Core Viewpoint - Bilibili (09626) is a leading online video and content community platform in China, evolving from ACG content to a comprehensive community covering diverse fields, with a projected MAU of 376 million by Q3 2025, reflecting an 8% YoY growth [1] Group 1: User Engagement and Monetization - The company has a high user loyalty, with a 12-month retention rate of 80% for official members, accelerating the conversion to high-quality commercial value [2] - Game business, rooted in its strong ACG background, is diversifying into a full-category layout, with the success of "Three Kingdoms: Strategize the World" marking a significant milestone, achieving 1 billion yuan in revenue quickly [2] - The value-added services are steadily growing, primarily driven by premium membership subscriptions [2] Group 2: Revenue Growth and Profitability - Overall revenue growth is rebounding, driven by the gaming business, with a 21.62% YoY growth rate in H1 2025 [3] - The company is experiencing improved profitability due to enhanced commercialization efficiency and strict cost control, with gross margin steadily increasing since 2022 [3] - Adjusted net profit turned positive in H1 2025, reaching 920 million yuan, with a net profit of 210 million yuan [3] Group 3: Future Projections - Revenue projections for 2025-2027 are estimated at 30.41 billion, 32.44 billion, and 35.19 billion yuan, with YoY growth rates of 13.3%, 6.7%, and 8.5% respectively [1] - Adjusted net profits for the same period are forecasted to be 2.14 billion, 3.15 billion, and 4.30 billion yuan [1] - The current price-to-earnings ratio is projected to be 33.8, 22.9, and 16.8 times for the years 2025, 2026, and 2027 respectively [1]

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].

Core Insights - In November, Chinese non-gaming companies continued to show strong overseas revenue growth, with ByteDance and YY leading the rankings. Meitu's revenue surged by over 21.4% due to seasonal features, returning to the top three [2][3]. Non-Gaming Companies Revenue - ByteDance and YY maintained their positions at the top of the revenue chart for non-gaming companies in November [2]. - Meitu's application "Meitu" launched a winter-themed feature, achieving record revenue growth, particularly in Asian markets like Thailand and Japan [2][3]. - Qicheng Technology's applications "TopTop" and "DramaBite" helped the company rise into the top five, maintaining previous month's revenue momentum [3]. - iQIYI's revenue increased by over 13.3% due to promotional activities during the Double Eleven shopping festival, moving up two ranks to eighth place [3]. - Youku's application "YOUKU" saw a revenue increase of over 20.2% driven by the success of the series "暗河传" in Thailand [3]. - Xiaoying Technology reversed its revenue decline with a growth of over 21.8%, aided by its video editing app "VivaVideo" and new AI applications [4]. - Other companies like Wanjing Technology, Baidu, and Xiaomi also saw improvements in their rankings and revenue [4]. Gaming Companies Revenue - The global gaming market remained strong, with Chinese gaming companies maintaining their revenue levels from the previous month [7]. - Tencent's overseas revenue grew significantly, driven by its FPS game "GODDESS OF VICTORY: NIKKE," which achieved record revenue due to new content [7][8]. - 4399's new game "英雄來搞鬼：房間保衛戰" performed well in the Hong Kong and Taiwan markets, contributing to its improved ranking [7]. - KuLo Games' "Wuthering Waves" saw a revenue increase of over 16.1%, helping the company rise in the rankings [8]. - Iceberg Network's new game "X-Clash: Survival Challenge" achieved an estimated revenue of over $3 million, with a month-on-month growth of over 162.9% [8]. - Other companies like Lilith, Mu Tong, and BeheFun also experienced notable revenue growth and ranking improvements [8].

