Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company achieved a revenue of 7.306 billion yuan in Q3 2024, representing a year-on-year growth of 26%. The net profit attributable to shareholders was -0.08 billion yuan, a 94% year-on-year reduction, and the adjusted net profit was 0.236 billion yuan, marking the first time the company turned profitable under non-GAAP standards [1][2]. - The gross margin for Q3 2024 was 34.9%, an increase of nearly 5 percentage points year-on-year, with nine consecutive quarters of sequential growth [1]. - The new game "Three Kingdoms: Strategy Determination" performed well, ranking second in the App Store's game sales chart after its launch, contributing positively to the company's gaming business [1][2]. - Daily Active Users (DAU) and Monthly Active Users (MAU) reached historical highs of 107 million and 348 million, respectively, with average daily usage time also hitting a record of 106 minutes [2]. - Advertising revenue for Q3 2024 was 2.094 billion yuan, a year-on-year increase of 28%, driven by product optimization and efficiency improvements [2]. Financial Projections - The company is expected to see revenue growth rates of 19.3%, 14.9%, and 8.4% for the years 2024, 2025, and 2026, respectively, reaching revenues of 26.876 billion yuan, 30.886 billion yuan, and 33.494 billion yuan [2][6]. - The forecasted Non-GAAP net profit for 2024 is projected to be -0.068 billion yuan, turning positive in 2025 with 0.531 billion yuan and further increasing to 1.392 billion yuan in 2026 [6][7].

Financial Performance - Total net revenue for Q3 2024 reached RMB 7.306 billion (USD 1.041 billion), an increase of 26% year-over-year[7] - Gross profit was RMB 2.547 billion (USD 363 million), representing a 76% year-over-year increase, with a gross margin of 34.9%, up from 25.0% in the same period last year[7] - Adjusted net profit for Q3 2024 was RMB 236 million (USD 33.6 million), compared to an adjusted net loss of RMB 863 million in the same period last year[7] - Operating cash flow for Q3 2024 was RMB 2.226 billion (USD 317 million), compared to RMB 277 million in the same period last year[7] - Net loss narrowed by 94% to RMB 798 million (USD 114 million) compared to the same period in 2023[12] - Total operating expenses were RMB 2.614 billion (USD 372 million), reflecting a 2% increase from the previous year[10] - Adjusted operating profit was RMB 272 million (USD 38.8 million), compared to an adjusted operating loss of RMB 755 million in the same period last year[11] Revenue Breakdown - Mobile gaming revenue was RMB 1.823 billion (USD 260 million), up 84% year-over-year, driven by the strong performance of the exclusive licensed game "Three Kingdoms: Strategizing the World"[9] - Advertising revenue amounted to RMB 2.094 billion (USD 298 million), a 28% increase year-over-year, attributed to optimized advertising products and improved efficiency[9] - Value-added services revenue was RMB 2.821 billion (USD 402 million), a 9% increase year-over-year, mainly due to growth in live streaming and other value-added services[9] User Engagement - Daily active users (DAUs) reached 107.3 million, compared to 102.8 million in the same period last year, with average daily usage time increasing to 106 minutes[8] - The company is focused on retaining and enhancing user engagement, providing quality content, and expanding its product and service offerings[20] - The significant improvement in financial performance demonstrates the resilience of the company's business model and the substantial commercialization potential of its community[8] Cost Management - Operating costs amounted to RMB 4.758 billion (USD 678 million), an increase of 9% compared to the same period in 2023, primarily due to higher revenue sharing costs[10] - Sales and marketing expenses rose to RMB 1.202 billion (USD 171 million), a 21% increase year-over-year, driven by higher marketing expenditures for exclusive licensed games[11] - Research and development expenses decreased by 15% to RMB 906 million (USD 129 million), mainly due to the termination of several game projects in the previous year[11] - The company is actively managing costs and expenses as part of its strategic initiatives[20] Future Outlook - The company aims to enhance its commercialization capabilities and strengthen its community ecosystem for long-term value creation[8] - The company continues to focus on enhancing its user engagement and expanding its market presence, which is expected to drive future revenue growth[27] - Forward-looking statements are identified by terms such as "will," "expect," "anticipate," and involve inherent risks and uncertainties that may cause actual results to differ significantly from those projected[20] Shareholder Information - The company announced a share repurchase plan, authorizing up to USD 200 million in repurchases over the next 24 months[14] - The company will hold an earnings conference call on November 14, 2024, to discuss its third-quarter performance[15] - The company has a dedicated investor relations team available for inquiries, indicating a commitment to transparency and communication with stakeholders[21] Regulatory and Economic Environment - The company acknowledges the competitive landscape of the online entertainment industry and its impact on future performance[20] - The company is subject to regulatory policies and economic conditions in China, which may influence its operational strategies[20] Cash and Assets - Cash and cash equivalents, along with short-term investments, totaled RMB 15.234 billion (USD 2.171 billion) as of September 30, 2024[12] - Total assets as of September 30, 2024, were RMB 32,021,300, a decrease from RMB 33,159,067 as of December 31, 2023[25] - Total liabilities as of September 30, 2024, were RMB 18,298,184, down from RMB 18,754,800 as of December 31, 2023[25]

