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SHANGHAI, China, March 29, 2024 (GLOBE NEWSWIRE) -- Bilibili Inc. ("Bilibili" or the "Company") (NASDAQ:BILI), an iconic brand and a leading video community for young generations in China, today announced that it has completed its previously announced repurchase right offer relating to its 1.375% Convertible Senior Notes due 2026 (CUSIP No. 090040AB2) (the "Notes"). The repurchase right offer expired at 5:00 p.m., New York City time, on Thursday, March 28, 2024. Based on information from Deutsche Bank Trust ...

3月28日，第十一届中国网络视听大会在成都正式开幕。哔哩哔哩（以下简称“B站”）董事长兼CEO陈睿以“从视频中看年轻人”为主题发表演讲。陈睿表示：“B站会一直支持认真创作的人，支持有才华的人，让他们创作的内容被更多用户看到，让更多用户表达对于他们的喜爱和赞赏。” 陈睿认为：在网络视频用户已经达到10.74亿的今天，视频不仅是年轻人的娱乐方式，更成为了年轻人的生活方式。 哔哩哔哩董事长兼CEO陈睿 比如说UP主“稚晖君”，因为动手能力超强，被称为“野生钢铁侠”。他通过在B站上传视频起步，不仅获得了粉丝，还创立了自己的公司并获得了投资，甚至他连员工招聘，产品首发都是通过B站，从一个UP主转变为国内排名前列的双足机器人公司CTO。 陈睿在现场分享道：年轻人不仅在通过视频记录自己的创造，还在通过视频学习各学科知识。 例如，UP主“木鱼水心”关于《史记》系列的讲解，首条内容就收获了921万的播放量，整个系列更新11个视频，总播放量超过4300万。他所制作的付费内容“星空读书会”，七天订阅人数超过2.5万人。 而复旦教授、博士生导师王德峰先生，在入驻B站一年不到的时间内，粉丝数就超过百万，他开设的《马克思的哲学革命及其 ...

Financial Performance - Total net revenue for the year ended December 31, 2023, was RMB 22,527,987 thousand, representing a 2.9% increase from RMB 21,899,167 thousand in 2022[6] - Gross profit for the same period was RMB 5,441,865 thousand, a significant increase of 41.4% compared to RMB 3,849,295 thousand in 2022[6] - The net loss attributable to Bilibili Inc. shareholders for the year was RMB 7,497,013 thousand, which is a 35.7% increase from RMB 4,822,321 thousand in the previous year[6] - The adjusted operating loss for the year was RMB 6,257,476 thousand, which is a 45.9% increase from RMB 3,384,962 thousand in 2022[6] - The adjusted net loss for the year was RMB 6,702,373 thousand, a 49.1% increase from RMB 3,414,113 thousand in 2022[6] - The company reported an operating loss of RMB 5.06 billion in 2023, reduced from RMB 8.36 billion in 2022[25] - Net loss narrowed by 36% to RMB 4.8 billion in 2023 from RMB 7.5 billion in 2022[37] Revenue Breakdown - Total revenue for 2023 reached RMB 22.5 billion, with advertising revenue increasing by 27% and contributing 28% of total revenue, up from 23% in 2022[13] - Value-added services revenue grew to RMB 9.9 billion in 2023, a 14% increase from 2022, primarily driven by live streaming[18] - Advertising revenue reached RMB 6.41 billion in 2023, a 27% increase from RMB 5.06 billion in 2022, driven by product optimization and improved advertising efficiency[28] - Mobile gaming revenue totaled RMB 4 billion in 2023, a decrease of 20% from RMB 5 billion in 2022, primarily due to a lack of new game launches[29] - The revenue from value-added services was RMB 9.91 billion in 2023, a 14% increase from RMB 8.72 billion in 2022, driven by growth in live streaming and other services[27] - The revenue from IP derivatives and others was RMB 2.18 billion in 2023, a decrease of 29% from RMB 3.1 billion in 2022, mainly due to reduced income from esports licensing[29] User Engagement and Growth - Daily active users (DAUs) exceeded 100 million in the second half of 2023, with an average of 98 million DAUs for the year, representing a year-on-year growth of 14%[12] - The number of active content creators increased by 24% year-on-year, with over 3 million creators earning income through various channels, a 30% increase from the previous year[15] - The average daily usage time per user reached 97 minutes, with total user engagement increasing by 17% year-on-year[12] - The community's official membership increased to 230 million by the end of 2023, an 18% year-on-year growth[16] - The number of premium members reached approximately 21.9 million by the end of December 2023, with over 80% being annual or auto-renewing subscribers[19] Cost Management and Expenses - Operating expenses decreased to RMB 10.51 billion in 2023, down 14% from RMB 12.21 billion in 2022[32] - Sales and marketing expenses decreased by 20% to RMB 3.9 billion in 2023 from RMB 4.9 billion in 2022, primarily due to reduced user acquisition promotion expenses[33] - General and administrative expenses decreased by 16% to RMB 2.1 billion in 2023 from RMB 2.5 billion in 2022, mainly due to a reduction in the number of general and administrative staff and a decrease in expected credit loss provisions[33] - Research and development expenses decreased by 6% to RMB 4.5 billion in 2023 from RMB 4.8 billion