���� 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 ...

Core Viewpoint - Bilibili (BILI.US) stock rose by 2.8% in pre-market trading following the approval of 156 games by the National Press and Publication Administration, marking the third month this year with over 150 game approvals [1] Group 1: Game Approvals - On September 24, the National Press and Publication Administration released a new batch of game approvals, including 145 domestic games and 11 imported games [1] - This approval marks the third time in 2023 that the monthly number of game approvals has exceeded 150 [1] Group 2: New Game Launch - Bilibili's new strategy card game, "Three Kingdoms: Hundred Generals Card," was revealed at the beginning of the month [1] - The game is currently available for pre-registration and is set to enter its first public test in October [1] - "Hundred Generals Card" is Bilibili's second game based on the Three Kingdoms theme and features a new asymmetrical casual competitive card format [1] Group 3: Stock Performance - As of September 24, Bilibili's closing price was $26.270, with a pre-market price of $27.010, reflecting a 2.82% increase [1] - The stock's 52-week high and low are $31.770 and $14.470, respectively, indicating significant volatility [1] - The total market capitalization of Bilibili is approximately $10.846 billion [1]

Group 1 - Bilibili-W (09626.HK) shares increased by nearly 5% on September 25, reaching a price of 216 HKD [1] - The trading volume for Bilibili-W was 731 million HKD at the time of reporting [1]

Core Viewpoint - Bilibili-W (09626) shares rose nearly 5%, reaching 216 HKD, with a trading volume of 731 million HKD, following the approval of 156 games by the National Press and Publication Administration, indicating a positive trend in the gaming industry [1] Industry Summary - The recent approval of 156 games, including 145 domestic and 11 imported, marks the third month this year with over 150 game licenses issued, suggesting a robust recovery in the gaming sector [1] - According to Kaiyuan Securities, the current valuation of the gaming sector remains attractive, and it is recommended to increase investments in this area while monitoring the performance of key new and evergreen games [1] Company Summary - Bilibili's mobile gaming revenue for the first half of the year reached 3.34 billion CNY, a year-on-year increase of 68%, driven by the success of "Three Kingdoms: Strategize the World" [1] - In Q2 2025, Bilibili's gaming business generated 1.61 billion CNY, reflecting a 60% year-on-year growth, primarily due to the strong performance of "Three Kingdoms" [1] - The company is currently testing a mini-game version of "Three Kingdoms" and plans to launch an international version in the second half of 2025, with 4 to 5 games awaiting approval, including a casual game based on the Three Kingdoms IP [1]

Core Viewpoint - Bilibili-W (09626) shares rose nearly 5%, reaching 216 HKD, with a trading volume of 731 million HKD, following the approval of 156 games by the National Press and Publication Administration, indicating a positive trend in the gaming industry [1] Industry Summary - The recent approval of 156 games, including 145 domestic and 11 imported titles, marks the third month this year with over 150 game licenses issued, suggesting a robust recovery in the gaming sector [1] - According to Open Source Securities, the current gaming industry cycle may exceed market expectations due to supply-demand resonance, and the sector's valuation remains attractive [1] Company Summary - Bilibili's mobile gaming revenue for the first half of the year reached 3.34 billion CNY, a year-on-year increase of 68%, driven by the success of "Three Kingdoms: Strategize the World" [1] - The company's evergreen titles, "Fate/Grand Order" and "Azur Lane," continue to perform steadily [1] - In Q2 2025, Bilibili's gaming business generated 1.61 billion CNY, a 60% year-on-year growth, primarily due to the strong performance of "Three Kingdoms" [1] - Bilibili is currently piloting a mini-game version of "Three Kingdoms" and plans to launch an international version in the second half of 2025 [1] - The company has 4 to 5 games awaiting approval, including a casual game based on the Three Kingdoms IP [1]

