香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 Bilibili Inc. 嗶哩嗶哩股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9626） 截 至 2025 年 6 月 3 0 日止六個月的 中期業績公告 嗶哩嗶哩股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司、其子 公司及併表關聯實體（「本集團」）截至2025年6月30日止六個月（「報告期間」）的未經審計 中期合併業績，連同2024年同期的比較數字。該等中期業績根據美國公認會計準則（「美 國公認會計準則」）編製並經董事會審計委員會（「審計委員會」）審閱。本公司獨立核數 師羅兵咸永道會計師事務所已根據國際審閱委聘準則第2410號「 由實體的獨立核數師執 行的中期財務資料審閱 」審閱我們截至2025年6月30日止六個月的中期財務資料。 於本公告中，「我們」及「我們的」指本公司及（如文義另有所指）本集團。 1 截至2025年6月30日止六個月財務 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 Bilibili Inc. 嗶哩嗶哩股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9626） 內幕消息 2025 年第二季度 未經審計的財務業績公告 嗶哩嗶哩股份有限公司（「嗶哩嗶哩」或「本公司」）欣然宣佈其根據美國證券交易委員會 （「美國證交會」）的適用規則刊發的截至2025年6月30日止第二季度未經審計財務業績（「第 二季度業績」）。 本公告隨附的附表一為本公司於2025年8月21日（美國東部時間）刊發的有關第二季度業 績的新聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 本公告載有前瞻性陳述。該等陳述乃根據1995年《美國私人證券訴訟改革法》中的「安全 港」條文作出。該等前瞻性陳述可從所用詞彙如「將」、「預期」、「預計」、「旨在」、「未 來」、「擬」、「計劃」、「相信」、「估計」、「有信心」、「潛在」、「繼續」或其他類似陳述加 以識別。其中，本公告內的展望和引 ...

Core Insights - Bilibili Inc. reported strong financial results for Q2 2025, with total net revenues increasing by 20% year over year to RMB7.34 billion (US$1,024.3 million) [4][6] - The company experienced growth in user engagement, with daily active users (DAUs) rising by 7% and monthly paying users increasing by 9% year over year [3][6] - Bilibili's gross profit improved significantly by 46% year over year, reaching RMB2.68 billion (US$373.5 million), with a gross profit margin of 36.5% [6][9] User Engagement - Average daily time spent on the platform increased to 105 minutes, up by 6 minutes compared to the previous year [3] - The company hosted successful offline events, attracting over 400,000 attendees, highlighting the brand's community strength [3] Financial Performance - Advertising revenues grew by 20% year over year to RMB2.45 billion (US$341.9 million), driven by performance-based advertising [5][6] - Mobile games revenues surged by 60% year over year to RMB1.61 billion (US$225.1 million), primarily due to the success of the game "San Guo: Mou Ding Tian Xia" [7][6] - Net profit for the quarter was RMB218.3 million (US$30.5 million), a significant turnaround from a net loss of RMB608.1 million in Q2 2024 [12][6] Cost and Profitability - Cost of revenues increased by 9% year over year to RMB4.66 billion (US$650.8 million), mainly due to higher revenue-sharing costs [8] - Total operating expenses remained stable at RMB2.42 billion (US$338.4 million) compared to the same period last year [9] Cash Flow and Share Repurchase - The company generated net operating cash flow of RMB1.99 billion (US$277.7 million) in Q2 2025, compared to RMB1.75 billion in the same period of 2024 [15][6] - Bilibili completed the repurchase of 5,588,140 Class Z ordinary shares for an aggregate amount of HK$782.9 million (US$100.0 million) [18][6] Recent Developments - In May 2025, Bilibili raised US$690 million through a convertible senior notes offering, with plans to enhance its content ecosystem and fund share repurchases [17][6]