in 2022, primarily due to a reduction in the number of R&D personnel and decreased costs associated with the termination of certain game projects[33] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 41,830,570 thousand, reflecting a 20.7% increase from RMB 33,159,067 thousand in 2022[7] - Total liabilities increased by 29.5% to RMB 26,590,983 thousand from RMB 18,754,800 thousand in the previous year[7] - The total equity attributable to shareholders increased by 5.5% to RMB 15,239,587 thousand from RMB 14,404,267 thousand in the previous year[7] - As of December 31, 2023, cash and cash equivalents, restricted cash, time deposits, and short-term investments totaled RMB 15.1 billion, down from RMB 19.6 billion as of December 31, 2022, primarily due to the repurchase of notes[38] - The company's debt-to-asset ratio improved to 56.6% as of December 31, 2023, from 63.6% as of December 31, 2022[39] Corporate Governance and Structure - The company operates under a dual-class voting structure, allowing Class Y shareholders to have ten votes per share, while Class Z shareholders have one vote per share[89] - The board consists of more than 50% independent directors, ensuring independent judgment and protection of shareholder interests[154] - The company has adopted a corporate governance code that is not less stringent than the standard code, ensuring compliance among all directors and relevant staff[132] - The independent directors have confirmed their independence according to the listing rules, ensuring proper governance oversight[127] - The board is responsible for major decisions, including company policies, strategies, budgets, internal controls, risk management, and significant transactions[141] Risks and Challenges - The company operates in a rapidly evolving industry, facing significant risks related to the successful implementation of commercialization strategies and the ability to generate sustainable revenue and profits[50] - The company has incurred substantial losses and may continue to face losses in the future[50] - Increased content costs on the platform may negatively affect the company's business, financial condition, and operating performance[50] - Regulatory uncertainties exist regarding the management of online live streaming and e-commerce, as outlined in government notifications issued in 2020 and 2021[52] - The company faces risks related to its corporate structure, as it operates through variable interest entities and may be subject to penalties if its agreements are deemed non-compliant with Chinese laws[53] Shareholder Communication and Relations - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[173] - The company has implemented a shareholder communication policy to establish channels for interaction between the company, its shareholders, investors, and other stakeholders[174] - Shareholders can propose candidates for director positions, with procedures available on the company's website[171] - The company encourages shareholders and potential investors to visit its investor relations website for comprehensive information[173] Employee and Board Diversity - The company has adopted a board diversity policy, aiming to enhance diversity, including gender diversity, as a key factor in maintaining competitive advantage[152] - As of December 31, 2023, the company has 8,801 employees, with approximately 56.8% male and 43.2% female, indicating a commitment to gender diversity[153] - The board consists of 7 members, including 6 male directors and 1 female director, representing approximately 14.3% gender diversity on the board[152] Future Outlook and Strategy - The company aims to enhance its commercialization capabilities through improved technology infrastructure and product enhancements in 2024[24] - The company has adopted a "community-first" development strategy, focusing on high-quality content investment to attract the younger generation[116] - The company continues to innovate in technology, particularly in developing interactive features like bullet comments, which are crucial for user engagement[118]

