BILIBILI(BILI)

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【财闻联播】国家发改委:近期开展中央冻猪肉储备收储!量产级固态电池有新消息
券商中国· 2025-08-21 13:10
Macro Dynamics - The Ministry of Commerce reported that rural online retail sales increased by 6.4% year-on-year from January to July 2025, with agricultural product online retail sales growing by 7.4% during the same period [2] - The National Energy Administration announced that the total electricity consumption in July 2025 reached 10,226 billion kWh, a year-on-year increase of 8.6% [3] - The National Development and Reform Commission plans to conduct central frozen pork reserve storage to stabilize the pig market due to a slight decline in pork prices [4][5] Industry Developments - Anhui Province is accelerating the establishment of a provincial artificial intelligence industry fund with a total scale of no less than 20 billion yuan to support the AI sector [6] - The China Index Academy reported that 20 distressed real estate companies have restructured debts exceeding 12 billion yuan as of August 2025 [7] Financial Institutions - The Shenzhen Financial Regulatory Bureau revealed that 403 "white list" projects have been approved by banks in the region, with a total approved amount of 549.3 billion yuan [7] Company News - China Petroleum & Chemical Corporation (Sinopec) reported a 39.8% year-on-year decline in net profit for the first half of 2025, with revenue of 1.41 trillion yuan, down 10.6% [14] - Jishi Media announced a net loss of 232 million yuan for the first half of 2025, despite a revenue increase of 8.7% to 997 million yuan [15] - Bilibili reported a second-quarter revenue of 7.34 billion yuan, a 20% year-on-year increase, and a non-GAAP net profit of 560 million yuan, reversing a loss from the previous year [16] - Xian Dao Intelligent stated that it has achieved significant breakthroughs in solid-state battery production and has received repeat orders from leading domestic and international companies [17] - Vivo launched its first MR headset, the Vivo Vision Exploration Edition, which is not intended for consumer sales at this time [18]
BILIBILI(BILI) - 2025 Q2 - Earnings Call Transcript
2025-08-21 13:02
Financial Data and Key Metrics Changes - Total net revenues for Q2 2025 grew by 20% year over year to RMB 7.3 billion, driven by strong performance in core games and advertising businesses [4][23] - Games revenues increased by 60% year over year to RMB 1.6 billion, while advertising revenues rose by 20% year over year to RMB 2.4 billion [4][14] - Gross profit increased by 46% year over year to RMB 2.7 billion, with gross margin expanding to 36.5% from 29.9% in the same period last year [4][24] - GAAP net profit was RMB 218 million and adjusted net profit was RMB 561 million, reflecting a significant turnaround from losses in the prior year [5][26] Business Line Data and Key Metrics Changes - The VAS segment contributed approximately 39% of total revenues, advertising 33%, games 22%, and IP derivatives and other businesses 6% [23] - Monthly paying users increased by 9% year over year to 31 million, with the number of official members up by 11% year over year to 270 million [10][20] - The average daily time spent on the platform rose to 105 minutes, up six minutes compared to the same period last year [6][9] Market Data and Key Metrics Changes - DAUs reached a new high of 109 million, up 7% year over year, and MAUs grew by 8% to 363 million [5][10] - Watch time for Chinese anime content increased by 34% year over year, while AI-related content saw a 61% growth in watch time [11][12] - The number of advertisers increased by over 20% year over year, reflecting growing appeal to brands [17] Company Strategy and Development Direction - The company aims to sharpen its focus on delivering the best PUGV community experience while investing in monetization initiatives for sustainable profitability [8][21] - Bilibili is committed to enhancing high-quality content and fostering a welcoming community environment to attract and retain users [33][39] - The company is actively embracing AI to enhance operational efficiency, user experience, and monetization capabilities [21][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to create long-term value for stakeholders through high-quality content and community engagement [8][21] - The company anticipates continued growth in advertising and gaming sectors, with expectations of reaching around 37% gross margin by Q4 2025 [63] - Management highlighted the importance of adapting to evolving user preferences and expanding into new content categories [36][49] Other Important Information - The company repurchased approximately 5.6 million Class Z ordinary shares for a total of HKD 783 million as part of its ongoing share repurchase program [27][28] - Bilibili World and Bilibili MacroLink events attracted over 400,000 participants, reflecting the brand's vitality and community power [6][39] Q&A Session Summary Question: What are the main drivers of user ecosystem growth and future outlook? - Management attributed DAU and MAU growth to a focus on high-quality content and a welcoming community environment, with plans to expand into new content areas [30][33] Question: What are the drivers behind the strong advertising business growth? - The advertising business grew 20% year over year, driven by enhanced ad infrastructure and improved delivery efficiency [42][44] Question: Can management share insights on the game business and upcoming titles? - Management highlighted the success of Sanmo's first anniversary and the introduction of new monetization tools, with plans for new game releases in the pipeline [54][56] Question: What are the expectations for profit margins and cost efficiency? - Management expects continued improvement in gross profit margins, targeting around 37% by Q4 2025, with a focus on operational efficiency [61][63] Question: Can you discuss the role of AI in the company's operations? - AI is being leveraged to enhance ad revenue, improve content delivery, and assist in content creation, with ongoing developments in AI tools for creators [68][70]
