Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved revenue of 7.338 billion yuan in Q2 2025, representing a year-over-year increase of 19.8%, and adjusted net profit of 561 million yuan, marking a return to profitability [6] - The gross margin for Q2 was 36.5%, an increase of 6.5 percentage points year-over-year [6] - Mobile game revenue reached 1.61 billion yuan, up 60% year-over-year; value-added services revenue was 2.84 billion yuan, up 11% year-over-year; advertising revenue exceeded expectations at 2.45 billion yuan, up 20% year-over-year; while IP derivatives and other income decreased by 15% year-over-year to 440 million yuan [6][7] - The core user base is growing healthily, with daily active users (DAU) reaching 108 million, up 6% year-over-year, and monthly active users (MAU) at 365 million, up 8% year-over-year [8] - The company expects revenues of 30.08 billion yuan, 33.12 billion yuan, and 36.15 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 2.11 billion yuan, 2.96 billion yuan, and 3.89 billion yuan for the same years [9] Financial Summary - Total revenue for 2024 is projected at 26.832 billion yuan, with a year-over-year growth of 19.1% [12] - Adjusted net profit for 2025 is expected to be 2.114 billion yuan, a significant increase from a loss of 22 million yuan in 2024 [12] - The company’s gross margin is projected to improve from 32.7% in 2024 to 39.7% in 2027 [14] - The earnings per share (EPS) is forecasted to rise from -0.05 yuan in 2024 to 9.42 yuan in 2027 [15]

Investment Rating - The report maintains a "Recommended" rating for Bilibili (BILI) [1] Core Views - The company's Q2 2025 financial results exceeded expectations, with total revenue reaching 7.34 billion yuan, a year-over-year increase of 20%, aligning with Bloomberg consensus [1] - The adjusted net profit attributable to shareholders was 560 million yuan, marking a return to profitability and surpassing Bloomberg consensus by 8% [1] Financial Summary - **Revenue Forecasts**: - 2024A: 26,832 million yuan - 2025E: 30,071 million yuan (YOY +12.1%) - 2026E: 32,638 million yuan (YOY +8.5%) - 2027E: 34,899 million yuan (YOY +6.9%) [4] - **Net Profit Forecasts**: - 2024A: -1,347 million yuan - 2025E: 903 million yuan (YOY +167.0%) - 2026E: 1,986 million yuan (YOY +120.0%) - 2027E: 3,029 million yuan (YOY +52.5%) [4] - **Earnings Per Share (EPS)**: - 2024: -3.20 yuan - 2025: 2.15 yuan - 2026: 4.72 yuan - 2027: 7.20 yuan [4] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E: 75.3 - Price-to-Book (P/B) ratio for 2025E: 4.5 [4] - **Target Price**: The target price is set at $27.52, with the current price at $22.74 [4] Business Segment Performance - **Gaming Business**: Revenue for Q2 2025 was 1.61 billion yuan, a year-over-year increase of 60%, driven by the success of the "Three Kingdoms: Strategy" game [8] - **Advertising Business**: Revenue reached 2.45 billion yuan in Q2 2025, a year-over-year increase of 20%, benefiting from AI-driven efficiency and e-commerce demand [8] - **VAS (Value-Added Services) Business**: Revenue was 2.84 billion yuan in Q2 2025, a year-over-year increase of 11%, supported by live streaming and other services [8]

Market Performance - The Hong Kong stock market continued to decline in the afternoon, with the Hang Seng Technology Index dropping over 2%, the Hang Seng Index falling by 1.4%, and the National Enterprises Index decreasing by 1.6% [1] - Major stocks in the Hang Seng Technology Index experienced significant declines, including Meituan down over 12%, Xpeng Motors down over 8%, and JD Group, Alibaba, and Li Auto each down over 4% [1] Stock Specifics - Meituan (03690) fell by 12.73% year-to-date, with a total decline of 33.09% [2] - Xpeng Motors (09868) decreased by 8.76%, but has seen an increase of 80.92% year-to-date [2] - JD Group (09618) dropped by 4.78%, with a year-to-date decline of 12.58% [2] - Alibaba (09988) fell by 4.69%, but has increased by 43.94% year-to-date [2] - Li Auto (02015) decreased by 4.21%, with a year-to-date decline of 6.81% [2] - Other notable declines include Kingdee International down 3.92% (year-to-date increase of 86.64%), Bilibili down 3.70% (year-to-date increase of 19.30%), BYD Electronic down 3.62% (year-to-date decline of 10.07%), and BYD Company down 3.48% (year-to-date increase of 27.09%) [2]