2024 中期報告 2024 INTERIM REPORT 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） BILIBILI INC. HKEX: 9626 NASDAQ: BILI (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) 2024 BILIBILI INC. INTERIM REPORT 嗶哩嗶哩股份有限公司 中期報告 嗶哩嗶哩股份有限公司 2024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 | 31 | | 未經審計中期簡明合併資產負債表 | 32 | | 未經審計中期簡明合併經營狀況及全面虧損表 | 35 | | 未經審計中期簡明合併股東權益變動 ...

Investment Rating - The report assigns a "Buy" rating for Bilibili with a target price of $21.00 USD / 163.77 HKD, indicating a potential upside of 36.61% / 35.01% from the current stock price [2][6][3]. Core Insights - Bilibili's Q2 revenue reached 6.13 billion RMB, a year-on-year increase of 15.5%, slightly above market expectations. The gross margin improved to 29.9%, up 6.8 percentage points, primarily driven by the growth in high-margin advertising and gaming businesses [2][4]. - The company expects to achieve Non-GAAP operating profit in Q3, with revenue projected to grow by 22.4% year-on-year to 7.1 billion RMB, and gross margin expected to increase to 35% [2][4]. - The advertising business is benefiting from increased demand in gaming and e-commerce, with annual advertising revenue expected to grow by 24% [2][4]. - User metrics show steady growth, with DAU increasing by 5.2% to 100 million and MAU growing by 3.7% to 340 million [2][4]. - The gaming segment is projected to generate significant revenue, with expectations of 2.5 billion RMB in 2024 and 5 billion RMB in 2025 from the game "Three Kingdoms" [2][4]. Financial Summary - Total revenue for the fiscal year ending December 31 is forecasted to grow from 22.53 billion RMB in 2023 to 31.25 billion RMB by 2026, reflecting a compound annual growth rate (CAGR) of 17.8% [4][5]. - The net profit is expected to improve from a loss of 1.3 billion RMB in 2024 to a profit of 1.58 billion RMB in 2026, with net profit margins turning positive by 2025 [4][5]. - The gross margin is projected to increase significantly from 24.2% in 2023 to 34.6% by 2026, indicating improved operational efficiency [4][5]. Market Position - Bilibili's market capitalization stands at $6.365 billion USD, with major shareholders including Chen Rui at 12% [3][4]. - The stock has a 52-week high of $18.19 and a low of $8.80, indicating volatility in its market performance [3][4].

| --- | --- | --- | |-------------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 24Q2 | | 点评：三谋助力游戏业务重回正增长， 24Q3 有望实现 NON-GAAP OP 盈利 | | 投资评级：买入 ( | 维持） | 主要观点： | | [Table_Rank] 报告日期： 2024-08-28 | | ⚫ 事件： | | [T ...

游戏收入超预期增长，盈利可期 ——哔哩哔哩（9626.HK）24Q2 点评 核心观点 ⚫ 总收入：24Q2 达 61.27 亿（yoy+16%，qoq+8.17%），广告和增值业务驱动公司 主要增长。24Q2 毛利率达 29.9%（yoy+6.78pp，qoq+1.58pp）。24Q2 销售费用 为 10.4 亿（yoy+12.79%，qoq+11.71%），管理费用为 4.9 亿（yoy-9.57%，qoq8.22%），研发费用为 8.9 亿（yoy-14.57%，qoq-7.30%）。24Q2Non-gaap 归母 净利润达-2.7 亿（yoy-71.79%，qoq-38.26%），实现持续减亏。24Q2Non-gaap 营业利润为-2.8 亿，我们预期 24Q3non-gaap 营业利润达 2 亿，首次转正。 ⚫ 广告: 24Q2 达 20.4 亿（yoy+29.54%,qoq+22.11%）。广告收入占整体收入比例由 去年同期 30%提升至 33%，有效带动公司毛利润的提升。供给端： DAU 稳定增长 叠加商业化产品的持续整合，促使变现效率不断提高。需求端：随着 B 站用户成 熟，消费能力快速释放。电 ...

