Core Viewpoint - Bilibili Inc. is set to report its fourth quarter and fiscal year 2024 unaudited financial results on February 20, 2025, before the U.S. market opens [1] Group 1: Earnings Call Details - The earnings conference call will take place at 7:00 AM U.S. Eastern Time on February 20, 2025, which corresponds to 8:00 PM Beijing/Hong Kong Time on the same day [2] - Participants must register online in advance to receive dial-in numbers and a personal PIN for the conference call [2] - A live webcast of the conference call will be available on the company's investor relations website, with a replay accessible after the session [3] Group 2: Company Overview - Bilibili is a leading video community in China, focusing on enriching the lives of young generations through a diverse array of video content [4] - The company is known for its "bullet chatting" feature, enhancing user engagement by displaying real-time comments during video viewing [4] - Bilibili aims to promote Chinese culture globally while fostering a strong community among users and content creators [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to generate revenue of 7.63 billion RMB in Q4 2024, representing a year-over-year growth of 20%. The revenue breakdown includes gaming at 1.79 billion RMB (yoy +78%), VAS at 3.00 billion RMB (yoy +5%), advertising at 2.36 billion RMB (yoy +23%), and e-commerce at 480 million RMB (yoy -15%) [1]. - The gross profit for Q4 2024 is projected to be 2.74 billion RMB, with a gross margin of 35.9%, and an adjusted net profit of 410 million RMB [1]. Summary by Sections Gaming Business - The new season of the game "Three Strategies" started on January 4, 2025, with new characters and gameplay features. The game ranked in the top five on the iOS revenue chart shortly after the season launch [2]. - The company has successfully launched the global version of "Jujutsu Kaisen," achieving significant download and revenue milestones, with expected overseas revenue nearing 80 million RMB within 30 days of launch [2]. - The gaming pipeline for 2025 includes the overseas version of "Three Strategies" and the domestic launch of "Jujutsu Kaisen" once it receives approval [2]. Advertising Business - The company is enhancing its commercial infrastructure, focusing on brand marketing and expanding into TV and automotive platforms. The introduction of "B Mini Programs" is aimed at improving advertising efficiency [3]. - The number of advertising partners is expected to grow by over 30% in 2024, with significant growth in GMV during promotional events [3]. - The company is committed to producing high-quality content, with a notable increase in viewership for its New Year's Eve gala and securing broadcasting rights for the 2025 Spring Festival Gala [3]. Financial Forecast and Valuation - The company is projected to have a revenue of 26.73 billion RMB in 2024, with a growth rate of 18.6%. The adjusted net profit is expected to improve to -90 million RMB in 2024, with a positive outlook for 2025 and 2026 [5][12]. - The report indicates a strong user engagement and potential for monetization in the C-end market, with a slight upward revision of the 2024 net profit forecast to -1.35 billion RMB [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, Bilibili (BILI US), with a target price adjusted to $24.00, reflecting a potential upside of 40.8% from the current price of $17.05 [1][2][12]. Core Insights - The report highlights that the gaming revenue is in line with expectations and expresses optimism about the potential for profit release. The company has achieved profitability, leading to a switch to PEG valuation based on comparable entertainment and gaming companies [1][6]. - The adjusted net profit forecast for 2025 has been slightly reduced by 3% to RMB 1.87 billion, while the revenue growth for 2025 is expected to be 19% for advertising and 9% for gaming [6][9]. - The report emphasizes the importance of revenue structure optimization and ongoing cost control to enhance profitability over the long term [6][9]. Financial Forecasts - The revenue projections for 2024E, 2025E, and 2026E are RMB 26,716 million, RMB 29,688 million, and RMB 31,936 million respectively, with a compound annual growth rate (CAGR) of 43% for adjusted net profit from 2025 to 2027 [5][14]. - The report anticipates a gross margin of 36% for Q4 2024, with adjusted operating profit expected to reach RMB 4 billion [6][9]. - The company’s market capitalization is approximately $5.55 billion, with a 52-week high of $29.66 and a low of $8.94 [4][12]. Revenue Breakdown - The revenue breakdown for Q4 2024E includes mobile games at RMB 1,768 million, value-added services (VAS) at RMB 2,989 million, and advertising revenue at RMB 2,389 million, reflecting a year-on-year growth of 24% for advertising [9][14]. - The report notes that the gaming segment is expected to contribute significantly to revenue, with a projected increase in revenue from games in 2025 [6][9]. Market Position - Bilibili is positioned favorably within the entertainment content sector, with a competitive edge in gaming and advertising, supported by product optimization and marketing strategies [1][6][12]. - The report suggests that the stock price has limited downside potential, reinforcing the "Buy" rating based on the company's growth prospects and market dynamics [1][12].