Market Overview - The Hong Kong stock market continued to decline in the afternoon, with the Hang Seng Technology Index dropping over 2%, the Hang Seng Index falling by 1.4%, and the National Enterprises Index decreasing by 1.6% [1] Company Performance - Meituan saw a significant drop of 12.73%, with a year-to-date decline of 33.09% [2] - XPeng Motors experienced an 8.76% decrease, but has a year-to-date increase of 80.92% [2] - JD Group's stock fell by 4.78%, resulting in a year-to-date decline of 12.58% [2] - Alibaba's shares dropped by 4.69%, yet it has a year-to-date increase of 43.94% [2] - Li Auto's stock decreased by 4.21%, with a year-to-date decline of 6.81% [2] - Kingdee International fell by 3.92%, but has a year-to-date increase of 86.64% [2] - Bilibili's shares dropped by 3.70%, with a year-to-date increase of 19.30% [2] - BYD Electronics saw a decline of 3.62%, resulting in a year-to-date decrease of 10.07% [2] - BYD's shares fell by 3.48%, with a year-to-date increase of 27.09% [2] - SenseTime's stock decreased by 2.88%, with a year-to-date increase of 35.57% [2] - Kingsoft's shares dropped by 3.36%, with a year-to-date change of -0.36% [2] - Alibaba Health saw a decline of 2.95%, but has a year-to-date increase of 58.43% [2] - JD Health's stock fell by 2.76%, with a year-to-date increase of 119.04% [2] - NIO's shares decreased by 2.71%, with a year-to-date increase of 44.40% [2]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [4]. Core Insights - The company reported a revenue of 7.34 billion yuan for Q2 2025, which is in line with Bloomberg consensus expectations. Adjusted net profit reached 560 million yuan, exceeding Bloomberg consensus by 8.1% [1]. - The user metrics show a Daily Active Users (DAU) of 109 million and Monthly Active Users (MAU) of 363 million, with a daily average usage time of 105 minutes [1]. - The company is benefiting from a strong performance in its gaming and advertising segments, with significant growth in user engagement and creator monetization [1][2][3]. Revenue Breakdown 1) **Mobile Games**: - Revenue for the quarter was 1.61 billion yuan, a year-on-year increase of 60%, driven by strong performance from "Three Kingdoms: Strategize the World" and stable contributions from "Fate/Grand Order" and "Azur Lane" [2]. - The company is also focusing on new game releases and overseas expansion for existing titles [2]. 2) **Advertising**: - Revenue reached 2.45 billion yuan, up 20% year-on-year, primarily due to strong growth in performance advertising [3]. - The company has improved its advertising infrastructure, leading to a more than 10% increase in eCPM and approximately 30% growth in performance ad revenue [3]. 3) **Value-Added Services (VAS)**: - Revenue was 2.84 billion yuan, a year-on-year increase of 11%, supported by growth in live streaming and other value-added services [3]. - The number of paid members reached 23.7 million, with over 80% opting for annual or auto-renewal plans [3]. 4) **IP and Derivatives**: - Revenue was 440 million yuan, a year-on-year decline of 15% [3]. Profitability - The gross profit was 2.68 billion yuan, with a gross margin of 36.5%, reflecting a year-on-year increase of 6.6 percentage points. The adjusted net profit of 560 million yuan indicates a turnaround from previous losses [4]. - The company is expected to benefit from its strategy of "self-developed quality products and global distribution," with projected revenues for 2025-2027 of 30.1 billion, 32.6 billion, and 35.6 billion yuan respectively [4].

