Investment Rating - The report maintains a "Buy" rating for Bilibili-W (09626) [2] Core Insights - Bilibili achieved a revenue of 7.69 billion yuan in Q3 2025, representing a year-on-year growth of 5%, which met expectations; the adjusted net profit attributable to shareholders was 790 million yuan, exceeding Bloomberg consensus by 22%, with a profit margin of 10.2%, continuing to improve quarter-on-quarter [5] - User engagement metrics reached historical highs, with MAU growing 8% year-on-year to 376 million and DAU increasing 9% to 117 million, indicating strong user stickiness [8] - Advertising revenue accelerated with a year-on-year growth rate of 23%, while game revenue declined by 17%, aligning with expectations due to a high base effect [8] - The company continues to optimize operational efficiency, with a gross margin of 36.7% and a 6% year-on-year reduction in absolute values of operating expenses [8] - The report highlights two upward potential drivers: community monetization through gaming and AI applications, which could enhance content ecosystem and advertising efficiency [8] Financial Data and Profit Forecast - Revenue projections for Bilibili are as follows: - 2023: 22.53 billion yuan - 2024: 26.83 billion yuan - 2025E: 30.21 billion yuan - 2026E: 33.30 billion yuan - 2027E: 36.16 billion yuan - Adjusted net profit forecasts are: - 2023: -3.43 billion yuan - 2024: -0.02 billion yuan - 2025E: 2.57 billion yuan - 2026E: 3.02 billion yuan - 2027E: 4.05 billion yuan [7][9]

Group 1 - Douyin has removed low-priced links for Moutai products, indicating a commitment to regulate misleading sales practices [2] - The majority of Moutai sales links now feature official stores, with third-party low-priced listings taken down [2] - Merchants are awaiting platform assessments to determine if they can continue selling Moutai [2] Group 2 - Xiaomi plans to increase investment in 6G technology research and standardization, having showcased its AI wireless technology prototype at a recent forum [3] - The prototype supports various deployment configurations and aims to leverage AI for data transmission [3] - This move positions Xiaomi to gain a competitive edge in the emerging 6G market [3] Group 3 - Over 80% of winter wheat has been planted nationwide, with significant progress in key regions like Huang-Huai-Hai [4][5] - The recent favorable weather conditions have accelerated the planting process [5] Group 4 - Walmart's CEO Doug McMillon will step down at the end of January, amid challenges such as tariffs and changing consumer demands [6] - This unexpected leadership change comes as the retail giant faces significant industry transformations [6] Group 5 - Bilibili announced 40 new domestic animation projects, including adaptations of popular IPs [7] - The company is collaborating with Shenman Culture for the adaptation of a popular web novel [7] Group 6 - The openEuler community has released a new operating system version supporting super nodes, along with an AI solution [17] - This release marks a significant step in the community's development and collaboration with various enterprises [17] Group 7 - Tim Cook may step down as Apple's CEO as early as next year, with John Ternus seen as a potential successor [18] - The transition plan is reportedly unrelated to the company's current performance [18] Group 8 - Elon Musk stated that the perception of overpopulation is misleading, suggesting that the Earth's population could fit in a single building in New York [19] - He emphasized that much of the Earth remains sparsely populated [19] Group 9 - Shanghai police have cracked down on illegal drone activities, resulting in over 2,500 cases since the initiative began [20] - The crackdown has led to increased registration of drone operators and equipment [20] Group 10 - Musk's X platform has launched a new chat feature aimed at enhancing user communication experiences [21] - This feature integrates audio and video calling, as well as file sharing, into the platform [21]

