Summary of Bilibili Inc. Conference Call Company Overview - **Company**: Bilibili Inc (Ticker: BILI.O) - **Industry**: China Internet and Other Services - **Market Cap**: US$9.925 billion - **Current Stock Price**: US$21.69 (as of March 30, 2026) - **Price Target**: US$25.00, indicating a 15% upside potential Key Points Industry and Market Dynamics - **Advertising Growth**: Bilibili is confident in advertising growth, with ad load expected to increase to approximately 10% from the current 7%+ level. Performance ads have been the largest contributor, with all ad categories (performance, brand ads, and Sparkle) achieving over 20% growth in the past quarter [2][11] - **New Inventory**: Growth is supported by new inventory sources, including OTT and smart TV, which saw over 200% growth in the fourth quarter [2] AI Integration - **AI Benefits**: The integration of AI is enhancing user engagement and content quality. Key benefits include: 1. Accelerated growth in Daily Active Users (DAU) and time spent on the platform through better content identification and promotion 2. Self-developed AI video tools improving creator efficiency and content supply 3. AI-assisted coding reducing operational costs 4. Emergence of AI B2C applications attracting new advertisers [1] Game Development - **Upcoming Titles**: Bilibili has three games in the pipeline: 1. **N Card**: Final testing, targeting launch in Q2 2026, with a focus on the summer holiday for user base growth 2. **Lumi Master**: Testing in Q2 2026, with a global launch planned for later in the year 3. **Wangdao Tianxia**: A new SLG title based on the Three Kingdoms IP, expected to launch by the end of 2026 [3] Competitive Landscape - **Community Differentiation**: Bilibili believes its user community is highly differentiated and resilient against competition from platforms like Douyin Select. The management emphasizes the importance of high-quality content as a competitive advantage [4] Financial Projections - **Revenue and Earnings Estimates**: - **Revenue (RMB million)**: - 2025: 30,348 - 2026e: 33,365 - 2027e: 36,627 - 2028e: 39,218 - **EBITDA (RMB million)**: - 2025: 3,073 - 2026e: 3,870 - 2027e: 5,276 - 2028e: 6,577 - **EPS (RMB)**: - 2025: 5.45 - 2026e: 6.54 - 2027e: 9.04 - 2028e: 10.97 [6] Valuation and Risks - **Valuation Methodology**: The valuation is based on a discounted cash flow model with a WACC of 12% and a terminal growth rate of 3% [9] - **Risks**: - Upside risks include stronger-than-expected advertising revenue growth and better user retention for games - Downside risks involve lower-than-expected MAU growth and increased competition [11] Additional Insights - **Stock Rating**: Equal-weight rating indicates a neutral outlook compared to the market [6] - **Analyst Coverage**: Analysts involved include Yang Liu, Tom Tang, and Gary Yu, who have certified their views on the company [16] This summary encapsulates the key insights from the conference call, highlighting Bilibili's strategic initiatives, market positioning, and financial outlook.

【巨头风向标】 Open AI宣布获得1220亿美元融资 Open AI宣布于当地时间3月31日完成新一轮融资，募集资金1220亿美元，投后估值达8520亿美元。据 称，OpenAI是用户数量最快突破1000万的技术平台，也是最快突破1亿的技术平台，很快将成为最快突 破10亿周活跃用户的平台。ChatGPT发布一年内，公司营收达到10亿美元。到2024年底，Open AI季度 营收达10亿美元。如今，公司月营收已达20亿美元。在这个阶段，Open AI的营收增长速度是那些定义 了互联网和移动时代的公司（包括Alphabet和Meta）的四倍。本轮融资由Open AI战略合作伙伴亚马 逊、英伟达和软银领投，长期合作伙伴微软继续参与其中。 21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 华为2025年营收8809亿元 3月31日晚间，华为在官网公布2025年年度报告显示，华为经营结果符合预期，实现全球销售收入8809 亿元，净利润680亿元。2025年研发投入达到1923亿元，约占全年收入的21.8%，近十年累 ...