Investment Rating - The industry investment rating is "Outperform the Market" indicating a potential increase of over 10% relative to the market index in the next six months [3][6]. Core Insights - In August 2025, the number of game approvals reached a record high, with 166 domestic games and 7 imported games approved, marking a year-to-date total of 1,050 domestic games and 69 imported games [1][2]. - Notable games that received approval include Tencent's "Kareus Dream" and bilibili's "Escape from Duckov," both of which are expected to perform well in the market due to their unique gameplay and strong development teams [1][2]. - The report emphasizes the ongoing normalization of game approvals, suggesting a steady recovery in the industry, and recommends focusing on leading companies with diverse product portfolios and strong R&D capabilities [2]. Summary by Sections Industry Events - The National Press and Publication Administration announced the approval of 166 domestic and 7 imported games in August 2025, with significant titles like "Kareus Dream" and "Escape from Duckov" gaining attention [1][2]. Game Performance - "Kareus Dream," developed by Smilegate's SUPER CREATIVE, combines dark fantasy elements with innovative gameplay mechanics, while "Escape from Duckov" offers a unique blend of cute aesthetics and tactical gameplay, achieving over 200,000 players and a 93% positive rating during its Steam testing phase [1][2]. Investment Recommendations - The report suggests that the industry is on a recovery path with a consistent release of game approvals, and it advises investors to pay attention to top-tier companies with strong product reserves and diverse thematic strategies [2].

哔哩哔哩-W(09626)发布公告，于2025年8月26日，该公司因购股权获行使而合计发行7.31万股Z类普通 股。 ...

智通财经APP讯，哔哩哔哩-W(09626)发布公告，于2025年8月26日，该公司因购股权获行使而合计发行 7.31万股Z类普通股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 嗶哩嗶哩股份有限公司 呈交日期： 2025年8月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 不同投票權架構公司普通股 | | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09626 | 說明 | Z類普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行 ...

Core Viewpoint - Bilibili's Q2 2025 financial results show strong revenue growth and profitability, exceeding market expectations, driven by user engagement and advertising performance [1][2][3] Group 1: Financial Performance - Bilibili achieved revenue of 7.34 billion yuan in Q2 2025, a year-on-year increase of 20%, slightly surpassing Bloomberg consensus expectations [1] - Adjusted net profit attributable to shareholders reached 560 million yuan, corresponding to a profit margin of 7.7%, marking a year-on-year turnaround from loss and exceeding Bloomberg consensus expectations of 8% [1] Group 2: User Growth and Engagement - The overall Monthly Active Users (MAU) reached 36.3 million, a year-on-year increase of 8%, while Daily Active Users (DAU) reached 10.9 million, also up 7% [1] - The average daily usage time per user increased by 6 minutes to 105 minutes, indicating strong user engagement [1] - New users are younger, with an average age of 22 in Q2 2025, compared to 23 in Q1 2025 [1] Group 3: Advertising Business - Advertising revenue in Q2 2025 was 2.45 billion yuan, a year-on-year growth of 20%, maintaining the growth rate from Q1 2025 [1] - The number of advertisers increased by over 20% year-on-year, and performance advertising revenue grew by 30% [1] - Future advertising growth is expected to be driven by high user engagement and the effectiveness of AI in enhancing ad targeting and conversion rates [1] Group 4: Gaming and Value-Added Services - Gaming revenue for Q2 2025 was 1.61 billion yuan, a significant year-on-year increase of 60%, primarily driven by the new game "Three Kingdoms: Strategize the World" [2] - Value-added services revenue reached 2.84 billion yuan, growing 11% year-on-year, with a notable increase in the number of premium members [2] - Charging services have seen over 100% growth in the first half of 2025, indicating a positive trend in monetization [2] Group 5: Profitability and Cost Control - Gross margin for Q2 2025 was 36.5%, consistent with expectations and reflecting a continuous improvement over 12 consecutive quarters [2] - Operating profit margin improved to 7.8% in Q2 2025, with plans to reach 10% by Q4 2025 and a mid-term target of 15-20% [2]