二是升级完善保护措施。 指导网站平台在前期治理网络暴力的基础上，进一步升级完善防护 措施，加大"开盒"风险提示力度，设置涉"开盒"举报快速入口，及时核实网民投诉举报，最大 限度帮助网民防范和处置"开盒"问题风险。 中央网信办有关负责同志强调，利用"开盒"等方式非法获取并公开他人个人信息，涉嫌违法犯 罪，性质极为恶劣。下一步，中央网信办将继续坚持高强度打击和高力度保护并重，着力做 好"开盒"问题整治工作。 一是全力阻断传播渠道。 督促网站平台深入清理各类违法发布个人信息，诱导网民跟进泄露 隐私，借机进行攻击谩骂、嘲讽贬低的内容，清理教授、买卖或者提供"开盒"方法、教程和服 务等信息内容，对于组织煽动"开盒"、提供"开盒"服务等账号、群组，一律予以关闭或者解 散。 据央视新闻报道，近日，中央网信办专门印发通知，从阻断"开盒"信息传播、完善预警机制、 加大惩治力度、优化保护措施、加强宣传引导等多个维度明确工作要求，督促各地网信部门、 各网站平台进一步强化"开盒"问题整治工作。同时，召开专题部署会议， 要求微博、腾讯、 抖音、快手、百度、小红书、知乎、哔哩哔哩、豆瓣等多家重点网站平台，对照通知抓好各项 任务落实 ， ...

Investment Rating - The report maintains an "Outperform" rating for Bilibili-W (09626.HK) [5][3] Core Views - The company's adjusted net profit turned positive, indicating continuous improvement in operational quality. In Q1 2025, Bilibili achieved revenue of 7.003 billion yuan, a year-on-year increase of 24%, with operating profit growing by 58% to 2.539 billion yuan. The net loss narrowed to 0.1 billion yuan, a 99% year-on-year reduction, and adjusted net profit reached 0.362 billion yuan, compared to a loss of 0.456 billion yuan in the same period last year [1][3] - User growth remains strong, with MAU and DAU reaching 368 million and 107 million respectively in Q1 2025, representing year-on-year growth of 8% and 4%. The average user age is now 26 years, reflecting an improving commercialization environment [2][3] - The advertising business performed well, with Q1 revenue of 1.998 billion yuan, a 20% year-on-year increase, driven by significant growth in performance-based advertising. The mobile gaming segment saw a remarkable 76% year-on-year revenue increase to 1.731 billion yuan, largely due to the success of the game "Three Kingdoms: Strategizing the World" [2][3] Summary by Sections Financial Performance - In Q1 2025, Bilibili's revenue was 7.003 billion yuan, up 24% year-on-year, with a significant improvement in operating cash flow to 1.302 billion yuan from 0.638 billion yuan in the previous year [1] - The company expects revenues of 30.161 billion yuan, 33.304 billion yuan, and 36.683 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12%, 10%, and 10% [3][4] User Engagement - Bilibili's MAU and DAU reached 368 million and 107 million in Q1 2025, with daily average usage time increasing to 108 minutes [2][3] - The average age of users has risen to 26 years, indicating a broader demographic appeal and improved monetization potential [2][3] Revenue Streams - The revenue breakdown for Q1 2025 shows that value-added services accounted for 40%, advertising for 28%, and gaming for 25% of total revenue [24] - The value-added services revenue grew by 11% year-on-year, while advertising revenue increased by 20% [2][3] Future Outlook - The report projects that Bilibili will achieve net profits of 0.756 billion yuan, 1.761 billion yuan, and 2.945 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.77, 4.12, and 6.89 yuan [3][4]

