财报发布后，B站董事长兼 CEO 陈睿、副董事长兼首席运营官李旎以及 CFO 樊欣等公司高管出席了随 后举行的财报电话会议，解读财报要点，并回答分析师提问。 【#B站陈睿称4到5款游戏等待版号#，近期会公布一款三国IP休闲游戏】哔哩哔哩（B站）昨日发布了 截至 6 月 30 日的 2025 年第二季度财报。#B站第二季度日均活跃用户1.09亿# 财报显示，B站 2025 年第二季度移动游戏营收为 16.1 亿元，同比增长 60%。（IT之家） 谈到游戏业务，陈睿透露，目前有 4 到 5 款游戏正在等待版号，拿到版号以后就会适时公布，近期会公 布的是一款三国 IP 的休闲游戏。 ...

Summary of Bilibili Inc. (BILI) 2Q25 Earnings Call Company Overview - **Company**: Bilibili Inc. (BILI) - **Quarter**: 2Q25 - **Revenue**: Rmb7.3 billion, representing a 20% year-over-year increase and inline with expectations [1][2] Key Financial Metrics - **Non-GAAP EPADS**: Rmb1.29, which is +1%/+4% compared to Goldman Sachs estimates and Visible Alpha Consensus Data [1][2] - **Deferred Revenue**: Increased by Rmb391 million quarter-over-quarter, significantly improved from Rmb46 million in the previous quarter [2] - **Daily Active Users (DAU)**: 109 million, up 7.3% year-over-year [2] - **Monthly Active Users (MAU)**: 363 million, up 8% year-over-year [2] - **Mobile Games Revenue**: Increased by 60% year-over-year [2] - **Advertising Revenue**: Increased by 20% year-over-year [2] - **Adjusted Operating Profit**: Rmb573 million, beating Goldman Sachs estimate of Rmb502 million [2] Strategic Insights - **Advertising Outlook**: Focus on the advertising outlook for the second half of 2025 and trends by vertical [3] - **Game Pipeline Updates**: Updates on the game pipeline for 2H25 and 2026, particularly regarding Sanguo: NSLG [3] - **Margin Expansion Potential**: Discussion on potential margin expansion and mid-to-long term targets [3] - **Shareholder Return Plan**: Plans for shareholder returns in 2025 [3] Risks and Challenges - **Valuation Risks**: Concerns regarding relatively rich valuation and potential de-rating risks [8] - **User Growth**: Possible slowdown in user growth and increased competition from short-form video companies [8] - **Game Longevity**: Risks associated with weaker-than-expected game longevity and pipeline [8] Price Target and Valuation - **12-Month Price Target**: $23.60 for BILI, with a current price of $25.31 indicating a downside of 6.7% [9] - **Market Capitalization**: $10.6 billion [9] - **Revenue Forecasts**: Projected revenues for 2025E at Rmb30.38 billion [9] Conclusion - **Investment Rating**: Goldman Sachs maintains a "Buy" rating on Bilibili Inc. with a focus on growth potential and strategic initiatives in advertising and gaming [9]

Market Performance - The ChiNext Index increased by 1%, while the Shanghai Composite Index rose by 0.24% and the Shenzhen Component Index gained 0.49% [2] - The STAR 50 Index surged by 3%, reaching a nearly three-and-a-half-year high, with significant gains in the chip industry, including Haiguang Information rising over 10% to a historical high and Cambrian rising nearly 10% [2] - The lithium carbonate futures main contract experienced a sharp decline, dropping over 4% at one point [2] Sector Highlights - Domestic chip concepts opened strong, with Cambrian rising nearly 4%, and sectors like computing power and spatial big data showing strength [4] - The liquid cooling concept continued to adjust, while financial technology, stablecoins, and rare earth sectors saw slight declines [4] Hong Kong Market - The Hang Seng Index rose by 0.40%, and the Hang Seng Tech Index increased by 0.99% [5] - Automotive stocks performed well, with Xpeng Motors surging by 9% and NIO rising nearly 6% [5] - Miniso reported over 20% year-on-year revenue growth in Q2, with its stock rising over 10% [5]

Group 1 - The Hong Kong stock market for video concept stocks showed weakness on August 22, with Bilibili-W (09626.HK) dropping by 6% and Kuaishou-W (01024.HK) declining by 1% [1]

