Summary of Bilibili's Q2 2025 Earnings Call Company Overview - **Company**: Bilibili - **Industry**: Online Video and Gaming Key Financial Performance - **Total Revenue**: Q2 2025 revenue reached 5.5 billion, a year-on-year increase of 15% [1] - **Adjusted Net Profit Margin**: Improved to 7.6%, marking a return to profitability [1][2] - **Operating Cash Flow**: Net cash flow from operating activities increased by 14% to 1.99 billion [1] - **Gross Margin**: Increased by 6.6 percentage points year-on-year to 36.5% [2] - **Cost Control**: Sales, management, and R&D expense ratios decreased, with total expenses down 4% quarter-on-quarter [2] Revenue Breakdown - **Advertising Revenue**: Grew by 20%, driven by performance advertising [1][3] - **Mobile Gaming Revenue**: Increased by 60%, primarily due to the exclusive game "Three Kingdoms: Strategy" [1][3] - **Value-Added Services**: Revenue rose by 11%, mainly from live streaming and related services [4] - **IP Derivatives and Other Revenue**: Decreased by 15% to 440 million [4] User Engagement Metrics - **Daily Active Users (DAU)**: Reached 109.4 million, a 7% increase year-on-year [5] - **Monthly Active Users (MAU)**: Stood at 363 million, up 8% [5] - **Average Monthly Paying Users**: Increased to 31 million, a 9% rise [5] - **Average Daily Usage Time**: Grew to 105 minutes, an increase of 6 minutes [5] - **Community Engagement**: Offline event "Bilibili World" attracted over 400,000 participants [5] Strategic Focus - **Content Strategy**: Emphasis on mid-to-long video content and exploring community value-added services [6] - **Advertising Growth**: Plans to exceed market average growth in advertising revenue over the next three years [6] - **AIGC Investment**: Increased investment in AIGC to enhance production efficiency [6] Future Outlook - **Gross Margin Expectation**: Anticipated to rise to 37% in the second half of the year [7] - **Operating Profit Margin**: Expected to approach 10% by year-end [7] - **Full-Year Revenue Projection**: Estimated to grow by 12% to around 30 billion [7] - **Adjusted Net Profit Forecast**: Expected to be 2.4 billion [7] - **Market Valuation**: Current P/E ratio is approximately 29 times [3][7] Investment Considerations - **Key Performance Indicators**: Investors should monitor game revenue, new product launches, and advertising breakthroughs to assess commercialization acceleration and profitability potential [3][7]

丨证券研究报告丨 港股研究丨公司点评丨哔哩哔哩-W（9626.HK） [Table_Title] B 站 2025Q2 财报点评：广告/游戏业务高速增 长，实现持续盈利 报告要点 [Table_Summary] B 站公布 25Q2 财报。B 站 25Q2 实现营收 73.4 亿元，同比增长 20%；实现毛利润 26.8 亿元， 同比增长 46%；毛利率同比增加 6.6pct 达 36.5%，实现连续第 12 个季度环比提升；Non-GAAP 净利润为 5.6 亿元，实现持续盈利。分业务来看，B 站 25Q2 广告业务收入 24.5 亿元，同比增 长 20%；增值服务业务收入为 28.4 亿元，同比增长近 11%；移动游戏业务收入为 16.1 亿元， 同比增长 60%。 分析师及联系人 %% %% research.95579.com 1 哔哩哔哩-W（9626.HK） cjzqdt11111 [Table_Title B 站 2025Q22] 财报点评：广告/游戏业务高速增 长，实现持续盈利 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX177 请阅读最后评级说明和 ...

Group 1 - The company achieved revenue of 7.338 billion yuan in Q2 2025, representing a year-over-year increase of 19.8% [1] - Adjusted net profit attributable to shareholders for Q2 2025 was 561 million yuan, marking a turnaround from loss to profit [1] - The gross margin for Q2 2025 was 36.5%, an increase of 6.5 percentage points year-over-year [1] Group 2 - Mobile game revenue reached 1.61 billion yuan, in line with expectations, and grew by 60% year-over-year [1] - Value-added services revenue was 2.84 billion yuan, also meeting expectations, with an 11% year-over-year increase [1] - Advertising revenue exceeded expectations at 2.45 billion yuan compared to the consensus of 2.42 billion yuan, reflecting a 20% year-over-year growth [1] Group 3 - The game "Three Kingdoms: Strategy" has been operating steadily for one year, contributing positively to the company's gaming business [1] - The anniversaries of "Fate/Grand Order" and "Azur Lane" have boosted player engagement, with expectations for increased revenue from "Three Kingdoms: Strategy" upon its overseas launch in Q4 [1] - The company is continuously improving its product portfolio, with several upcoming games expected to pass approval for launch [1] Group 4 - The company reported a healthy growth in core users, with daily active users (DAU) reaching 108 million, up 6% year-over-year [2] - Monthly active users (MAU) reached 365 million, reflecting an 8% year-over-year increase [2] - The average daily usage time per user increased by 3.9% to 106 minutes, and the number of monthly paying users reached 32 million, up 10% year-over-year [2] Group 5 - The company’s advertising business saw a customer base growth of over 20% year-over-year, with increased advertising budgets [2] - The top five advertising categories were games, digital appliances, online services, e-commerce, and automotive [2] Group 6 - Revenue projections for the company are estimated at 30.08 billion yuan, 33.12 billion yuan, and 36.15 billion yuan for the years 2025, 2026, and 2027 respectively [2] - Adjusted net profit forecasts for the same years are 2.11 billion yuan, 2.96 billion yuan, and 3.89 billion yuan [2]