Group 1 - Bilibili-W (09626) shares increased by nearly 5%, reaching 216 HKD with a trading volume of 731 million HKD [1] - On September 24, the National Press and Publication Administration released a new batch of gaming licenses, approving 156 games, including 145 domestic and 11 imported titles, marking the third month this year with over 150 licenses issued [1] - According to Open Source Securities, the current gaming industry cycle may exceed market expectations due to supply-demand resonance, and the sector's valuation remains attractive, suggesting continued investment in gaming [1] Group 2 - Guosen Securities reported that Bilibili's mobile gaming revenue for the first half of the year reached 3.34 billion CNY, a year-on-year increase of 68%, driven by the game "Three Kingdoms: Strategy of the World" [1] - Evergreen products such as "Fate/Grand Order" and "Azur Lane" continue to perform steadily [1] - In Q2 2025, Bilibili's gaming business generated 1.61 billion CNY in revenue, a 60% year-on-year increase, primarily due to the strong performance of "Three Kingdoms" [1] - The company is currently piloting a mini-game version of "Three Kingdoms" and plans to launch an international version in the second half of 2025 [1] - Bilibili has 4 to 5 games awaiting approval, including a casual game based on the Three Kingdoms IP [1]

Group 1 - The National Press and Publication Administration approved 145 domestic online games as of September 24, 2025, indicating a positive trend in the gaming industry [1] - The CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) rose by 0.51% as of September 25, 2025, with notable increases in stocks such as Perfect World (up 4.72%) and Kying Network (up 3.77%) [1] - The Online Consumption ETF Fund (159793) increased by 1.21%, reaching a latest price of 1.17 yuan, and has seen a cumulative rise of 4.81% over the past two weeks [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index accounted for 51.84% of the index, with Tencent Holdings and Alibaba-W being the top two [2] - The weightings of the top ten stocks include Tencent Holdings at 9.65%, Alibaba-W at 9.25%, and Meituan-W at 8.37%, reflecting their significant influence on the index [4]

I really like YouTube's thesis, and even though you can't invest directly in the company, you can do so through Alphabet ( GOOGL ) ( GOOG ). The whole story of consolidation, innovation, and adaptation toEquity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to reach out for collaborations or to connect!Analyst’s Disclo ...

I really like YouTube's thesis, and even though you can't invest directly in the company, you can do so through Alphabet ( GOOGL ) ( GOOG ). The whole story of consolidation, innovation, and adaptation toEquity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to reach out for collaborations or to connect!Analyst’s Disclo ...

Core Viewpoint - The report from Guosen Securities highlights the rapid advancement of domestic 3D models and lightweight AI models, with significant developments from Tencent, Alibaba Cloud, and Baidu, alongside a strong box office performance for the film "731" [1][3]. Group 1: Industry Performance - The media sector saw a weekly increase of 0.38%, outperforming the CSI 300 index which fell by 1.01%, but underperforming the ChiNext index which rose by 1.22% [3]. - The top gainers in the media sector included Jishi Media, Guomai Culture, and Liou Shares, while the biggest losers were Happy Blue Ocean and Shanghai Film [3]. Group 2: Key Developments - Tencent launched the mixed Yuan 3D 3.0 model, enhancing modeling precision with its 3D-DiT grading carving technology and introduced the mixed Yuan 3D Studio platform to improve production efficiency [3]. - Alibaba Cloud open-sourced the Tongyi DeepResearch model, achieving state-of-the-art results with only 30 billion parameters [3]. - Baidu's new model ERNIE-4.5-21B-A3B-Thinking topped the HuggingFace leaderboard [3]. - The film "731" grossed nearly 1 billion yuan within three days of its release [3][4]. Group 3: Investment Recommendations - The company maintains a positive outlook on the gaming sector's new product cycle and the potential recovery of the film industry, emphasizing the importance of AI applications [5]. - Recommended stocks in the gaming sector include Kaiying Network, Gigabit, and Xindong Company [5]. - In the media sector, companies like Focus Media and Bilibili are highlighted due to expected growth in advertising spending [5]. - For the film content sector, attention is drawn to Wanda Film and Huace Film for potential supply-side improvements [5]. - The report also suggests focusing on high-dividend, undervalued state-owned publishing companies [5]. Group 4: Emerging Trends - The industry continues to favor high-demand IP toys and AI applications in their early stages [2]. - Recommended stocks in the IP toy sector include Pop Mart, Zhejiang Digital Culture, and Yaoji Technology [2]. - Key application areas for AI include gaming, toys, advertising, education, e-commerce, and social media, with specific focus on 2B/2G and 2C opportunities [2].