Core Viewpoint - Bilibili has shown significant recovery in both performance and stock price, driven primarily by its gaming business and improved user engagement metrics [1][2][4]. Financial Performance - In Q1, Bilibili's revenue reached 7 billion yuan, marking a 24% year-on-year increase. The gaming segment generated 1.73 billion yuan, with a remarkable growth of 76% [2][12]. - The company's adjusted net profit for Q1 was 360 million yuan, achieving profitability for three consecutive quarters, largely attributed to the success of the game "Three Kingdoms: Strategy of the World" [5][18]. - Advertising revenue was 2 billion yuan, reflecting a 20% year-on-year growth, although this was lower than the previous quarter's growth rate [5][10]. User Engagement - Bilibili's daily active users (DAUs) reached 106.7 million, a 4.2% increase from the previous year, with a notable acceleration in user growth compared to the previous quarter [7][9]. - Monthly active users (MAUs) stood at 368 million, with a quarterly increase of 28 million, indicating strong user retention and engagement [7][9]. - The average daily usage time per user hit 108 minutes, the highest recorded, suggesting increased user stickiness [9]. Business Segments - The value-added services segment, including live streaming and memberships, generated 2.81 billion yuan, growing 11% year-on-year, while IP derivatives and other revenues decreased by 4% to 467 million yuan [5][18]. - The gaming business has been the standout performer, with significant contributions from long-standing titles and the new release "Three Kingdoms: Strategy of the World," which is expected to maintain strong revenue performance [12][15]. Marketing and Advertising - Bilibili's marketing expenses increased by 26% to 1.167 billion yuan, driven by high-profile events like the Spring Festival collaboration, although advertising revenue growth did not keep pace with this increase [10]. - The company has begun leveraging AI technologies to enhance advertising effectiveness, resulting in a nearly 400% year-on-year increase in AI-related ad revenue [11]. Strategic Initiatives - Bilibili is focusing on long-term user retention strategies for its gaming titles, aiming for a sustainable business cycle of at least five years [15]. - The platform is also enhancing its e-commerce capabilities by upgrading its merchant management platform to better facilitate direct purchases [16].

B站的盈利能力越来越清晰了。 5月20日盘后，哔哩哔哩（NASDAQ:BILI；HKEX:9626，以下简称"B站"）发布2025年Q1财报，数据显示，公司总营 收同比增长24%至70.0亿元。 财务的结构性优化成果尤为显著。Q1高毛利的广告与游戏业务收入提升，带动毛利润同比大增58%，毛利率连续11个 季度环比增长至36.3%，创历史新高。 一、用户规模与质量协同突破，付费转化效率提升 这次Q1数据表明，在《牧神记》、《凸变英雄X》等优质内容持续出圈的背景下，B站用户增长正从"量变"转向"质 变"。 从用户规模上来看，在3.68亿的月均活跃用户（同比增长8%）与1.07亿的日均活跃用户（同比增长4%）保持稳健增长 的同时，用户日均使用时长108分钟创历史新高，总使用时长同比提升7%，反映出社区内容供给与用户需求的高度匹 配。 | | | 截至以下日期止三個月 | | | --- | --- | --- | --- | | | 2024年 | 2024年 | 2025年 | | | 3月 | 12月 | 3月 | | | 31日 | 31日 | 31日 | | | 人民幣 | 人民幣 | 人民幣 | | : ...

社区氛围和自我造血并不冲突 作者 丨瀚星 在一个流量红利日渐枯竭的时代，一家既要维持社区氛围、又迫切需要自我造血的公司应当如何解 题，B站给出了自己的答案。 从2023财年的财报电话会上提出盈利预期，到今天持续保持盈利，内容平台难变现的标签已经被彻 底从B站身上撕去。 B站是一家一直在找平衡的公司：社区生态与商业化、用户规模与内容质地……随着2025年的首份 财报发布，上市7年后的B站 来到了一个新的平衡点上。 5月20日美股盘前，哔哩哔哩（下称：B站）发布2025年Q1财报，这份财报延续了上一季度的趋势， 连续第三个季度在Non-GAAP口径下实现盈利，广告与游戏业务高速增长，毛利率持续优化。财报 发出后，B站美股盘前上涨超过6%。 同时，还有意外之喜，今年Q1，B站的DAU与MAU分别环比增加370万和2800万，达到1.07亿和3.68 亿，其中月活用户数创下历史新高，用户的日均使用时长也达到了历史新高的108分钟。 B站开始持续造血 B站的Q1财报显示： 分业务来看，占据B营收大头的增值服务期内实现营收28.1亿元，同比增长11%，主要得益于直播、 大会员及其他增值服务收入增长。作为B站的业务基本盘， ...