VIE Structure and Financial Contributions - VIE revenues accounted for 74.5%, 73.4%, and 69.4% of total revenues in 2021, 2022, and 2023, respectively[15] - Capital contributions and loans to mainland China subsidiaries were RMB7.6 billion, RMB10.8 billion, and nil in 2021, 2022, and 2023, respectively[26] - VIEs received debt financings of RMB3.3 billion, RMB1.9 billion, and nil in 2021, 2022, and 2023, respectively[27] - VIEs repaid debt financings of nil, nil, and RMB0.7 billion (US$98.0 million) in 2021, 2022, and 2023, respectively[27] - VIEs received cash from WFOEs of RMB1.0 billion, RMB3.3 billion, and RMB1.1 billion (US$149.5 million) in 2021, 2022, and 2023, respectively[27] - Restricted net assets of PRC subsidiaries and VIEs totaled RMB3.8 billion, RMB7.8 billion, and RMB6.5 billion (US$0.9 billion) as of December 31, 2021, 2022, and 2023, respectively[28] - No dividends or distributions were made to Bilibili Inc. by subsidiaries in 2021, 2022, or 2023[28] - Bilibili Inc. has no present plan to pay cash dividends on its ordinary shares in the foreseeable future[29] - Hypothetical pre-tax earnings are 100.0%, with a statutory tax rate of 25%, resulting in net earnings of 75.0% available for distribution[30] - Withholding tax at a standard rate of 10% reduces net distribution to Parent/Shareholders to 67.5%[30] - If accumulated earnings of VIEs exceed fees paid to PRC subsidiaries, after-tax income could drop to approximately 50.6% of pre-tax income[31] Financial Performance and Losses - Consolidated third-party revenues for 2023 were RMB 22,527,987 thousand, with total revenues of RMB 22,527,987 thousand[33] - Consolidated third-party costs and expenses for 2023 were RMB 27,592,174 thousand, with total costs and expenses of RMB 27,592,174 thousand[33] - Net loss attributable to Bilibili Inc.'s shareholders for 2023 was RMB 4,822,321 thousand[33] - Consolidated third-party revenues for 2022 were RMB 21,899,167 thousand, with total revenues of RMB 21,899,167 thousand[34] - Consolidated third-party costs and expenses for 2022 were RMB 30,257,111 thousand, with total costs and expenses of RMB 30,257,111 thousand[34] - Net loss attributable to Bilibili Inc.'s shareholders for 2022 was RMB 7,497,013 thousand[34] - Consolidated third-party revenues for 2021 were RMB 19,383,684 thousand, with total revenues of RMB 19,383,684 thousand[34] - Bilibili's operating losses in 2021, 2022, and 2023 were RMB6,429.1 million, RMB8,357.9 million, and RMB5,064.2 million (US$713.3 million), respectively[49] Cash Flow and Investments - Net cash provided by operating activities in 2023 was RMB 266,622 thousand, compared to a net cash used of RMB 3,911,370 thousand in 2022[37] - Net cash provided by investing activities in 2023 was RMB 1,762,148 thousand, a significant improvement from RMB 10,609,218 thousand in 2022[37] - Net cash used in financing activities in 2023 was RMB 5,074,685 thousand, compared to RMB 4,354,919 thousand in 2022[37] - Maturities of short-term investments in 2023 amounted to RMB 16,328,255 thousand, a decrease from RMB 81,698,532 thousand in 2022[37] - Placements of time deposits in 2023 were RMB 9,961,925 thousand, slightly lower than RMB 10,245,026 thousand in 2022[37] - Repurchase of convertible senior notes in 2023 totaled RMB 7,675,227 thousand, higher than RMB 4,201,506 thousand in 2022[37] - Proceeds from issuance of ordinary shares in 2023 were RMB 2,689,380 thousand, compared to no issuance in 2022[37] - Consulting and services charges from/(to) Group companies in 2023 were RMB 751,786 thousand, up from RMB 610,600 thousand in 2022[37] - Other operating cashflow from/(to) Group companies in 2023 was RMB 6,285,694 thousand, a significant increase from RMB (3,152,834) thousand in 2022[37] - Operating cashflow (to)/from third-parties in 2023 was RMB 266,622 thousand, compared to RMB (3,911,370) thousand in 2022[37] Assets and Liabilities - Cash and cash equivalents total RMB 7,191,821 thousand, with Bilibili Inc. contributing RMB 106,498 thousand and other subsidiaries contributing RMB 2,144,794 thousand[35] - Time deposits amount to RMB 5,194,891 thousand, primarily from other subsidiaries with RMB 5,190,632 thousand[35] - Accounts receivable, net, total RMB 1,573,900 thousand, with significant contributions from VIEs and their subsidiaries at RMB 800,158 thousand[35] - Short-term investments are valued at RMB 2,653,065 thousand, with Bilibili Inc. holding RMB 625,474 thousand and other subsidiaries holding RMB 798,607 thousand[35] - Long-term investments, net, total RMB 4,366,632 thousand, with other subsidiaries contributing RMB 1,235,311 thousand and VIEs contributing RMB 1,633,932 thousand[35] - Total assets amount to RMB 33,159,067 thousand, with Bilibili