Core Viewpoint - The report by Haitao Securities emphasizes the importance of identifying stocks with potential short-term or long-term performance discrepancies or surprises in AI advancements as a core task for 2026 [1] Group 1: Investment Strategy - The main investment strategy is to focus on value investing in the Hang Seng Technology Index, leveraging volatility from the Hong Kong stock market and short-selling mechanisms [1] - The key to successful operations lies in selecting fundamentally strong companies with sustainable development capabilities [1] Group 2: Recommended Stocks for 2026 - Stocks currently at the bottom or adjusting, with a high likelihood of fundamental reversal in 2026: Meituan, Xiaomi Group (planning next vehicle), BYD Electronics [2] - Stocks expected to benefit from EPS gains and potential valuation uplift: Tencent Holdings, Trip.com Group, JD Health, Lenovo Group [2] - Stocks with controllable elasticity: Alibaba, Baidu Group, SMIC, Hua Hong Semiconductor [2] - AI elastic stocks: Kuaishou, Bilibili, Kingdee International, Horizon Robotics, Xpeng Motors, Yueda Group, NetEase, Sunny Optical Technology, UBTECH [2] - Potential small-cap companies: Inspur Digital Enterprise, Xindong Company, Huiliang Technology [2] Group 3: Individual Stock Insights - Kuaishou, Bilibili, Horizon Robotics, Xpeng Motors, Sunny Optical Technology, UBTECH are highlighted as key stocks with positive outlooks [2] - Inspur Digital Enterprise and Huiliang Technology are noted as quality small-cap stocks with promising prospects [2] - Tencent Holdings is identified as a top pick due to its strong research framework [2] - Alibaba is considered a leading asset in AI technology [2] - Lenovo Group is expected to achieve profitability in its server business next year due to accelerated AIPC penetration [2] - Trip.com Group is positioned well for growth driven by domestic stability and overseas acceleration [2] - JD Health is recognized as a leading player in internet healthcare with a clear growth path [2] - Meituan is noted for its resilience and potential turning point in competitive landscape [2] - Kingdee International's growth is constrained by macroeconomic factors, but AI and overseas expansion provide additional elasticity [2] - Xiaomi Group is expected to see improvements as negative factors gradually clear [2] - SMIC is experiencing an increase in advanced manufacturing proportion and continuous technological breakthroughs [2] - Hua Hong Semiconductor is benefiting from growth driven by computing and consumer electronics [2] - Yueda Group focuses on IP as a core asset, with expectations for further expansion and monetization [2] - NetEase is anticipated to enter a new product cycle with upcoming releases [2] - BYD Electronics is expected to see growth from Apple's foldable phone production and has significant potential in the new energy vehicle and data center sectors [2] - Xindong Company is driven by gaming and Taptap, with expectations for the launch of an overseas version [2]

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]

Core Viewpoint - Bilibili-W is expected to report Q4 revenue between 7.874 billion to 8.958 billion RMB, representing a year-on-year growth of 1.8% to 15.8% [1][8] - The anticipated net profit for Q4 is projected to be between 118 million to 724 million RMB, with a year-on-year increase of 31.7% to 704.7% [1][8] - Adjusted net profit is forecasted to range from 352 million to 897 million RMB, showing a year-on-year change of -22.3% to 97.9% [1][8] Revenue and Profit Forecast - The average revenue forecast is 8.178 billion RMB, with a year-on-year growth of 5.7% [2][9] - The median revenue forecast is 8.149 billion RMB, with a year-on-year growth of 5.4% [2][9] - The average adjusted net profit forecast is 743 million RMB, with a year-on-year increase of 64.1% [2][9] Business Performance Insights - In Q3 2025, Bilibili-W achieved revenue of 7.685 billion RMB, a year-on-year increase of 5.2%, and an adjusted net profit of 786 million RMB, up 233% [4][11] - The gross margin increased by 1.8 percentage points to 36.7% [4][11] - Revenue from mobile games decreased by 17.1%, while value-added services and advertising revenue grew by 7.1% and 22.7%, respectively [4][11] User Engagement Metrics - Daily Active Users (DAU) reached 117 million, while Monthly Active Users (MAU) hit 376 million, with an average daily usage time of 112 minutes [4][12] - The number of monthly paying users stands at 35 million, indicating strong community engagement and monetization potential [4][12] Future Growth Projections - Revenue projections for 2025, 2026, and 2027 are 30.18 billion, 33.72 billion, and 36.44 billion RMB, respectively, with adjusted net profits expected to be 2.23 billion, 3.60 billion, and 4.42 billion RMB [4][11] - Upcoming game releases, including "Three Kingdoms: Hundred Generals Card," are anticipated to cater to younger audiences and drive further growth [5][6]

Core Viewpoint - Bilibili-W (09626) announced the grant of a total of 2,014,800 restricted stock units to 147 selected employees, including 2 executive directors, under the revised 2018 share incentive plan, representing approximately 0.49% of the company's total issued shares as of the announcement date [1] Group 1 - The company will grant 2,014,800 restricted stock units [1] - The grant is to 147 selected employees, including 2 executive directors [1] - The granted units represent approximately 0.49% of the total issued shares [1]

Group 1 - The company announced the grant of a total of 2.0148 million restricted stock units to 147 selected employees, including 2 executive directors, under the revised 2018 share incentive plan [1] - The granted units represent an equivalent number of Class Z ordinary shares, accounting for approximately 0.49% of the total issued shares of the company as of the announcement date [1]

Group 1 - The company announced the grant of a total of 2,014,815 restricted stock units to 147 selected employees, including 2 executive directors, under the revised 2018 share incentive plan [1] - The granted units represent an equivalent number of Class Z ordinary shares, accounting for approximately 0.49% of the company's total issued shares as of the announcement date [1]

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 ...