Core Insights - Bilibili reported a net revenue of RMB 7.34 billion for Q2 2025, representing a year-on-year increase of 20% [1] - The company achieved a net profit of RMB 218.3 million in the same quarter, a significant turnaround from a net loss of RMB 608.1 million in the previous year [1] - Daily active users reached 109.4 million, marking a 7% increase compared to the same period last year [1]

Group 1: Financial Performance - Xinhua Department Store reported a net profit of 86.0081 million yuan for the first half of the year, a year-on-year decrease of 2.52% [1] - The company achieved operating revenue of 3.254 billion yuan, down 0.99% year-on-year [1] - Bilibili's Q2 revenue reached 7.34 billion yuan, a year-on-year increase of 20%, with adjusted net profit hitting 560 million yuan, also a record high [4] - Kuaishou's Q2 revenue was 35 billion yuan, up 13.1% year-on-year, with adjusted net profit of 5.6 billion yuan, marking a 20.1% increase [5] Group 2: Business Developments - Walmart raised its adjusted earnings per share forecast for FY2026 to between $2.52 and $2.62, with expected net sales growth of 3.75% to 4.75% for Q3 [2] - MINISO plans to expand its MINISO LAND stores overseas, leveraging its own IP alongside global IP collaborations [2] - Renhe Pharmaceutical's subsidiary ULook's brain-machine interaction smart glasses have not yet generated sales revenue, currently only in testing phases [3] Group 3: Market Trends and Innovations - Tencent Games showcased its full-chain AI creative solution VISVISE at the Gamescom 2025, covering various aspects of game production [3] - DeepSeek announced the release of DeepSeek-V3.1, designed for the next generation of domestic chips [7] - AliExpress launched a new marketing AI Agent to enhance product sales, significantly increasing the number of new products sold [8] Group 4: Investment and Financing - The autonomous vehicle company "White Rhino" completed nearly 500 million yuan in B+ round financing, focusing on product development and AI technology [8]

Performance Summary - China Petroleum & Chemical Corporation (00386.HK) reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% year-on-year [2] - Kuaishou Technology (01024.HK) achieved a revenue of 67.654 billion yuan, an increase of 12.04% year-on-year, with a net profit of 8.9 billion yuan, up 9.9% year-on-year [2] - China National Pharmaceutical Group (01099.HK) recorded a revenue of 36.363 billion yuan, a decrease of 1.48% year-on-year, and a net profit of 295 million yuan, an increase of 1.02% year-on-year [2] - Miniso Group (09896.HK) reported a revenue of 9.393 billion yuan, a growth of 21.1% year-on-year, but a net profit of 906 million yuan, down 22.6% year-on-year [2] - Tuhu (09690.HK) had a revenue of 7.9 billion yuan, an increase of 10.5% year-on-year, with an adjusted net profit of 410 million yuan, up 14.6% year-on-year, and the number of stores increased to 7,205 [2] - Bilibili Inc. (09626.HK) reported a second-quarter revenue of 7.338 billion yuan, an increase of 19.76% year-on-year, and a net profit of 219 million yuan, turning from a loss of 609 million yuan in the same period last year [2] - Zaitong (00062.HK) achieved a revenue of 4.226 billion HKD, an increase of 3.98% year-on-year, and a net profit of 190 million HKD, up 57.94% year-on-year [2] - Xincheng Power (01148.HK) reported a revenue of 2.804 billion yuan, an increase of 7.06% year-on-year, but a net profit of 16.49 million yuan, down 25.49% year-on-year [2] - Fourth Paradigm (06682.HK) achieved a revenue of 2.626 billion yuan, an increase of 40.71% year-on-year, with an adjusted net loss of 44 million yuan, narrowing by approximately 71.2% from a loss of 152 million yuan in the same period last year [2] - Meilian Group (01200.HK) reported a revenue of 2.518 billion HKD, a decrease of 24.1% year-on-year, and a net profit of 151 million HKD, down 13% year-on-year [2] - Baisheng Group (03368.HK) achieved a revenue of 1.963 billion yuan, an increase of 0.93% year-on-year, and a net profit of 22.468 million yuan, turning from a loss of 18.641 million yuan in the same period last year [2] - Yuexiu Services (06626.HK) reported a revenue of approximately 1.962 billion yuan, a slight increase of 0.09% year-on-year, with a net profit of approximately 240 million yuan [2] - Yika (09923.HK) achieved a revenue of 1.64 billion yuan, an increase of 4% year-on-year, and a net profit of 43.075 million yuan, up 36.2% year-on-year [2] - Gaoweidianzi (01415.HK) reported a revenue of 1.36 billion USD, an increase of 132.2% year-on-year, with a net profit of 67.398 million USD, up approximately 320% year-on-year [2] - BOC Aviation (02588.HK) achieved a revenue of 1.242 billion USD, an increase of 6% year-on-year, but a net profit of 342 million USD, down 26% year-on-year [2] - Jiuxing Holdings (01836.HK) reported a revenue of 775 million USD, an increase of 0.7% year-on-year, but a net profit of 78.633 million USD, down 14.5% year-on-year [2] - Sinopec Kantons Holdings (00934.HK) reported a revenue of approximately 307 million HKD, a decrease of 7.2% year-on-year, and a net profit of approximately 563 million HKD, down 17.8% year-on-year [2] - Great Wall Holdings (00583.HK) issued a profit warning, expecting a mid-term net loss of 266 million to 294 million HKD, a significant shift from profit to loss [2] Company News - Shengye (06069.HK) has initiated a global strategic layout to build an AI + international supply chain technology platform [2] - Yuan Zheng Technology (02488.HK) plans to develop a strategic layout for equipment assetization and related RWA applications [2] - Oconview Biosciences (01477.HK) announced that the second Phase III clinical trial of OT-301 has reached its primary endpoint [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 928,000 shares at a cost of 551 million HKD, with a buyback price ranging from 590 to 597 HKD [2] - HSBC Holdings (00005.HK) repurchased approximately 1.33 million shares at a cost of about 132 million HKD, with a buyback price ranging from 98.6 to 99.55 HKD [2] - Techtronic Industries (00669.HK) repurchased approximately 25,000 shares at a cost of about 25.085 million HKD, with a buyback price ranging from 99.5 to 101.6 HKD [2] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of 22.4935 million HKD, with a buyback price ranging from 111.8 to 112.8 HKD [2]