Inc. contributing RMB 20,757,887 thousand and other subsidiaries contributing RMB 14,388,272 thousand[35] - Accounts payable total RMB 4,333,730 thousand, with VIEs and their subsidiaries contributing RMB 3,320,121 thousand[35] - Salary and welfare payables amount to RMB 1,219,355 thousand, with other subsidiaries contributing RMB 862,084 thousand[35] - Short-term loan and current portion of long-term debt total RMB 7,455,753 thousand, with Bilibili Inc. contributing RMB 6,053,767 thousand[35] - Total liabilities amount to RMB 18,754,800 thousand, with other subsidiaries contributing RMB 14,580,399 thousand and VIEs contributing RMB 20,038,653 thousand[35] - Cash and cash equivalents increased to RMB 10.17 billion in 2022 from RMB 7.52 billion in 2021, reflecting a 35.2% growth[36] - Time deposits decreased to RMB 4.77 billion in 2022 from RMB 7.63 billion in 2021, a decline of 37.5%[36] - Accounts receivable, net increased to RMB 1.33 billion in 2022 from RMB 1.38 billion in 2021, a slight decrease of 3.9%[36] - Short-term investments decreased significantly to RMB 4.62 billion in 2022 from RMB 15.06 billion in 2021, a drop of 69.3%[36] - Total assets decreased to RMB 41.83 billion in 2022 from RMB 52.05 billion in 2021, a decline of 19.6%[36] - Total liabilities decreased to RMB 26.59 billion in 2022 from RMB 30.34 billion in 2021, a reduction of 12.4%[36] - Total shareholders' equity decreased to RMB 15.24 billion in 2022 from RMB 21.72 billion in 2021, a decline of 29.8%[36] - Salary and welfare payables increased to RMB 1.40 billion in 2022 from RMB 995.45 million in 2021, a growth of 40.7%[36] - Taxes payable increased to RMB 316.24 million in 2022 from RMB 203.77 million in 2021, a rise of 55.2%[36] - Short-term loan and current portion of long-term debt increased to RMB 6.62 billion in 2022 from RMB 1.23 billion in 2021, a significant rise of 437.6%[36] Regulatory and Compliance Risks - Bilibili faces risks related to the PRC government's oversight, including potential penalties or forced relinquishment of interests in VIEs due to non-compliance with regulations[43] - The company's ADSs may be delisted from U.S. markets under the HFCAA if PCAOB inspections of auditors in China remain incomplete[44] - Data security and privacy compliance are critical, with potential penalties including fines, business suspension, or license revocation for non-compliance[57] - Network platform operators holding personal information of over one million users must apply for a cybersecurity review before public listing in a foreign country[58] - Data processors processing personal information of over one million users must apply for a cybersecurity review for foreign listings[58] - Cross-border data transfers of personal information exceeding one million people or sensitive personal information exceeding 10,000 people require security assessments[58] - The company may face additional compliance costs and regulatory risks due to evolving data security and personal information protection laws in China[62] - The company maintains a 24/7 content screening team to monitor user-uploaded content for compliance with regulations[69] - The company has not been involved in any formal cybersecurity review investigations by the Cyberspace Administration of China as of the report date[61] - The company updates its privacy policies and adopts technical measures to comply with the Personal Information Protection Law, effective November 1, 2021[59] - The company faces uncertainties regarding the interpretation and enforcement of new data-related legislation, including the Cybersecurity Review Measures[61] - The company may be subject to fines, penalties, or operational suspensions if it fails to comply with data security and privacy regulations[61] - The company's app was temporarily removed from app stores in the past due to inappropriate content, leading to increased content monitoring personnel and self-inspection measures[70] - The company faces uncertainties regarding compliance with Notice 78 and Notice 3, which may increase compliance burdens and impact live broadcasting business operations[77] - The company's live broadcasting business requires real-name registration and restrictions on minors for virtual gifting, but specific limits remain unclear[74] - The company's advertising revenues may be adversely affected by negative publicity or advertiser concerns over content management