格隆汇8月5日丨哔哩哔哩-W(09626.HK)公告，董事会将于2025年8月21日举行董事会会议，藉以（其中 包括）批准截至2025年6月30日止三个月及六个月的未经审计财务业绩及第二季度及半年度业绩公告。 ...

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） 董事會會議日期及 刊 發 2025 年第二季度及 半年度未經審計財務業績公告日期 我們的董事會將於2025年8月21日（星期四）（香港時間）舉行董事會會議，藉以（其中包括） 批准我們截至2025年6月30日止三個月及六個月的未經審計財務業績（「第二季度及半年 度業績」）及第二季度及半年度業績公告。我們將於2025年8月21日（星期四）下午六時正 （香港時間）或前後於香港聯合交易所有限公司網站www.hkexnews.hk公佈第二季度及半 年度業績。 所有與會者須於電話會議召開前使用上文提供的鏈接完成在線註冊程序。註冊後，各與 會者將收到一組用以參與電話會議的與會者撥入號碼及個人密碼。 此外，電話會議的網上直播可於我們的投資者關係網站http://ir.bilibili.com獲取 ...

Core Viewpoint - Bilibili Inc. is set to report its second quarter 2025 unaudited financial results on August 21, 2025, before U.S. markets open, with an earnings conference call scheduled for the same day at 8:00 AM ET [2][3]. Company Overview - Bilibili is a leading video community in China, targeting young generations with a mission to enrich their everyday lives through a diverse array of video-based content [5]. - The company is known for its "bullet chatting" feature, which enhances user engagement by allowing real-time comments during video viewing [5]. - Bilibili aims to foster a strong community among users, content creators, and cultural promotion, positioning itself as a hub for diverse interests among young audiences in China [5]. Earnings Call Details - The earnings conference call will take place at 8:00 AM U.S. Eastern Time on August 21, 2025, which corresponds to 8:00 PM Beijing/Hong Kong Time on the same day [3]. - Participants must register online to receive dial-in numbers and a personal PIN for the call [3]. - A live webcast of the conference call will be available on the company's investor relations website, along with a replay after the session [4].

Industry Overview - Chinese gaming stocks, including Bilibili and NetEase, saw a pre-market rise, with Bilibili increasing over 3% and NetEase over 2% [1] - The China Audio-Video and Digital Publishing Association's report indicates that the domestic gaming market's actual sales revenue for the first half of 2025 is projected to reach 168 billion yuan, marking a year-on-year growth of 14.08%, setting a historical high [1] - The number of domestic gaming users is expected to reach 679 million, also a record high [1] Company Performance Bilibili (BILI) - Bilibili's closing price on August 4 was 22.435 USD, with a pre-market price of 23.210 USD on August 5, reflecting a 3.45% increase [1] - The stock's trading volume was 2.2305 million shares, with a market capitalization of 9.261 billion USD [1] - The stock has a 52-week high of 31.770 USD and a low of 12.720 USD [1] NetEase (NTES) - NetEase's closing price on August 4 was 130.280 USD, with a pre-market price of 133.140 USD on August 5, showing a 2.20% increase [1] - The trading volume was 536,700 shares, with a market capitalization of 82.493 billion USD [1] - The stock has a 52-week high of 141.450 USD and a low of 74.171 USD [1]

8月5日，恒生互联网ETF（513330）盘中震荡，涨近0.5%，成分股中，心动公司涨超24%，东方甄选涨 超16%，网龙、地平线机器人、哔哩哔哩跟涨。 （文章来源：每日经济新闻） 7月30日，重磅会议顺利召开，明确提出"必须把因地制宜发展新质生产力摆在更加突出的战略位置"， 同时对"反内卷"的表述温和。 港股龙头互联网企业资本开支和云业务收入同步强劲增长。当前AI产业发展正进入从1-100的快速扩张 阶段，DeepSeek加速AI平权进程，港股互联网龙头AI商业化应用加速落地。从各大互联网巨头和三大 运营商不断加码云与AI基础设施投资可见，AI正成为推动云增长的核心动力。 在"反内卷"政策导向与AI产业快速发展的双重提振下，互联网企业的发展势头愈发强势。聚焦互联网龙 头企业与新消费的恒生互联网ETF（513330）有望进一步走出亮眼行情。 年内行情诞生背景主要是以AI为代表的产业变革加速演进，随着DeepSeek大模型全面开源，标志着中 国AI技术跻身全球第一梯队。根据Artificial Analysis综合多项性能基准的全球排行榜中，中国AI大模型 整体表现与美国前沿模型相当，其中DeepSeek-R1 ...

