2024 年 08 月 23 日 哔哩哔哩-W 买入（维持评级） 港股公司点评 （09626.HK） 证券研究报告 利润持续改善，游戏 Q3 将迎强增长 业绩简评 2024 年 8 月 22 日，公司披露 2024 年二季度业绩公告，2024Q2 实 现营收 61.27 亿元，同比+16%，Non-Gaap 归母净亏损 2.71 亿元， 同比收窄 72%。 经营分析 用户与视频播放量健康增长，UP 收入提升。2024Q2 公司日均活跃 用户 1.023 亿，同比增长 6%用户日均使用时长 99 分钟，同比增长 5 分钟。2024Q2 公司日均视频播放量达到 48 亿次，同比增长 18%， 除游戏、科技、知识等传统品类外，家具房产、汽车、时尚等更具 商业化潜力的内容播放量亦取得良好增长。2024H1，B 站 UP 主从 广告和增值服务获取的收入同比增长超过 30%。 新游上线拉动游戏业务恢复增长，广告产品持续优化。2024Q2：1） 公司广告业务收入 20.37 亿元，同比+30%。公司在广告分发、广告 素材、投放工具、经营数据等产品基建侧持续升级，电商坚持大开 环战略，618 期间为所有垂直行业带去的新客率均 ...

Financial Performance - For the six months ended June 30, 2024, total net revenue was RMB 11.79 billion, an increase of 14% compared to RMB 10.37 billion for the same period in 2023[2]. - Advertising revenue for the same period was RMB 3.71 billion, up 30% from RMB 2.84 billion year-over-year[2]. - Gross profit for the six months ended June 30, 2024, was RMB 3.44 billion, a 47% increase from RMB 2.33 billion in the prior year, resulting in a gross margin of 29.2% compared to 22.5%[2]. - Net loss narrowed to RMB 1.37 billion for the six months ended June 30, 2024, a 37% improvement from RMB 2.18 billion in the same period of 2023[2]. - Adjusted net loss for the same period was RMB 726.9 million, a 64% reduction from RMB 1.99 billion year-over-year[2]. - Total net revenue for the first half of the year reached RMB 11.79 billion, a year-on-year increase of 14%[6]. - Advertising and value-added service revenues grew by 30% and 14% respectively, indicating effective monetization of user traffic[6]. - Gross profit increased by 47% year-on-year, with gross margin rising from 22.5% to 29.2%[6]. - Adjusted operating loss and net loss narrowed significantly by 60% and 64% respectively[6]. - Revenue from value-added services reached RMB 5.09 billion, a year-on-year increase of 14%[10]. - The operating loss for the six months ended June 30, 2024, was RMB 1.40 billion, narrowing by 47% from RMB 2.65 billion in the same period of 2023[24]. User Metrics - Daily active users (DAUs) averaged 102.3 million, an 8% increase from 95.1 million in the prior year[2]. - Daily average video views increased by 20% to over 4.9 billion, reflecting a vibrant content ecosystem[7]. - The number of official members increased to 243.1 million, a year-on-year growth of 13%[8]. - Monthly active users averaged 338.6 million, representing year-on-year growth of 6%[6]. Cash Flow and Liquidity - Operating cash flow for the six months ended June 30, 2024, was RMB 2.39 billion, compared to an outflow of RMB 651.2 million in the same period of 2023[2]. - As of June 30, 2024, the company's cash and cash equivalents, time deposits, and short-term investments totaled RMB 13.91 billion, down from RMB 15.04 billion as of December 31, 2023[28]. - The net cash used in operating activities for the six months ended June 30, 2023, was RMB (651,158) thousand, while for the same period in 2024, it was RMB 2,388,237 thousand, indicating a significant turnaround[44]. - Cash and cash equivalents decreased to RMB 3,732,504 thousand as of June 30, 2024, from RMB 7,191,821 thousand as of December 31, 2023, indicating a liquidity contraction[41]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 31.32 billion, a decrease of 5.6% from RMB 33.16 billion at the end of 2023[3]. - Total liabilities decreased by 5.4% to RMB 17.74 billion as of June 30, 2024, from RMB 18.75 billion at the end of 2023[3]. - Shareholders' equity totaled RMB 13.58 billion, down 5.7% from RMB 14.40 billion at the end of 2023[3]. - The total accounts payable increased to RMB 4,566,128 thousand as of June 30, 2024, from RMB 4,333,730 thousand as of December 31, 2023[50]. Operational Efficiency - Operating costs for the six months ended June 30, 2024, were RMB 8.35 billion, a 4% increase from RMB 8.04 billion in the same period of 2023, mainly due to increased revenue-sharing costs[21]. - Operating expenses for the six months ended June 30, 2024, totaled RMB 4.84 billion, a decrease of 3% from RMB 4.98 billion in the same period of 2023[23]. - The company reported a significant decrease in other income, netting only RMB 26,359 thousand for the six months ended June 30, 2024, compared to RMB 530,157 thousand for the same period in 2023[39]. Future Outlook and Strategy - The company plans to enhance commercialization capabilities and integrate various value-added services to unlock more monetization potential from its content library[15]. - The company has transitioned its secondary listing on the Hong Kong Stock Exchange to a primary listing, effective October 3, 2022, enhancing its market presence[45]. Shareholder Information - The company has not established a dividend policy and does not plan to pay any cash dividends in the foreseeable future[32]. - The board of directors did not recommend any dividends for the six months ended June 30, 2023, and 2024[55]. - The company did not declare any interim dividend for the six months ended June 30, 2024[38].

