Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a significant revenue increase in Q1 2025, with total revenue reaching 7.003 billion yuan, representing a year-on-year growth of 23.6% [4] - The adjusted net profit for Q1 2025 was 362 million yuan, marking a turnaround from losses in previous periods [4] - The growth in revenue was driven by strong performance in mobile gaming, advertising, and value-added services [4][5] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 513 million, 1.919 billion, and 2.729 billion yuan respectively [4] Revenue Breakdown - In Q1 2025, revenue from value-added services was 2.807 billion yuan (up 11% year-on-year), primarily due to increased live streaming and other services [4] - Advertising revenue reached 1.998 billion yuan (up 20% year-on-year), driven by strong growth in performance-based advertising [4] - Mobile gaming revenue was 1.731 billion yuan (up 76% year-on-year), largely attributed to the success of the game "Three Kingdoms: Strategize the World" [4] - Revenue from IP derivatives and other sources was 467 million yuan (down 4% year-on-year) [4] Profitability Metrics - The company's gross margin in Q1 2025 was 36.3%, an increase of 7.9 percentage points year-on-year, marking 11 consecutive quarters of improvement [5] - The adjusted net profits for the last three quarters were 236 million, 452 million, and 362 million yuan respectively [5] User Growth and Engagement - The platform's daily active users (DAU) reached 107 million (up 4.5% year-on-year), while monthly active users (MAU) hit a record high of 368 million (up 7.9% year-on-year) [6] - The average daily usage time per user was 108 minutes in Q1 2025, an increase of 3 minutes year-on-year [6] - The average age of active users on the platform has increased from 21 in 2018 to 26 in Q1 2025, indicating a maturing user base [6] Financial Summary and Valuation Metrics - The company forecasts revenue growth from 22.528 billion yuan in 2023 to 30.731 billion yuan in 2025, with a year-on-year growth rate of 14.5% [5] - The projected earnings per share (EPS) for 2025 is 1.2 yuan, with a price-to-earnings (P/E) ratio of 107.8 [5]

《2024Q4 全面盈利，游戏、广告或继 续驱动业绩增长—港股公司信息更新 报告》-2025.2.21 《首次实现单季度盈利，游戏、广告 持续驱动盈利提升—港股公司信息更 新报告》-2024.11.15 传媒/数字媒体 哔哩哔哩-W（09626.HK） 2025Q1 游戏收入大增且连续盈利，流量稳步增长 2025 年 05 月 21 日 投资评级：买入（维持） | 日期 | 2025/5/20 | | --- | --- | | 当前股价(港元) | 140.20 | | 一年最高最低(港元) | 238.80/98.900 | | 总市值(亿港元) | 599.02 | | 流通市值(亿港元) | 586.02 | | 总股本(亿股) | 4.27 | | 流通港股(亿股) | 4.18 | | 近 3 个月换手率(%) | 83.72 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-05 2024-09 2025-01 哔哩哔哩-W 恒生指数 相关研究报告 《广告及游戏拉动收入加速增长，单 季度盈利可期—港股公司信息更新报 告》-2024.8.23 方光照（分析师） 田 ...

Core Viewpoint - The Hang Seng Tech Index rose over 1% in the afternoon session, with Bilibili and Li Auto leading the gains among constituent stocks [1] Company Summary - Bilibili and Li Auto were the top performers in the Hang Seng Tech Index, contributing significantly to the index's increase [1]

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Group 1 - The Hong Kong mobile gaming stocks are experiencing a strong upward trend, with Zhongyou Mobile (00302.HK) rising over 15% [1] - Boyaa Interactive (00434.HK) has increased by more than 12% [1] - Other companies such as Bilibili (09626.HK) and Xindong Company (02400.HK) are also seeing gains [1]