作者 | 王毓婵 编辑 | 乔芊 2025年一季度，B站继续实现了盈利。 本季度，B站营收达70.0亿元人民币，同比增长24%。毛利润有较大幅度的提升，同比增58%，毛利率连续11个季度环比提升至36.3%。调整后净利润 达3.6亿元，实现持续盈利。 盈利源于高毛利的游戏和广告收入比例增高，这两项业务在Q1的收入贡献达54%（去年同期为47%），而类固定成本绝对值基本稳定，占收入比例由去 年同期的25%下降至本季度的20%，同时，广告和直播的毛利率今年也有提升。 电话会议上，管理层对中长期财务数据给出指引，称"有信心将毛利率提升到40%-45%"，"Non-GAAP经营利润率15%-20%"。在符合预期的财报和 乐观的指引下，B站股票涨超7%。 在用户数据方面，一季度，B站日均活跃用户达1.07亿，月均活跃用户再创新高，为3.68亿，同比增长7.8%，环比净增2800万，超出市场预期，可能表 现出了与春晚合作带来的用户增量。另外，用户日均使用时长也增至历史新高108分钟，人均交互量（点赞/评论/收藏）、日均观看视频量分别增长 2%、20%。 《三谋》，能成为B站的下一款长青游戏吗？ 一季度，B站游戏业务表现比 ...

文｜王毓婵 编辑｜乔芊 2025年一季度，B站继续实现了盈利。 本季度，B站营收达70.0亿元人民币，同比增长24%。毛利润有较大幅度的提升，同比增58%，毛利率 连续11个季度环比提升至36.3%。调整后净利润达3.6亿元，实现持续盈利。 盈利源于高毛利的游戏和广告收入比例增高，这两项业务在Q1的收入贡献达54%（去年同期为47%）， 而类固定成本绝对值基本稳定，占收入比例由去年同期的25%下降至本季度的20%，同时，广告和直播 的毛利率今年也有提升。 电话会议上，管理层对中长期财务数据给出指引，称"有信心将毛利率提升到40%-45%"，"Non-GAAP 经营利润率15%-20%"。在符合预期的财报和乐观的指引下，B站股票涨超7%。 在用户数据方面，一季度，B站日均活跃用户达1.07亿，月均活跃用户再创新高，为3.68亿，同比增长 7.8%，环比净增2800万，超出市场预期，可能表现出了与春晚合作带来的用户增量。另外，用户日均 使用时长也增至历史新高108分钟，人均交互量（点赞/评论/收藏）、日均观看视频量分别增长2%、 20%。 《三谋》，能成为B站的下一款长青游戏吗？ 财报电话会议上，CEO陈睿表示， ...

SHANGHAI, May 21, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today published its unaudited interim condensed consolidated financial statements for the three months ended March 31, 2024 and 2025 (the “Interim Financial Statements”) and a supplemental discussion titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the corresponding ...

Core Viewpoint - Bilibili Inc. is conducting a dual offering, including a proposed offering of US$500 million in convertible senior notes due 2030 and a Concurrent Delta Offering of its Class Z ordinary shares to enhance its content ecosystem and improve monetization efficiency [2][3][5]. Group 1: Offering Details - The proposed Notes Offering is for US$500 million in aggregate principal amount, with an option for initial purchasers to buy an additional US$75 million [2]. - The Concurrent Delta Offering involves borrowing Class Z ordinary shares from third parties, with no new shares being issued, and is designed to facilitate hedging for investors subscribing to the Notes [3][5]. - The Company plans to use part of the proceeds from the Notes Offering for a Concurrent Repurchase of up to US$100 million of its Class Z ordinary shares [4][5]. Group 2: Strategic Intent - The net proceeds from the Notes Offering will be used to enhance the content ecosystem, facilitate user growth, and improve overall monetization efficiency [2][5]. - The Concurrent Repurchase reflects the Company's confidence in its long-term strategy and growth, with repurchased shares expected to be cancelled [5]. Group 3: Company Background - Bilibili is a leading video community in China, focusing on enriching the lives of young generations through diverse video content and community engagement [9]. - The Company is known for its unique "bullet chatting" feature, which enhances user interaction during video viewing [9].