Group 1: Financial Performance - Xinhua Department Store reported a net profit of 86.0081 million yuan for the first half of the year, a year-on-year decrease of 2.52% [1] - The company achieved an operating income of 3.254 billion yuan, down 0.99% year-on-year [1] - Bilibili's Q2 revenue reached 7.34 billion yuan, a year-on-year increase of 20%, with adjusted net profit hitting 560 million yuan, also a record high [4] - Kuaishou's Q2 revenue was 35 billion yuan, up 13.1% year-on-year, with adjusted net profit of 5.6 billion yuan, reflecting a 20.1% increase [5] Group 2: Business Developments - Walmart raised its adjusted earnings per share forecast for fiscal 2026 to between $2.52 and $2.62, with expected net sales growth of 3.75% to 4.75% for Q3 [2] - MINISO's founder announced plans to expand MINISO LAND stores overseas, emphasizing the importance of proprietary IP alongside global IP [2] - Renhe Pharmaceutical's subsidiary ULook's brain-machine interaction smart glasses have not yet generated sales revenue, with only samples produced for testing [3] Group 3: Market Trends and Innovations - Tencent Games showcased its full-chain AI creative solution VISVISE at the Gamescom 2025, covering various aspects of game creation [3] - DeepSeek announced the release of DeepSeek-V3.1, which utilizes UE8M0 FP8 parameters designed for the next generation of domestic chips [7] - AliExpress launched a new marketing AI Agent called "New Product Lightning Push," which has doubled the number of new products achieving sales within seven days since July [9] Group 4: Investment and Financing - The autonomous vehicle company "White Rhino" completed nearly 500 million yuan in B+ round financing, with funds directed towards product development and AI technology [8]

Operational Performance - Bilibili's DAUs reached 109 million in Q2 2025[4], a 7% year-over-year increase[6] - Average daily time spent per user increased to 105 minutes in Q2 2025[4], a 6% year-over-year increase[6] Financial Highlights - Gross profit margin (GPM) improved to 36.5% in Q2 2025[8] - The company achieved a non-GAAP net profit of RMB 561 million in Q2 2025[8] - Net profit margin (NPM) reached 7.6% in Q2 2025[8] - Gross profit increased by 46% year-over-year to RMB 2676 million in Q2 2025[8] Industry and User Base - The video-based industry is expected to grow significantly, with the market size projected to reach RMB 2940 billion by 2030[11] - Bilibili has a strong presence among Gen Z+ users in China, with 7 out of 10 being users of the platform[14] - 43% of DAUs viewed video and live commerce related content[14] Revenue Streams - Value-added services (VAS) revenue grew by 11% year-over-year[34] - Advertising revenue increased by 20% year-over-year[44] - Mobile game revenue increased by 60% year-over-year[54] - Total net revenues increased by 20% year-over-year to RMB 7338 million[70]