Core Viewpoint - The company maintains its Non-GAAP net profit forecast for 2025 and 2026, with a target price of HKD 176 for Hong Kong stocks and USD 23 for US stocks, indicating potential upside of 27.8% and 25.5% respectively [1] Group 1: Financial Performance - In Q1 2025, the company's revenue reached CNY 7.003 billion, a year-on-year increase of 23.6%, aligning closely with market expectations [2] - The Non-GAAP net profit for Q1 2025 was CNY 363 million, exceeding market consensus of CNY 231 million and the company's own forecast of CNY 247 million, primarily due to lower-than-expected sales expenses [2] - Advertising revenue in Q1 2025 grew by 20% to CNY 1.998 billion, with effective advertising revenue increasing by over 30% year-on-year [2] Group 2: Game and User Engagement - Game revenue in Q1 2025 surged by 76.1% to CNY 1.731 billion, with expectations of a 60% year-on-year growth in Q2 2025 [2] - The company plans to launch the overseas version of its game "三谋" by the end of 2025 and aims to diversify the game across multiple platforms [2] - The average monthly paying user count reached 32 million in Q1 2025, with revenue from the charging plan increasing by over 200% year-on-year [2] Group 3: Profitability and Cost Management - The gross margin in Q1 2025 improved by 7.9 percentage points to 36.3%, with expectations for continued improvement in gross margin and Non-GAAP operating profit margin in 2025 [3] - Sales, management, and R&D expenses remained stable on a quarter-on-quarter basis [3] Group 4: Market Position and Commercialization Potential - The company reported year-on-year growth in MAU, DAU, and average daily usage time, with DAU reaching 107 million in Q1 2025 [4] - The company is enhancing its commercialization capabilities, with a focus on advertising, e-commerce, and charging plans, while maintaining a high level of user engagement [4]

Investment Rating - The report maintains a "BUY" rating for Bilibili, indicating a potential return of over 15% over the next 12 months [21]. Core Insights - Bilibili's total revenue for 1Q25 increased by 24% year-over-year to RMB7.0 billion, aligning with Bloomberg consensus estimates. The adjusted net income reached RMB362 million, a significant improvement from a net loss of RMB456 million in 1Q24, driven by gross profit margin expansion and controlled R&D expenses [1][2]. - For 2Q25, the expectation is for continued strong performance with a projected 20% year-over-year revenue growth, supported by advertising and mobile games [1]. - The target price has been fine-tuned to US$26.5, reflecting a 46% upside from the current price of US$18.15, based on a 25x FY26E non-GAAP PE [3][11]. Financial Performance Summary - **Revenue Growth**: - FY23A: RMB22,528 million - FY24A: RMB26,832 million (19.1% YoY growth) - FY25E: RMB30,584 million (14.0% YoY growth) [2][18]. - **Gross Margin**: - FY23A: 24.2% - FY24A: 32.7% - FY25E: 36.9% [2][18]. - **Adjusted Net Profit**: - FY23A: (RMB3,533.8 million) - FY24A: (RMB22.1 million) - FY25E: RMB2,243.8 million [2][18]. - **Earnings Per Share (EPS)**: - FY25E: 534.14 RMB cents, compared to consensus EPS of 4.53 RMB [2][18]. Business Segment Performance - **Value-Added Services (VAS)**: Revenue grew by 11% YoY to RMB2.81 billion, driven by live streaming and innovative monetization methods [7]. - **Advertising Revenue**: Increased by 20% YoY to RMB2.00 billion, with performance ads growing over 30% YoY [7]. - **Mobile Games Revenue**: Strong growth of 76% YoY to RMB1.73 billion, attributed to the success of the game "SanMou" [7]. Margin Expansion - The overall gross profit margin improved by 8 percentage points YoY to 36.3% in 1Q25, with adjusted operating profit margin rising by 14 percentage points YoY to 4.9% [7][8]. Valuation and Target Price - The SOTP-derived target price of US$26.5 reflects the valuation of different business segments: - Advertising: US$12.7 (48% of total valuation) - VAS: US$6.4 (24%) - Mobile Games: US$7.2 (27%) [11][12][13]. Market Data - Market capitalization stands at approximately US$7.62 billion, with a 52-week high of US$29.66 and a low of US$12.96 [3]. - The average trading volume over the past three months is US$65.4 million [3]. User Engagement Metrics - Monthly Active Users (MAUs) grew by 8% YoY to 368 million, with average daily time spent on the platform increasing by 3% YoY to 108 minutes [7]. Future Outlook - Management is optimistic about sustaining growth in mobile games, particularly with upcoming content releases for "SanMou" [7]. - For 2Q25, total revenue is expected to reach RMB7.36 billion, with mobile games, advertising, and VAS revenue projected to grow by 63%, 18%, and 11% YoY, respectively [7].