practices[73] - The company is exposed to risks in overseas market expansion, including political, social, and economic instability[79] - The company's online game operations face regulatory uncertainties, including potential delays in game registration and publication number approvals[85] - The company faces regulatory risks related to online games, including potential suspension or termination of operations if content is deemed inappropriate, which could materially impact financial results[87] - The company may be required to obtain an Internet Publishing Service License for online games and comics, and failure to do so could result in penalties such as revenue confiscation or fines[88] - The company has completed filings for some algorithms through the Internet Information Services Algorithm Filing System, with others under regulatory review[89] - The company is subject to restrictions on minors' online game playtime, limiting service to one hour per day on weekends and holidays, which may adversely affect revenue from minor users[93] - The company is upgrading systems to comply with anti-addiction regulations, but non-compliance could lead to penalties or license revocation[94] - The company's contractual arrangements with VIEs in mainland China contribute to 69.4% of its 2023 revenues, and any changes in PRC regulations on foreign investment could result in severe penalties or loss of control over these operations[191] - Substantial uncertainties exist regarding the interpretation and application of PRC laws and regulations, which could lead to penalties such as revoking business licenses, imposing fines, or restricting operations[192][193][195] - The company relies on contractual arrangements with VIEs for operations in mainland China, which may not be as effective as direct ownership and could result in loss of control over assets[196][197] - VIEs hold critical licenses for operations, and any bankruptcy or liquidation of VIEs could severely disrupt the company's business[199] - Contractual arrangements with VIEs may be scrutinized by PRC tax authorities, potentially leading to increased tax expenses and loss of preferential tax treatment[200] - The company may lose the ability to consolidate VIEs' financial results under U.S. GAAP if contractual control rights are not enforceable[193][195] - The Foreign Investment Law introduces uncertainties regarding the viability of the company's current corporate structure and operations[206][207] - The company may rely on dividends from PRC subsidiaries for funding, but PRC regulations limit the ability to pay dividends, potentially affecting liquidity[204][205] - Conflicts of interest may arise between the company and VIE shareholders, potentially impacting business operations[202] - The company's ability to enforce contractual arrangements in mainland China is subject to uncertainties due to the underdeveloped legal system[197] - The company's corporate governance could be compromised if company chops are stolen or misused[201] - Foreign investment restrictions in China may impact the company's operations in commercial internet information services, internet audio-visual program services, online cultural activities, and related industries[209] - Potential divestitures of non-core businesses could adversely affect the company's financial condition and earnings[210] - Divested businesses may involve continued financial obligations, such as guarantees or indemnities, which could impact future financial results[211] - Reducing ownership interests in certain businesses may limit the company's access to resources, diversification opportunities, and long-term value[212] - Uncertainties in the interpretation and enforcement of PRC laws and regulations could affect the company's legal protections and operations[213] - PRC government oversight and policy changes could materially impact the company's operations and the value of its shares[215] - Historical inability of the PCAOB to inspect the company's auditor in China may have affected investor confidence in audit quality[216] - The PCAOB's future access to inspect auditors in China remains uncertain, which could impact investor trust in the company's financial reporting[216] Content and User Engagement - 95.2% of total video views in 2023 were from Professional User Generated Video (PUGV), up from 94.6% in 2022[55] - The company's ability to retain and grow its user base depends