Core Viewpoint - The article highlights the performance of various stock indices and sectors in the Chinese market, with a notable rise in the ChiNext index and the STAR Market, particularly driven by the semiconductor industry [3][4]. Market Performance - The ChiNext index increased by 1%, while the Shanghai Composite Index rose by 0.24% and the Shenzhen Component Index gained 0.49% [3]. - The STAR Market saw a significant rise of 3%, reaching a nearly three-and-a-half-year high, with companies in the chip industry, such as Haiguang Information and Cambrian, experiencing gains of over 10% and nearly 10% respectively [4]. Commodity Market - Lithium carbonate futures experienced a sharp decline, dropping over 4% at one point, indicating volatility in the commodity market [5]. Opening Market Trends - At the market opening, the three major indices showed mixed results, with the Shanghai Composite Index up by 0.03%, the Shenzhen Component down by 0.15%, and the ChiNext down by 0.31% [7]. - The domestic chip concept stocks opened strong, with Cambrian rising nearly 4%, while other sectors like liquid cooling and financial technology saw slight declines [7]. Hong Kong Market - The Hong Kong market opened with the Hang Seng Index up by 0.4% and the Hang Seng Tech Index up by 0.99%, driven by strong performances in the automotive sector, particularly with Xiaopeng Motors rising by 9% [9].

Core Insights - Bilibili (B站) achieved record high net profit and revenue growth in Q2 2025, driven by strong performance in gaming and advertising sectors [4][3] - The company reported a total revenue of 73.4 billion RMB, a 20% year-on-year increase, with significant contributions from various business segments [1][5] Revenue Breakdown - Advertising revenue reached 24.5 billion RMB, up 20% year-on-year, with brand and performance advertising both showing strong growth [7] - Gaming revenue surged to 16.1 billion RMB, marking a 60% increase year-on-year, largely attributed to the success of the mobile game "Three Kingdoms: Strategy" [10] - Value-added services revenue was 28.4 billion RMB, reflecting an 11% year-on-year growth, supported by a growing number of premium subscribers [9] Profitability Metrics - Gross profit increased by 46% year-on-year, with a gross margin of 36.5%, marking the twelfth consecutive quarter of improvement [3] - Net profit reached 2.2 billion RMB, while adjusted net profit was 5.6 billion RMB, indicating a successful turnaround from previous losses [3][6] User Engagement - Daily active users (DAU) averaged 109 million, an increase of 7% year-on-year, while monthly active users reached 363 million, up 8% [5] - The average daily usage time per user was 105 minutes, a 6-minute increase compared to the same period last year [5] Cash Flow and Financial Health - The company generated a positive operating cash flow of 19.9 billion RMB and completed a stock buyback of approximately 100 million USD [5] - As of June 30, 2025, Bilibili held cash and cash equivalents totaling 22.29 billion RMB [5] Strategic Initiatives - Bilibili plans to expand its gaming portfolio and aims to launch a traditional Chinese version of its games in Hong Kong, Macau, and Taiwan by the end of 2025 [10] - The company is also focusing on enhancing its advertising infrastructure through AI integration, which has improved advertising efficiency and effectiveness [7] Cultural Impact - The Bilibili World (BW) event attracted over 400,000 attendees, highlighting the company's cultural influence and community engagement [11][12]

Core Viewpoint - The report from CICC maintains the Non-GAAP net profit forecast for Bilibili-W (09626) for 2025/2026, with target prices raised by 5.7% to HKD 204 and by 8.0% to USD 27, reflecting a positive outlook based on user ecosystem and AI empowerment [1] Financial Performance - In Q2 2025, the company's revenue reached RMB 7.338 billion, a year-on-year increase of 19.8%, aligning closely with institutional expectations [2] - The Non-GAAP net profit for Q2 2025 was RMB 562 million, slightly exceeding institutional consensus of RMB 520 million, attributed to lower-than-expected sales and R&D expenses [2] Advertising and Gaming Revenue - Advertising revenue in Q2 2025 grew by 20.2% to RMB 2.449 billion, with significant improvement in eCPM, and gaming remains the largest advertising sector [3] - Gaming revenue surged by 60.1% to RMB 1.612 billion in Q2 2025, with stable DAU performance for "Three Kingdoms: Strategy of the World" and potential contributions from upcoming game releases expected in Q4 2025 to 2026 [3] Profitability and Cost Management - The gross margin in Q2 2025 increased by 0.2 percentage points to 36.5%, driven by strong growth in performance advertising revenue and operational leverage [4] - The company anticipates a gradual increase in gross margin, potentially reaching 37% by Q4 2025, with long-term targets of 40% to 45% [4] User Engagement and Community Growth - In Q2 2025, the company reported year-on-year growth in MAU, DAU, and average daily usage time, with DAU reaching 109 million [5] - The company emphasizes its strong community attributes and user stickiness, with a focus on enhancing commercial capabilities and the potential for growth in advertising, gaming, and charging plans [5]

