哔哩哔哩-W(09626)发布公告，于2025年12月15日，公司根据第二次经修订及重述2018年股份激励计划 向集团147名选定员工(其中2名为执行董事)授出合共201.48万份限制性股份单位，代表同等数目的Z类 普通股及占于本公告日期公司已发行股份总数约0.49%(按一股一票基准计算)。 ...

格隆汇12月15日丨哔哩哔哩-W(09626.HK)公告，于2025年12月15日，公司根据第二次经修订及重述 2018年股份激励计划向集团147名选定员工(其中2名为执行董事(「董事授出」))授出合共2,014,815份限 制性股份单位(「授出」)，代表同等数目的Z类普通股及占于本公告日期公司已发行股份总数约0.49% (按一股一票基准计算)。 ...

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） 於2025年12月15日，本公司根據第二次經修訂及重述2018年股份激勵計劃向本集團147名 選定員工（其中2名為執行董事（「董事授出」））授出合共2,014,815份限制性股份單位（「授 出」），代表同等數目的Z類普通股及佔於本公告日期本公司已發行股份總數約0.49%（按 一股一票基準計算）。 授出詳情如下： 授出日期： 2025年12月15日 每股Z類普通股193.70港元 表現目標： 授予相關董事的限制性股份單位之歸屬須待達成董事會決 定的表現目標後，方可作實。該等表現目標基於本集團及 其相關部門的業績、其他管理指標及╱或其他適當指標設 定，並由董事會不時評估。 除董事授出外，其他授出並未附帶表現目標。 1 授出限制性股份單位 零 授出限制性股份單位總數： 2,014,81 ...

哔哩哔哩 20251212 摘要 B 站股价虽较历史高点大幅下跌，但近一年已反弹约 20%-25%，并在 特定时期内实现翻倍增长，显示出较强的价值重估潜力。基本面角度看， B 站仍是优质互联网标的。 B 站收入从 2018 年的 41 亿元增长至 2024 年的 270 亿元，预计今年 达 300 亿元。2025 年上半年收入同比增长 22%。二季度毛利率达 36.5%，同比提升 6.5 个百分点，并连续 12 个季度环比提升，实现单 季度经调整净利润 5.6 亿元。 B 站第三季度收入同比增长 5%至 77 亿元，经调整净利润同比大增 233%至 7.86 亿元，净利润率达 10.2%。收入分成成本占比下降，带 宽和人工成本占比稳定，AI 相关投入增加。 会员充值和直播打赏是 B 站稳定基本盘，占总收入约 40%，两年年增速 约 10%。第三季度月均付费用户数同比增长 17%，直播业务毛利率提 升至 25%。 广告业务是 B 站未来增长关键驱动力，占总收入 31%。二、三季度广告 收入分别同比增长 20%和 23%。AI 赋能提升算法效率，快消等品类投 放趋势快速增长。 Q&A 哔哩哔哩（B 站）作为中长线 ...

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong performance in e-commerce, social entertainment media, internet healthcare, short videos, and other segments, despite recent market fluctuations [4][16][19]. E-commerce - The e-commerce sector is experiencing stock price fluctuations with a lack of catalysts, but companies are deemed to have attractive valuations. Alibaba's narrative focuses on AI advancements and cloud growth, while Meituan's outlook remains cautious due to ongoing competition [4][16][17]. Social Entertainment Media - Bilibili and Tencent's advertising performance continues to outperform the market, with Tencent's gaming fundamentals improving. Upcoming titles like "Delta Action" and Bilibili's "Escape from Duckkov" are expected to drive growth [4][16][17]. Internet Healthcare - JD Health and Alibaba Health leverage their leading platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][16][17]. Short Videos - Recent declines in AI-related stocks are noted, but Kuaishou's core business remains stable, with ongoing advancements in AI technology and commercialization [4][16][17]. IP and Trendy Toys - Pop Mart's new flagship store in Shanghai enhances interactive space, and the company continues to launch new IPs like 1001moons and supertutu [4][16][17]. Online Mobility - Cao Cao Mobility has upgraded its Robotaxi strategy, moving towards fully unmanned operations by 2026, with a focus on cost advantages in customized vehicles [4][16][18]. Long Videos - The State Administration of Radio and Television's new policies aim to enhance content supply, suggesting investment opportunities in iQIYI and Mango TV [4][16][18]. Music Streaming - TME and NetEase Music show stable performance, although concerns about competition have led to valuation adjustments. The report emphasizes the importance of quality content in driving paid subscriptions [4][16][18]. Gaming Sector - The domestic gaming market remains robust, with continued recommendations for leading companies like Tencent and NetEase. Attention is drawn to companies with improving product trends and operational conditions [4][19]. Advertising - Focus Media's performance has exceeded expectations, with significant growth in internet advertising spending anticipated for Q4, driven by new business initiatives [4][19]. Publishing - Some publishing companies face challenges due to educational reforms, impacting revenue recognition. The report suggests focusing on companies with strong fundamentals and high dividend yields [4][21]. Film and Television - The report highlights the potential recovery in the long video sector, with a focus on production companies with strong project pipelines and leading platforms like Mango TV and iQIYI [4][21]. AI and Technology - The report emphasizes the importance of AI in transforming various sectors, with specific recommendations for companies involved in AI applications across media and healthcare [4][22].

