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） 截 至 2025 年 6 月 3 0 日止六個月的 中期業績公告 嗶哩嗶哩股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司、其子 公司及併表關聯實體（「本集團」）截至2025年6月30日止六個月（「報告期間」）的未經審計 中期合併業績，連同2024年同期的比較數字。該等中期業績根據美國公認會計準則（「美 國公認會計準則」）編製並經董事會審計委員會（「審計委員會」）審閱。本公司獨立核數 師羅兵咸永道會計師事務所已根據國際審閱委聘準則第2410號「 由實體的獨立核數師執 行的中期財務資料審閱 」審閱我們截至2025年6月30日止六個月的中期財務資料。 於本公告中，「我們」及「我們的」指本公司及（如文義另有所指）本集團。 1 截至2025年6月30日止六個月財務 ...

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 2025 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2025年6月30日止第二季度未經審計財務業績（「第 二季度業績」）。 本公告隨附的附表一為本公司於2025年8月21日（美國東部時間）刊發的有關第二季度業 績的新聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 本公告載有前瞻性陳述。該等陳述乃根據1995年《美國私人證券訴訟改革法》中的「安全 港」條文作出。該等前瞻性陳述可從所用詞彙如「將」、「預期」、「預計」、「旨在」、「未 來」、「擬」、「計劃」、「相信」、「估計」、「有信心」、「潛在」、「繼續」或其他類似陳述加 以識別。其中，本公告內的展望和引 ...

Core Insights - Bilibili Inc. reported strong financial results for Q2 2025, with total net revenues increasing by 20% year over year to RMB7.34 billion (US$1,024.3 million) [4][6] - The company experienced growth in user engagement, with daily active users (DAUs) rising by 7% and monthly paying users increasing by 9% year over year [3][6] - Bilibili's gross profit improved significantly by 46% year over year, reaching RMB2.68 billion (US$373.5 million), with a gross profit margin of 36.5% [6][9] User Engagement - Average daily time spent on the platform increased to 105 minutes, up by 6 minutes compared to the previous year [3] - The company hosted successful offline events, attracting over 400,000 attendees, highlighting the brand's community strength [3] Financial Performance - Advertising revenues grew by 20% year over year to RMB2.45 billion (US$341.9 million), driven by performance-based advertising [5][6] - Mobile games revenues surged by 60% year over year to RMB1.61 billion (US$225.1 million), primarily due to the success of the game "San Guo: Mou Ding Tian Xia" [7][6] - Net profit for the quarter was RMB218.3 million (US$30.5 million), a significant turnaround from a net loss of RMB608.1 million in Q2 2024 [12][6] Cost and Profitability - Cost of revenues increased by 9% year over year to RMB4.66 billion (US$650.8 million), mainly due to higher revenue-sharing costs [8] - Total operating expenses remained stable at RMB2.42 billion (US$338.4 million) compared to the same period last year [9] Cash Flow and Share Repurchase - The company generated net operating cash flow of RMB1.99 billion (US$277.7 million) in Q2 2025, compared to RMB1.75 billion in the same period of 2024 [15][6] - Bilibili completed the repurchase of 5,588,140 Class Z ordinary shares for an aggregate amount of HK$782.9 million (US$100.0 million) [18][6] Recent Developments - In May 2025, Bilibili raised US$690 million through a convertible senior notes offering, with plans to enhance its content ecosystem and fund share repurchases [17][6]

Key Points - The top three stocks with net inflows from southbound funds on August 18 are China Life (02628) with 955 million, Alibaba-W (09988) with 617 million, and Bilibili-W (09626) with 484 million [1][2] - The top three stocks with net outflows are the Tracker Fund of Hong Kong (02800) with -6.418 billion, Hang Seng China Enterprises (02828) with -2.181 billion, and CNOOC (00883) with -451 million [1][2] - In terms of net inflow ratio, the top three are Hong Kong and China Gas (01083) at 62.85%, Anjoy Foods (02648) at 59.88%, and Ruipu Lanjun (00666) at 51.93% [1][2] - The top three stocks with the highest net outflow ratios are Jiangsu Nanjing Highway (00177) at -54.22%, United Energy Group (00467) at -48.65%, and Sany International (00631) at -48.21% [1][2] Net Inflow Rankings - The top ten stocks by net inflow include China Life (02628) with 955 million, Alibaba-W (09988) with 617 million, and Bilibili-W (09626) with 484 million [2] - Other notable stocks in the top ten include CICC (03908) with 471 million and CITIC Securities (06030) with 411 million [2] Net Outflow Rankings - The top ten stocks by net outflow include the Tracker Fund of Hong Kong (02800) with -6.418 billion, Hang Seng China Enterprises (02828) with -2.181 billion, and CNOOC (00883) with -451 million [2] - Other significant outflows include Kuaishou-W (01024) with -381 million and Geely Automobile (00175) with -305 million [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Hong Kong and China Gas (01083) at 62.85%, Anjoy Foods (02648) at 59.88%, and Ruipu Lanjun (00666) at 51.93% [2][3] - Additional stocks with high net inflow ratios include Daxin Financial (00440) at 50.35% and Shougang Resources (00639) at 47.08% [3] Net Outflow Ratio Rankings - The top three stocks by net outflow ratio are Jiangsu Nanjing Highway (00177) at -54.22%, United Energy Group (00467) at -48.65%, and Sany International (00631) at -48.21% [3] - Other notable stocks with significant outflow ratios include Tuhu-W (09690) at -46.99% and Ansteel (00347) at -46.67% [3]

