2024年，游戏和广告业务成为增长的主要驱动力，公司营收高速增长趋势修复，2025年H1公司实现 21.62%的同比增长率。得益于商业化效率提升和严格的费用控制，公司毛利率自2022年稳步提升，费 用率亦同比下滑，推动净利润于1H2025转正至2.1亿元，经调整净利润9.2亿元。 风险提示：内容平台监管持续趋严的风险、内容行业竞争加剧与商业化平衡的风险、业务依赖爆款与增 长可持续性的风险。 用户高忠诚度加速向高质量商业价值转化，公司通过游戏、增值服务、广告等模式变现 1)游戏业务始于其浓厚的二次元基因，目前正迈向多元化全品类布局，2024年6月发布的《三国：谋定 天下》作为公司首款非二次元SLG产品大获成功，成为公司历史上最快达到10亿元流水的游戏，推动游 戏收入强势反弹;2)增值业务稳定增长，主要由大会员订阅驱动;3)广告负载克制，通过精细化运营加强 商业化变现能力。公司承诺番剧不加贴片广告，目前主要广告形式为品牌广告、效果广告和原生广告， 伴随拥抱更多垂直领域广告主，3Q2025广告收入同比增长23%至25.7亿元。 整体收入增速在游戏业务推动下回暖，盈利能力持续改善 智通财经APP获悉，财通证券发布研报 ...

Core Viewpoint - The article discusses the downfall of Nicolas Puech, the heir of Hermès, who went from having a fortune of $15 billion to losing it all due to betrayal by a close friend and financial advisor, Eric Fremont [5][7][28]. Group 1: Background of Nicolas Puech - Nicolas Puech, the heir of Hermès, was known for living off the dividends of the company since the mid-1990s [16]. - He had no children and was unmarried, relying heavily on his friend and wealth advisor, Eric Fremont, for financial management [19][21]. - Puech developed a close relationship with a Moroccan gardener, considering adopting him and transferring his wealth to him [21][22]. Group 2: Financial Betrayal - In 2022, Puech instructed Fremont to transfer 1 million Swiss francs to the gardener, but the funds were never received, raising Puech's suspicions [22][25]. - An independent audit revealed that 90% of Puech's shares had been transferred as early as 2008, with his stock account completely emptied by 2021 [28][29]. - Fremont lived lavishly while Puech's assets were drained, leading to a lawsuit filed by Puech against Fremont for large-scale fraud in 2023 [31][56]. Group 3: The LVMH Incident - In 2010, LVMH began acquiring shares of Hermès, alarming the family as it approached a critical ownership threshold [35][38]. - The Hermès family united to lock their shares in a holding company, preventing LVMH from gaining control [38]. - Puech was implicated in selling shares to LVMH without his knowledge, claiming Fremont orchestrated the transactions behind his back [41][42]. Group 4: Legal Proceedings and Aftermath - Fremont claimed that all transactions were authorized by Puech, presenting signed documents as evidence [50]. - The court ruled that since Puech voluntarily transferred wealth management to Fremont, it could not be classified as fraud [53]. - Fremont's suicide in July 2023 left the fate of Puech's wealth unresolved, highlighting the dangers of trust in close relationships [55][56]. Group 5: Broader Implications - The article illustrates a harsh reality for the wealthy: their greatest financial vulnerabilities often lie within their closest relationships [57]. - It emphasizes that trust can create blind spots, making affluent individuals prime targets for exploitation [91][92]. - The narrative serves as a cautionary tale about the importance of due diligence and the risks associated with relying on personal relationships for financial management [99][100].

| 排名 | 公司 | | 开发者账号 | 主要应用 | 排名趋势 | | --- | --- | --- | --- | --- | --- | | | 山 字号跳动 | 字节跳动 | 10 | | ▶ 0 | | 2 | | 欢聚集团 (NASDAQ:YY) | 36 | | ▶ 0 | | | | 美图(HK:01357) | 11 | | - 1 | | 4 | | 睿琪软件 | 10 | | ~ 1 | | 5 | | 赤子城科技(HK:09911) | 23 | | 42 | | 6 | | TP-LINK | 5 | | ▼ 1 | | 7 | INTSIC | 合合信息 (SH:688615) | 9 | | ▼ 1 | | 8 | iOIY | 爱奇艺(NASDAQ:IQ) | 22 | | -2 | | 9 | | 畅读科技 | 11 | | ▼1 | | 10 | 可以上 | 行吟科技 | 2 | | ▼ 1 | | 11 | Tencent | 腾讯 (HK:00700) | 151 | | ▶ 0 | | 12 | | 点众科技 | 5 | 起出 | ▶ 0 | | 13 | InS ...