Group 1 - The core viewpoint of the article highlights the positive performance of various companies in the Hong Kong stock market, with significant profit growth and strategic initiatives such as share buybacks and financing rounds [1][2][3][4]. Group 2 - 万国数据-SW (09698) reported a profit of 690 million RMB for the first half of the year, marking a turnaround from losses, and is currently pursuing a Series C financing round to support future projects [1]. - BOSS直聘-W (02076) saw a 85% increase in net profit year-on-year, with a nearly 20% rise in average monthly active users, and announced a share buyback plan of up to 250 million USD [1]. - 长城汽车 (02333) experienced a nearly 6% increase in stock price, with over 20,000 orders for the Haval Menglong 2026 model within 24 hours, indicating strong demand and potential for profit growth [1]. - 周生生 (00116) anticipates a mid-term profit increase to over 900 million RMB, driven by rising gold prices and effective cost control measures [1]. - 中国中车 (01766) saw a stock price increase of over 5% due to the successful bidding for 210 sets of trains, with expectations of sustained high railway investment [2]. - 中广核矿业 (01164) issued a profit warning, expecting a mid-term loss of up to 90 million HKD due to significant price fluctuations in uranium trading [2]. - 特步国际 (01368) reported better-than-expected performance, with a 12% higher net profit than Goldman Sachs' forecast, attributed to increased other income and revenue [2]. - 中国联通 (00762) experienced a stock price increase of over 4%, with expectations of stable dividend growth despite mid-term performance pressures [2]. - 玖龙纸业 (02689) anticipates a maximum annual profit growth of 190%, driven by declining costs [2]. - 海丰国际 (01308) reported a nearly 80% increase in net profit for the first half of the year, attributed to a 7.3% increase in container volume and a 22.8% rise in average freight rates [3].

Group 1 - The gaming industry is experiencing a strong recovery starting in 2024, driven by both market sentiment and fundamental performance of certain companies [1][2] - The current gaming market is characterized by a significant reliance on user acquisition strategies, with many companies shifting from a focus on quality to large-scale user acquisition [2][3] - The introduction of new high-quality games from major internet companies in 2024 is expected to act as a stabilizing force for the industry [2][4] Group 2 - The financial impact of user acquisition is significant, often leading to a delay in profit realization after new game launches due to high initial marketing costs [3][7] - The gaming industry has shown resilience due to its non-cyclical nature and a more relaxed regulatory environment in recent years [7][8] - Institutional investors are increasingly optimistic about gaming companies, with a notable increase in public fund holdings, indicating a shift in market sentiment towards these companies [7][8] Group 3 - The upcoming release of Tencent's "Valorant Mobile" is highly anticipated, with over 60 million pre-registrations, although its short-term commercial success remains uncertain due to a crowded market [6][7] - The overall new game releases in the market are limited, leading to a focus on performance verification of existing companies [7][8] - The absence of new trending topics in the gaming industry suggests that performance validation will be the main focus in the latter half of the year [8]

每经AI快讯，8月20日，香港交易所信息显示，美国银行在哔哩哔哩-W的持股比例于8月15日从5.01%降 至4.98%。 （文章来源：每日经济新闻） ...

格隆汇8月20日｜哔哩哔哩(BILI.US)盘前涨超1.7%，报25.5美元。消息面上，哔哩哔哩近日与歌手陈奕 迅达成独家深度合作，独家上线陈奕迅巡演纪录片《FEAR and DREAMS： NOW is the only reality》及 《FEAR and DREAMS演唱会》全程回顾，并在上海、北京、成都、深圳四城同步举办线下观影分享 会，双方亦将推出一系列独家音乐活动。该纪录片将于本周六正式上线B站，当晚陈奕迅将于B站独家 进行纪录片线上直播弹幕陪看。目前，B站线上直播预约观看人数超过8万。(格隆汇) ...

