2025年12月的一天，一位来自山东的MCN机构负责人受邀参与"漫步杨浦滨江"的活动，走在滨江线上，抬头望着不远处正在收尾的几栋建筑，塔吊还未 完全撤场，但美团、B站、抖音的三个总部项目已轮廓初显。他当下感慨：如果入驻与Bilibili总部仅一街之隔的V聚场，UP主资源的对接成本将大幅降低， 内容创作的协同效率则成倍提升。 这种 " 隔壁就是客户，楼下就是场景 " 的产业密度，让他很快做出了落地的决定。 杨浦大桥两侧，塔吊林立，三大项目比邻而居。这并非偶然的物理集聚，而是一场精心布局的产业协奏。美团的上海科技中心将承载其本地生活、即时物流 等核心业务；B站的新世代产业园里，UP主创作街区将形成线上线下联动的社区生态；抖音集团上海滨江中心则聚焦短视频、直播电商等内容业态。按照规 划，这些总部项目并非封闭的园区，而是面向公众开放的商业综合体——会议中心、艺术中心、展览中心、公园中心交织其中[1]。 在杨浦的叙事里，这种状态被称为"热带雨林式的创新活力场"——既有抖音、B站这样的参天大树，也有无数中小企业在林下生长，共享阳光雨露[2]。 AI制作的宣传片 更细节的举措则体现了对"人"的理解。在杨浦的人才服务体系中， ...

Xml [Table_Page] 投资策略周报|传媒 证券研究报告 | [Table_Title] 互联网传媒行业 | | | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | --- | --- | --- | | | | | 前次评级 | 买入 | | 苹果 | App Store | 下调佣金费率，腾讯推出"龙虾全家桶" | 报告日期 | 2026-03-15 | [Table_Summary] 核心观点： ⚫ 投资建议。互联网板块：（1）电商：临近阿里业绩发布，我们认为市 场对云增速无争议，且阿里云针对openclaw推出了轻量云服务器，配 置一键部署模板和IM 接入教程，预计对token调用量以及其MaaS收 入都将带来提振。（2）社交娱乐媒体：主业保持强韧增长势头，看好 腾讯持续释放微信场景的商业化潜力，哔哩哔哩广告增速有望持续领 跑互联网广告大盘。（3）互联网医疗：京东健康、阿里健康发挥头部 平台优势，与上游尤其是原研药厂商加深合作，收入及利润增长表现 持续强劲。（4）短视频：可灵的商业化空间正受益于技术的提升，26 年资本投入或持续加大。（5）潮玩+IP赛道：泡 ...

以下文章来源于观点 ，作者刀叨 观点 . 导语：税务风险真实存在，VIE企业的合规大考已经到来。。 保真吗？ 苦等7年，B站终于宣布： 赚钱了。 3月5日，B站发布2025年全年财报，在广告收入首次突破百亿、同比大涨23%的拉动下，公司上市以来第一次实现全年盈利。 独立观点，全球思维，十万emba同学的观点汇集，超越精神世界的广深高速。 财报数 据十分亮眼，2025年总营收303.5亿元，净利润为11.9亿元，调整后净利 润为25.9亿元。 2025年一路走来，B站已经连续三个季度单季盈利，最终扭亏为盈。这对一家坚持长视频、坚持社区氛围的平台来说，可以说是里程碑式的一 刻！ 可诡异的是—— 财报发完第二天， B站股价却跌了4.46%。 | FK 09626 哔哩哔哩-W | | | | 港股 | 美股 | | --- | --- | --- | --- | --- | --- | | 201.200港元 -9.400 -4.46% | | | | | | | ○ 已收盘 03-06 16:00:00 北京时间 | | | | | | | 今井 最高 | 204.800 | | 209.200 | 成交量 | ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][4][14]. Core Insights - The company achieved a revenue of 8.321 billion yuan this quarter, representing a year-on-year growth of 8%. The breakdown includes: 1) Value-added services revenue of 3.3 billion yuan, up 6% year-on-year, with over 25.3 million premium members, reflecting a 13% increase; 2) Advertising revenue of 3 billion yuan, up 27% year-on-year, driven by the release of potential advertising inventory and significant growth in various advertising formats; 3) Game revenue of 1.5 billion yuan, down 14% year-on-year, primarily due to a high base from the previous year; 4) IP derivatives and other income of 480 million yuan, up 3% year-on-year [1][6][7]. - The adjusted net profit for the company was 880 million yuan, with an adjusted net profit margin of 11%, an increase of 5 percentage points compared to the same period last year. The adjusted operating profit was 840 million yuan, with an adjusted operating profit margin rising from 6% to 10% [7][14]. Financial Forecasts - Revenue projections for 2026 and 2027 have been adjusted to 33.7 billion yuan and 37.3 billion yuan, respectively, reflecting increases of 3.2% and 2.2%. An additional revenue forecast for 2028 is set at 41.2 billion yuan. Adjusted net profit estimates for 2026 and 2027 are 3.3 billion yuan and 4.2 billion yuan, with adjustments of -3% and -8% due to increased investments in AI [2][14][19]. - The company’s projected PE ratio for 2026 is approximately 24x, indicating a favorable valuation relative to its earnings growth [2][14]. Operational Data - The company reported a daily active user (DAU) count of 113 million, an increase of 10% year-on-year, and a monthly active user (MAU) count of 366 million, up 8% year-on-year. The average user engagement time was 107 minutes, also reflecting an 8% year-on-year increase [7][14]. - The company has repurchased 14.7 million USD worth of shares this quarter, with a total repurchase amount of 131 million USD since November 2024, leaving approximately 70 million USD remaining in the repurchase program [2][7].