Core Insights - Bilibili-W (09626) shares rose over 3% following the release of its Q1 2025 unaudited financial results, with a current price of 144.4 HKD and a trading volume of 75.0074 million HKD [1] Financial Performance - The total net revenue for Q1 2025 reached RMB 7.003 billion (USD 965 million), representing a year-on-year increase of 24% [1] - Gross profit amounted to RMB 2.539 billion (USD 350 million), up 58% year-on-year, with a gross margin of 36.3%, an increase from 28.3% in the same period of 2024 [1] - The net loss narrowed to RMB 10.7 million (USD 1.5 million), a 99% reduction year-on-year, while adjusted net profit was RMB 362 million (USD 49.8 million), marking a turnaround from loss to profit [1] - Operating cash flow was RMB 1.302 billion (USD 179 million), compared to RMB 638 million in the same period of 2024 [1] - Daily active users (DAUs) reached 106.7 million, an increase from 102.4 million in 2024 [1] Revenue Breakdown - Value-added services revenue was RMB 2.807 billion (USD 387 million), an 11% increase year-on-year, driven by growth in live streaming and other value-added services [2] - Advertising revenue reached RMB 1.998 billion (USD 275 million), up 20% year-on-year, primarily due to strong growth in performance-based advertising [2] - Mobile gaming revenue was RMB 1.731 billion (USD 239 million), a significant increase of 76% year-on-year, attributed to the strong performance of the exclusive licensed game "Three Kingdoms: Strategize the World" [2]

Group 1 - Gree Electric's former secretary Meng Yutong may return to the company for live streaming activities, with confirmation still pending from Gree [2] - Meng Yutong shared a chat record with Gree's chairman Dong Mingzhu on social media, indicating a potential reconnection after two years [2] - Gree's official account welcomed Meng Yutong back, suggesting a positive reception to her potential return [2] Group 2 - Xiaomi's chairman Lei Jun announced that the self-developed 3nm flagship chip, Xuanjie O1, has entered mass production [3] - The Xuanjie O1 chip will be featured in high-end devices such as the Xiaomi 15s Pro smartphone and the Xiaomi Pad 7 Ultra tablet [3] - Qualcomm's CEO emphasized that despite Xiaomi's self-developed chip, Qualcomm remains a significant supplier for the company [3] Group 3 - Leap Motor's founder and chairman Zhu Jiangming clarified rumors regarding his death, expressing frustration over the false claims [4] - Zhu Jiangming highlighted the need for entrepreneurs to continuously prove their existence and the viability of their companies [4] - Leap Motor achieved financial results that exceeded expectations in the first quarter of 2025 [4] Group 4 - Lenovo is reportedly developing a self-researched chip named "SS1101," featuring a ten-core CPU architecture and a high-performance GPU [5] - The SS1101 chip has achieved a single-core GeekBench 6 score exceeding 2000 and a multi-core score surpassing 6700, indicating performance close to the Dimensity 8400 level [5] Group 5 - Former Midea Group vice president Yin Bitong has joined Hisense Group as the president of the air conditioning division, overseeing all air conditioning business lines [6][7] - This move has been confirmed by insiders within Hisense, indicating a strategic shift in leadership for their air conditioning sector [7]

港股开盘，恒指开涨0.23%，科指开涨0.28%。哔哩哔哩(09626.HK)开涨1.93%，昨日公布业绩，一季度 经调整净利润为3.62亿元，同比扭亏为盈。 ...