BILIBILI(BILI) - 2025 Q2 - Earnings Call Transcript
2025-08-21 13:00
Financial Data and Key Metrics Changes - Total net revenues for Q2 2025 grew by 20% year over year to RMB 7.3 billion, driven by strong performance in core games and advertising businesses [5][23] - Games revenues increased by 60% year over year to RMB 1.6 billion, while advertising revenues rose by 20% year over year to RMB 2.4 billion [5][15] - Gross profit increased by 46% year over year to RMB 2.7 billion, with gross margin expanding to 36.5% from 29.9% in the same period last year [5][24] - GAAP net profit was RMB 218 million and adjusted net profit was RMB 561 million, reflecting a significant turnaround from losses in the prior year [6][25] Business Line Data and Key Metrics Changes - VAS (Value-Added Services) revenues grew by 11% year over year to RMB 2.8 billion, driven by live broadcasting and premium memberships [19] - Monthly paying users increased by 9% year over year to 31 million, indicating a growing willingness to pay for premium content [11] - Advertising business maintained strong growth, with a 20% year-over-year increase, reaching RMB 2.4 billion [15][41] Market Data and Key Metrics Changes - DAUs reached a new high of 109 million, up 7% year over year, while MAUs grew by 8% to 363 million [6][11] - The average daily time spent on the platform rose to 105 minutes, reflecting a focus on high-quality content [7][10] - The number of advertisers increased by over 20% year over year, indicating growing appeal to brands [17][43] Company Strategy and Development Direction - The company aims to sharpen its focus on delivering the best PUGV (Professional User Generated Video) community experience while investing in monetization initiatives for sustainable profitability [8][21] - Bilibili is committed to enhancing its content and community, believing that high-quality content and a supportive environment are essential for attracting and retaining users [9][32] - The company is actively embracing AI to enhance operational efficiency, user experience, and monetization capabilities [21][70] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of high-quality content in a saturated video landscape, emphasizing the need for a supportive community [31][32] - The company expects continued growth in user engagement and monetization, driven by evolving content consumption trends and the financial independence of Gen Z users [12][34] - Management expressed confidence in achieving long-term value creation for stakeholders through strategic investments and operational improvements [8][21] Other Important Information - The company repurchased approximately 5.6 million Class Z ordinary shares for a total of HKD 783 million as part of its ongoing share repurchase program [26][27] - Cash and cash equivalents, time deposits, and short-term investments totaled RMB 22.3 billion (USD 3.1 billion) as of June 30, 2025 [26] Q&A Session Summary Question: What are the main drivers of DAU and MAU growth, and what opportunities arise from the Bilibili World success? - Management attributed growth to a focus on high-quality content and a welcoming community environment, noting that the record attendance at Bilibili World reflects the brand's vitality and community power [32][38] Question: What are the drivers behind the advertising business growth, and what trends are expected in the second half? - Management highlighted enhancements in ad infrastructure and efficiency, with expectations for continued growth driven by deeper integration of AI and improved ad delivery [41][48] Question: Can management share insights on the game business and upcoming titles? - Management noted the success of Sanmu's first anniversary and the introduction of new monetization tools, with plans for new game releases and a focus on user retention [56][58] Question: What are the potential areas for cost efficiency and profitability outlook? - Management expects continued improvement in gross profit margins and operating efficiency, aiming for a 10% adjusted operating margin by Q4 2025 [66][67] Question: Can management discuss AI applications on the platform? - Management detailed various AI applications, including content identification and creation tools, which are expected to enhance user engagement and advertising revenue [71][74]
哔哩哔哩:Q2净营业额73.4亿,净利润扭亏为盈
Sou Hu Cai Jing· 2025-08-21 12:32
【哔哩哔哩2025年Q2净营业额73.4亿,同比增20%且实现盈利】8月21日,哔哩哔哩在港交所发布公 告。2025年第二季度,其净营业额总额达人民币73.4亿元,同比增加20%。 该季度,哔哩哔哩净利润为 人民币2.183亿元,而上年同期录得净亏损人民币6.081亿元。此外,日均活跃用户达1.094亿,同比增加 7%。 本文由 AI 算法生成,仅作参考,不涉投资建议,使用风险自担 ...
氪星晚报 |B站:二季度总营收同比增长20%,调整后净利润5.6亿元;叶国富:将把MINISO LAND门店开到海外;DeepSeek官微留言:UE8M...