(3) 自主可控的弹性标的：阿里巴巴、百度集团、中芯国际、华虹半导体 (4)AI弹性标的：快手、哔哩哔哩、金蝶国际、地平线机器人、小鹏汽车、阅文集团、网易、舜宇光学 科技、优必选 财通证券郝艳辉发布互联网年度策略报告，认为寻找下一个有短期或者长期业绩预期差、或者AI进展 可能有惊喜的标的，是2026年的核心任务。 在操作建议上，该报告认为，恒生科技价值投资是主线。基于前面对恒生科技指数的判断和产业的判 断，叠加港股分母端带来的波动性，以及可做空机制带来的操作空间，操作的关键在于选到基本面真正 优秀且可持续性发展能力的标的。 2026年，以下标的值得关注： (1) 当前在底部或股价还在调整、且2026年基本面有很大可能反转的标的：美团、小米集团(布局下一款 车)、比亚迪电子 (2)赚EPS收益+EPS或超预期带来估值提升机会的标的：腾讯控股、携程集团、京东健康、联想集团 (5) 有潜力的小市值公司：浪潮数字企业、心动公司、汇量科技 个股推荐理由： 重点标的观点展望：快手、哔哩哔哩、地平线机器人、小鹏汽车、舜宇光学科技、优必选 重点优质中小市值标的观点展望：浪潮数字企业、汇量科技 腾讯控股：研究框架与要点，为什么 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector outperformed the market in November, with the Shenwan Media Index rising by 1.69%, surpassing the CSI 300 Index by 4.14 percentage points, ranking 7th among 31 industries [4][20] - The number of game approvals reached a new high, with 178 domestic games and 6 imported games approved in November, contributing to a total of 1,625 game approvals from January to November, a year-on-year increase of 26.8% [4][28] - The gaming market revenue in October was 31.4 billion yuan, a year-on-year growth of 7.8%, driven by strong product cycles from leading companies [4][32] Summary by Sections Market and Industry Review - The media sector's performance in November was strong, with a 1.69% increase in the Shenwan Media Index, outperforming the CSI 300 Index [4][20] - The current TTM-PE for the Shenwan Media Index is 42.6x, positioned at the 82.2% percentile over the past five years [20][26] Gaming - The number of game approvals in November was the highest in three years, with a total of 178 domestic and 6 imported games approved [28] - The gaming market revenue in October was 31.4 billion yuan, with mobile gaming revenue at 22.6 billion yuan, reflecting a year-on-year growth of 2.4% [32] - The overseas revenue for Chinese self-developed games reached 1.799 billion USD in October, marking an 11.9% year-on-year increase [41] Film and Television - The total box office in November reached 3.553 billion yuan, a year-on-year increase of 89.3%, primarily due to the success of "Zootopia 2" [49] - The top five films in November included "Zootopia 2," which grossed over 2.2 billion yuan within nine days of release [60] - The drama market saw high viewership, with "The Tang Dynasty Mysteries" leading with 1.5 billion views [67] AI Applications - The report highlights advancements in AI video models, including the launch of the O1 video model by Keling AI, which allows users to generate videos from text prompts [79] - PixVerse V5.5 was released, enabling the creation of multi-angle narrative videos [84] - Google's Gemini 3 Pro and Nano Banana Pro were launched, showcasing significant improvements in AI capabilities [91] Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and AI applications, recommending companies such as Giant Network, G-bits, and K-Game Network [96] - The December investment portfolio includes Giant Network, K-Game Network, Bilibili, and HuiLiang Technology [7]

1. 哔哩哔哩-W第四季度业绩预期怎么样？ 截至2025年12月15日，根据朝阳永续季度业绩前瞻数据： 预测公司Q4一致预期营业收入78.74~89.58亿元，同比增长1.8%~15.8%； 预测公司Q4一致预期净利润1.18~7.24亿元，同比增长31.7%~704.7%； 预测公司Q4一致预期经调整净利润3.52~8.97亿元，同比变动-22.3%~97.9%。 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 | 机构简称 | | 天营业收入 上大 同比 | | 净利润 | 同比 | 经调整净利润 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 卖方预测区间 | | 78.74~89.58 | 1.8%~15.8% | 1.18~7.24 | 31.7%~704.7% | 3.52~8.97 | -22.3%~97.9% | | 平均数 | - | 81.78 | 5.7% | 3.99 | 343.6% | 7.43 | 64.1% | | 中位数 | | 81.49 | 5.4% | 4.22 ...

智通财经APP讯，哔哩哔哩-W(09626)发布公告，于2025年12月15日，公司根据第二次经修订及重述 2018年股份激励计划向集团147名选定员工(其中2名为执行董事)授出合共201.48万份限制性股份单位， 代表同等数目的Z类普通股及占于本公告日期公司已发行股份总数约0.49%(按一股一票基准计算)。 ...

哔哩哔哩-W(09626)发布公告，于2025年12月15日，公司根据第二次经修订及重述2018年股份激励计划 向集团147名选定员工(其中2名为执行董事)授出合共201.48万份限制性股份单位，代表同等数目的Z类 普通股及占于本公告日期公司已发行股份总数约0.49%(按一股一票基准计算)。 ...

格隆汇12月15日丨哔哩哔哩-W(09626.HK)公告，于2025年12月15日，公司根据第二次经修订及重述 2018年股份激励计划向集团147名选定员工(其中2名为执行董事(「董事授出」))授出合共2,014,815份限 制性股份单位(「授出」)，代表同等数目的Z类普通股及占于本公告日期公司已发行股份总数约0.49% (按一股一票基准计算)。 ...

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。 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） 於2025年12月15日，本公司根據第二次經修訂及重述2018年股份激勵計劃向本集團147名 選定員工（其中2名為執行董事（「董事授出」））授出合共2,014,815份限制性股份單位（「授 出」），代表同等數目的Z類普通股及佔於本公告日期本公司已發行股份總數約0.49%（按 一股一票基準計算）。 授出詳情如下： 授出日期： 2025年12月15日 每股Z類普通股193.70港元 表現目標： 授予相關董事的限制性股份單位之歸屬須待達成董事會決 定的表現目標後，方可作實。該等表現目標基於本集團及 其相關部門的業績、其他管理指標及╱或其他適當指標設 定，並由董事會不時評估。 除董事授出外，其他授出並未附帶表現目標。 1 授出限制性股份單位 零 授出限制性股份單位總數： 2,014,81 ...