Core Insights - Kuaishou and Bilibili both reported record high earnings for Q2 2025, with Kuaishou achieving a total revenue of 35 billion yuan, a year-on-year increase of 13.1%, and an adjusted net profit of 5.6 billion yuan, up 20.1% [2] - Bilibili's total revenue reached 7.34 billion yuan, marking a 20% year-on-year growth, with net profit and adjusted net profit also hitting historical highs of 220 million yuan and 560 million yuan respectively [2] - Both platforms saw significant user growth, with Kuaishou's daily active users reaching 409 million, a 3.4% increase, and Bilibili's daily active users hitting 109 million, up 7% [2] Kuaishou Highlights - Kuaishou's AI product, Keling AI, generated over 250 million yuan in revenue, reflecting its accelerated commercialization [3] - The company aims to enhance the controllability of its AI model and leverage AI to empower its core business [3] - Keling AI has produced over 200 million videos and 400 million images, serving over 20,000 enterprise clients [3] Bilibili Highlights - Bilibili's revenue structure is diversified, with contributions from value-added services (39%), advertising (33%), games (22%), and IP derivatives (6%) [4] - The platform has a strong user base, with 270 million formal members, an 11% year-on-year increase, and a retention rate of 80% for the 12-month period [4] - Bilibili's average user age has risen to 26, while new users maintain a younger average age of 22 [4] Strategic Outlook - Kuaishou's dual strategy of AI and ecosystem development is showing positive results, leading to target price upgrades from institutions like JPMorgan and UBS [4] - Bilibili's CEO emphasizes the importance of high-quality content as a scarce resource that drives the platform's growth and community engagement [5]

Core Viewpoint - Bilibili (B站) reported a strong Q2 performance with total revenue of 7.34 billion RMB, a 20% year-on-year increase, and achieved net profit and adjusted net profit at historical highs of 220 million RMB and 560 million RMB respectively, compared to a net loss of 600 million RMB in the same period last year [2][5]. Revenue Breakdown - The revenue sources for Bilibili in Q2 were primarily from value-added services (39%), advertising (33%), and mobile games (22%) [5]. - The revenue from the gaming segment reached 1.61 billion RMB, marking a 60% year-on-year growth [6]. - Advertising revenue was 2.45 billion RMB, also up 20% year-on-year, with a notable 30% increase in performance advertising revenue [6]. User Engagement - Bilibili's daily active users reached 109 million, a 7% increase year-on-year, while monthly active users were 363 million, up 8% year-on-year [6]. - The average age of users increased to 26 years, with new users averaging 22 years old [6]. Financial Health - As of June 30, 2025, Bilibili held cash and cash equivalents totaling 22.29 billion RMB [8]. AI and Content Creation - AI content emerged as the fastest-growing technology category for Bilibili, with advancements in AI-assisted video creation expected to enhance user-generated content [7]. - Approximately 2 million content creators (UP主) earned income through various channels, with significant growth in revenue from advertising and live streaming [7].

【今日焦点】 哔哩哔哩-W(09626.HK)第二季度经调整净利润达5.61亿元 毛利率上升至36.5% 哔哩哔哩-W(09626.HK)公告，2025年第二季度，净营业额总额达人民币73.4亿元（1,024.3百万美元）， 同比增加20%。广告营业额为人民币24.5亿元（341.9百万美元），同比增加20%。移动游戏营业额为人 民币16.1亿元（225.1百万美元），同比增加60%。 毛利润为人民币26.8亿元（373.5百万美元），同比增加46%。毛利率达36.5%，较2024年同期的29.9%有 所增加。净利润为人民币218.3百万元（30.5百万美元），2024年同期则录得净亏损人民币608.1百万 元。经调整净利润为人民币561.3百万元（78.4百万美元），2024年同期则录得经调整净亏损人民币 271.0百万元。 日均活跃用户（日活用户）达109.4百万，同比增加7%。 "我们在第二季度延续了健康的增长势头，取得了稳健的财务业绩并保持了强劲的社区参与度"。哔哩哔 哩董事长兼首席执行官陈睿先生表示。"第二季度，我们的日均活跃用户同比增长7%，月均活跃用户同 比增长8%，而月均付费用户同比增长9%。 ...

