Group 1 - Chinese concept stocks experienced a decline before the US market opened, with Alibaba down approximately 3%, Bilibili down about 4%, and JD.com down around 2% [1] - Semiconductor stocks showed mixed performance, with TSMC down about 1%, NVIDIA down 0.4%, and Intel up approximately 4% [1]

Core Viewpoint - The article discusses the evolution of China's gaming industry policies, highlighting the government's support and regulatory measures aimed at fostering growth and addressing challenges within the sector [2][3][4]. Policy Evolution - The gaming industry in China has transitioned from "cultural market management" to "digital content industry cultivation" and finally to "cultural industry pillarization and digital strategy" as outlined in national economic plans from the "Eighth Five-Year Plan" to the "Fourteenth Five-Year Plan" [2][3][4]. - The "Eleventh Five-Year Plan" (2006-2010) encouraged the development of digital content industries, including gaming, and emphasized cultural innovation and quality improvement [3]. - The "Twelfth Five-Year Plan" (2011-2015) aimed to make the cultural industry a pillar of the national economy, enhancing its overall strength and competitiveness [3]. - The "Thirteenth Five-Year Plan" (2016-2020) introduced the term "gaming" and focused on accelerating the development of emerging industries such as online audio-visual, mobile multimedia, and digital publishing [3]. - The "Fourteenth Five-Year Plan" (2021-2025) emphasizes expanding the supply of quality cultural products and implementing a digital strategy for the cultural industry [4]. National Policy Summary - Since 2000, various government bodies have issued policies to support and regulate the gaming industry, covering aspects such as technological development, industry standards, and minor user regulations [7][8]. - Key policies include the "Network Game Management Measures" aimed at ensuring the healthy development of the gaming industry and the "Technical Requirements for Minor User Monitoring Systems" which impose restrictions on gaming time and spending for minors [9][10]. Provincial Policies - Coastal provinces like Guangdong, Beijing, and Zhejiang have introduced supportive policies for the gaming industry, focusing on high-quality development, technological innovation, and overseas expansion [23][24]. - Specific measures include optimizing game approval processes, encouraging the development of 3A games, and supporting collaborations with historical IPs [24][25]. Market Outlook - As of mid-2025, China's gaming industry is projected to have an overseas market size of $9.501 billion, reflecting a year-on-year growth of 11.07% [20]. - The government aims to enhance the global competitiveness of the gaming industry by promoting the entire value chain from IP creation to overseas operations [20].

智通财经APP讯，哔哩哔哩-W(09626)发布公告，因合资格参与者(公司董事除外)根据2018年股份激励计 划-期权行使购股权而发行Z类普通股合共51.18万股。 ...

哔哩哔哩-W(09626)发布公告，因合资格参与者(公司董事除外)根据2018年股份激励计划-期权行使购股 权而发行Z类普通股合共51.18万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 嗶哩嗶哩股份有限公司 呈交日期： 2025年9月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 不同投票權架構公司普通股 | | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09626 | 說明 | Z類普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | ...

Group 1 - The China Securities Index for online consumption (931481) decreased by 1.85% as of September 26, 2025, with mixed performance among constituent stocks [1] - Wanrun Technology (002654) led the gains with an increase of 3.46%, while Jibite (603444) experienced the largest decline at 6.81% [1] - The online consumption ETF (159793) fell by 1.71%, with the latest price at 1.15 yuan, but showed a 2.19% increase over the past week [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the online consumption index accounted for 51.84% of the total index weight [2] - Tencent Holdings (00700) holds the highest weight at 9.65%, followed by Alibaba-W (09988) at 9.25% and Meituan-W (03690) at 8.37% [4] - Other notable stocks include Kuaishou-W (01024) at 6.05% and JD Health (06618) at 3.98% [4]

Core Points - Bilibili-W (09626) announced the grant of a total of 2.0778 million restricted stock units to 151 employees under the revised 2018 share incentive plan [1] - The granted units represent an equal number of Class Z ordinary shares and account for approximately 0.50% of the company's total issued shares as of the announcement date [1]

智通财经APP讯，哔哩哔哩-W(09626)发布公告，于2025年9月25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151名员工授出合共207.78万份限制性股份单位，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0.50%(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） 授出限制性股份單位 於2025年9月25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151名 員工授出合共2,077,820份限制性股份單位，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0.50%（按一股一票基準計算）。 授出詳情如下： 表現目標： 授出並未附帶額外表現目標。 1 零 授出日期： 2025年9月25日 授出限制性股份單位總數： 2,077,820份 授出限制性股份單位的 購買價： Z類普通股於授出當日的 每股Z類普通股211.20港元 退扣機制： 倘：(i)承授人因任何原因或於並無發出通知的情況下或以 支付賠償代替通知之形式終止該人士與本集團或關聯實體 的僱傭或合同委聘而不再是合資格參與者；(ii)承授人被判 犯有涉及該人士操 ...

���� 中期報告 嗶哩嗶哩股份有限公司 港交所代號：9626 納斯達克代號：BILI （於開曼群島註冊成立以不同投票權控制的有限責任公司） 嗶哩嗶哩股份有限公司 2025中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 業務回顧及前景 | 5 | | 管理層討論及分析 | 9 | | 企業管治 | 14 | | 其他資料 | 20 | | 中期財務資料審閱報告 | 30 | | 未經審計中期簡明合併資產負債表 | 31 | | 未經審計中期簡明合併經營狀況及全面（虧損）╱收益表 | 34 | | 未經審計中期簡明合併股東權益變動表 | 36 | | 未經審計中期簡明合併現金流量表 | 38 | | 未經審計中期簡明合併財務資料附註 | 41 | | 釋義 | 73 | 嗶哩嗶哩股份有限公司 2025中期報告 公司資料 董事會 董事 陳睿先生 （主席兼首席執行官） 李旎女士 徐逸先生 獨立董事 JP Gan先生 何震宇先生 李豐先生 丁國其先生 審計委員會 何震宇先生 （主席） JP Gan先生 李豐先生 薪酬委員會 JP Gan先生 （主席） 何震宇先生 李 ...