Core Viewpoint - Foreign capital continues to show optimism towards Chinese assets, with several major financial institutions raising target prices for key Chinese companies, indicating a positive outlook for the Chinese stock market [1][7]. Group 1: Target Price Adjustments - Citigroup raised the target price for Tencent Holdings from 735 HKD to 751 HKD per share, maintaining a "Buy" rating [3]. - Morgan Stanley increased the target price for Bilibili's US stock from 23 USD to 25 USD, while Citigroup raised it to 27 USD, and Lyon raised it to 29.1 USD [4]. - Morgan Stanley significantly raised the target price for XPeng Motors' Hong Kong stock to 195 HKD, and UBS raised the target price for China Hongqiao to 38.60 HKD [1][5]. Group 2: Company Performance Insights - Tencent's third-quarter revenue grew by 15% year-on-year to 192.9 billion CNY, with a Non-IFRS net profit of 70.6 billion CNY, up 18% year-on-year [3]. - Bilibili's third-quarter advertising revenue and adjusted operating profit exceeded expectations, prompting analysts to raise profit forecasts for 2025 and 2026 [4]. - XPeng Motors is expected to see growth driven by its recent AI initiatives, including Robotaxi and humanoid robots, although significant revenue contributions are not anticipated until late 2026 [5]. Group 3: Positive Sentiment Towards Chinese Market - UBS stated that the valuation and capital flow conditions of the Chinese stock market are favorable, maintaining an "overweight" rating on Chinese stocks [8]. - Global asset management executives expressed increasing confidence in the long-term investment value of the Chinese market, citing improvements in macroeconomic conditions and policy environments [9]. - The consensus among foreign investment executives is that investing in China represents investing in the future, with a focus on the opportunities presented by China's 14th Five-Year Plan [9].

盈利能力高增，成本费用持续优化。哔哩哔哩25Q3 实现收入76.9亿元，同比+5.2%。毛利率36.7%，同 比+1.8pct，环比+0.2pct。经营利润3.5 亿元，经营利润率4.6%，同比+5.5pct。经调整净利润7.9亿元，同 比+233.3%；经调整净利率10.2%，同比+7.0pct。 核心用户指标创历史新高。哔哩哔哩25Q3 DAU 达1.17 亿，同比+9%；MAU 达3.76 亿，同比+8%； DAU/MAU 31.2%。日均用户时长达112 分钟，同比+6%。月均付费用户数达3500 万，同比+17%。 活跃用户平均年龄26 岁，新用户平均年龄22 岁。25Q3 月均总互动量达185 亿，正式会员数达2.78 亿。 游戏受高基数影响承压，广告超大盘增长。哔哩哔哩25Q3 实现增值服务收入30.2 亿元，同比+7.1%， 主要由付费会员及其他增值服务的收入增加。实现广告收入25.7 亿元，同比+22.7%，主要由广告产品 供给改善及广告效益提升。实现移动游戏收入15.1 亿元，同比-17.1%，主要由于独家授权游戏《三国： 谋定天下》去年同期基数较高。10 月16 日自研游戏《逃离鸭科夫》 ...

Core Viewpoint - The company reported Q3 2025 earnings with revenue of 7.685 billion yuan, a year-on-year increase of 5.2%, which is in line with the consensus forecast of 7.661 billion yuan. Adjusted operating profit reached 688 million yuan, exceeding the consensus estimate of 650 million yuan, driven by increased traffic and improvements in advertising infrastructure [1][2]. Group 1: Revenue and Profit Performance - Revenue for Q3 2025 was 7.685 billion yuan, reflecting a year-on-year growth of 5.2%, aligning with the consensus forecast [1]. - Adjusted operating profit was 688 million yuan, surpassing the expected 650 million yuan, attributed to a 23% year-on-year increase in advertising revenue, which outperformed the expected 20% growth [1][2]. - The company’s game revenue for Q3 2025 was 1.51 billion yuan, down 17% year-on-year, which was in line with the forecast of 1.54 billion yuan, primarily due to a high base effect from last year [2]. Group 2: User Engagement and Advertising Growth - Daily Active Users (DAU) reached 117 million, a year-on-year increase of 9%, with average daily usage time growing to 112 minutes, marking a 6-minute increase from the previous year [1]. - Advertising revenue accelerated to 2.57 billion yuan in Q3 2025, a year-on-year increase of 23%, with the number of advertisers growing by 16% [1][2]. Group 3: Cost Control and Profitability - The gross margin for Q3 2025 was 36.7%, up 1.8 percentage points year-on-year, driven by high growth in gaming and advertising businesses [2]. - The sales expense ratio decreased to 13.7%, down 2.8 percentage points year-on-year, which was better than the expected 14.6%, contributing to the higher operating profit [2]. Group 4: Future Outlook and Valuation - The company has slightly raised its revenue forecasts for 2025-2027 to 30.14 billion, 32.81 billion, and 35.17 billion yuan, respectively [3]. - Adjusted net profit estimates for 2025-2027 have been increased to 2.45 billion, 3.46 billion, and 4.45 billion yuan, respectively, reflecting a significant upward adjustment [3]. - The target market capitalization is set at 119.9 billion yuan, with a target price of 40.1/312.1 USD/HKD, maintaining a "buy" rating [3].