Core Viewpoint - The report from CICC maintains the Non-GAAP net profit forecast for Bilibili-W (09626) for 2025/2026, with target prices raised by 5.7% to HKD 204 and by 8.0% to USD 27, reflecting an upward potential of 3.7% and 6.7% respectively [1] Financial Performance - In Q2 2025, the company's revenue reached RMB 7.338 billion, a year-on-year increase of 19.8%, aligning closely with institutional expectations [2] - The Non-GAAP net profit for Q2 2025 was RMB 562 million, slightly exceeding institutional consensus of RMB 520 million, attributed to lower-than-expected sales and R&D expenses [2] Advertising and Gaming Revenue - Advertising revenue in Q2 2025 grew by 20.2% to RMB 2.449 billion, with significant improvement in eCPM and gaming remaining the largest advertising sector [3] - Gaming revenue surged by 60.1% to RMB 1.612 billion, with stable DAU performance for "Three Kingdoms: Strategy of the World" and potential contributions from upcoming games expected in Q4 2025 to 2026 [3] Profitability and Cost Management - The gross margin in Q2 2025 increased by 0.2 percentage points to 36.5%, driven by strong growth in performance advertising revenue and operational leverage [4] - The company anticipates a gradual increase in gross margin to 37% by Q4 2025, with long-term potential reaching 40%-45%, supported by stable costs and expenses [4] User Engagement and Community Growth - In Q2 2025, the company reported year-on-year growth in MAU, DAU, and average daily usage time, with DAU reaching 109 million [5] - The company emphasizes its strong community attributes and user stickiness, with a focus on enhancing commercial capabilities and the development potential of advertising, gaming, and charging plans [5]

Core Viewpoint - Bilibili reported a strong financial performance for Q2 2025, with significant revenue growth and a return to profitability compared to the same period in the previous year [1][19]. Financial Performance - Total net revenue reached 7.34 billion yuan (approximately 1.024 billion USD), representing a year-on-year increase of 20% [4]. - Net profit was 218.3 million yuan (approximately 30.5 million USD), a turnaround from a net loss of 608.1 million yuan in Q2 2024 [19]. - Adjusted net profit, not in accordance with GAAP, was 561.3 million yuan (approximately 78.4 million USD), compared to an adjusted net loss of 271 million yuan in the same quarter last year [19]. User Engagement - Average daily active users (DAU) for Q2 were 109.4 million, reflecting a year-on-year growth of 7% [2]. - Monthly active users (MAU) increased by 8% year-on-year, while the number of monthly paying users grew by 9% [2]. Revenue Breakdown - Revenue from value-added services was 2.84 billion yuan (approximately 396 million USD), up 11% year-on-year [5]. - Advertising revenue amounted to 2.45 billion yuan (approximately 342 million USD), also up 20% [6]. - Revenue from mobile games surged by 60% to 1.61 billion yuan (approximately 225 million USD) [7]. - Revenue from IP derivatives and other businesses declined by 15% to 439.9 million yuan (approximately 61.4 million USD) [8]. Cost and Profitability - Revenue cost was 4.66 billion yuan (approximately 650.8 million USD), a significant increase of 90% year-on-year [9]. - Gross profit was 2.68 billion yuan (approximately 373.5 million USD), reflecting a 46% increase [11]. - Operating profit was 251.6 million yuan (approximately 35.1 million USD), a recovery from an operating loss of 585.1 million yuan in the previous year [16]. Cash Flow and Assets - Cash generated from operating activities was 1.99 billion yuan (approximately 277.7 million USD), compared to 1.75 billion yuan in Q2 2024 [3]. - As of June 30, 2025, Bilibili held cash and cash equivalents, time deposits, and short-term investments totaling 22.29 billion yuan (approximately 3.11 billion USD) [20]. Stock Buyback - In Q2, Bilibili repurchased 5,588,140 Class Z ordinary shares for a total amount of 782.9 million HKD [21]. - The company has repurchased a total of 6.4 million listed securities under a 200 million USD buyback plan, with approximately 83.6 million USD remaining [21].

Group 1 - The core viewpoint indicates that the financial performance of companies in the internet sector, such as Bilibili and Kuaishou, has exceeded expectations in the second quarter, with significant revenue growth [1][2]. - Bilibili reported a revenue increase of 20% year-on-year, reaching 5.6 billion, which is above market expectations [1]. - Kuaishou's adjusted net profit also showed a positive trend, with a year-on-year growth forecast of 1.5% [2]. Group 2 - The report highlights that major internet stocks in Hong Kong, including Xiaomi and Alibaba, are heavily weighted in investment portfolios, with the top ten stocks accounting for over 70% of the holdings [2]. - The MACD golden cross signal formation suggests a bullish trend for certain stocks in the sector, indicating potential upward momentum [4].