Group 1: Market Overview - The Hang Seng Index is expected to face resistance around 24500-24600, with bearish investors holding overnight positions, while some bullish investors maintain positions with a target of 26000 [1] - The index closed at 25077, remaining below the middle line of the Bollinger Bands, with short-term technical signals indicating a "sell" [1] Group 2: Bilibili (09626.HK) - Bilibili's stock price rebounded from the lower Bollinger Band, closing at 180.9, with an intraday high of 183, approaching the middle line of the Bollinger Bands at 185 [3] - Technical signals are neutral, with short-term resistance levels at 190.2 and 202.8, and support levels at 173.6 and 164 [3] Group 3: BYD Company (01211.HK) - BYD's stock price showed strong performance, closing at 114.4, above the middle line of the Bollinger Bands, with a cautious "buy" signal [8] - Resistance levels are identified at 120.4 and 125.4, while support levels are at 111.4 and 107.5, indicating a safe area for investors holding bullish positions [8] Group 4: PetroChina (00857.HK) - PetroChina's stock price closed at 7.51, near the middle line of the Bollinger Bands, with a short-term technical signal indicating a "sell" [11] - Investors holding call options with a strike price of 8.88 face a significant out-of-the-money margin, which could increase if the stock price declines further [11] Group 5: Li Auto (02015.HK) - Li Auto's stock closed at 91.7, with a "buy" signal and resistance levels at 99.3 and 110.6, while support levels are at 88.3 and 83.1 [13] Group 6: Zhaojin Mining (01818.HK) - Zhaojin Mining's stock price has risen from 19.4 to 24.1, breaking through the upper Bollinger Band, with a technical signal indicating a "sell" [20] - Support levels are identified at 22.3 and 21.1, suggesting potential areas for price stabilization [20]

Market Performance - The Hang Seng Index closed at 25077.62 points, up by 78.8 points, representing a gain of 0.32% [1][2] - The National Enterprises Index closed at 8947.79 points, increasing by 30.86 points, with a rise of 0.35% [1][2] - The Red Chip Index closed at 4273.06 points, down by 15.29 points, reflecting a decline of 0.36% [1][2] Capital Flow - Southbound funds recorded a net inflow of 12.046 billion Hong Kong dollars on the day [1] Stock Performance - Notable gainers included Guotai Junan International, which rose over 15%, BYD Electronics, which increased by over 7%, and WuXi AppTec, which gained over 6% [1] - Other significant gainers included Bilibili and Li Auto, both rising over 4% [1] - Major decliners included ZTE Corporation, which fell over 9%, and Hua Hong Semiconductor, which dropped nearly 6% [1]

消息面上，今年上半年，游戏行业重回增长曲线。据中国音数协游戏工委《2024年1-6月中国游戏产业 报告》显示，2025年上半年，中国自主研发游戏海外收入95.01亿美元，同比增长超11%，增速重回 2021年的出海高峰期，领跑全球游戏市场的增量赛道。 华源证券指出，2025年中报披露进入高峰阶段，建议重视中报业绩超预期公司所指引出的产业发展方 向，及短期交易弹性。目前高景气度板块方向仍较为明确，建议继续关注新游带动下高频数据不断修正 的游戏公司，同时前置关注后续重点游戏的预期交易；潮玩仍是新消费高热方向，关注新IP和产品形态 的孵化，及IP价值的培育升级；AI应用加速落地且创造收入，关注大厂超级APPAI化进度，及垂直场景 AI产品渗透率的提升。 来源：智通财经 截至2025年8月29日 13:05，中证沪港深游戏及文化传媒指数(931580)上涨0.01%，成分股岩山科技 (002195)上涨5.59%，中国科传(601858)上涨4.08%，中国电影(600977)上涨2.43%，恺英网络(002517)上 涨2.23%，芒果超媒(300413)上涨2.20%。游戏传媒ETF(517770)上涨0.98% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved revenue of 7.338 billion yuan in Q2 2025, representing a year-over-year increase of 19.8%, and adjusted net profit of 561 million yuan, marking a return to profitability [6] - The gross margin for Q2 was 36.5%, an increase of 6.5 percentage points year-over-year [6] - Mobile game revenue reached 1.61 billion yuan, up 60% year-over-year; value-added services revenue was 2.84 billion yuan, up 11% year-over-year; advertising revenue exceeded expectations at 2.45 billion yuan, up 20% year-over-year; while IP derivatives and other income decreased by 15% year-over-year to 440 million yuan [6][7] - The core user base is growing healthily, with daily active users (DAU) reaching 108 million, up 6% year-over-year, and monthly active users (MAU) at 365 million, up 8% year-over-year [8] - The company expects revenues of 30.08 billion yuan, 33.12 billion yuan, and 36.15 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 2.11 billion yuan, 2.96 billion yuan, and 3.89 billion yuan for the same years [9] Financial Summary - Total revenue for 2024 is projected at 26.832 billion yuan, with a year-over-year growth of 19.1% [12] - Adjusted net profit for 2025 is expected to be 2.114 billion yuan, a significant increase from a loss of 22 million yuan in 2024 [12] - The company’s gross margin is projected to improve from 32.7% in 2024 to 39.7% in 2027 [14] - The earnings per share (EPS) is forecasted to rise from -0.05 yuan in 2024 to 9.42 yuan in 2027 [15]