Core Insights - The company reported a better-than-expected performance in Q3 2025, with revenue of 7.69 billion yuan, a 5% year-on-year increase, and Non-GAAP net profit of 787 million yuan, exceeding expectations due to strong advertising revenue growth and improved gross margin [1][2] Performance Review - Q3 2025 revenue reached 7.69 billion yuan, surpassing the forecast of 7.61 billion yuan - Non-GAAP net profit was 787 million yuan, significantly above the expected 563 million yuan - Advertising revenue grew by 23% year-on-year to 2.57 billion yuan, contributing to the overall revenue increase [1] - Gross margin improved by 0.2 percentage points to 36.7%, while adjusted net profit margin increased by 2.6 percentage points to 10.2% [1] Development Trends - The upward trend in profit margins is driven by strong advertising business growth - The company anticipates Q4 2025 advertising revenue to increase by 23% to 2.93 billion yuan, with a projected gross margin of 37% and adjusted operating profit margin of 9% [1] - Long-term profit margin improvement is expected due to revenue growth, better revenue structure, and operational leverage [1] Game Revenue and New Releases - Game revenue in Q3 2025 decreased by 17% year-on-year to 1.511 billion yuan due to a high base from Q3 2024 - New game projects are underway, including "Escape from Duckkov" and "Three Kingdoms: Hundred Generals Card," with potential revenue contributions starting from Q2 2026 [2] - The company reported a 7% increase in value-added service revenue to 3.02 billion yuan, with a 17% rise in paid user count to 35 million [2] Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been raised by 7.8% and 2.3% to 2.44 billion yuan and 3.06 billion yuan, respectively - Current stock prices correspond to P/E ratios of 40/29 times and 36/26 times for 2025/2026 [2] - Target prices have been adjusted upward by 7.4% and 7.8% to 29 USD and 220 HKD, indicating potential upside of 6.7% and 3.4% from current prices [2]

Core Insights - The company reported better-than-expected profits for Q3 2025, with revenues of RMB 7.7 billion, a year-on-year increase of 5.2%, aligning with market expectations [1] - The gross margin improved to 36.7% quarter-on-quarter, while adjusted net profit reached RMB 790 million, exceeding market expectations of RMB 640 million [1] - User traffic growth accelerated, with daily active users (DAU) increasing by 9.3% to 117 million and monthly active users (MAU) rising by 8.0% to 376 million, achieving record highs [1] Advertising Business Performance - The company experienced a 23% year-on-year growth in advertising revenue in Q3 2025, driven by improved ad supply and effectiveness [1] - The outlook for the advertising business remains positive, with expectations of over 20% growth in Q4 2025, supported by continuous traffic growth and enhanced ad value [1] Gaming Segment Developments - Game revenue decreased by 17% year-on-year in Q3 2025 due to high base effects, but the performance of "Three Kingdoms: Strategizing the World" met expectations [2] - The company plans to launch a traditional Chinese version of the game in overseas markets in Q1 2026 and expand to more international regions in the second half of 2026 [2] - The self-developed game "Escape from Duckkov" achieved over 3 million global sales and a peak online player count of over 300,000, with potential to become the second highest-selling domestic single-player game [2] Future Projections and Ratings - The company has slightly raised its revenue growth forecast for Q4 2025 to 4.9% year-on-year, maintaining an adjusted operating profit margin forecast of 10% [2] - The target price has been adjusted to $32/247 HKD, corresponding to FY26E/FY27E price-to-earnings ratios of 34x/25x, with a "Buy" rating maintained [2]