Bilibili Inc. Second Quarter 2025 Financial Results [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted a quarter of healthy momentum, characterized by solid user growth, increased engagement, and strong financial performance, with revenue growth driven by advertising and mobile games, leading to significant improvements in gross margin and a return to net profitability, as the company remains focused on delivering premium content, deepening user engagement, and maintaining efficient, sustainable operations - CEO Rui Chen emphasized strong community engagement, with **DAUs**, **MAUs**, and **monthly paying users** growing by **7%**, **8%**, and **9% YoY**, respectively. Average daily time spent increased by **6 minutes** to **105 minutes**[3](index=3&type=chunk) - CFO Sam Fan highlighted **20% YoY revenue growth**, fueled by a **20% increase in advertising** and a **60% increase in games revenue**[3](index=3&type=chunk) - Profitability improved significantly, with **gross profit up 46% YoY**, **gross margin reaching 36.5%**, and the company achieving a **net profit of RMB 218.3 million**. Net operating cash flow was a robust **RMB 1.99 billion**[3](index=3&type=chunk) [Key Financial and Operational Highlights](index=1&type=section&id=Key%20Financial%20and%20Operational%20Highlights) In Q2 2025, Bilibili demonstrated significant year-over-year growth across key metrics, with total net revenues increasing by 20%, driven by a remarkable 60% surge in mobile games revenue, and the company achieved a major profitability turnaround, reporting a net profit of RMB 218.3 million compared to a substantial loss in the prior year, while user engagement also strengthened, with Daily Active Users (DAUs) growing by 7% Q2 2025 Key Metrics vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Net Revenues | RMB 7.34 billion | RMB 6.13 billion | +20% | | Mobile Games Revenues | RMB 1.61 billion | RMB 1.01 billion | +60% | | Gross Profit | RMB 2.68 billion | RMB 1.83 billion | +46% | | Gross Profit Margin | 36.5% | 29.9% | +6.6pp | | Net Profit/(Loss) | RMB 218.3 million | (RMB 608.1 million) | Turnaround | | Adjusted Net Profit/(Loss) | RMB 561.3 million | (RMB 271.0 million) | Turnaround | | Net Cash from Operations | RMB 1.99 billion | RMB 1.75 billion | +13.7% | | Average DAUs | 109.4 million | ~102.2 million | +7% | [Detailed Financial Performance](index=1&type=section&id=Detailed%20Financial%20Performance) Total net revenues for Q2 2025 reached RMB 7.34 billion, a 20% increase year-over-year, primarily propelled by strong growth in mobile games and advertising, while cost of revenues grew at a slower pace of 9%, resulting in a 46% increase in gross profit and an expanded gross margin of 36.5%, and with operating expenses held stable, the company successfully turned an operating loss of RMB 585.1 million last year into an operating profit of RMB 251.6 million [Revenues](index=1&type=section&id=Revenues) Revenue by Segment (Q2 2025) | Revenue Segment | Amount (RMB billion) | YoY Change | | :--- | :--- | :--- | | Total Net Revenues | 7.34 | +20% | | Value-added services (VAS) | 2.84 | +11% | | Advertising | 2.45 | +20% | | Mobile games | 1.61 | +60% | | IP derivatives and others | 0.44 | -15% | - The **60% growth in mobile games revenue** was mainly attributable to the strong performance of the exclusively licensed game, *San Guo: Mou Ding Tian Xia*[5](index=5&type=chunk) - The **20% growth in advertising revenue** was primarily driven by strong performance-based advertising[5](index=5&type=chunk) [Costs and Expenses](index=1&type=section&id=Costs%20and%20Expenses) - Cost of revenues increased by **9% YoY to RMB 4.66 billion**, mainly due to higher revenue sharing costs which grew in line with revenue[7](index=7&type=chunk) - Total operating expenses remained stable year-over-year at **RMB 2.42 billion**[8](index=8&type=chunk) Operating Expenses Breakdown (Q2 2025) | Expense Category | Amount (RMB billion) | YoY Change | | :--- | :--- | :--- | | Sales and marketing | 1.05 | +1% | | Research and development | 0.87 | -3% | [Profitability](index=1&type=section&id=Profitability) Profitability Metrics (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | | :--- | :--- | :--- | | Gross Profit | 2,675.8 | 1,833.2 | | Profit/(Loss) from Operations | 251.6 | (585.1) | | Net Profit/(Loss) | 218.3 | (608.1) | | Adjusted Net Profit/(Loss) | 561.3 | (271.0) | - Gross profit margin improved to **36.5%** from **29.9%** in the same period of 2024, driven by revenue growth and enhanced monetization efficiency[8](index=8&type=chunk)[10](index=10&type=chunk) [Earnings Per Share (EPS)](index=2&type=section&id=Earnings%20Per%20Share%20(EPS)) EPS