Group 1 - Xindong Company (02400) reported a positive earnings forecast, expecting revenue of at least RMB 3.05 billion for the first half of 2025, a year-on-year increase of approximately 37%, and a net profit of at least RMB 790 million, a year-on-year increase of about 215% [1] - Yimai Sunshine (02522) also announced a positive earnings forecast, expecting revenue between RMB 450 million to 480 million for the first half of the year, a year-on-year increase of approximately 8.77% to 16.03%, and a net profit of RMB 14.5 million to 16.5 million, a year-on-year increase of about 1350% to 1550% [1] - Tianli International Holdings (01773) plans to repurchase shares up to a total of HKD 200 million based on market conditions, believing that the share buyback plan is in the best interest of the company and its shareholders [2] Group 2 - Liaogang Co., Ltd. (02880) reported a total operating revenue of RMB 5.693 billion for the first half of 2025, a year-on-year increase of 5.93%, and a net profit attributable to shareholders of RMB 956 million, a year-on-year increase of 110.78% [2] - Yuan Zheng Technology (02488) reported a revenue of RMB 982 million for the first half of 2025, a year-on-year increase of 9.75%, and a net profit of RMB 195 million, a year-on-year increase of 27.74% [2] - Geekplus Technology (02590) expects revenue between RMB 995 million to 1.03 billion for the first half of the year, a year-on-year increase of 27% to 32%, while the net loss is expected to narrow significantly [3] Group 3 - Lee & Man Paper Manufacturing (02314) and other leading companies in the paper industry have initiated a price increase for various products starting August 1, indicating a significant acceleration in price adjustment frequency within the industry [3] - Xinda Biopharmaceutical (01801) announced that its innovative oral small molecule GLP-1R agonist IBI3032 has received IND approval from the FDA [4] - Heyu-B (02256) reported a revenue of RMB 612 million for the first half of the year, a year-on-year increase of 23.1%, and a net profit of RMB 328 million, a year-on-year increase of 58.84% [4] Group 4 - Bilibili (BILI.US) is expected to achieve a revenue growth of 20% year-on-year to RMB 7.3 billion in the second quarter, driven by stable performance in mobile games [5][6] - Li Auto (LI.US) launched the Li Xiang i8, with deliveries starting on August 20, and received positive outlooks from multiple institutions [6] - Xpeng Motors (XPEV.US) achieved a new monthly delivery record in July, delivering 36,717 smart electric vehicles, a year-on-year increase of 229% [7]

Summary of Bilibili (BILI.O) Conference Call Company Overview - **Company**: Bilibili Inc. (BILI.O) - **Industry**: Online entertainment, specifically focused on anime, comics, and games (ACG) in China Key Financial Insights - **2Q25 Results Expectations**: Revenue is expected to increase by 19% to RMB 7.3 billion, aligning with consensus estimates, driven by advertising (+17%), gaming (+60%), VAS (+10%), and others (-10%) [2] - **Non-GAAP Gross Profit Margin (GPM)**: Projected to improve to 37.3% from 37% in 1Q25, with Non-GAAP Operating Profit Margin (OPM) estimated at 7.8% compared to 7% in 1Q25 [2] - **Earnings Forecast**: Non-GAAP earnings forecasted at RMB 511 million, consistent with consensus [2] 2H25 Outlook - **Gaming Segment**: Three new games are expected, but they are not major titles, which may lead to a slight weakening in gaming momentum [3] - **Advertising Segment**: Expected to remain the primary growth driver due to infrastructure improvements and the integration of AI technologies, with management confident that Bilibili's advertising performance will outperform the industry in the medium term [3] - **VAS Segment**: Live streaming growth is anticipated to remain stable, with monetization through charging functions being a priority [3] Regulatory Environment - **Impact of Advertising Regulation**: Recent government guidelines on advertising are expected to have limited impact on Bilibili, as the company primarily engages with larger merchants who are likely already compliant [4] Financial Projections - **Target Price Adjustment**: Target price raised to US$24 from US$23, reflecting a re-rating in the Chinese internet space [1] - **Market Capitalization**: Approximately US$9.65 billion [6] - **Earnings Summary**: - 2023A: Net Profit - RMB 3,425 million - 2024A: Net Profit - RMB 22 million - 2025E: Net Profit - RMB 2,136 million - 2026E: Net Profit - RMB 2,628 million - 2027E: Net Profit - RMB 3,107 million [5] Valuation Insights - **Valuation Breakdown**: - Gaming Business: US$6.8/share at a 15x 2025E P/E - Advertising Business: US$10.8/share at an 18x 2025E P/E - VAS Segment: US$6.0/share at a 1.5x 2025E P/S - E-commerce and Others: US$0.4/share at a 0.5x 2025E P/S [12][20] Risks and Challenges - **High Risk Rating**: The stock is rated as Neutral/High Risk due to volatility and ongoing losses. Key risks include: - Underperformance in gaming and advertising segments - Regulatory risks and increased competition [19][21] Conclusion - Bilibili is positioned for moderate growth driven by advertising and stable performance in live streaming, but faces challenges in gaming momentum and regulatory compliance. The company’s financial outlook remains cautiously optimistic with a focus on improving operational efficiency and leveraging AI technologies.