Group 1 - The Nasdaq Golden Dragon Index (HXC) rose by 2.8% on April 1, with most Chinese concept stocks experiencing gains [1][4] - Notable gainers included TSMC up 6.78%, Alibaba up 2.88%, Pinduoduo up 3.82%, and NIO up 9.26% [1][4] - Decliners included Beike down 0.27%, Tencent Music down 0.32%, and China New Town down 4.96% [1][4] Group 2 - On a broader scale, U.S. stock indices saw significant gains on a Tuesday, with the Dow Jones rising by 1,125.19 points (2.49%) [2][5] - Despite the daily gains, all three major U.S. indices recorded declines in the first quarter, with the Nasdaq down over 7%, S&P 500 down 4.6%, and Dow Jones down approximately 3.6% [2][5] - In March, the Dow Jones fell about 5.4%, S&P 500 down 5.1%, and Nasdaq down 4.75% [3][6]

公司名稱： 嗶哩嗶哩股份有限公司 表格類別： 股票 狀態： 新提交 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 呈交日期： 2026年3月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09626 | 說明 | Z類普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | 已發行股份總數 | | 事件 ...

2026 年 3 月，哔哩哔哩发布了 2025 年全年财报。数据显示，公司全年营收突破 300 亿 元，净利润实现 11.94 亿元，正式宣告扭亏为盈。 但二级市场的反应却异常冷淡，股价在财报发布后反而承压下行。这种背离并非偶然。 在过去十年的互联网叙事中，谁掌握了"用户注意力"，谁就掌握了商业化的主动权。但进入 AI 时代之后，这条逻辑开始出现微妙的裂缝——注意力依然重要，但"信息获取路径"正在被 重构。 盈 利 里 程 碑 背 后 的 估 值 陷 阱 ： 市 场 在 担 忧 什 么 ？ 如果把时间拉回两年前，市场对哔哩哔哩最大的质疑，是"永远赚不到钱"。 亏损曾是悬在头顶的达摩克利斯之剑，阻碍了几乎所有长期资金的进入。 而 2025 年的财 报，几乎正面回应了这一点：全年营收 303.48 亿元，同比增长 13.1%，净利润实现 11.94 【如需和我们交流可扫码添加进社群】 亿元，正式扭亏为盈，Non-GAAP 利润率达到 8.5%，毛利率提升至 36.6%。 更关键的是结构优化。广告收入同比增长超过 22%，成为增长引擎；增值服务稳步提升，用 户付费意愿增强；游戏业务止跌回升。用户层面，日活 1.13 ...

Fixed Income/Banking - The credit yield for medium to long-term bonds has significantly decreased, with AA+ non-bank financial industry credit spreads widening by 10 basis points compared to last week [2][9][10] - The overall market for fixed-income financial products is optimistic, with a total scale of 29.90 trillion yuan, a slight decrease of 0.14 trillion yuan from the end of February 2026 [10] - The current credit spreads are at historically low levels, with short-term city investment bonds compressing to the 8th percentile since early 2024, indicating limited room for further compression [10] Transportation - The geopolitical situation has intensified its impact on oil transportation, with shipping rates for containers increasing by 7.0% this week [12][15] - The closure of the Strait of Hormuz by Iran has raised concerns about shipping routes, potentially increasing shipping demand significantly [14] - The express delivery sector is experiencing price increases due to rising operational costs, with companies like YTO Express and Shentong Express adjusting their pricing policies [18][24] Media - Major Hong Kong-listed companies have completed their 2025 annual reports, emphasizing their commitment to AI investments and the optimization of existing business operations through AI [28][30] - The gaming sector is expected to recover as new product cycles unfold, with companies like Tencent and NetEase being highlighted for their strong positions [28][29] - The AI application landscape is evolving, with significant competition among major platforms, suggesting a focus on companies that can effectively integrate AI into their business models [30][31] Automotive - China's new energy vehicle exports doubled year-on-year in January and February 2026, with a total export of 135.2 million units, indicating strong growth in the automotive sector [4] - The export of new energy vehicles in February 2026 reached 28.2 million units, reflecting a year-on-year increase of 1.1 times [4] Pharmaceuticals - The pharmaceutical index rose by 1.56%, outperforming the CSI 300 index by 2.97%, driven by strong performance from innovative drug companies [4] - The upcoming nationwide implementation of long-term care insurance is expected to boost the rehabilitation and nursing sectors [4] Public Utilities and Environmental Protection - The lithium battery sector is entering a peak season, with a year-on-year increase of 37.4% in battery sales for January and February 2026 [4] - Natural gas production in China increased by 2.9% year-on-year, while imports decreased by 1.1%, indicating a shift in supply dynamics [4] Home Appliances - The escalation of international tensions has led to rising energy prices, which is expected to accelerate the transition to energy storage solutions in Europe [5] - The demand for home energy storage systems is increasing as high electricity prices make self-generated power more economically viable [5]

27 March 2026 | 12:46AM HKT Equity Research Bilibili Inc. (BILI): Internet Trip Takeaways: Healthy engagement over competition and AI impact; Strong ads and enhanced game pipeline We hosted Bilibili Investor Relations team on Mar 25 in Shanghai as part of our China Internet Trip. Key investor focuses/topics discussed include: 1) Healthy community and user ecosystem with relative immunity to ByteDance disruption and AI challenges, driven by Bili's focus on differentiated high‑quality lengthy content which co ...