Comparison (Q2 2025 vs Q2 2024) | EPS Type | Q2 2025 (RMB) | Q2 2024 (RMB) | | :--- | :--- | :--- | | Basic EPS | 0.52 | (1.46) | | Diluted EPS | 0.51 | (1.46) | | Adjusted Basic EPS | 1.34 | (0.65) | | Adjusted Diluted EPS | 1.29 | (0.65) | [Financial Position and Cash Flow](index=2&type=section&id=Financial%20Position%20and%20Cash%20Flow) The company maintained a strong financial position with RMB 22.29 billion in cash, cash equivalents, time deposits, and short-term investments as of June 30, 2025, and net cash provided by operating activities was robust at RMB 1.99 billion for the quarter, showing a healthy increase from the previous year - As of June 30, 2025, the Company had cash and cash equivalents, time deposits and short-term investments of **RMB 22.29 billion (US$3.11 billion)**[15](index=15&type=chunk) - Net cash provided by operating activities was **RMB 1.99 billion (US$277.7 million)**, compared with **RMB 1.75 billion** in the same period of 2024[15](index=15&type=chunk) [Recent Developments](index=2&type=section&id=Recent%20Developments) During the second quarter, Bilibili strengthened its capital structure by completing a US$690.0 million convertible senior notes offering, and in conjunction with this, the company executed a concurrent repurchase of its shares and continued its existing share buyback program, signaling confidence in its long-term value - In May 2025, the Company completed an offering of **US$690.0 million in convertible senior notes** due 2030[16](index=16&type=chunk) - Concurrently, the company repurchased **5,588,140 Class Z ordinary shares** for approximately **US$100.0 million**[17](index=17&type=chunk) - Under its **US$200 million share repurchase program** from November 2024, the company has repurchased a total of **US$116.4 million in securities**, with **US$83.6 million remaining** as of June 30, 2025[18](index=18&type=chunk) Unaudited Condensed Consolidated Financial Statements [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) The unaudited consolidated statements of operations detail the company's financial performance for the three and six months ended June 30, 2025, showing a significant turnaround from a net loss of RMB 608.1 million in Q2 2024 to a net profit of RMB 218.3 million in Q2 2025, driven by revenue growth and improved operational efficiency Condensed Statement of Operations (For the Three Months Ended June 30) | Line Item (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Total net revenues** | **7,337,690** | **6,127,144** | | Cost of revenues | (4,661,844) | (4,293,943) | | **Gross profit** | **2,675,846** | **1,833,201** | | Total operating expenses | (2,424,234) | (2,418,336) | | **Profit/(loss) from operations** | **251,612** | **(585,135)** | | **Net profit/(loss)** | **218,283** | **(608,149)** | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, reflects a strengthened financial position compared to December 31, 2024, with total assets growing to RMB 38.8 billion from RMB 32.7 billion, largely due to an increase in cash, time deposits, and long-term debt from the recent notes offering, while total liabilities also increased, primarily from the new long-term debt Condensed Balance Sheet Data | Line Item (RMB thousands) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | **25,570,818** | **19,756,055** | | Cash and cash equivalents | 10,675,615 | 10,249,382 | | **Total assets** | **38,793,783** | **32,698,500** | | **Total current liabilities** | **16,014,318** | **14,762,803** | | Long-term debt | 8,088,858 | 3,264,153 | | **Total liabilities** | **24,638,025** | **18,594,587** | | **Total shareholders' equity** | **14,155,758** | **14,103,913** | [Reconciliations of GAAP and Non-GAAP Results](index=6&type=section&id=Reconciliations%20of%20GAAP%20and%20Non-GAAP%20Results) This section reconciles GAAP financial figures to non-GAAP counterparts by excluding non-cash or non-recurring items such as share-based compensation and amortization of intangible assets, showing that for Q2 2025, the adjusted net profit was RMB 561.3 million, a significant improvement from an adjusted net loss of RMB 271.0 million in Q2 2024, providing an alternative view of the company's core operational profitability GAAP to Non-GAAP Net Profit Reconciliation (Q2 2025 vs Q2 2024) | Line Item (RMB thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net (loss)/profit (GAAP)** | **218,283** | **(608,149)** | | Add: Share-based compensation | 284,847 | 259,479 | | Add: Amortization of intangibles | 36,692 | 41,776 | | Add: Other adjustments | 21,507 | 35,904 | | **Adjusted net (loss)/profit (Non-GAAP)** | **561,329** | **(270,990)** |