Core Viewpoint - The article discusses how the brand "Lefin" successfully leveraged Bilibili (B站) to achieve significant growth in sales and brand recognition, particularly during the Double Eleven shopping festival, by focusing on "deep planting" strategies that resonate with the younger audience [2][3][25]. Group 1: Lefin's Success on Bilibili - During the Double Eleven event, Lefin's GMV on Bilibili saw a threefold increase year-on-year, with a 353% growth in unique visitors and a conversion rate of 4.1% [2]. - Lefin's customer acquisition ROI on Bilibili increased by 51% year-on-year, indicating improved efficiency in marketing efforts [2]. - Since 2021, Lefin has positioned Bilibili as a primary communication channel, moving beyond traditional influencer marketing to create engaging content that fosters a deeper connection with consumers [2][3]. Group 2: Why Choose Bilibili? - In 2021, Lefin identified Bilibili as a suitable platform for customer acquisition, especially when offline operations were not yet established [6]. - Bilibili's user base is younger, more diverse in interests, and has a higher purchasing power, making it an ideal platform for Lefin's marketing strategy [9]. - The platform's content ecosystem supports various forms of deep content, which enhances brand loyalty and encourages repeat purchases [10]. Group 3: Methodology for Utilizing Bilibili - To effectively use Bilibili, brands must tailor their strategies to align with the platform's unique user demographics and preferences [12]. - Lefin adopted a content-driven approach, focusing on educational and engaging material rather than straightforward product promotion [12][13]. - Collaborations with influential creators on Bilibili have allowed Lefin to reach a broader audience and establish a strong brand presence [13]. Group 4: Importance of Long-term Engagement - Sustained engagement on Bilibili is crucial for brands to penetrate consumer mindsets effectively [16]. - Lefin's long-term partnership with Bilibili has led to valuable insights into user behavior and preferences, allowing for more targeted marketing strategies [19]. - The brand's ability to produce high-quality content has positioned it as a key player in Bilibili's knowledge and technology sectors [17]. Group 5: Broader Implications for Brands - Bilibili's commercial potential has been underestimated, but it is emerging as a vital battleground for brands to enhance their marketing strategies [25]. - Other brands, such as Estée Lauder and Anta, have also achieved impressive results on Bilibili, demonstrating the platform's effectiveness for various industries [24]. - The article emphasizes that brands can find new opportunities for user engagement and marketing success by focusing on quality content and deep-rooted brand narratives on Bilibili [25].

Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted target price of 32 USD / 247 HKD [3][26]. Core Insights - The company reported a revenue of 7.7 billion RMB for Q3 2025, a year-on-year increase of 5.2%, aligning with market expectations. The adjusted net profit was 790 million RMB, exceeding the market forecast of 640 million RMB, with an adjusted profit margin of 10.2% [1][3]. - User traffic has accelerated, with Daily Active Users (DAU) growing by 9.3% year-on-year to 117 million and Monthly Active Users (MAU) increasing by 8.0% to 376 million. The average daily user engagement reached a record high of 112 minutes [1]. - Advertising revenue saw a robust growth of 23% year-on-year, driven by improved ad supply and effectiveness. The company anticipates maintaining over 20% growth in advertising revenue for Q4 2025 [1][3]. Financial Performance Summary - For FY23, the company is projected to generate revenue of 22.5 billion RMB, increasing to 35.8 billion RMB by FY27. The adjusted net profit is expected to turn positive in FY25, reaching 2.5 billion RMB [4][11]. - The operating profit is forecasted to improve from a loss of 5.1 billion RMB in FY23 to a profit of 1.1 billion RMB in FY25 [4][11]. - The report highlights a significant improvement in gross margin, which is expected to rise from 24.2% in FY23 to 38.5% by FY27 [11].

⑥ 【特斯拉跌近3%，跌破400美元】特斯拉盘前跌近3%，跌破400美元，目前是2025年"美股科技七巨 头"中唯一股价处于负收益的股票。 ⑦ 【12月降息概率跌破50%，美联储官员齐"泼冷水"】当地时间11月13日，据媒体报道，短期利率期货 显示，美联储联邦公开市场委员会（FOMC）12月10日降息的可能性已降至47%，而本周早些时候这一 概率为 67%。仅周四一天，就有至少四位美联储官员就政策前景发表了讲话，包括旧金山联储主席玛 丽·戴利、克利夫兰联储主席贝丝·哈马克、明尼阿波利斯联储主席尼尔·卡什卡利、圣路易斯联储主席穆 萨勒姆，他们均对12月进一步降息表现出犹豫的态度。 ① 【三大期指普跌】截至发稿，道指期货跌0.14%、标普500指数期货跌0.26%、纳指期货跌0.52%。 ⑧ 【德银下调Circle目标价至90美元】德意志银行将"稳定币第一股"Circle的目标价从147美元下调至90 美元，维持"持有"评级。 ② 【中概股盘前普跌】中概股盘前普跌。截至发稿，阿里巴巴跌0.71%，拼多多跌1.69%，京东跌 2.05%，小鹏汽车跌3.94%。 ③ 【CoreWeave跌超2%，被点名为"AI泡沫的 ...