证 券 研 究 报 告 哔哩哔哩（BILI）4Q24 财报点评 推荐（维持） 利润端超预期，看好三谋稳态期收入与广告 增长释放驱动盈利持续 事项： ❖ 发布 24Q4 财报：收入端符合一致预期；利润端超一致预期。24Q4 公司实现 收入 77 亿元，YOY+22%，QOQ+6%；实现 NON-GAAP 营业利润 4.6 亿元， YOY 扭亏为盈，QOQ+70%；实现 NON-GAAP 归母净利润 4.5 亿元，YOY 扭 亏为盈，QOQ+92%；此外，实现 GAAP 口径净利润回正。2024 全年，公司实 现收入 268 亿元，YOY+19%；实现 NON-GAAP 营业利润-0.6 亿元，YOY 收 窄 98%；实现 NON-GAAP 归母净利润-0.2 亿元，YOY 收窄 99%。 资料来源：公司公告，华创证券预测 注：股价为 25 年 4 月 1 日收盘价 公司研究 传媒 2025 年 04 月 02 日 目标价：21.38 美元 当前价：18.99 美元 华创证券研究所 证券分析师：刘欣 评论： ❖ 风险提示：产品流水下滑超预期风险、宏观经济波动风险、行业竞争加剧风险。 [ReportFinancia ...

Exhibit 99.1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Bilibili Inc. (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) ...

Core Viewpoint - Bilibili Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC, highlighting its status as a leading video community for young generations in China [1]. Company Overview - Bilibili is recognized as an iconic brand and a leading video community in China, aiming to enrich the lives of young generations through a diverse array of video-based content [3]. - The company has developed a strong community centered around aspiring users, high-quality content, and talented creators, fostering emotional connections among them [3]. - Bilibili is known for its innovative "bullet chatting" feature, which enhances the viewing experience by allowing real-time comments from viewers [3]. - The platform serves as a hub for diverse interests among young people in China and plays a significant role in promoting Chinese culture globally [3]. Annual Report Availability - The annual report, which includes audited consolidated financial statements, is available in electronic format on the company's investor relations website and the SEC's website [1]. - Hard copies of the annual report can be requested free of charge by shareholders and ADS holders [2].