Summary of Bilibili's Q2 2025 Earnings Call Company Overview - **Company**: Bilibili (B站) - **Quarter**: Q2 2025 Key Financial Metrics - Total net revenue reached **73 billion RMB**, a **20% year-over-year increase** [2][3] - Gross profit increased **46% year-over-year** to **27 billion RMB**, with a gross margin of **36.5%**, up from **29.9%** in the previous year [2][3][11] - Net profit was **2.18 billion RMB**, with adjusted net profit at **5.61 billion RMB** [3][11] - Operating profit was **2.52 billion RMB**, with an adjusted operating profit margin of **7.8%** [3][11][22] User Engagement Metrics - Daily active users (DAU) reached **109 million**, a **7% year-over-year increase** [4][12] - Monthly active users (MAU) grew to **363 million**, an **8% year-over-year increase** [4][12] - Average daily usage time increased to **105 minutes**, reflecting a **6-minute increase** from the previous year [4][6] Revenue Breakdown - **Advertising Revenue**: Increased **20% year-over-year** to **24 billion RMB**; performance-based advertising revenue grew by approximately **30%** [2][7][18] - **Gaming Revenue**: Grew **60% year-over-year** to **16 billion RMB**, driven by new seasons of popular games and long-standing titles [2][8][9] - **Value-Added Services Revenue**: Increased **11% year-over-year** to **28 billion RMB**, with stable growth in live streaming and a significant number of premium subscribers [2][10][11] Content and Community Highlights - High-quality PUGV (Professional User Generated Video) content contributed to increased user engagement, with a **20% increase** in viewing time for videos over **5 minutes** [6][12] - Strong performance in Chinese anime content, with viewing time up **34%** [6] - AI technology is being utilized to enhance content creation and user experience, improving recommendation algorithms and advertising efficiency [4][16][24] Advertising Business Development - The advertising business saw a **20% increase** in revenue, with significant improvements in conversion efficiency through AI tools [7][18] - Over **50%** of new advertising titles utilized traffic acquisition plans, enhancing overall advertising yield [18] Gaming Business Outlook - The gaming segment is expected to maintain a strong performance, with plans to introduce new monetization tools and expand into international markets [19][20] Cost Efficiency and Profitability Goals - The company aims for an operating profit margin of **15% or higher** in the second half of the year, with a focus on optimizing operational processes and resource utilization [20][21][22] Shareholder Return Strategy - Bilibili has repurchased approximately **5.6 million shares** for a total cost of **7.83 billion HKD** (approximately **1 billion USD**), with plans for continued buybacks under a **200 million USD** program [17][23] AI Technology Impact - AI applications have significantly influenced user engagement and content creation, with notable increases in DAU and MAU attributed to AI-generated content [24][25][26] Conclusion Bilibili's Q2 2025 performance reflects strong growth across multiple revenue streams, driven by user engagement and innovative content strategies. The company is well-positioned to leverage AI technology for further enhancements in user experience and operational efficiency, while also focusing on shareholder returns through strategic buybacks.

8月21日晚间，在哔哩哔哩（下称"B站"）2025年中期业绩发布会上，谈及游戏业务时，B站董事长 兼首席执行官陈睿表示，目前B站游戏储备充足，有4—5款游戏正在等待版号，"拿到版号后将第一时 间曝光，可以透露的是有一款三国IP的休闲类游戏将上线。" "今年来，《三谋》的表现证明其已进入长线运营阶段，公司预计至少5年运营时间，将稳定贡献 （营收）。"陈睿说道。据他介绍，赛季制是《三谋》最重要的玩法，未来将持续做好每个赛季的内容 与运营，兼顾趣味性和平衡性；除聚焦拉新玩家，该游戏未来还将重点关注老用户的活跃度与留存量， 运营方面将注重拉回流。 另外，陈睿还介绍，预计年底推出《三谋》的繁体中文版，面向港澳台用户；明年年初或将推出面 向日韩的海外服。 陈睿指出，B站将坚持（游戏）品类年轻化策略，"我们将持续寻找年轻用户对游戏品类的需求， 会针对年轻玩家的喜好多做尝试。" 谈及当季《三国：谋定天下》（下称"《三谋》"）的亮眼表现时，陈睿透露，6月13日，《三谋》 上线一周年当天，该游戏日活跃用户数量达新高；同时，S8赛季验证了更多运营方式的可行性，如在 抽卡玩法上叠加角色皮肤付费，能构成更健康的长线运营模式。 ...