Investment Rating - The report maintains an "Outperform" rating for the company [2][4][14]. Core Insights - The company achieved a revenue of 8.321 billion yuan this quarter, representing a year-on-year growth of 8%. The breakdown includes: 1) Value-added services revenue of 3.3 billion yuan, up 6% year-on-year, with over 25.3 million premium members, reflecting a 13% increase; 2) Advertising revenue of 3 billion yuan, up 27% year-on-year, driven by the release of potential advertising inventory and significant growth in various advertising formats; 3) Game revenue of 1.5 billion yuan, down 14% year-on-year, primarily due to a high base from the previous year; 4) IP derivatives and other income of 480 million yuan, up 3% year-on-year [1][6][7]. - The adjusted net profit for the company was 880 million yuan, with an adjusted net profit margin of 11%, an increase of 5 percentage points compared to the same period last year. The adjusted operating profit was 840 million yuan, with an adjusted operating profit margin rising from 6% to 10% [7][14]. - The management indicated that part of the incremental profit will be invested in AI, focusing on enhancing creator productivity and optimizing content recommendation efficiency, which is expected to lead to a profit decline of 500 to 1,000 million yuan in 2026 [1][7]. Financial Forecasts - Revenue projections for 2026 and 2027 have been adjusted to 33.7 billion yuan and 37.3 billion yuan, respectively, with increases of 3.2% and 2.2%. An additional revenue forecast for 2028 is set at 41.2 billion yuan [2][14]. - Adjusted net profit forecasts for 2026 and 2027 are 3.3 billion yuan and 4.2 billion yuan, reflecting decreases of 3% and 8% due to increased investments in AI [2][14]. - The company’s projected PE ratio for 2026 is approximately 24x [2][14].

证券研究报告 | 2026年03月11日 哔哩哔哩-W（09626.HK） 优于大市 2025Q4 点评：广告业务增长亮眼，公司加大 AI 投入力度 本季度收入增长亮眼：本季度公司实现营业收入 83.21 亿元，同比+8%， 分拆看，1）增值服务收入 33 亿元，同比+6%，收入增长稳健，大会员 数量超 2530 万，我们测算同比+13%，充电业务快速增长，同比增速超 100%；2）广告业务收入 30 亿元，同比+27%，主要由于潜力广告库存释 放，除信息流场景外，搜索、PC 大屏、小程序等场景广告消耗同比增长 超 60%，部分超 200%，广告 eCPM 在技术升级带动下持续提升，Q4 前五 大广告投放行业分别为游戏、数码家电、网服、电商、汽车，Q4 广告主 要受益于 AI 应用竞争和即时零售大战带来的增量投放需求；3）游戏收 入 15 亿元，同比-14%，主要受去年同期三谋高基数影响，此外，自研 买断制游戏《逃离鸭科夫》2025 年 10 月上线首三周销量破 300 万份， 跻身国内年度最畅销单机游戏，位列历史第三，目前正开发主机及移动 版，持续挖掘 IP 潜力；3）IP 衍生品及其他收入 4.8 亿元， ...

以下文章来源于娱乐独角兽 ，作者赤木瓶子 娱乐独角兽 . 聚焦于文娱领域创业和深度公司报道，发掘下一个娱乐产业的"独角兽"。致力于打造娱乐+互联网跨领 域新媒体平台。在这里，发现"娱乐独角兽"！ 来源丨 娱乐独角兽（ID：yuledujiaoshou） 作者丨赤木瓶子 编辑丨糖炒山楂 图源丨Midjourney 继2024年Q3首次实现单季度盈利后，"小破站"在2025年利润迎来首年转正。并且，这一次的高光 并非来自曾经的现金牛游戏。 3月5日，哔哩哔哩（以下简称B站）公布了2025年第四季度及全年财报。2025年全年，B站营收 303.5亿元，同比增长13%。经调整净利润为11.9亿元，同比扭亏为盈，首次实现美国公认会计准则 下的全年盈利。 相较于往年，其广告主结构也呈现出新的变化。2025年，B站广告收入排名前五的行业依次为：游 戏、数码家电、互联网服务、电商以及汽车。 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2024年 | 2025年 | 變動(%) | | | 人民幣 | 人民幣 | | | | (除百分比外,以千元計) | | | | ...