将营销从不断流出的费用，变成长期复用的资产。 十年前，阿迪达斯已经开始系统化地测算投出去的广告有没有效果。核心思路是：顾客在网上消费前，最 后点了哪条广告，销售的功劳就记在那条广告头上。 问题是影视中的植入画面、街头巷尾的品牌物料点不了，也就无法衡量广告转化效果，产出数据供员工优 化，最后再作为加分项被员工写在述职报告上。于是在意品牌营销的人越来越少，看上去能迅速带来订单 的效果广告一度占了阿迪达斯广告预算的七成以上。 直到 Google 拉丁美洲广告平台的一次事故。几天内，阿迪达斯无法购买搜索流量，但来自搜索广告的收 入却没有下降。困惑的管理层找来计量经济学专家重新进行广告效果归因，最终发现之前被忽视的宣传 片、户外广告等品牌营销贡献了 65% 的销售额。它们加强了顾客对阿迪达斯的认同，让最忠实的消费者在 网上主动搜索。 但已有越来越多从业者已经意识到这不可持续。"传播很多时候的注意力都放在了价格、优惠上，消费者 接收的信息往往是关于价格的，而不是品牌的核心价值，品牌背后的技术、美学、理想往往被忽视。" 秒 针营销科学院院长谭北平说。只求促销、不求印象，不可能打造穿越周期的品牌。 抵抗这一惯性可以从回归深度 ...

Market Strategy - US investors seeking "growth at a reasonable price" have two options: investing in struggling companies with turnaround potential or looking for better deals overseas [1] Analyst Background - Gary Alexander has extensive experience covering technology companies on Wall Street and working in Silicon Valley [2] - He serves as an outside adviser to several seed-round startups and has deep exposure to industry-shaping themes [2] - His articles are widely syndicated, appearing on platforms like Robinhood and various web publications [2]

Core Insights - The Matchless Kungfu, an open-world sandbox martial arts game inspired by Chinese culture, is currently available at a 25% discount during the Steam Winter Sale, priced at $14.99 instead of the regular $19.99 [1] - Developed by HuanMos Game and published by Bilibili HK Limited, the game allows players to create their own martial arts hero and explore a vast, dynamic world with no predefined roles [2] - Since its release on November 5, 2024, The Matchless Kungfu has quickly become one of Steam's top-selling early access games, maintaining an 85% Very Positive rating from players [3] Gameplay Features - The game incorporates the mystical art of Qinggong, allowing players to run across water and scale cliffs, enhancing the sense of freedom in gameplay [4] - A unique combat system features five basic attacks and special moves, alongside a "verbal combat" system that adds strategic depth to encounters [4] - The homestead system enables players to build various structures, interact with NPCs, and create a thriving environment that evolves based on player actions [5] Community and Accessibility - The release of version 1.0 was supported by community feedback, and the game now includes Russian and German translations to reach a broader audience [6] - Players can engage with the community through Discord and follow updates on social media platforms, enhancing player interaction and experience [7] Company Background - Bilibili Games, a subsidiary of Bilibili Inc., focuses on delivering interactive gaming experiences and has a diverse portfolio that includes popular mobile games and indie titles [8]