Financial Performance - Total revenues for the year ended December 31, 2024, reached RMB 26,831,525 thousand, a significant increase from RMB 22,527,987 thousand in 2023, representing a growth of approximately 19.4%[46] - The net loss attributable to Bilibili Inc.'s shareholders for 2024 was RMB 1,346,800 thousand, compared to a net loss of RMB 4,822,321 thousand in 2023, indicating a reduction in losses by approximately 72%[46] - Third-party revenues in 2024 amounted to RMB 17,393,878 thousand, up from RMB 14,642,361 thousand in 2023, reflecting a growth of about 18.9%[46] - Total costs and expenses for 2024 were RMB 28,175,494 thousand, compared to RMB 27,592,174 thousand in 2023, showing an increase of approximately 2.1%[46] - The company reported third-party costs and expenses of RMB 16,539,124 thousand for 2024, which is a decrease from RMB 15,591,936 thousand in 2023, reflecting a cost management improvement[46] - The net loss from subsidiaries and net loss of VIEs for 2024 was RMB 1,400,195 thousand, a decrease from RMB 4,733,008 thousand in 2023, indicating improved operational performance[46] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2024, totaled RMB 10,249,382 thousand, compared to RMB 10,249,382 thousand in 2023, indicating stable liquidity[49] - The company reported a net cash provided by operating activities of RMB 6,014,854 thousand for the year ended December 31, 2024[52] - For the year ended December 31, 2023, net cash provided by operating activities was RMB 266,622 thousand, a significant improvement compared to a net cash used of RMB 3,911,370 thousand in 2022[53][54] - Total net cash provided by investing activities for 2023 was RMB 1,762,148 thousand, contrasting with a net cash used of RMB 10,609,218 thousand in 2022, indicating a positive shift in investment cash flow[53][54] - The company reported a net cash used in financing activities of RMB 2,825,383 thousand for the year ended December 31, 2024[52] Revenue Sources and Growth - Revenues contributed by the VIEs accounted for 73.4%, 69.4%, and 68.2% of total revenues for the years 2022, 2023, and 2024, respectively[25] - The company generated revenues from mobile games of RMB4,021.1 million in 2023, which increased by 39.5% to RMB5,610.3 million (US$768.6 million) in 2024, primarily due to the strong performance of the game "San Guo: Mou Ding Tian Xia" launched in June 2024[139] - The company derived 22.9%, 17.8%, and 20.9% of its revenues from mobile games in 2022, 2023, and 2024, respectively, with no single mobile game contributing more than 10% of total net revenues in those years[139] Regulatory Environment - The PRC government has indicated an intent to exert more oversight over overseas offerings, requiring companies to file with the CSRC for overseas securities offerings[31] - The PCAOB has not issued any new determination regarding its ability to inspect audit firms in mainland China and Hong Kong, which may affect future trading of Bilibili's shares in the U.S.[35] - The company may be required to obtain additional licenses or permits for its operations in mainland China, which could materially affect its business[31] - Compliance with evolving PRC data security and privacy regulations may increase operational costs and pose risks to business continuity[80] - The company must comply with new regulations regarding online violence and user identity verification, which could impose additional operational burdens[104] Operational Challenges - The company faces significant legal and financial risks due to potential cybersecurity breaches, which could adversely affect its business and reputation[82] - The company is currently involved in approximately 300 lawsuits related to copyright infringement, which could divert resources and affect financial performance[112] - The company faces intense competition for users and hosts in the live broadcasting business, particularly in areas such as gaming, e-sports, and entertainment[122] - The company must maintain good relationships with third-party game developers to access new popular games, as failure to do so could adversely affect operating results[141] Investment and Growth Strategy - The company is focusing on enhancing its commercialization strategies and developing new technologies, including artificial intelligence, to sustain revenue growth in a fast-evolving industry[66] - The company has invested significantly in developing and protecting its intellectual property, with potential risks from unauthorized use by third parties[119] - The company acquired a game company in February 2022 to enhance its in-house game development capacity[158] - The construction of a new property in Shanghai is expected to complete by approximately 2026, with the company holding a 30.01% stake in the project[165] VIE Structure and Risks - The company relies on contractual arrangements with VIEs for operations in mainland China, which may not provide effective control compared to direct ownership[209] - The VIEs hold essential licenses for operations, including Value-added Telecommunication Business Licenses and Online Culture Operating Permits, which are critical for business continuity[212] - Regulatory scrutiny of the VIE structure could lead to significant operational and financial risks if deemed non-compliant with foreign investment regulations[222] - There are substantial uncertainties regarding the interpretation of PRC laws, which could affect the enforceability of the company's contractual arrangements with VIEs[206] Employee and Talent Management - The company may face challenges in attracting and retaining key employees due to intense competition in the internet and technology industries in mainland China[174] - The company relies on talent agencies to manage hosts, and any failure to balance interests or design agreeable revenue-sharing mechanisms may hinder host retention[125] Future Outlook - Future revenue growth is contingent on user engagement, effective monetization strategies, and the ability to adapt to rapid technological changes[67] - The company anticipates a slowdown in user growth rate as market penetration increases, shifting focus from MAU to DAU growth[91] - A severe downturn in the Chinese or global economy could materially and adversely affect the company's business and financial condition[198]