8月21日，哔哩哔哩（以下简称"B站"）发布财报显示，Q2总营收73.4亿元，同比增长20%，净利润和调整后净利润均创下历史新高，分别为2.2亿 元和5.6亿元，去年同期为净亏损6亿元。 | | | 截至以下日期止三個月 | | 截至以下日期止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | 2024年 | 2025年 | | | 6月30日 | 3月31日 | 6月30日 | 6月30日 | 6月30日 | | | 人民幣 | 人民幣 | 人民幣 | 人民幣 | 人民幣 | | : ~ 業 。 : | | | | | | | 增值服務 | 2.565.888 | 2.807.340 | 2.836.596 | 5.094.797 | 5.643.936 | | 廣告 | 2.037.491 | 1.997.635 | 2.448.888 | 3.706.075 | 4.446.523 | | 移動遊戲 | 1.007.367 | 1.731.155 | 1,612,333 | 1.990.177 | 3.343 ...

哔哩哔哩Q2总营收同比增长20%至人民币73.4亿元，GAAP净利润2.18亿元，去年同期为净亏损6.08亿元。增长主要由广告及游戏业务驱动，分别同比 增长20%及60%。 21日，哔哩哔哩公布Q2财报： | | | 截至以下日期止三個月 | | 截至以下日期止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | 2024年 | 2025年 | | | 6月30日 | 3月31日 | 6月30日 | 6月30日 | 6月30日 | | | 人民幣 | 人民幣 | 人民幣 | 人民幣 | 人民幣 | | : 點端 網 : | | | | | | | 增值服務 | 2.565.888 | 2,807,340 | 2.836.596 | 5.094.797 | 5.643.936 | | 廣告 | 2.037.491 | 1.997.635 | 2.448.888 | 3.706.075 | 4.446,523 | | 移動遊戲 | 1.007.367 | 1.731.155 | 1.612.333 | 1.990.177 ...

Core Insights - Bilibili reported quarterly earnings of $0.18 per share, exceeding the Zacks Consensus Estimate of $0.17 per share, and showing a significant improvement from a loss of $0.09 per share a year ago [1] - The company achieved revenues of $1.02 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.28% and reflecting a year-over-year increase from $846.21 million [2] - Bilibili's stock has increased approximately 39.7% year-to-date, significantly outperforming the S&P 500's gain of 8.7% [3] Earnings Performance - Over the last four quarters, Bilibili has surpassed consensus EPS estimates three times and topped revenue estimates four times [2] - The current consensus EPS estimate for the upcoming quarter is $0.21, with expected revenues of $1.07 billion, and for the current fiscal year, the EPS estimate is $0.70 on revenues of $4.2 billion [7] Market Outlook - The sustainability of Bilibili's stock price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3][4] - The Zacks Rank for Bilibili is currently 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] - The Broadcast Radio and Television industry, to which Bilibili belongs, is currently ranked in the top 42% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Financial Data and Key Metrics Changes - Total net revenues for Q2 2025 grew by 20% year over year to RMB 7.3 billion, driven by strong performance in core games and advertising businesses [4][23] - Games revenues increased by 60% year over year to RMB 1.6 billion, while advertising revenues rose by 20% year over year to RMB 2.4 billion [4][14] - Gross profit increased by 46% year over year to RMB 2.7 billion, with gross margin expanding to 36.5% from 29.9% in the same period last year [4][24] - GAAP net profit was RMB 218 million and adjusted net profit was RMB 561 million, reflecting a significant turnaround from losses in the prior year [5][26] Business Line Data and Key Metrics Changes - The VAS segment contributed approximately 39% of total revenues, advertising 33%, games 22%, and IP derivatives and other businesses 6% [23] - Monthly paying users increased by 9% year over year to 31 million, with the number of official members up by 11% year over year to 270 million [10][20] - The average daily time spent on the platform rose to 105 minutes, up six minutes compared to the same period last year [6][9] Market Data and Key Metrics Changes - DAUs reached a new high of 109 million, up 7% year over year, and MAUs grew by 8% to 363 million [5][10] - Watch time for Chinese anime content increased by 34% year over year, while AI-related content saw a 61% growth in watch time [11][12] - The number of advertisers increased by over 20% year over year, reflecting growing appeal to brands [17] Company Strategy and Development Direction - The company aims to sharpen its focus on delivering the best PUGV community experience while investing in monetization initiatives for sustainable profitability [8][21] - Bilibili is committed to enhancing high-quality content and fostering a welcoming community environment to attract and retain users [33][39] - The company is actively embracing AI to enhance operational efficiency, user experience, and monetization capabilities [21][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to create long-term value for stakeholders through high-quality content and community engagement [8][21] - The company anticipates continued growth in advertising and gaming sectors, with expectations of reaching around 37% gross margin by Q4 2025 [63] - Management highlighted the importance of adapting to evolving user preferences and expanding into new content categories [36][49] Other Important Information - The company repurchased approximately 5.6 million Class Z ordinary shares for a total of HKD 783 million as part of its ongoing share repurchase program [27][28] - Bilibili World and Bilibili MacroLink events attracted over 400,000 participants, reflecting the brand's vitality and community power [6][39] Q&A Session Summary Question: What are the main drivers of user ecosystem growth and future outlook? - Management attributed DAU and MAU growth to a focus on high-quality content and a welcoming community environment, with plans to expand into new content areas [30][33] Question: What are the drivers behind the strong advertising business growth? - The advertising business grew 20% year over year, driven by enhanced ad infrastructure and improved delivery efficiency [42][44] Question: Can management share insights on the game business and upcoming titles? - Management highlighted the success of Sanmo's first anniversary and the introduction of new monetization tools, with plans for new game releases in the pipeline [54][56] Question: What are the expectations for profit margins and cost efficiency? - Management expects continued improvement in gross profit margins, targeting around 37% by Q4 2025, with a focus on operational efficiency [61][63] Question: Can you discuss the role of AI in the company's operations? - AI is being leveraged to enhance ad revenue, improve content delivery, and assist in content creation, with ongoing developments in AI tools for creators [68][70]