Core Insights - Bilibili (BILI) shares have surged 59.2% year to date, outperforming the Zacks Computer & Technology sector and the Zacks Internet - Services industry [1] - The strong performance is attributed to robust mobile game revenues, creator monetization, and high user engagement metrics [2] Financial Performance - The Zacks Consensus Estimate for fourth-quarter revenues is $1.07 billion, indicating a year-over-year growth of 21.35% [3] - The consensus estimate for earnings is 19 cents per share, unchanged over the past 30 days [3] - For 2024, the revenue estimate is $3.71 billion, reflecting a year-over-year growth of 16.89%, with earnings pegged at 5 cents per share [3] Earnings Surprises - BILI shares have beaten the Zacks Consensus Estimate in two of the last four quarters, with an average negative surprise of 4.25% [4] Growth Drivers - Mobile game revenues increased by 83.8% year over year in Q3 2024, driven by a strong game portfolio [6] - Notable titles include San Guo: Mou Ding Tian Xia, which quickly grossed RMB 1 billion ($138 million) [6] - New game launches and updates are expected to expand the player base and drive revenue growth [7] User Engagement - The average daily time spent per user reached 106 minutes, with daily video views exceeding 5.7 billion, up 23% year over year [8] - The monetization of the creator ecosystem through initiatives like fan charging is enhancing income growth for creators [8] Investment Outlook - BILI is positioned for solid growth prospects due to strong mobile gaming revenues, user engagement, and creator monetization [9] - The company currently holds a Zacks Rank 2 (Buy) and a Growth Score of B, indicating a favorable investment opportunity [9]

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 轮到车企研究 B 站了。 焦虑的车企，正在寻找营销的新解药。 车企过去靠配置来划分体验，进而在不同市场、不同用户中精准攫取利润。但新能源时代，产品差异化更 小，技术探索更深，车企需要在传播上花费更多精力，给用户讲清楚自己的产品特点和技术实力。 与此同时，消费者对车企的关注正在从意想不到的地方出现，品牌传播方式也随之变化。广州车展，最火 的是雷军的串场视频，"雷军的移动城堡" 话题上了热搜；再往前，特斯拉把 Cybertruck 直接开到了 B 站 大楼；还有更多车企高管走进直播间，主动跟用户互动。 汽车作为大件消费，天生需要更长的决策路线。碎片化的文字信息、短视频等内容，很难提供系统性的组 织和梳理，让用户对产品形成有效判断。 相比之下，B 站的长视频内容生态，更适合呈现深度内容。根据尼尔森发布的汽车营销趋势报告，9 成的 用户在购车前刷 B 站的深度内容，在所有主要平台中渗透率第一。 在其他平台做视频要做减法，但在 B 站需要做加法。从保镖的车库做 3 年 UP 主的经验来看， ...

Core Viewpoint - Bilibili Inc. has successfully completed a repurchase right offer for its 0.50% Convertible Senior Notes due 2026, with a total principal amount of US$419,107,000 being validly surrendered [1] Company Overview - Bilibili is a leading video community in China, targeting young generations with a mission to enrich their everyday lives through diverse video content [3] - The company is known for its "bullet chatting" feature, enhancing user engagement by allowing real-time comments during video viewing [3] - Bilibili aims to promote Chinese culture globally while fostering a strong community among its users and content creators [3]

Core Insights - Persistent earnings growth is crucial for company profitability and stock price appreciation, with studies indicating that successful stocks often experience earnings acceleration prior to stock price increases [1] - Earnings acceleration is defined as the incremental growth in a company's earnings per share (EPS), specifically when quarter-over-quarter growth rates increase over time [2] - Companies with increasing earnings growth percentages are fundamentally sound, while stagnant or declining growth can lead to price drops [4] Earnings Acceleration Screening - The screening parameters for identifying stocks with earnings acceleration include ensuring that the last two quarter-over-quarter EPS growth rates exceed previous periods' growth rates, and projected EPS growth rates for the upcoming quarter are expected to surpass prior periods [5][6][7] - Additional screening criteria include a current stock price of at least $5 and an average 20-day trading volume of 50,000 or more, indicating adequate liquidity [8] Highlighted Companies - **Bilibili Inc. (BILI)**: An online entertainment platform in China, with an expected earnings growth rate of 104.3% for the current year and a Zacks Rank of 2 (Buy) [9] - **BrightSphere Investment Group Inc. (BSIG)**: A diversified multi-boutique asset management company, expected earnings growth rate of 45.5% for the current year, holding a Zacks Rank of 1 (Strong Buy) [10] - **Orchid Island Capital, Inc. (ORC)**: A specialty finance company investing in residential mortgage-backed securities, with an expected earnings growth rate of nearly 74% for the current year and a Zacks Rank of 2 (Buy) [11]