Investment Rating - The investment rating for Bilibili (BILI) is "Buy" with a maintained rating for the next six months [4]. Core Insights - Bilibili reported Q4 2024 revenue of 7.73 billion yuan, exceeding Bloomberg consensus by 1.2%. Adjusted net profit was 450 million yuan, surpassing expectations by 15.3% [1]. - The mobile gaming segment generated 1.8 billion yuan in revenue, exceeding expectations by 0.6% and showing a year-on-year growth of 79%, driven by the strong performance of the exclusive strategy game "Three Kingdoms: Strategy of the World" [1][3]. - Advertising revenue reached 2.39 billion yuan, also exceeding expectations by 0.6%, with a year-on-year growth of 24%, attributed to product optimization and improved advertising efficiency [1][3]. - Value-Added Services (VAS) revenue was 3.08 billion yuan, surpassing expectations by 2.7%, with an 8% year-on-year increase due to growth in other value-added services and membership subscriptions [1]. - IP and derivative products revenue was 460 million yuan, falling short of expectations by 2.1%, with a year-on-year decrease of 16% [1]. User and Creator Metrics - The company reported a Daily Active User (DAU) count of 103 million and a Monthly Active User (MAU) count of 340 million, with a daily average usage time of 99 minutes [2]. - The number of monetizing creators (UP owners) reached 3.1 million, with total revenue from UP owners growing by 21% year-on-year [2]. - The number of UP owners earning revenue through video and live e-commerce increased by 68% year-on-year [2]. Cost Structure and Profitability - Operating costs were 4.95 billion yuan, a year-on-year increase of 5%, with revenue-sharing costs at 3.17 billion yuan, up 12% due to increased costs associated with mobile gaming [2]. - Gross margin improved significantly to 36.1%, reflecting a year-on-year increase of 10 percentage points [2]. - The adjusted net profit of 450 million yuan marked a turnaround from previous losses [2]. Advertising and Gaming Business Growth - The advertising business showed strong growth, with revenue per DAU increasing by over 20% year-on-year, driven by an expanding user base and enhanced advertising efficiency [3]. - The company plans to further open its ecosystem in 2024, embracing more advertising opportunities and optimizing its advertising infrastructure [3]. - The game "Three Kingdoms" is expected to continue driving revenue growth, with the company focusing on high-quality gameplay and careful commercialization [3]. Future Projections - Revenue forecasts for FY25E-FY27E are projected at 30.2 billion, 33.3 billion, and 36.6 billion yuan respectively, with non-GAAP net profits expected to be 2.05 billion, 3.8 billion, and 5 billion yuan [4].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of $27.8, indicating a potential upside of 36% from the current price of $20.34 [1][7][13] Core Insights - The company achieved a significant revenue growth of 19% year-on-year, reaching 26.83 billion RMB in 2024, with Q4 revenue growing by 22% to 7.73 billion RMB. The growth was driven by high-margin businesses, particularly in advertising and gaming [3][11] - The user engagement metrics remain strong, with daily active users (DAU) at 103 million and monthly active users (MAU) at 340 million, indicating a thriving community ecosystem [7][13] - The gaming segment saw a remarkable 79% year-on-year growth in Q4, primarily due to the success of the game "Three Kingdoms: Strategy of the World," which has become a key revenue driver [5][12] Summary by Sections Financial Performance - Total revenue for 2024 was 26.83 billion RMB, with Q4 revenue at 7.73 billion RMB, reflecting a 22% increase year-on-year. The advertising segment contributed 23.9 billion RMB, growing by 24%, while gaming revenue reached 18.0 billion RMB, up 79% [3][11] - The gross profit margin improved significantly, reaching 36.1%, with a gross profit increase of 68% year-on-year [3][11] User Engagement - The platform's DAU and MAU were reported at 103 million and 340 million, respectively, with an average daily usage time of 99 minutes, showcasing robust user engagement [7][13] - The company has a stable membership retention rate of over 80%, indicating strong user loyalty [11] Future Outlook - The upcoming game "Jujutsu Kaisen: Phantom Night" is expected to boost gaming revenue further once it receives approval for domestic release. The existing game "Three Kingdoms: Strategy of the World" is anticipated to maintain high revenue levels in its new season [5][12][13] - The advertising revenue is projected to benefit from product optimization and the seasonal increase in demand during the Spring Festival [7][13]

Group 1 - Bilibili reported its first-ever quarterly profit, indicating a positive shift in its financial and operating metrics [1] - The sustainability of this profitability trend remains uncertain, but there are indications that the company's fundamentals may be improving [1] Group 2 - Astrada Advisors specializes in investment research across technology, media, internet, and consumer sectors in North America and Asia [1] - The firm focuses on identifying high-potential investments and navigating complex industries, leveraging extensive local and global experience [1] - Astrada Advisors aims to empower investors with timely research and a comprehensive view of industry dynamics, integrating rigorous fundamental analysis with data-driven insights [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported better-than-expected performance in Q4 2024, with total revenue reaching 7.734 billion yuan, a year-on-year increase of 22% and a quarter-on-quarter increase of 6%, surpassing Bloomberg's consensus estimate of 7.639 billion yuan [3][9] - The advertising business is expected to continue its growth potential, with Q4 2024 advertising revenue of 2.389 billion yuan, up 24% year-on-year and 14% quarter-on-quarter. The company aims to consolidate its advertising budget in key industries while exploring new advertising demands from emerging sectors [3] - The gaming segment continues to operate with a long-term strategy, with Q4 2024 gaming revenue of 1.798 billion yuan, a year-on-year increase of 79%. The performance of the game "Three Kingdoms: Strategy" remains strong, and the company is focused on its long-term operation in the domestic market and overseas expansion [3] Summary by Relevant Sections Revenue and Profit Forecast - The company expects total revenue for 2025-2027 to be 29.858 billion yuan, 31.822 billion yuan, and 33.801 billion yuan respectively, with Non-GAAP net profits projected at 1.935 billion yuan, 3.027 billion yuan, and 4.201 billion yuan [3][10] - The current price-to-earnings (P/E) ratios for 2025-2027 are estimated at 36.02, 23.03, and 16.59 respectively, indicating a positive outlook for the company's profitability [3][10] Financial Metrics - The company achieved a gross margin of 36.1% in Q4 2024, an increase of 9.9 percentage points year-on-year and 1.2 percentage points quarter-on-quarter, benefiting from higher-margin game and advertising revenues [9] - The company anticipates that gross margins could reach 40-45% in the medium to long term, with further cost control expected to improve operating profit margins to 15-20% [9]