Group 1 - The gaming industry is experiencing a strong recovery starting in 2024, driven by both market sentiment and fundamental performance of certain companies [1][2] - The current gaming market is characterized by a significant reliance on user acquisition strategies, with many companies shifting from a focus on quality to large-scale user acquisition [2][3] - The introduction of new high-quality games from major internet companies in 2024 is expected to act as a stabilizing force for the industry [2][4] Group 2 - The financial impact of user acquisition is significant, often leading to a delay in profit realization after new game launches due to high initial marketing costs [3][7] - The gaming industry has shown resilience due to its non-cyclical nature and a more relaxed regulatory environment in recent years [7][8] - Institutional investors are increasingly optimistic about gaming companies, with a notable increase in public fund holdings, indicating a shift in market sentiment towards these companies [7][8] Group 3 - The upcoming release of Tencent's "Valorant Mobile" is highly anticipated, with over 60 million pre-registrations, although its short-term commercial success remains uncertain due to a crowded market [6][7] - The overall new game releases in the market are limited, leading to a focus on performance verification of existing companies [7][8] - The absence of new trending topics in the gaming industry suggests that performance validation will be the main focus in the latter half of the year [8]

每经AI快讯，8月20日，香港交易所信息显示，美国银行在哔哩哔哩-W的持股比例于8月15日从5.01%降 至4.98%。 （文章来源：每日经济新闻） ...

格隆汇8月20日｜哔哩哔哩(BILI.US)盘前涨超1.7%，报25.5美元。消息面上，哔哩哔哩近日与歌手陈奕 迅达成独家深度合作，独家上线陈奕迅巡演纪录片《FEAR and DREAMS： NOW is the only reality》及 《FEAR and DREAMS演唱会》全程回顾，并在上海、北京、成都、深圳四城同步举办线下观影分享 会，双方亦将推出一系列独家音乐活动。该纪录片将于本周六正式上线B站，当晚陈奕迅将于B站独家 进行纪录片线上直播弹幕陪看。目前，B站线上直播预约观看人数超过8万。(格隆汇) ...

Group 1 - The Nasdaq Golden Dragon China Index declined by 0.9% on Tuesday [1] - TSMC fell over 3%, while Alibaba, NetEase, JD.com, Baidu, and Bilibili each dropped over 1% [1] - Futu Holdings decreased by more than 2%, and Li Auto fell nearly 1% [1] Group 2 - Xpeng and NIO saw gains of over 4% [1]

Core Insights - Bilibili (BILI) is expected to report its second-quarter 2025 results on August 21, with earnings estimated at 17 cents per share and revenues projected at $1.02 billion, indicating a year-over-year growth of 20.71% [1][9] Group 1: Earnings and Revenue Expectations - The Zacks Consensus Estimate for Bilibili's second-quarter earnings is currently at 17 cents per share, a slight increase from the previous estimate [1] - The revenue consensus estimate stands at $1.02 billion, reflecting a year-over-year growth of 20.71% [1][9] - Bilibili has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average positive earnings surprise of 24.29% [2] Group 2: Key Growth Drivers - Strong gaming momentum is anticipated to contribute positively to Bilibili's second-quarter performance, particularly from the game "San Guo: Mou Ding Tian Xia," which saw a significant update on May 31 [3] - The advertising platform enhancements, including Large Language Model (LLM)-powered targeting and AIGC-driven creative tools, have driven over 30% year-over-year growth in performance ads in the first quarter [4] - Bilibili's expanding subscriber base and record engagement metrics, including 368 million monthly active users (MAUs) and 32 million monthly paying users, are expected to support stable growth [5] Group 3: Profitability Challenges - Despite revenue growth, Bilibili's profitability in the second quarter is likely to be under pressure due to elevated sales and marketing costs, which rose by 26% year-over-year in the first quarter [6]

Core Viewpoint - The video editing software industry is experiencing explosive growth driven by the rapid development of the internet and digital media, with significant demand from both traditional film production companies and emerging short video platforms [1][14]. Industry Overview - Video editing software is categorized into professional and consumer-grade software, with professional software like Adobe Premiere Pro and Final Cut Pro used in film and broadcasting, while consumer-grade software like Windows Movie Maker and iMovie caters to personal users [3]. - The market size of China's video editing software industry was 22 billion yuan in 2019 and is projected to grow to 52 billion yuan by 2024, with a compound annual growth rate (CAGR) of 18.8% [1][14]. Market Dynamics - The short video industry in China reached a market size of over 300 billion yuan in 2023, with a projected growth to 345.17 billion yuan in 2024, reflecting an 8.6% year-on-year increase [12]. - The demand for video editing software is expected to continue expanding due to the rapid growth of short video and live streaming industries, as well as increasing user demand for high-quality video content [1][14]. Competitive Landscape - The video editing software market features a diverse competitive landscape with numerous products such as Jianying, Kuaishou, InShot, and others, each catering to different user needs [16]. - Companies are increasing R&D investments to enhance product quality and service levels in response to intensifying market competition [16]. Policy Environment - The Chinese government has implemented various policies to support the healthy development of the video editing software industry, including initiatives to promote the creation of popular micro-short dramas and enhance content quality [5][7]. Industry Trends - The industry is expected to see increased automation and intelligence in video editing software, driven by advancements in AI technologies such as facial recognition and object tracking [22]. - There will be a greater emphasis on cross-platform compatibility, allowing video editing software to operate seamlessly across different operating systems and devices [23]. - The industry is likely to diversify beyond traditional sectors like film and advertising into emerging fields such as gaming, animation, and education, creating broader market opportunities [25].