2026 年 03 月 30 日 AI 时代 B 站商业价值有望增强 —哔哩哔哩-W（9626.HK）公司动态研究报告 买入(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 基本数据 | 当前股价（港元） | 179.40 | | --- | --- | | 总市值（亿港元） | 755.0 | | 总股本（百万股） | 420.8 | | 流通股本（百万股） | 341.1 | | 52 周价格范围（港元） | 113.6-285.6 | | 日均成交额（百万港元） | 984.0 | 市场表现 资料来源：Wind，华鑫证券研究 -20% 0% 20% 40% 60% 哔哩哔哩-W 恒生指数 相关研究 1、《哔哩哔哩-W（9626）：晚熟的 B 站 AI 时代有望迎新成长》2025- 03-16 AI 时代大厂与新势力企业均推出各类新产品，也带来入口之 争，B 站独特的内容属性也称为 AI 科普的重要入口之一。B 站的用户价值也推动了广告业务的增长，从品牌广告、效果 广告再到原生广告，得益于 B 站社区的黄金用户的注意力经 济。同时，广告业务也是 AI 较 ...

Group 1: Core Insights - The report suggests a positive outlook for the internet sector, particularly in e-commerce, social entertainment media, online travel, short videos, and IP-driven markets, with expectations of marginal improvements in profitability and stock performance for companies like Meituan and Tencent [4][15][18] - The gaming sector is expected to maintain strong fundamentals, with Tencent and NetEase identified as companies with significant valuation advantages, alongside recommendations for Century Huatong and Giant Network due to their robust product pipelines [4][18] - The advertising sector shows promising growth, with a notable increase in internet advertising investments, particularly around major events like the Winter Olympics and World Cup, indicating a potential boost for companies like Focus Media [4][18] Group 2: Industry Trends - The report highlights the ongoing competition in the e-commerce space, with Meituan focusing on high-quality growth and improving its economic model, which may lead to a rebound in stock prices [4][15][16] - In the social entertainment media sector, Tencent is expected to leverage the commercialization potential of WeChat, while Bilibili is projected to lead in advertising growth [4][15][18] - The AI sector is anticipated to enter a new phase of model iteration in Q2 2026, with significant investment trends centered around computing power and model development, suggesting a potential revaluation of AI-related companies [4][20] Group 3: Company Performance - Meituan's first quarter of 2026 is expected to show improvements in its delivery service profitability, with a focus on maintaining market share in core categories [4][15][16] - Tencent's new game "King of Glory: World" has recently topped the iOS sales chart, indicating strong market competitiveness and potential for future growth [4][12][18] - Kuaishou reported a total revenue of 142.8 billion yuan for 2025, reflecting a 12.5% year-on-year growth, with adjusted net profit increasing by 16.5% [4][33]

Investment Rating - The report maintains a "Buy" investment rating for Bilibili-W (9626.HK) [2] Core Insights - Bilibili's commercial value is expected to enhance in the AI era, with a focus on improving its monetization capabilities and user engagement [5][6] - The company is projected to achieve a revenue of 30.348 billion yuan in 2025, with a year-on-year growth of 13.1%, and a net profit of 1.194 billion yuan, marking a return to profitability [5] - The user base is growing, with daily active users reaching 113 million and monthly active users at 366 million by Q4 2025, indicating strong user retention and engagement [5] - Bilibili's advertising business is anticipated to benefit from the attention economy driven by AI, with potential growth in brand, performance, and native advertising [6] - The company plans to increase its investment in AI to enhance content understanding and promote AI-assisted creation tools for content creators [7] Financial Projections - Revenue forecasts for 2026-2028 are 32.243 billion yuan, 35.319 billion yuan, and 38.248 billion yuan, respectively, with corresponding net profits of 1.802 billion yuan, 2.708 billion yuan, and 3.503 billion yuan [8][11] - The earnings per share (EPS) are projected to be 4.28 yuan, 6.43 yuan, and 8.32 yuan for 2026, 2027, and 2028, respectively, with a price-to-earnings (P/E) ratio of 45, 30, and 23 times [8][11]