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） 內幕消息 1 以及與上述任何一項相關或有關的假設。有關該等及其他風險的進一步資料，載於本公 司向美國證交會及香港聯交所提交的文件中。本公告及附件所提供的全部資料均截至 本公告日期，而且除根據適用法律外，本公司並沒有義務更新任何該等資料。 建議本公司股東及潛在投資者勿過於依賴第二季度業績，並於買賣本公司證券時審慎 行事。 承董事會命 嗶哩嗶哩股份有限公司 2024 年第二季度 未經審計的財務業績公告 嗶哩嗶哩股份有限公司（「嗶哩嗶哩」或「本公司」）欣然宣佈其根據美國證券交易委員會 （「美國證交會」）的適用規則刊發的截至2024年6月30日止第二季度未經審計財務業績（「第 二季度業績」）。 本公告隨附的附表I為本公司於2024年8月22日（美國東部時間）刊發的有關第二季度業績 的新聞 ...

[Table_Page] 跟踪研究|媒体Ⅱ [Table_Title] 【广发传媒&海外】哔哩哔哩（BILI） /哔哩哔哩（09626.HK） Q2 前瞻：广告高增，SLG 游戏提振业绩预期 [Table_Summary] 核心观点： Q2 业绩前瞻：我们预计 24Q2 总收入为 61.31 亿元，YoY/QoQ +16%/+8%。24Q2 毛利率预计为 29.6%，YoY+6pct，QoQ+1pct，在 广告和游戏等业务增长的推动下持续提升。其中，预计 24Q2 广告同比 增长 28%，直播和 VAS 同比增长 15%，游戏业务同比增长 12%，其他 业务同比下滑 10%。24Q2 净亏损预计为 6.68 亿元。nonGAAP 归母净 亏损预计为 3.40 亿元，亏损额同比收缩 65%，环比收缩 23%；nonGAAP 亏损率预计为 6%，同比收窄 13pct，环比收窄 2pct。 《三国谋定天下》6 月上线后表现强劲，对 24 年下半年和 25 年游戏业 绩应有明确提振。从运营节奏来看，6 月 13 日上线后，根据七麦数据， 排名在前 30 天保持在畅销榜高位，从 7 月中下旬开始滑落，主要考虑 S1 赛 ...

哔哩哔哩(BILI.US/9626.HK) 更新报告 买入 2024 年 7 月 18 日 《三谋》驱动下半年游戏业务回暖,Q3 Non-GAAP 运营利润转正 曹凌霁 +852-25321539 Rita.cao@firstshanghai.com.hk 韩啸宇 +852-25222101 Peter.han@firstshanghai.com.hk 主要数据 行业 TMT 业绩摘要:Q1 收入 56.6 亿元,同比上升 11.7%,略高于市场一致预 期。毛利率 28.3%,同比提升6.5pcts,主要得益于高毛利广告业务占 比提升以及成本端的优化;经营利润率-14.5%,同比收窄 12.6%。 GAAP 净亏损 7.6 亿元;non-GAAP 净亏损 4.4 亿元,同比收窄 55.8%, 略高于市场一致预期的亏损 5.0 亿元。下季度营收有望实现双位数增 长,毛利率环比略有提升,预计将在 Q3 实现 Non-GAAP 运营利润的盈 亏平衡。 广告及直播业务增长强劲,积极开拓更多广告场景:Q1 广告收入同比 增长 31.2%达 16.7 亿元,其中效果广告收入同比增长 50%,当前包括 搜索、内容、商业广告 ...

证券研究报告 | 公司深度报告 2024 年 07 月 16 日 哔哩哔哩-W(09626.HK) 哔哩哔哩-W(09626.HK)首次覆盖报告:内容及用户生态繁荣带 动商业化提速,盈利可见性显著提升 | --- | --- | --- | --- | --- | --- | |--------------------|--------|--------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元) | 21,899 | 22,528 | 26,993 | 30,891 | 33,992 | | 增长率 yoy(%) | 13.0 | 2.9 | 19.8 | 14.4 | 10.0 | | 归母净利润(百万元) | -7,497 | -4,822 | -1,600 | 814 | 2,828 | | 增长率 yoy(%) | | | | | | | ROE(%) | | | | | | | EPS 最新摊薄(元) | | | | | | | P/E(倍) | | | | | | ...