Investment Rating - The report maintains a "Recommended" rating for Bilibili (BILI) [1] Core Views - The company's Q2 2025 financial results exceeded expectations, with total revenue reaching 7.34 billion yuan, a year-over-year increase of 20%, aligning with Bloomberg consensus [1] - The adjusted net profit attributable to shareholders was 560 million yuan, marking a return to profitability and surpassing Bloomberg consensus by 8% [1] Financial Summary - **Revenue Forecasts**: - 2024A: 26,832 million yuan - 2025E: 30,071 million yuan (YOY +12.1%) - 2026E: 32,638 million yuan (YOY +8.5%) - 2027E: 34,899 million yuan (YOY +6.9%) [4] - **Net Profit Forecasts**: - 2024A: -1,347 million yuan - 2025E: 903 million yuan (YOY +167.0%) - 2026E: 1,986 million yuan (YOY +120.0%) - 2027E: 3,029 million yuan (YOY +52.5%) [4] - **Earnings Per Share (EPS)**: - 2024: -3.20 yuan - 2025: 2.15 yuan - 2026: 4.72 yuan - 2027: 7.20 yuan [4] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E: 75.3 - Price-to-Book (P/B) ratio for 2025E: 4.5 [4] - **Target Price**: The target price is set at $27.52, with the current price at $22.74 [4] Business Segment Performance - **Gaming Business**: Revenue for Q2 2025 was 1.61 billion yuan, a year-over-year increase of 60%, driven by the success of the "Three Kingdoms: Strategy" game [8] - **Advertising Business**: Revenue reached 2.45 billion yuan in Q2 2025, a year-over-year increase of 20%, benefiting from AI-driven efficiency and e-commerce demand [8] - **VAS (Value-Added Services) Business**: Revenue was 2.84 billion yuan in Q2 2025, a year-over-year increase of 11%, supported by live streaming and other services [8]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) 格隆汇8月28日｜港股午后继续走低，恒生科技指数跌超2%，恒指跌1.4%，国企指数跌1.6%。恒生科技 指数成分股中，美团跌超12%，小鹏汽车跌超8%，京东集团、阿里巴巴、理想汽车跌超4%，金蝶国 际、哔哩哔哩、比亚迪(002594)电子、比亚迪股份跌超3%。 | 代码 | 名称 | 涨跌幅 ^ | 年初至今涨跌 | | --- | --- | --- | --- | | 03690 | (0) 美团-W | -12.73% | -33.09% | | 09868 | 小鹏汽车-W | -8.76% | 80.92% | | 09618 | 京东集团-SW | -4.78% | -12.58% | | 09988 | 阿里巴巴-W | -4.69% | 43.94% | | 02015 | 理想汽车-W | -4.21% | ...

格隆汇8月28日｜港股午后继续走低，恒生科技指数跌超2%，恒指跌1.4%，国企指数跌1.6%。恒生科技 指数成分股中，美团跌超12%，小鹏汽车跌超8%，京东集团、阿里巴巴、理想汽车跌超4%，金蝶国 际、哔哩哔哩、比亚迪电子、比亚迪股份跌超3%。 | 代码 | 名称 | 涨跌幅 ^ | 年初至今涨跌 | | --- | --- | --- | --- | | 03690 | (0) 美团-W | -12.73% | -33.09% | | 09868 | 小鹏汽车-W | -8.76% | 80.92% | | 09618 | 京东集团-SW | -4.78% | -12.58% | | 09988 | 阿里巴巴-W | -4.69% | 43.94% | | 02015 | 理想汽车-W | -4.21% | -6.81% | | 00268 | 金蝶国际 | -3.92% | 86.64% | | 09626 | 哔哩哔哩-W | -3.70% | 19.30% | | 00285 | 比亚迪电子 | -3.62% | -10.07% | | 01211 | 比亚迪股份 | -3.48% | 27.09% ...