on providing superior user experience, including quality content and innovative features[50] - The company is investing in artificial intelligence to enhance content creation efficiency and user experience, but faces competition and integration challenges[54] - The company's content library relies heavily on PUGV and OGV, requiring strong relationships with content creators and licensors to maintain and expand its offerings[52] - The company shifted its user growth focus from MAU (Monthly Active Users) to DAU (Daily Active Users) starting in 2022, emphasizing user engagement and sustainability[78] - The company anticipates slowing user growth rates as market penetration increases in China's internet population[78] - The company derived 35.8%, 39.8%, and 44.0% of its revenues from VAS (Value-Added Services) in 2021, 2022, and 2023, respectively[75] - The company faces potential revenue impact from future limits on virtual gifting, which currently has no explicit provisions under Notice 78[75] - The company's live broadcasting business requires real-name registration and restrictions on minors for virtual gifting, but specific limits remain unclear[74] - The company's advertising revenues may be adversely affected by negative publicity or advertiser concerns over content management practices[73] - The company is involved in approximately 200 lawsuits related to copyright infringement claims, which could result in financial and reputational damage[99] - The company may face intellectual property infringement claims in jurisdictions outside mainland China, potentially requiring payment of damages or content removal[102] - The company's apps could be temporarily removed from app stores due to copyright issues, disrupting operations[104] - The company has invested in intellectual property development but faces risks from unauthorized use by third parties, which could harm its competitive position[106] Competition and Market Risks - The company faces significant competition in the video-based industry, particularly from platforms targeting Generation Z+ users, which could impact user traffic and revenue[98] - Intense competition in the live broadcasting business for both users and hosts, focusing on game, entertainment, e-sports, and virtual live broadcasting[108] - Significant increase in hosts' compensation costs in mainland China, potentially impacting revenue growth and margins[110] - Revenue sharing arrangements with hosts and talent agencies, with potential increases in absolute amounts and percentages[111] - Strict regulatory supervision for live broadcasting, including real-name registration requirements and restrictions on minors[113][114] - Challenges in monitoring advertising content on the platform, with potential penalties for non-compliance[122][123] - Decrease in mobile games revenue by 19.9% from RMB5,021.3 million in 2022 to RMB4,021.1 million (US$566.4 million) in 2023[125] - Dependence on third-party game developers and publishers for mobile games, with risks of losing access to popular games[126] - Substantial development costs and risks associated with in-house game development, including delays and market trends[127] - Expenses of RMB354.8 million (US$50.0 million) incurred in 2023 for the termination of certain game projects[129] - Revenue model for online games reliant on in-game virtual item sales, with potential risks to player retention[129] - The company faces risks of delayed or canceled game launches due to technical difficulties, lack of resources, and regulatory approvals, which could negatively impact its business and reputation[130] - The mobile games market in China is rapidly evolving, and the company must adapt to new business models, player preferences, and emerging technologies like cloud and VR games to remain competitive[131] - Illegal game servers and cheating by users could harm the company's business, reputation

2024年3月10日 公司研究 业务持续优化调整，24 年游戏收入拐点将至 ——哔哩哔哩（BILI.O）2023 年四季报和 2023 年报点评 要点 增持（维持） 当 前价：11.13美元 事件：公司23全年实现营收225亿元人民币(yoy+3%)，符合此前指引；毛利 润54.4亿元，毛利率24.2%，同比增长6.6pct，主要由于广告业务占比提升、 带宽成本下降所致，23Q4毛利率达到26.1%，实现了连续6个季度的持续增长； 作者 23全年实现归母净亏损48亿元，经调整归母净亏损34亿元；23Q4归母净亏 分析师：付天姿 CFA，FRM 损13亿，主要因为公司于Q4终止了部分游戏项目，产生约3.5亿元的一次性 执业证书编号：S0930517040002 费用，Q4经调整归母净亏损5.6亿元，延续减亏态势。 021-52523692 futz@ebscn.com 点评：收入整体符合预期，广告&直播超预期，24年游戏业务拐点将至。1）移 动游戏业务收入 40.2 亿元（yoy-20%），主要由于《闪耀！优俊少女》暂未恢 联系人：杨朋沛 复上线、其余新游表现不佳；目前公司有三款游戏已获版号，包括日本卡牌类游 ...