Investment Rating - The report initiates coverage on Bilibili-W (09626 HK) with a "Buy" rating [2] Core Views - Bilibili's content and user ecosystem are thriving, driving accelerated commercialization and significantly improved profitability visibility [2] - The company is expected to achieve adjusted operating profit breakeven by Q3 2024 and start generating profits [4][6] - Revenue is projected to grow from RMB 26 993 million in 2024E to RMB 33 992 million in 2026E, with adjusted net profit turning positive in 2025 [3][4] Financial Performance - Revenue grew 2 9% YoY in 2023 to RMB 22 528 million, with 19 8% growth expected in 2024 [3] - Net loss narrowed from RMB 7 497 million in 2022 to RMB 4 822 million in 2023, with further improvement expected [3] - ROE improved from -49 2% in 2022 to -33 5% in 2023, projected to turn positive in 2025 [3] Content Ecosystem - Bilibili has built a robust content ecosystem through its "OGV+PUGV" dual-strategy, achieving high user retention [3] - The platform has expanded from ACG content to broader entertainment and knowledge categories, with 41% of content being knowledge-related as of March 2023 [11] - Daily active UP creators increased 24% YoY in 2023, with monthly submissions reaching 21 5 million [36] Commercialization Progress - Value-added services (including live streaming and membership) grew 17% YoY in Q1 2024, becoming the largest revenue contributor [21] - Advertising revenue increased 26 56% YoY in 2023, driven by effective ad infrastructure optimization [22] - Game business is expected to rebound in 2024 with new product cycles, including "Three Kingdoms: Strategic World" [4][22] User Growth - DAU reached 102 million in Q1 2024, with DAU/MAU ratio improving to 30% [57] - User retention remains strong at over 80% for 12 months [58] - The platform continues to expand beyond its core Z-generation user base, attracting older demographics [59] Cost Efficiency - Sales and marketing expenses decreased 20% YoY in 2023, while maintaining user growth [25] - Gross margin improved from 15 04% in Q2 2022 to 28 33% in Q1 2024 [24] - Operating cash flow turned positive in 2023, reaching RMB 267 million [27] Future Outlook - The company aims to double its mobile DAU from current levels [57] - Story Mode is expected to drive further user engagement and advertising revenue growth [44][52] - Game business is projected to return to growth in Q3 2024 with new product launches [22]

哔哩哔哩-SW (09626.HK) 2024 年 07 月 04 日 投资评级:买入(首次) | 日期 | 2024/7/4 | |-------------------------|---------------| | 当前股价 ( 港元 ) | 125.50 | | 一年最高最低 ( 港元 ) | 151.30/67.800 | | 总市值 ( 亿港元 ) | 528.68 | | 流通市值 ( 亿港元 ) | 518.31 | | 总股本 ( 亿股 ) | 4.21 | | 流通港股 ( 亿股 ) | 4.13 | | 近 3 个月换手率 (%) | 71.1 | | 股价走势图 | | 哔哩哔哩-W 恒生指数 -48% -32% -16% 0% 16% 32% 2023-07 2023-11 2024-03 2024-07 数据来源:聚源 传媒/数字媒体 游戏、会员、广告、IP 变现全面发力,商业化提速 ——港股公司首次覆盖报告 方光照(分析师) 田鹏(分析师) fangguangzhao@kysec.cn 证书编号:S0790520030004 tianpeng@kysec.cn 证书编号:S07 ...

传媒 | 证券研究报告 — 调整盈利预测 2024 年 6 月 25 日 09626.HK 买入 原评级:买入 市场价格:港币 138.70 板块评级:强于大市 股价表现 (42%) (29%) (16%) (3%) 10% 23% Jun-23Jul-23Aug-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24 哔哩哔哩-W 恒生指数 | (%) | | | | | 今年 | 1 | | 3 | 12 | | |------------|----|--------|---------|----|----------------|------|----|------|-----------|----| | | | | | | 至今 | 个月 | | 个月 | 个月 | | | 绝对 | | | | | 47.6 | 30.5 | | 59.9 | 15.4 | | | | | | | | 40.3 | 33.6 | | 50.6 | 33.7 | | | 发行股数 | | ( | 百万 ) | | | | | | 421.26 | | | 流通股 ...

华福证券 哔哩哔哩-W(09626.HK) 《三国:谋定天下》表现超预期,关注其后续表 现 事件: 公司独家代理的三国 SLG 游戏《三国:谋定天下》于 6 月 13 日 开启公测,根据七麦数据,6 月 13 日-6 月 18 日位于游戏畅销榜第 3, 仅次于《DNF》和《王者荣耀》,6 月 19 日位于游戏畅销榜第 4。 点评: 上线近一周流水稳定,关注后续长线运营情况。 根据点点数据,截至 6 月 18 日,《三国:谋定天下》总流水约 1.02 亿,6 月 13 日上线首日流水 1296 万元,6 月 14-6 月 18 日均保持在 1800 万左右。对比同为三国题材的 SLG 品类游戏《率土之滨》,2015 年上 线,至今仍位于畅销榜前 40。《三国:谋定天下》或具备长线运营的潜 力。 买量水平有所收缩,关注后续留存表现。 根据 APPgrowing,6 月份,公司自 6 月 11 日开始投放,并于 6 月 13 日(公测当天)达到顶峰,随后快速收缩。6 月 11 日-6 月 19 日在 投放广告数分别为:3.4 万/3.5 万/10.5 万/5.4 万/2.0 万/1.9 万/2.2 万/1.2 万/ ...