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of $26.40 per ADS, up from the previous target of $22.00 [1][5][27]. Core Insights - The company reported a total revenue of RMB 77.3 billion for Q4 2024, a year-on-year increase of 22%, and an adjusted net profit of RMB 4.53 billion, surpassing expectations by 15% [1][2]. - The growth in revenue is primarily driven by strong performance in mobile gaming and advertising sectors, with mobile game revenue increasing by 79% year-on-year [2][3]. - The management has reiterated its long-term operating profit margin target of 15-20%, which is expected to boost investor confidence [1][3]. Summary by Sections Financial Performance - For FY24, total revenue is projected to grow by 19% to RMB 268 billion, with an adjusted net loss reduced by 99% to RMB 2.21 billion [1][4]. - The company expects Q1 2025 total revenue to increase by 22% year-on-year, with mobile gaming, advertising, and value-added services (VAS) revenues expected to grow by 73%, 19%, and 10% respectively [2][3]. Revenue Breakdown - VAS revenue grew by 8% to RMB 30.8 billion, accounting for 40% of total revenue in Q4 2024, driven by increased premium membership and fan payment revenues [2]. - Advertising revenue increased by 24% to RMB 23.9 billion, representing 31% of total revenue, attributed to strong growth in performance advertising [2]. - Mobile gaming revenue surged by 79% to RMB 18 billion, making up 23% of total revenue, mainly due to new contributions [2]. Profitability Metrics - Gross profit margin (GPM) improved by 10 percentage points to 36.1% in Q4 2024, while adjusted operating profit margin (OPM) rose by 17 percentage points to 6.0% [3]. - For Q1 2025, adjusted OPM is expected to grow by 12 percentage points to 3.3% despite content investments for the Spring Festival Gala [3]. Valuation and Estimates - The report provides a sum-of-the-parts (SOTP) valuation, estimating the advertising business at $1.05 billion, VAS at $800 million, and mobile gaming at $800 million, with a total valuation of approximately $8.06 billion [16][17]. - The projected revenue for FY25 is RMB 30.42 billion, with a gross profit margin of 37.3% and an adjusted net profit of RMB 1.75 billion [12][22].

Investment Rating - The report maintains a "BUY" rating for Bilibili, with a target price raised to US$26.4 from the previous US$22.0, indicating a potential upside of 19.4% from the current price of US$22.11 [3][11]. Core Insights - Bilibili's 4Q24 earnings exceeded expectations, driven by strong growth in mobile games and advertising, with total revenue increasing by 22% year-over-year to RMB7.73 billion [1][6]. - The company reported an adjusted net income of RMB453 million, a significant improvement from an adjusted net loss of RMB556 million in 4Q23, reflecting a narrowing of the adjusted net loss for FY24 to RMB22.1 million [1][2]. - Management has set a long-term operating profit margin (OPM) target of 15-20%, up from 6% in 4Q24, which is expected to enhance investor confidence [1][6]. Financial Performance Summary - For FY24, total revenue reached RMB26.8 billion, marking a 19% year-over-year growth, while the adjusted net loss narrowed by 99% year-over-year [1][2]. - Revenue projections for FY25E and FY26E are set at RMB30.4 billion and RMB32.6 billion, respectively, with expected growth rates of 13.4% and 7.1% [2][7]. - The gross margin is anticipated to improve to 37.3% in FY25E, with adjusted net profit expected to reach RMB1.75 billion [2][7]. Revenue Breakdown - The revenue from mobile games surged by 79% year-over-year to RMB1.80 billion in 4Q24, contributing 23% to total revenue [6]. - Advertising revenue grew by 24% year-over-year to RMB2.39 billion, driven by a 40% increase in performance ad revenues and a 30% rise in the number of advertisers [6]. - Value-added services (VAS) revenue increased by 8% year-over-year to RMB3.08 billion, accounting for 40% of total revenue, supported by premium membership and the Fan Charging program [6]. Margin and Profitability Outlook - The gross profit margin (GPM) improved by 10 percentage points year-over-year to 36.1% in 4Q24, with adjusted operating profit margin (OPM) rising by 17 percentage points to 6.0% [6]. - For FY25E, the adjusted OPM is expected to expand to 5.8%, with long-term targets set at 40-45% for GPM and 15-20% for OPM [6][11]. Valuation Metrics - The SOTP valuation indicates a target price of US$26.4 per ADS, with the advertising business valued at US$10.5, VAS at US$8.0, and mobile games at US$8.0 [11][12]. - The report highlights that the target price reflects a 2.6x price-to-sales (P/S) ratio for 2025E [11].