Financial Performance - The company reported a total net revenue of RMB 7.338 billion for Q2 2025, representing a year-on-year increase of 19.76% [1] - Gross profit reached RMB 2.676 billion, up 45.97% year-on-year, with a gross margin improvement from 29.9% to 36.5% [2] - The company achieved a net profit attributable to shareholders of RMB 219 million, a turnaround from a net loss of RMB 609 million in the same period last year [1][2] User Engagement - Daily active users increased by 7% year-on-year, while monthly active users grew by 8% [2] - Monthly paying users saw a 9% increase year-on-year, with average daily usage time rising to 105 minutes, an increase of 6 minutes compared to the previous year [2] Strategic Initiatives - The company successfully hosted its flagship offline events, Bilibili World and Bilibili Marco Link, attracting over 400,000 participants, marking it as one of the largest anime expos in China [2] - The company plans to continue focusing on high-quality content that resonates with young users to drive growth and deepen engagement [2] Share Buyback Program - The company completed the repurchase of 5.5881 million Class Z ordinary shares for a total amount of HKD 783 million in Q2 [2] - As of June 30, 2025, the company has repurchased a total of 6.4 million listed securities at a cost of USD 116 million, with approximately USD 83.6 million remaining under the approved USD 200 million buyback plan [2]

格隆汇8月21日｜哔哩哔哩：第二季度营收73.4亿元，同比增20%，市场预期73.3亿元；调整后每股收益 1.29元，同比扭亏，市场预期1.22元。财报显示，业绩增长主要得益于广告和游戏业务，同比分别增长 20%和60%。二季度NON-GAAP净利润5.6亿元，2024年同期则录得经调整净亏损2.7亿元。哔哩哔哩日 均活跃用户(日活用户)达1.09亿，同比增加7%。二季度毛利润为人民币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。 ...

每经AI快讯，8月21日，哔哩哔哩在港交所公告，2025年第二季度营收73.4亿元，同比增加20%；经调 整净利润5.61亿元。 ...

Core Insights - Bilibili reported a total net revenue of RMB 7.34 billion (USD 1.024 billion) for Q2 2025, representing a year-on-year increase of 20% [1] - The company achieved a gross profit of RMB 2.68 billion (USD 373.5 million), with a gross margin of 36.5%, up from 29.9% in the same period last year [1][3] - Daily active users (DAUs) reached 109.4 million, reflecting a 7% year-on-year growth [1][2] Revenue Breakdown - Advertising revenue amounted to RMB 2.45 billion (USD 341.9 million), also up by 20% year-on-year [1][3] - Mobile gaming revenue surged to RMB 1.61 billion (USD 225.1 million), marking a significant increase of 60% year-on-year [1][3] Profitability Metrics - Net profit for the quarter was RMB 218.3 million (USD 30.5 million), a turnaround from a net loss of RMB 608.1 million in the same quarter of 2024 [1] - Adjusted net profit reached RMB 561.3 million (USD 78.4 million), compared to an adjusted net loss of RMB 271.0 million in the previous year [1][3] User Engagement - Monthly active users (MAUs) grew by 8% year-on-year, while monthly paying users increased by 9% [2] - Users spent an average of 105 minutes daily on the platform, which is 6 minutes longer than the same period last year [2] Community Engagement - The company hosted its flagship offline events, Bilibili World and Bilibili Marco Link, attracting over 400,000 participants, highlighting the brand's vitality and community cohesion [2]