Investment Rating - The report maintains an "Outperform" rating for Bilibili-W (09626.HK) [5][3][47] Core Views - The company has achieved positive adjusted net profit of 362 million yuan in Q1 2025, a significant improvement from a loss of 456 million yuan in the same period last year, indicating continuous improvement in operational quality [1][3] - Revenue for Q1 2025 reached 7.003 billion yuan, representing a year-on-year growth of 24%, with operating cash flow also showing significant improvement [1][3] - The user base continues to grow, with MAU and DAU reaching 368 million and 107 million respectively, reflecting a year-on-year increase of 8% and 4% [2][3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 7.003 billion yuan, up 24% year-on-year, and an operating profit margin improvement with gross profit increasing by 58% to 2.539 billion yuan [1][3] - The adjusted net profit turned positive at 362 million yuan, compared to a loss of 456 million yuan in Q1 2024 [1][3] - The company expects revenues for 2025, 2026, and 2027 to be 30.161 billion yuan, 33.304 billion yuan, and 36.683 billion yuan respectively, with year-on-year growth rates of 12%, 10%, and 10% [3][4] User Growth and Engagement - The average user age has reached 26 years, with daily active users spending an average of 108 minutes on the platform [2][14] - The number of monthly paying users reached a record high of 32 million, with the number of effective premium members at 23.5 million [2][18] Revenue Streams - Revenue from advertising in Q1 2025 was 1.998 billion yuan, a 20% increase year-on-year, driven by significant growth in performance-based advertising [2][3] - The gaming segment saw revenue of 1.731 billion yuan in Q1 2025, a remarkable 76% increase year-on-year, largely due to the success of the game "Three Kingdoms: Strategize the World" [2][3] - Value-added services generated revenue of 2.2807 billion yuan, an 11% increase year-on-year, benefiting from membership and live streaming services [2][3] Future Outlook - The report projects that the company will achieve profitability in 2025, with net profits expected to be 756 million yuan, 1.761 billion yuan, and 2.945 billion yuan for 2025, 2026, and 2027 respectively [3][4] - The company is positioned well for growth in advertising, gaming, and value-added services, supported by advancements in AI technology and a stable regulatory environment [3][47]

Group 1 - Bilibili (BILI) has recently reached a key level of support and has overtaken the 200-day moving average, indicating a long-term bullish trend [1] - BILI shares have increased by 8.8% over the past four weeks, and the stock is currently rated as Zacks Rank 2 (Buy), suggesting potential for continued growth [2] - Positive earnings estimate revisions support the bullish outlook for BILI, with no estimates decreasing in the past two months and one estimate increasing, alongside a rise in the consensus estimate [3]

Group 1 - The Hong Kong mobile gaming stocks have shown strong performance, with Zhongjiu Mobile (00302.HK) rising over 4% [1] - Bilibili (09626.HK) has increased by more than 3% [1] - Other companies such as NetEase (09999.HK) and Blueport Interactive (08267.HK) also experienced gains [1]

Group 1: Company Overview - The report focuses on Zhongke Shuguang (603019), a leading enterprise in China's core information infrastructure, primarily engaged in high-end computing, storage, security, and data center products [3][4] - The company is a top incubation platform of the Chinese Academy of Sciences, with investments in several high-quality assets covering the entire computing industry chain from chips to cloud services [4][5] - The company's net profit has shown stable long-term growth, with a revenue of 13.148 billion yuan in 2024, a year-on-year decrease of 8.4%, while net profit reached 1.911 billion yuan, a year-on-year increase of 4.1% [4] Group 2: Business Strategy and Growth - Zhongke Shuguang has focused on artificial intelligence infrastructure, achieving significant technological breakthroughs in smart computing services, forming a complete product capability system [5][6] - The company has a comprehensive layout in the autonomous controllable computing industry chain, with subsidiaries like Shuguang Data Creation and Haiguang Information leading in their respective fields [5][6] - The report projects that the company will achieve revenues of 15.663 billion, 19.837 billion, and 25.417 billion yuan from 2025 to 2027, with net profits of 2.846 billion, 3.803 billion, and 5.251 billion yuan respectively [9] Group 3: Industry Insights - The semiconductor industry is facing uncertainties due to tariff disturbances, with visibility for the second half of 2025 being low [10] - The storage market is showing positive trends in Q2 2025, with significant price increases for DDR4 memory [13] - The AI hardware demand is expected to remain strong, with recommendations to focus on leading companies in the AI hardware sector [14] Group 4: Digital Media and Gaming - Bilibili (09626) reported a 24% year-on-year increase in revenue for Q1 2025, driven by strong user engagement and growth in mobile gaming [15][16] - The company’s mobile game revenue increased by 76% year-on-year, highlighting the success of its exclusive game titles [17] - The advertising revenue also grew by 20% year-on-year, reflecting the platform's increasing influence and user engagement [19] Group 5: Travel and Tourism - Trip.com Group (09961) reported a 16% year-on-year increase in net operating revenue for Q1 2025, driven by strong domestic travel demand and recovery in international business [27][28] - The company is seeing significant growth in outbound travel bookings, exceeding pre-pandemic levels by over 20% [29] - The report forecasts net operating revenues of 61.6 billion, 69.4 billion, and 79.4 billion yuan from 2025 to 2027, with net profits of 16.5 billion, 20.2 billion, and 22.5 billion yuan respectively [30]