Core Viewpoint - Bilibili Inc. is proposing a Notes Offering of US$500 million in convertible senior notes due 2030 to enhance its content ecosystem and improve monetization efficiency [1][2]. Group 1: Notes Offering Details - The proposed offering consists of US$500 million in aggregate principal amount of convertible senior notes, with an option for initial purchasers to buy an additional US$75 million [1]. - The notes will mature on June 1, 2030, and holders can convert them into Class Z ordinary shares or American depositary shares prior to maturity [3]. - The interest rate and initial conversion rate will be determined at the time of pricing [3]. Group 2: Use of Proceeds - Net proceeds from the Notes Offering will be used to enhance the content ecosystem, facilitate user growth, and improve monetization efficiency [2]. - The proceeds will also fund a Concurrent Repurchase of Class Z ordinary shares and other general corporate purposes [2][8]. Group 3: Concurrent Delta Offering - A separate underwritten offering will borrow Class Z ordinary shares to facilitate hedging transactions for investors subscribing to the Notes [5]. - The number of shares for the Concurrent Delta Offering will be determined at the time of pricing and will correspond to initial short positions of Convertible Arbitrage Investors [5]. - The Company will not receive any proceeds from the Concurrent Delta Offering, which is contingent upon the Notes Offering [5][9]. Group 4: Repurchase Program - The Company intends to purchase up to US$100 million of its Class Z ordinary shares as part of the Concurrent Repurchase [6][8]. - This repurchase reflects the Company's confidence in its long-term strategy and aims to offset potential dilution for shareholders upon conversion of the Notes [8]. Group 5: Company Overview - Bilibili is a leading video community in China, focusing on enriching the lives of young generations through diverse video content [12]. - The platform is known for its unique "bullet chatting" feature, enhancing user engagement by allowing real-time comments during video viewing [12].

交银国际研究 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 22,528 | 26,832 | 30,321 | 32,245 | 34,465 | | 同比增长 (%) | 2.9 | 19.1 | 13.0 | 6.3 | 6.9 | | 净利润 (百万人民币) | (3,425) | (22) | 2,316 | 3,298 | 4,145 | | 每股盈利 (人民币) | (8.29) | (0.05) | 5.47 | 7.86 | 9.93 | | 同比增长 (%) | -51.1 | -99.4 | -10,402.4 NA | 43.8 | 26.3 | | 前EPS预测值 (人民币) | | | 5.46 | 7.49 | 9.97 | | 调整幅度 (%) | | | 0.1 | 5.0 | -0.4 | | 市盈率 (倍) | ns | ns | 24.0 | 16.7 | 13.2 | ...

Investment Rating - The report assigns a "Buy" rating for the company Bilibili (BILI US) with a target price of $26.00, indicating a potential upside of 43.3% from the current price of $18.15 [4][24]. Core Insights - The first quarter profits exceeded expectations, driven by growth in gaming and advertising, with a revenue of 7 billion RMB, representing a year-on-year increase of 24% [2][7]. - The report highlights that the company's monthly active users (MAU) increased by 28 million quarter-on-quarter, with a year-on-year growth of 8% [7][19]. - The gaming revenue saw a significant year-on-year increase of 76%, primarily due to the success of the game "Three Kingdoms" [7][19]. - Advertising revenue also grew by 20% year-on-year, benefiting from increased traffic and improved marketing efficiency through AI technology [7][19]. Financial Overview - Revenue projections for the company are as follows: - 2023: 22,528 million RMB - 2024: 26,832 million RMB - 2025E: 30,321 million RMB - 2026E: 32,245 million RMB - 2027E: 34,465 million RMB - The net profit is expected to turn positive in 2025, with estimates of 2,316 million RMB, 3,298 million RMB in 2026, and 4,145 million RMB in 2027 [3][25]. - The adjusted net profit for 2025 is projected at 2,316 million RMB, with an adjusted earnings per share of 5.47 RMB [3][25]. User Engagement Metrics - The report indicates that the number of paid users reached 32 million, with a stable payment rate [12][14]. - The average daily usage time per user has shown consistent year-on-year growth, contributing to overall user engagement [9][10]. Market Position and Future Outlook - The company is expected to maintain high growth in gaming, with a projected increase of 59% in the second quarter of 2025, driven by upcoming game updates and new releases [7][19]. - The advertising revenue is anticipated to grow by 18% year-on-year, supported by traffic growth and product optimization [7][19]. - The report maintains a positive outlook on the company's content positioning and user value enhancement, which are expected to drive user engagement and commercialization [7][19].