Investment Rating - The report maintains a "Buy" rating for Bilibili [2][3] Core Views - Bilibili's revenue shows steady growth with a significant improvement in gross margin, driven by an increase in high-margin advertising business [1] - The company aims to achieve non-GAAP breakeven in Q3 2024 and continue enhancing profitability thereafter [1] - User engagement remains strong, with a daily active user (DAU) growth of 6% year-on-year, reaching 102 million [1] - Advertising revenue is expected to grow, with a 29.5% year-on-year increase in Q2 2024, supported by improved advertising products and efficiency [1] - The gaming segment remains stable, with the new game "Three Strategies" performing exceptionally well, achieving over 100 million in revenue within its first week [1] Financial Summary - For 2024, Bilibili's projected revenue is 25.998 billion, with a year-on-year growth of 15.4% [5][10] - Non-GAAP net profit is expected to improve from a loss of 6.692 billion in 2022 to a loss of 232 million in 2024, with a significant turnaround anticipated in 2025 [5][10] - The gross margin is projected to increase from 24.2% in 2023 to 32.2% in 2024, reflecting improved operational efficiency [10] - The company expects to maintain a user retention rate of 80% for its formal membership, indicating strong user loyalty [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported Q2 2024 revenue of 6.127 billion yuan, a year-on-year increase of 16%. Gross profit reached 1.833 billion yuan, up 49% year-on-year, with a gross margin increase of 6.8 percentage points to 29.9%, marking the eighth consecutive quarter of sequential improvement. The Non-GAAP net loss was 271 million yuan, narrowing by 72% year-on-year, also achieving eight consecutive quarters of continuous narrowing. The operating cash flow net amount was 1.751 billion yuan, achieving positive operating cash flow for four consecutive quarters [5][6]. Revenue Breakdown - In Q2 2024, advertising revenue was 2.04 billion yuan, a year-on-year increase of 30%. The number of advertisers on the platform grew by over 50% year-on-year in H1 2024. The e-commerce GMV during the 618 shopping festival increased by 146% year-on-year, with the number of advertisers growing by 313% [5][6]. - The value-added services revenue was 2.57 billion yuan, up 11% year-on-year, with an increase in paid users for premium memberships and live streaming services. The number of official members reached 243 million, a 13% year-on-year increase [5][6]. - Mobile gaming revenue was 1.01 billion yuan, a 13% year-on-year increase, with stable performance from long-term products [5][6]. User Engagement Metrics - Daily active users grew by 6% year-on-year to 102 million, while monthly active users increased by 3.7% to 336 million. The average daily usage time rose from 94 minutes in the same period last year to 99 minutes [5][6]. Profitability Analysis - The gross profit increased by 49% year-on-year to 1.833 billion yuan, with a gross margin increase of 6.8 percentage points to 29.9%. General and administrative expenses, as well as research and development expenses, decreased by 10% and 15% year-on-year, respectively [6]. - The Non-GAAP net loss narrowed to 271 million yuan, with positive operating cash flow indicating a healthy business cycle. Deferred revenue increased by 738 million yuan compared to the end of March 2024 [6]. Earnings Forecast - The company is expected to optimize its commercialization capabilities and operational efficiency, with revenue projections of 26.6 billion yuan and 30 billion yuan for 2024 and 2025, respectively, maintaining the "Buy" rating [6].

上 市 公 司 传媒 2024 年 08 月 25 日 哔哩哔哩-W (09626) 公 司 点 评 / 公 司 点 评 ——24Q2 游戏、广告、扭亏超预期，商业化有望继续加 速 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 107.10 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 145.60/67.80 | | H 股市值（亿港币） | 451.17 | | 流通 H 股（百万股） | 337.55 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： -41% 9% 59% HSCEI 哔哩哔哩-W 资料来源：Bloomberg 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 联系人 夏嘉励 (8621)232978 ...

传媒/数字媒体 公 司 研 究 广告及游戏拉动收入加速增长，单季度盈利可期 哔哩哔哩-W（09626.HK） 2024 年 08 月 23 日 ——港股公司信息更新报告 投资评级：买入（维持） 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：S0790523090001 | --- | --- | |--------------------|---------------| | 日期 | 2024/8/22 | | 当前股价(港元) | 106.30 | | 一年最高最低(港元) | 145.60/67.800 | | 总市值(亿港元) | 447.80 | | 流通市值(亿港元) | 440.23 | | 总股本(亿股) | 4.21 | | 流通港股(亿股) | 4.14 | | 近 3 个月换手率(%) | 58.1 | 营收加速增长，亏损大幅缩窄，单季度扭亏为盈可期，维持"买入"评级 公司 2024Q2 营业收入为 61.27 亿元（同比+15.5%），实现毛利率 29.9%（同比 + ...