Industry Dynamics - In May, a total of 130 domestic games and 14 imported games received approval for publication, marking a new high for the number of games approved in a single month in recent years [4] - Sensor Tower reported that global mobile game revenue in April reached approximately $6.48 billion, a month-over-month decrease of 4.5%, with Tencent's "Honor of Kings" topping the revenue chart [5] - Guangdong province introduced policies to support high-quality development in the gaming industry, focusing on original game production, technological innovation, and the establishment of service centers for game companies [6] Company Developments - Tencent launched an innovative project called "Hunyuan-Game," an AI-driven content production engine aimed at revolutionizing game asset generation and production processes [7] - Bilibili reported a 76% year-over-year increase in gaming revenue for Q1 2025, reaching 1.731 billion RMB, contributing significantly to the company's overall revenue growth [8] - NetEase held an online event announcing 9 new games, including titles like "Destiny: Stars" and "Marvel: Secret Magic" [10] - MiHoYo established a new company, Original Sea Technology, with a registered capital of 80 million RMB, focusing on game development and AI applications [11] - Bilibili's game "Shining! Yujun Girl" was relaunched after being offline for 622 days, with new version updates completed [12] Regulatory and Competitive Landscape - The U.S. Federal Trade Commission officially withdrew its lawsuit against Microsoft's acquisition of Activision Blizzard, indicating regulatory approval for the deal [13] - Nintendo showcased the design of the Switch 2 cartridge, featuring a color change from black to red [14] - The first Hero Asia Cup (ACL) was successfully held in Shanghai, with over 1,200 teams and more than 10,000 participants, linking with the popular esports event Saudi Esports World Cup [16]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][6] Core Views - The company achieved a revenue of 7 billion yuan in Q1 2025, representing a year-on-year growth of 24%, and an adjusted net profit of 360 million yuan, marking a turnaround from a net loss of 460 million yuan in the same period last year [1][5] - The gross profit reached 2.539 billion yuan, with a gross margin of 36.3%, an increase of 8 percentage points year-on-year, indicating a significant improvement in profitability [5][6] - The company’s operational cash flow was 1.302 billion yuan, reflecting strong cash generation capabilities [5] Revenue Breakdown - Value-added services revenue was 2.807 billion yuan, up 11% year-on-year, driven by growth in live streaming and membership services [5] - Advertising revenue reached 1.998 billion yuan, a 20% increase, primarily due to growth in performance-based advertising [5] - Mobile gaming revenue surged to 1.731 billion yuan, a remarkable 76% increase, attributed to the strong performance of the exclusive SLG game "Three Kingdoms: Strategize the World" [5] - Revenue from IP derivatives and other businesses was 467 million yuan, down 4% year-on-year [5] User Engagement and Content Strategy - The company reported daily active users of 107 million and monthly active users of 368 million, with an average daily usage time of 108 minutes [5] - The company successfully positioned itself as the exclusive bullet screen video partner for the Spring Festival Gala, attracting over 100 million viewers on New Year's Eve [5] - The company continues to focus on high-quality original content, with notable successes in various series and animations [5] Financial Projections - The company expects revenues to reach 30.856 billion yuan, 34.559 billion yuan, and 37.324 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding adjusted net profits of 1.965 billion yuan, 2.856 billion yuan, and 3.696 billion yuan [7][9] - The projected PE ratios for 2025, 2026, and 2027 are 28.9, 19.9, and 15.4, respectively, indicating a favorable valuation outlook [7][10]