研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 2026 年 03 月 10 日 公司研究 评级：买入(维持) | 相对恒生指数表现 | | 2026/03/09 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 哔哩哔哩-W | -17.8% | 0.7% | 8.9% | | 恒生指数 | -6.0% | -0.1% | 4.9% | | 市场数据 | | 2026/03/09 | | | 当前价格（港元） | | 197.60 | | | 52 周价格区间（港元） | | 113.60-285.60 | | | 总市值（百万港元） | | 81,952.15 | | | 流通市值（百万港元） | | 81,952.15 | | | 总股本（万股） | | 41,473.76 | | | 流通股本（万股） | | 41,473.76 | | | 日均成交额（百万港元） | | 1,682.92 | | | 近一月换手（%） | | 8.59 | ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's user long-term value accumulation leads to a dual increase in advertising effectiveness, with conversion rates continuously improving due to AI [3] - The game "Three Kingdoms: Strategy of the World" overseas version and "Three Kingdoms: General Card" are expected to contribute to revenue growth in 2026 [3] - The company expects revenues of 30.3 billion, 33.9 billion, and 37.1 billion CNY for 2025, 2026, and 2027 respectively, with a target price of 218.97 HKD (193.25 CNY) based on a comparable company PS average of 2.4x for 2026 [3][5] Financial Performance Summary - For 2023, the company reported revenue of 22.528 billion CNY, with a year-on-year growth of 2.87% [4] - The operating profit for 2025 is projected to be 1.124 billion CNY, with a significant turnaround from a loss of 5.064 billion CNY in 2023 [4] - The net profit attributable to the parent company is expected to reach 1.215 billion CNY in 2025, compared to a loss of 4.822 billion CNY in 2023 [4] - The gross margin is projected to improve from 24.16% in 2023 to 36.62% in 2025 [4] - The net profit margin is expected to turn positive in 2025, reaching 4.00% [4] Revenue Breakdown - The company anticipates advertising revenue to grow by 26% year-on-year in Q1 2026, driven by an increase in DAU and expanded advertising inventory [8] - Live streaming and VAS revenue for Q4 2025 is expected to be 32.6 billion CNY, with a year-on-year growth of 6% [8] - Game revenue for Q4 2025 is projected at 15 billion CNY, with a year-on-year decline of 14% due to high base effects from the previous year [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's long-term user value accumulation is driving both advertising effectiveness and revenue growth, with AI continuously enhancing conversion rates. The games "Three Kingdoms: Strategy of the World" and "Three Kingdoms: General Cards" are expected to contribute to revenue growth in 2026 [3] - The projected revenues for the company from 2025 to 2027 are estimated at 30.348 billion, 33.886 billion, and 37.144 billion CNY respectively, with adjustments made to advertising, derivative products, and other income forecasts [3] - The target price is set at 218.97 HKD (193.25 CNY), based on a comparable company adjusted PS average of 2.4x for 2026 [3] Financial Performance Summary - For 2023, the company reported a revenue of 22.528 billion CNY, with a year-on-year growth of 2.87%. The operating profit was -5.064 billion CNY, reflecting a decline of 39.41% year-on-year. The net profit attributable to the parent company was -4.822 billion CNY, down 35.68% year-on-year [4] - The projected operating revenues for 2024, 2025, 2026, and 2027 are 26.832 billion, 30.348 billion, 33.886 billion, and 37.144 billion CNY respectively, with corresponding growth rates of 19.10%, 13.10%, 11.66%, and 9.62% [4] - The company expects to achieve a non-GAAP net profit of 1.215 billion CNY in 2025, with a significant increase to 1.970 billion CNY in 2026 and 2.779 billion CNY in 2027 [4] User Engagement and Revenue Drivers - The company's Daily Active Users (DAU) increased by 9.7% year-on-year in Q4 2025, surpassing the 9.3% growth in Q3 2025. This growth is attributed to expanded advertising inventory across various platforms and improved ad targeting through AI tools [8] - The live streaming and Value-Added Services (VAS) revenue reached 32.6 billion CNY in Q4 2025, with a year-on-year growth of 6%. The charging business is expected to become a core growth driver in 2026 [8] - Game revenue in Q4 2025 was 15 billion CNY, a decline of 14% year-on-year, primarily due to high base effects from the previous year. However, new game launches are anticipated to contribute positively in 2026 [8]