Financial Data and Key Metrics Changes - Total net revenues for Q2 2025 grew by 20% year over year to RMB 7.3 billion, driven by strong performance in core games and advertising businesses [5][23] - Games revenues increased by 60% year over year to RMB 1.6 billion, while advertising revenues rose by 20% year over year to RMB 2.4 billion [5][15] - Gross profit increased by 46% year over year to RMB 2.7 billion, with gross margin expanding to 36.5% from 29.9% in the same period last year [5][24] - GAAP net profit was RMB 218 million and adjusted net profit was RMB 561 million, reflecting a significant turnaround from losses in the prior year [6][25] Business Line Data and Key Metrics Changes - VAS (Value-Added Services) revenues grew by 11% year over year to RMB 2.8 billion, driven by live broadcasting and premium memberships [19] - Monthly paying users increased by 9% year over year to 31 million, indicating a growing willingness to pay for premium content [11] - Advertising business maintained strong growth, with a 20% year-over-year increase, reaching RMB 2.4 billion [15][41] Market Data and Key Metrics Changes - DAUs reached a new high of 109 million, up 7% year over year, while MAUs grew by 8% to 363 million [6][11] - The average daily time spent on the platform rose to 105 minutes, reflecting a focus on high-quality content [7][10] - The number of advertisers increased by over 20% year over year, indicating growing appeal to brands [17][43] Company Strategy and Development Direction - The company aims to sharpen its focus on delivering the best PUGV (Professional User Generated Video) community experience while investing in monetization initiatives for sustainable profitability [8][21] - Bilibili is committed to enhancing its content and community, believing that high-quality content and a supportive environment are essential for attracting and retaining users [9][32] - The company is actively embracing AI to enhance operational efficiency, user experience, and monetization capabilities [21][70] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of high-quality content in a saturated video landscape, emphasizing the need for a supportive community [31][32] - The company expects continued growth in user engagement and monetization, driven by evolving content consumption trends and the financial independence of Gen Z users [12][34] - Management expressed confidence in achieving long-term value creation for stakeholders through strategic investments and operational improvements [8][21] Other Important Information - The company repurchased approximately 5.6 million Class Z ordinary shares for a total of HKD 783 million as part of its ongoing share repurchase program [26][27] - Cash and cash equivalents, time deposits, and short-term investments totaled RMB 22.3 billion (USD 3.1 billion) as of June 30, 2025 [26] Q&A Session Summary Question: What are the main drivers of DAU and MAU growth, and what opportunities arise from the Bilibili World success? - Management attributed growth to a focus on high-quality content and a welcoming community environment, noting that the record attendance at Bilibili World reflects the brand's vitality and community power [32][38] Question: What are the drivers behind the advertising business growth, and what trends are expected in the second half? - Management highlighted enhancements in ad infrastructure and efficiency, with expectations for continued growth driven by deeper integration of AI and improved ad delivery [41][48] Question: Can management share insights on the game business and upcoming titles? - Management noted the success of Sanmu's first anniversary and the introduction of new monetization tools, with plans for new game releases and a focus on user retention [56][58] Question: What are the potential areas for cost efficiency and profitability outlook? - Management expects continued improvement in gross profit margins and operating efficiency, aiming for a 10% adjusted operating margin by Q4 2025 [66][67] Question: Can management discuss AI applications on the platform? - Management detailed various AI applications, including content identification and creation tools, which are expected to enhance user engagement and advertising revenue [71][74]