Investment Rating - The report maintains a "Recommended" rating for Bilibili (BILI), expecting it to outperform the benchmark index by 10%-20% over the next six months [16]. Core Insights - Bilibili's Q1 2025 financial results showed revenue of 7 billion yuan, a year-over-year increase of 24%, aligning with Bloomberg consensus expectations. The gross profit reached 2.54 billion yuan, up 58% year-over-year, with a gross margin of 36.3%, also meeting expectations. The company achieved a NON-GAAP net profit of 362 million yuan, marking a turnaround from losses, exceeding consensus forecasts [1]. - Cost-saving measures contributed to the profit exceeding expectations, with R&D expenses at 840 million yuan, 7% lower than anticipated, and sales expenses at 1.17 billion yuan, 3% below expectations. Overall, total expenses were 4% lower than projected [1]. - The report highlights the upcoming performance of the "Three Kingdoms" anniversary season as a key focus area [1]. Financial Projections - Revenue projections for Bilibili are adjusted to 29.9 billion yuan for 2025, 32.4 billion yuan for 2026, and 34.6 billion yuan for 2027, reflecting year-over-year growth rates of 12%, 8%, and 7% respectively [7]. - The forecast for NON-GAAP net profit is updated to 2.01 billion yuan for 2025, 3.6 billion yuan for 2026, and 4.99 billion yuan for 2027, with significant year-over-year growth rates of 147.8%, 247.1%, and 62.3% respectively [7]. - The target price for Bilibili is set at $21.20, based on a 20x PE ratio for the 2026 NON-GAAP net profit, discounted back to 2025 [7]. Business Segments Performance - Mobile gaming revenue for Q1 2025 was 1.73 billion yuan, a 76% year-over-year increase, driven primarily by the core SLG product "Three Kingdoms: Strategy of the World" [7]. - Advertising revenue reached 2 billion yuan, a 20% year-over-year increase, supported by stable user growth, with DAU at 107 million, MAU at 368 million, and an average user engagement time of 108 minutes [7]. - Value-added services generated 2.8 billion yuan in revenue, an 11% year-over-year increase, driven by live streaming and other services [7].

Investment Rating - The report maintains a "Recommended" rating for Bilibili (BILI), expecting it to outperform the benchmark index by 10%-20% over the next six months [16]. Core Insights - Bilibili's Q1 2025 financial results showed revenue of 7 billion yuan, a year-over-year increase of 24%, aligning with Bloomberg consensus expectations. The gross profit reached 2.54 billion yuan, up 58% year-over-year, with a gross margin of 36.3%, also meeting expectations. The company achieved a non-GAAP net profit of 362 million yuan, marking a return to profitability and exceeding consensus forecasts [1]. - Cost-saving measures contributed to the better-than-expected profit, with R&D expenses at 840 million yuan, 7% lower than expected, and sales expenses at 1.17 billion yuan, 3% below expectations. Overall, total expenses were 4% lower than anticipated [1]. Financial Projections - Revenue projections for Bilibili are adjusted to 29.9 billion yuan for 2025, 32.4 billion yuan for 2026, and 34.6 billion yuan for 2027, reflecting year-over-year growth rates of 12%, 8%, and 7% respectively [7]. - The forecast for non-GAAP net profit is updated to 2.01 billion yuan for 2025, 3.6 billion yuan for 2026, and 4.99 billion yuan for 2027, with significant year-over-year growth rates of 147.8%, 247.1%, and 62.3% respectively [7]. Business Segment Performance - Mobile gaming revenue for Q1 2025 was 1.73 billion yuan, a 76% year-over-year increase, driven primarily by the core SLG product "Three Kingdoms: Strategy of the World" [7]. - Advertising revenue reached 2 billion yuan, a 20% year-over-year increase, supported by stable user growth, with daily active users (DAU) reaching 107 million, a 4% year-over-year increase [7]. - Value-added services generated 2.8 billion yuan in revenue, an 11% year-over-year increase, driven by live streaming and other services [7]. Valuation and Target Price - The target price for Bilibili is set at $21.20, based on a 20x PE ratio for the 2026 non-GAAP net profit, discounted back to 2025 [7].