[Table_Page] 公告点评|媒体Ⅱ 证券研究报告 [【Table_广Title] 发传媒&海外】哔哩哔哩（BILI） [公Tab司le_评Inve级st] 买入-美股/买入-H 当前价格 11.13美元/83.40港元 /哔哩哔哩（W-09626） 合理价值 24.35美元/190.41港元 前次评级 买入/买入 广告业务保持强劲增长，新游戏值得关注 报告日期 2024-03-10 [ 核Tab 心le_S 观umm 点ary ：] 相[Ta对ble市_P场icQ表uot现e]  公司发布 23Q4 季报，亏损表现略好于预期：23Q4 收入达 63 亿元， 50% SPX Index BILI US Equity YoY/QoQ+3%/+9%，vs.一致预期为 63 亿元。毛利率达到 26.1%， 0% YoY/QoQ+6pct/+1pct。NonGAAP归母净亏损为5.56亿元，亏损额同 比收缩58%，环比收缩36%，vs.一致预期为6.33亿亏损，表现优于市 -50% 场预期。NonGAAP亏损率为9%，同比收窄13pct，环比收缩6pct。  我们预计24年流量驱动的广告、VAS收入仍保持良 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 互联网 | 公司研究 23Q4 经营现金流持续正向，关注游戏新品 2024年3月11日 进展 买入 哔哩哔哩(BILI:US) 维持评级 哔哩哔哩 23Q4实现营业收入 63亿元，同比增长 3%，符合预期；调整后归母净亏损 5.6 亿元， 亏损率同环比继续收窄至个位数。23年全年实现营业收入 225亿元，接近前期指引下限；调整后 市场数据：2024年3月8日 归母净亏损34亿元。 收盘价（美元） 11.13 用户数据季节性波动。根据财报，23Q4，MAU 达 3.36亿，同比增长 3%，环比下滑 1%；DAU 纳斯达克指数 16085.11 达1 亿，同比增长 8%，环比下滑 3%；环比变化主要由于季节性因素影响。人均单日使用时保持 52周最高/最低价 -美元 25.58/8.80 在超95分钟水平，同比下滑1分钟，环比下滑5分钟，同比变化主要由于基数影响，环比变化主 市值（亿美元） 47 要由于季节性因素影响。社区规模整体健康，体现强社区运营能力。 股本（百万股） 421 汇 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Insights - The company reported Q4 2023 revenue of 6.3 billion, a year-on-year increase of 3%. Gross profit reached 1.7 billion, up 33% year-on-year. Non-GAAP net loss was 555 million, narrowing by 58% [5][6]. - For the full year 2023, total revenue was 22.5 billion, also a 3% year-on-year increase, with gross profit of 5.4 billion, up 41% year-on-year. Non-GAAP net loss for the year was 3.4 billion, narrowing by 49% [5][6]. - The company achieved positive operating cash flow of 640 million in Q4 2023 and for the entire year [5][6]. Revenue Breakdown - In Q4 2023, advertising revenue was 1.9 billion, growing 28% year-on-year. For the full year, advertising revenue reached 6.4 billion, a 27% increase, accounting for 28% of total revenue, up 5 percentage points [5][6]. - Value-added services revenue in Q4 2023 was 2.9 billion, increasing 22% year-on-year, driven by live streaming. For the full year, this segment generated 9.9 billion, a 14% increase [5][6]. - Game revenue in Q4 2023 was 1 billion, down 12% year-on-year, with full-year revenue at 4 billion, a decline of 20% due to fewer new game launches [5][6]. Operational Metrics - Daily active users (DAU) and monthly active users (MAU) were 100 million and 336 million, respectively. The average daily video views for the year were 4.3 billion, a 25% increase year-on-year [5][6]. - The number of active content creators (UP主) increased by 16% year-on-year in Q4 2023, with those having over 10,000 followers growing by 30% [5][6]. Profitability Analysis - The gross profit margin in Q4 2023 improved to 26.1%, driven by enhanced monetization efficiency and reduced operational costs [6]. - Non-GAAP operating expenses decreased by 12% year-on-year in Q4 2023, leading to a 53% reduction in Non-GAAP operating loss [6]. Earnings Forecast - The company is expected to optimize its business structure, maintaining high growth in advertising and value-added services. Revenue projections for 2024 and 2025 are 25.2 billion and 28.2 billion, respectively, while maintaining a "Buy" rating [6].

浦银国际研究 财务模型更新 | 互联网行业 哔哩哔哩（BILI.US/9626.HK）：广告 赵丹 首席互联网分析师 浦 增长保持强劲，目标三季度盈利 dan_zhao@spdbi.com 银 (852) 2808 6436 国 杨子超，CFA 际 业绩基本符合预期。公司4Q23收入人民币63.5亿元，同比增长3.4%， 互联网分析师 符合市场预期；调整后净亏损为 5.6 亿元，市场预期亏损6.3 亿元； charles_yang@spdbi.com 调整后亏损率同比收窄12.6pp 至 8.8%。日活用户数同比增长 7.9%至 (852) 2808 6409 1 亿，日均时长95 分钟，流量同比增长 7%，月活用户数为 3.36 亿。 2024年3月8日 财 务 哔哩哔哩（9626.HK） 广告增长保持强劲，自研游戏进一步收缩。公司4Q23 广告增长保持 模 目标价（港元） 98 型 强劲，同比增长 28%，其中效果广告同比增长超 60%，主要受益于游 潜在升幅/降幅 +14% 更 戏和电商行业广告需求增加以及公司广告投放能力提升。公司交易业 目前股价（港元） 85.65 新 52周内股价区间（港元） 67 ...