Core Viewpoint - The recent resignation of Chen Rui from two affiliated companies of Bilibili has attracted significant attention, highlighting his high compensation amidst the company's ongoing financial struggles [1][2][11]. Management Changes - Chen Rui has resigned as the legal representative and executive director of Shanghai Kuanyu Digital Technology Co., Ltd. and Huandian Technology (Shanghai) Co., Ltd., with Huang Shengsheng taking over [1][2]. - This is not the first time Chen Rui has stepped down from affiliated company positions; he previously resigned from Shanghai Bilibili Technology Co., Ltd. in July 2019 and from Shanghai Bilibili eSports Information Technology Co., Ltd. in March 2023 [3]. Compensation Details - Chen Rui's total compensation reached 254 million yuan in the previous year, making him the highest-paid chairman among listed gaming companies, surpassing Tencent's Ma Huateng [4][6]. - His compensation structure included 2.115 million yuan in base salary, 161,000 yuan in medical and retirement plan contributions, and 252 million yuan in stock incentives [4][6]. Financial Performance - Bilibili has faced significant financial pressure, with cumulative losses exceeding 25.4 billion yuan from 2018 to 2024, despite revenue growth from 4.129 billion yuan in 2018 to an expected 26.832 billion yuan in 2024 [11]. - The company achieved its first quarterly profit in Q4 2022 but reported a net loss of 11 million yuan in Q1 2023 [11]. - Revenue contributions from various segments in Q1 2023 included 2.807 billion yuan from value-added services, 1.998 billion yuan from advertising, and 1.731 billion yuan from mobile games, with respective year-on-year growth rates of 11%, 20%, and 76% [11][12]. User Engagement and Market Position - Bilibili's average daily active users reached 107 million, with monthly active users hitting a record of 368 million [11]. - However, Bilibili's user base remains significantly smaller compared to major competitors like Douyin and Kuaishou, which have 914 million and 480 million monthly active users, respectively [11][14]. - In the long video segment, Bilibili trails behind Tencent Video, iQIYI, and Mango TV, with 225 million monthly active users [14]. Future Outlook - Bilibili plans to launch a traditional Chinese version of its game "Three Kingdoms: Strategy" by the end of the year and aims for long-term user retention [13]. - The company is also increasing its marketing expenditures, with Q1 2023 sales and marketing costs rising to 1.167 billion yuan, a 26% increase year-on-year [13].

Group 1 - Bilibili is betting on video podcasts as a response to the stagnation of short video growth, aiming to increase user engagement time [3][4][6] - As of Q1 2025, Bilibili's monthly active users reached 368 million, with an average daily viewing time of 108 minutes, indicating a preference for long-form content [4][6] - Video podcasts align with Bilibili's user habits, as users are accustomed to spending time on in-depth content, making it a natural extension [5][9] Group 2 - Bilibili's advertising revenue in Q1 2025 was approximately 1.3 billion RMB, significantly lower than competitors like ByteDance and Kuaishou, necessitating a focus on user engagement to attract advertisers [6][9] - The platform's strategy includes providing free recording facilities and AI tools to lower the barrier for creators, encouraging more participation in podcasting [8][9] - Bilibili has signed prominent figures like Luo Yonghao and Li Xiang to enhance its content appeal and attract a broader audience [8][9] Group 3 - The podcast listening culture is growing, with data showing that 71% of podcast listeners engage during commutes, and 42% of people aged 12 and above listen to podcasts monthly in the U.S. [11][12] - In China, over 580 million users are active in online audio, with many adopting a "listen while doing" approach, indicating a shift towards audio content consumption [12][13] - Bilibili's podcasts can serve as social currency, providing conversational topics that resonate in social settings, enhancing user engagement [18] Group 4 - Competing platforms like Xiaohongshu and Douyin are adopting different strategies for video podcasts, focusing on shorter, more practical content to fit users' lifestyles [20][22] - Douyin utilizes a "short to long" approach, breaking down longer podcast content into bite-sized clips to attract users to the full version [22] - Tencent's WeChat leverages social connections for podcast distribution, showcasing the importance of social networks in content sharing [23] Group 5 - The advertising model for video podcasts differs from short videos, as the latter relies on quick, quantifiable engagement, while podcasts focus on building long-term brand awareness [29][30] - The commercial viability of video podcasts in China remains uncertain, as the market is still developing its monetization strategies compared to more established models in the U.S. [33] - Risks associated with video podcasts include the potential for miscommunication during long discussions, which can lead to public relations issues if not managed carefully [34]

Group 1 - The Nasdaq Golden Dragon China Index declined by 0.9% on Tuesday [1] - TSMC fell over 3%, while Alibaba, NetEase, JD.com, Baidu, and Bilibili each dropped over 1% [1] - Futu Holdings decreased by more than 2%, and Li Auto fell nearly 1% [1] Group 2 - Xpeng and NIO saw gains of over 4% [1]