3 6 Ke· 2025-08-21 12:23
大公司: 新华百货:上半年净利润8600.81万元,同比下降2.52% 36氪获悉,新华百货公告,公司上半年实现营业收入32.54亿元,同比下降0.99%;归母净利润8600.81 万元,同比下降2.52%;基本每股收益0.38元。公司向全体股东按每10股派发现金红利1元(含税)。截 至报告期末,公司各业态累计运营343家实体门店。 沃尔玛将2026财年调整后每股收益将提高至2.52美元至2.62美元 腾讯游戏旗下全链路AI创作解决方案VISVISE亮相德国科隆游戏展 36氪获悉,腾讯游戏旗下全链路AI创作解决方案——VISVISE亮相德国科隆游戏展(Gamescom 2025)。据介绍,该方案覆盖动画制作、3D模型生成、智能NPC和数字资产管理4大管线,全链路贯穿 游戏创作中的模型生成、贴图制作、骨骼绑定、动画制作、场景构建及渲染六大环节,通过AI赋能美 术生产全流程。 B站:二季度总营收同比增长20%,调整后净利润5.6亿元 36氪获悉,B站发布2025年第二季度财报。财报显示,B站二季度营收73.4亿元,同比增长20%,其中广 告业务收入24.5亿元,同比增长20%;游戏业务收入16.1亿元,同比增长6 ...
氪星晚报 |B站:二季度总营收同比增长20%,调整后净利润5.6亿元;叶国富:将把MINISO LAND门店开到海外;DeepSeek官微留言:UE8M0 FP8是针对即将发布的下一代国产芯片设计
3 6 Ke· 2025-08-21 12:12
大公司: 新华百货:上半年净利润8600.81万元,同比下降2.52% 36氪获悉,新华百货公告,公司上半年实现营业收入32.54亿元,同比下降0.99%;归母净利润8600.81 万元,同比下降2.52%;基本每股收益0.38元。公司向全体股东按每10股派发现金红利1元(含税)。截 至报告期末,公司各业态累计运营343家实体门店。 沃尔玛将2026财年调整后每股收益将提高至2.52美元至2.62美元 沃尔玛预计,第三季度净销售额预计将增长3.75%至4.75%,营业收入预计将增长3.0%至6.0%。公司将 2026财年的净销售额增长预期提高至3.75%至4.75%,调整后每股收益将提高至2.52美元至2.62美元。 调 整后的营业利润指引保持不变,介于3.5%至5.5%之间。(智通财经) 叶国富:将把MINISO LAND门店开到海外 36氪获悉,在8月21日的投资者交流会上,名创优品创始人、董事会主席兼首席执行官叶国富表示, MINISO LAND意外成功,带给我们意外的惊喜。同时他认为,MINISO LAND门店能吸引大量潮玩艺 术家与名创优品合作,未来也会把MINISO LAND开到海外。他还表示," ...
B站发布Q2财报:总营收同比增长20%,调整后净利润5.6亿元
Yang Zi Wan Bao Wang· 2025-08-21 12:07
北京时间8月21日(美东时间8月21日),哔哩哔哩(NASDAQ:BILI,HKEX:9626;以下简称"B站")公布了截至2025年6月30日第 二季度未经审计的财务报告。财报显示,2025年第二季度B站总营收达73.4亿元人民币,同比增长20%。 日均使用时长 105 分钟 月均付费用户 3,100元+ 105 分钟 6 日均使用时长 同比增长20% ↑ 73.4亿元 总营收 不 调整后净利润 5 - 6 亿元 01 营收持续高速增长 广告 游戏 业务收入 业务收入 24.5 亿元 16.1 亿元 同比增长20% ↑ 同比增长60% ✈ 22% 33% 6% 39 % 增值服务 IP衍生品及 业务收入 其他业务收入 28.4 亿元 4.4亿元 毛利润同比增长 46 % 毛利率连续 1 2 个季度环比提升 36.5% 36.3% 36.1% 34.9% 29.9% 28.3, 26.1 * 25.0, 23.1 21.8 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2024 2024 2024 2024 2024 2025 2025 02 活跃社区伴随用户成长 繁荣生态提升UP ...
BILIBILI(BILI) - 2025 Q2 - Earnings Call Presentation
2025-08-21 12:00
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]
B站第二季度总营收同比增长20% 调整后净利润5.6亿元
Zheng Quan Shi Bao Wang· 2025-08-21 11:49
同时,B站也在持续为创作者提供更多元的变现渠道,提升创作者收入。财报显示,上半年,约200万 UP主通过广告、直播、充电、课堂、工房等渠道获得收入。通过花火商单和带货业务获得收入的UP主 人数同比分别增长19%和49%。UP主通过充电获得的总收入则同比增长超100%。 细看最新业务构成情况,第二季度,B站总营收同比增长20%,达73.4亿元。增值服务、广告、游戏和 IP衍生品及其他业务分别贡献了收入的39%、33%、22%和6%。 广告方面,B站二季度收入同比增长20%,达24.5亿元。其中,品牌广告收入保持良性增长,效果广告 收入实现了约30%的同比增长。游戏、数码家电、电商、网服、汽车成为贡献前五的行业。年轻人在B 站高度聚集、持续活跃、不断消费,吸引了大量品牌主,带动广告主数量同比增长超20%。并且,二季 度,家用电器品类的播放时长同比增长14%,在国补和618促销活动的推动下,小家电数码广告收入同 比增长超70%。 8月21日晚间,哔哩哔哩(简称"B站")公布了截至2025年6月30日第二季度未经审计的财务报告。财报 显示,2025年第二季度B站总营收达73.4亿元人民币,同比增长20%。 数据还显示 ...
BILIBILI(BILI) - 2025 Q2 - Quarterly Results

2025-08-21 11:08
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)** |