overall strategy for 2025 after reaching breakeven? - Management highlighted the focus on content and community, aiming for sustainable growth and profitability while leveraging high-quality content as a core strategy [47][49] Question: Can you elaborate on the drivers for strong advertisement growth in 2024? - The advertising revenue growth was attributed to a high-quality user base and strong content offerings, with performance-based ads seeing over 40% growth [64][66] Question: What are the expectations for gross and net margins in 2025? - Management expects continued gross margin expansion, targeting a long-term gross margin of 40% to 45% [79][80] Question: How will the company expand its user base and enhance brand awareness? - The partnership with CCTV and similar projects are seen as key strategies to attract new users and improve brand equity [94][102]

Financial Performance - Total revenues for 2024 increased by 19% year over year to RMB 26.8 billion, driven by a 28% growth in advertising revenues and a 40% increase in mobile games revenues[19] - Gross profit for 2024 reached RMB 8.8 billion, representing a 61.2% year-over-year increase, with a gross profit margin expanding to 32.7%[19] - The net loss for 2024 was reduced by 72% to RMB 1.4 billion, marking a significant improvement in financial performance[19] - Total net revenues for 2024 were RMB 26.8 billion, an increase of 19% from RMB 22.5 billion in 2023[39] - Gross profit for 2024 was RMB 8.8 billion, representing an increase of 61% from RMB 5.4 billion in 2023[45] - Loss from operations narrowed to RMB 1.3 billion, a 73% improvement from RMB 5.1 billion in 2023[50] - Net loss for 2024 was RMB 1.4 billion, narrowing by 72% from RMB 4.8 billion in 2023[54] User Engagement - Daily Active Users (DAUs) averaged nearly 104 million in 2024, while Monthly Active Users (MAUs) surpassed 341 million, reflecting year-over-year growth of 6% and 4%, respectively[20] - Average daily video views on the platform reached 4.3 billion, a 19% increase year over year, indicating strong user engagement[21] - The number of monthly active content creators reached approximately 4.0 million, contributing to 20.7 million average monthly video submissions[22] Revenue Breakdown - Revenues from Value-Added Services (VAS) increased by 11% year over year to RMB 11.0 billion, with over 22.7 million premium members by the end of 2024[26] - Total advertising revenues reached RMB 8.2 billion in 2024, reflecting a 28% year-over-year increase, with performance-based advertising growing by over 40%[28] - Revenues from mobile games reached RMB 5.6 billion in 2024, increasing 40% year over year, driven by the successful launch of the strategy game San Guo: Mou Ding Tian Xia[30] - Revenues from value-added services (VAS) were RMB 11.0 billion, representing an increase of 11% from RMB 9.9 billion in 2023[40] - Revenues from advertising were RMB 8.2 billion, representing an increase of 28% from RMB 6.4 billion in 2023[41] - Revenues from mobile games were RMB 5.6 billion, representing an increase of 40% from RMB 4.0 billion in 2023, driven by the success of the game San Mou[42] Corporate Governance - The Company has complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules during the Reporting Period[148] - The auditor confirmed that the disclosed continuing connected transactions have not exceeded the annual caps set by the Company[140] - The company has confirmed compliance with all applicable code provisions of the Corporate Governance Code during the Reporting Period[201] - The company has a commitment to high corporate governance standards to safeguard shareholder interests and enhance corporate value[200] - The roles of chairman and chief executive officer are held by Mr. Rui Chen, which the board believes ensures consistent leadership and effective strategic planning[201] - The board will reassess the division of roles between chairman and chief executive officer periodically[202] - The company has adopted a securities dealing code that aligns with the Model Code for regulating dealings by directors and relevant employees[204] - The company has received annual confirmations of independence from each independent director, affirming their independence[197] Risks and Challenges - The Company incurred significant losses in the past and may not be able to maintain profitability in the future[75] - The Company operates in a fast-evolving industry and may struggle to implement successful commercialization strategies[75] - The Company is subject to risks related to cybersecurity, which could materially affect its business and reputation[75] - The PRC government's regulations could significantly limit the Company's ability to offer securities to investors[77] - The trading price of the Company's listed securities has been volatile, which could result in substantial losses for investors[79] - The Company generated a large amount of data and must comply with PRC laws regarding privacy and cybersecurity[75] Shareholder Information - As of December 31, 2024, the WVR Beneficiaries held a total of 83,715,114 Class Y Ordinary Shares, representing 71.6% of voting rights in the Company[143] - Mr. Rui Chen controlled 49,299,006 Class Y Ordinary Shares, representing 42.1% of the voting rights in the Company as of December 31, 2024[144] - The Company generated less than 10% of total revenue from its five largest customers combined during the fiscal year ended December 31, 2024[149] Financial Transactions - The Company had cash and cash equivalents of RMB 16.5 billion as of December 31, 2024, compared to RMB 15.0 billion as of December 31, 2023[56] - The company repurchased a total of 839,167 ADSs for an aggregate consideration of US$16.4 million as of December 31, 2024[34] - As of December 31, 2024, an aggregate principal amount of US$13.4 million of convertible senior notes remained outstanding[180] - The Group completed the repurchase of US$429.3 million (RMB3.0 billion) of April 2026 Notes in March 2024[180] - The Group completed the repurchase of US$419.1 million (RMB3.0 billion) of December 2026 Notes in November 2024[180] - The net proceeds from the issuance of the December 2026 Notes were US$1,576.6 million (RMB10.1 billion) after costs[179] - The net proceeds from the issuance of the 2027 Notes were US$786.1 million (RMB5,594.8 million) after costs[178] - The net proceeds from the issuance of the April 2026 Notes were US$488.2 million (RMB3,356.1 million) after costs[177] Social Responsibility - The Company is committed to social responsibility and sustainable growth, as detailed in its Environmental, Social and Governance Report[80] - The Group made charitable donations of RMB25.7 million during the Reporting Period[157] Dividend Policy - The Board did not recommend the distribution of an annual dividend for the fiscal year ended December 31, 2024[160] - The company does not have a dividend policy and intends to retain most of its available funds for business operations and expansion[203] - The company did not have any distributable reserves as of December 31, 2024[164] - No equity-linked agreements were entered into by the Group during the Reporting Period[159]