Core Viewpoint - Shanghai's recent policy "沪九条" aims to support high-quality internet content creation, establishing a framework for international storytelling and ecological thinking in the digital content sector [1] Strategic Positioning: International Ecological Loop - The core of "沪九条" is to create a full-chain, international ecological system for content that includes creation, incubation, dissemination, and overseas expansion [2] - The policy leverages local platforms like Xiaohongshu and Bilibili to build a global influence aggregation area, covering various elements such as spatial carriers, brand activities, creative incentives, financial support, talent development, scene openness, and content export [2] Platform Effect: Headquarters Economy Driving Ecological Aggregation - "沪九条" focuses on activating the ecological leadership of local platform giants, with the construction of aggregation areas closely tied to platform headquarters [3] - The policy encourages platform enterprises and industry associations to host high-profile global creator events and provides financial support, enhancing the "platform headquarters' industrial chain aggregation" effect [3] - The initiative aims to create a fair development environment for creators by directing resources and traffic towards the ecosystem, establishing a virtuous cycle where platforms empower creators and the ecosystem supports platforms [3] Overseas Dissemination: Building the "Shanghai Fleet" of Chinese Cultural IP - "沪九条" elevates "content export" to a strategic level, systematically building international communication capabilities [4] - The policy supports creators in developing influential "Chinese cultural IP" overseas, providing resources, channels, and service guarantees for successful projects [4] - It also proposes facilitating visa access for foreign creators and encourages partnerships with overseas talent, enriching the local creative ecosystem and enhancing the global reach of Chinese content [4] Forging the City's Voice - "沪九条" represents a clear blueprint for Shanghai, emphasizing inclusivity and strategic depth [5] - The policy aims to create an ecological circle driven by platforms like Xiaohongshu and Bilibili, achieving efficient resource aggregation and value multiplication [5] - It views content export as a core component of enhancing cultural soft power, systematically building a global narrative through various supportive mechanisms [6] - The overarching goal is to establish Shanghai as a global internet content innovation hub, capable of nurturing local excellence while participating in global cultural dialogue [6]

Group 1 - The core viewpoint is that Chinese concept stocks are experiencing an upward trend in pre-market trading on August 4, with notable increases in share prices for companies like Bilibili, Baidu, and Xpeng Motors [1] Group 2 - Bilibili's stock price increased by approximately 2% [1] - Baidu's stock price also rose by around 2% [1] - Xpeng Motors saw a stock price increase of about 3% [1]

Core Viewpoint - Bilibili (BILI.US) is expected to achieve steady growth in its Q2 financial report, with a projected revenue increase of 20% year-on-year to 7.3 billion yuan [1] Revenue Growth - Mobile game revenue is anticipated to grow by 61% year-on-year, driven by stable performance from "Three Kingdoms: Strategy Edition" [1] - Advertising revenue is forecasted to increase by 18% year-on-year, benefiting from a rise in advertising clients and technological upgrades [1] Profitability and Cost Control - The company is expected to enhance its profitability through strict cost control measures [1] - Adjusted net profit forecasts for the next two years have been raised by 11% and 8% respectively [1] Target Price Adjustment - The target price for Bilibili's stock has been increased from $24 to $25.5, maintaining an "outperform" rating [1]