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, with specific stock recommendations across various segments [5][8]. Core Insights - The media sector experienced a slight rebound in November, with the advertising segment gaining traction due to AI applications, while other segments showed minor fluctuations. The demand for entertainment is expected to rise towards the end of the year, suggesting potential opportunities in niche segments [3][4]. - Key trends for 2026 include a supportive policy environment fostering resilient growth, with a focus on AI applications, overseas expansion of Chinese content, and the revaluation of IP value driven by upgraded demand [3][4]. - The report highlights strong Q3 performance in Hong Kong and US stocks, particularly in gaming and social media sectors, with notable revenue growth from Tencent and Kuaishou [3][4][18]. Summary by Sections Industry Dynamics - The media index rose by 1.69% in November, contrasting with a decline in the Shanghai Composite Index by 1.67%. Sub-sectors showed varied performance, with digital media up by 1.76% and advertising marketing up by 9.68% [2][11]. - The gaming sector saw a record high in the issuance of domestic game licenses in November, with 178 games approved, indicating a robust supply side [20]. Company Performance - Tencent Music reported a revenue of 8,463 million, exceeding expectations, while iQIYI's performance was in line with forecasts at 6,682 million [18]. - Kuaishou's revenue reached 35,554 million, meeting expectations, driven by advancements in AI technology [18]. Valuation and Recommendations - The report maintains target prices and ratings for covered companies, recommending stocks such as Century Huatong, Mango Excellent Media, and Kuaishou for A-shares, and Tencent Music and iQIYI for Hong Kong and US stocks [5][8]. - Specific stock recommendations include Century Huatong (target price 26.50), Kuaishou (target price 89.00), and iQIYI (target price 2.50), all rated as "Outperform" [5][8].

Core Viewpoint - Bilibili is rumored to implement a paid subscription model for all video content starting March 1, 2026, which has sparked significant backlash from users concerned about the end of free access to content [3][4][10]. Group 1: Membership Structure - Bilibili has two levels of membership: regular members and premium members (VIP), with the latter providing access to exclusive content [5][6][7]. - The rumored changes suggest that all content, including user-generated videos and basic features like comments, would require a premium membership [3][4]. Group 2: User Reactions - User reactions to the rumors are mixed, with some expressing outrage and others doubting the authenticity of the claims, citing Bilibili's current status as a platform with the best free experience among video services [9][10]. - Concerns have been raised about the potential impact on Bilibili's community ecosystem if all content becomes paid, with some users suggesting that such a move could lead to the platform's decline [9][10]. Group 3: Company Response - Bilibili's customer service has stated that the screenshot circulating online is fake and that they are pursuing legal action against the source of the misinformation [10]. - Despite the rumors, Bilibili currently maintains a model that allows non-paying users to access a significant amount of free content, with only certain features and high-definition content reserved for premium members [15]. Group 4: Financial Performance - Bilibili reported a total revenue of 76.9 billion RMB for Q3 2025, marking a 5% year-over-year increase, with daily active users reaching 117 million, up 9% [17]. - The platform's average daily usage time per user has increased to 112 minutes, indicating strong user engagement [19]. - The number of monthly paying users exceeded 35 million, reflecting a 17% year-over-year growth in willingness to pay for content [19]. Group 5: Business Strategy - The introduction of stricter membership rules aims to prevent account misuse and protect content creators, while also addressing revenue loss from membership fees [20]. - Bilibili's business model is shifting from reliance on membership fees to increasing revenue from advertising, which grew by 23% to 2.57 billion RMB in Q3 [21]. - Maintaining a free access model is seen as crucial for attracting advertisers, as a large base of free users contributes to the platform's community and engagement [21].

Core Viewpoint - The Nasdaq China Golden Dragon Index has seen a decline, with major Chinese concept stocks experiencing significant drops in their share prices [1] Group 1: Index Performance - The Nasdaq China Golden Dragon Index's decline has expanded to 1% [1] Group 2: Individual Stock Performance - BOSS Zhipin has decreased by 4.45% [1] - Kingsoft Cloud has fallen by 3.89% [1] - Alibaba's stock price has dropped by 3.16% [1] - Pinduoduo has seen a decline of 3.2% [1] - Bilibili has decreased by 2.92% [1]

OpenAI发布GPT5.2 OpenAI正式推出新一代大模型GPT-5.2，付费用户端及API同步开放。此举距上一代GPT-5.1发布不足一 月，背后是谷歌Gemini 3引发的"红色警报"竞争压力——OpenAI此前紧急叫停广告、资讯等侧项目，将 所有资源集中于主模型研发，最终以"职场效率革新"为核心，交出这款号称"迄今最强专业知识工作模 型"的答卷。该版本旨在真正的实现做表格、写PPT、敲代码、看图、读长文等。 中兴通讯股份有限公司发布一份重大事项公告，表示公司反对一切腐败行为，正与美国司法部就有关事 项进行沟通，并将通过法律等手段坚决维护自身权益。公告称，公司反对一切形式的腐败行为，对任何 可能相关的个人持零容忍态度；公司目前生产经营一切正常。 京东工业于港交所主板上市 京东工业股份有限公司（简称"京东工业"）正式于香港联交所主板上市，股票代码为7618。据港交所公 告，京东工业公开发售价定为每股14.1 港元，若不行使超额配股权，全球发售募集资金净额约28.27亿 港元。据了解，京东工业是刘强东的第六家上市公司。 小米发布首款自产中央空调参数公布 小米官宣将发布自产中央空调——米家中央空调Pro双风 ...

Group 1 - Bilibili refutes rumors that all videos will require a membership to watch starting March 1, 2026, and will pursue legal action against the rumor spreaders [2] - Mixue Bingcheng has launched a breakfast set priced at 7.9 yuan, which includes breakfast milk and bread, with the breakfast series now available in several cities [2] - The U.S. House of Representatives voted 237 to 140 to table the impeachment motion against President Donald Trump, with all Republican members supporting the motion [3] Group 2 - Heytea has closed over 600 stores, with a net decrease of 680 stores from October 2024 to October 2025, resulting in a total of 3,930 stores [3] - Renowned artist Fan Zeng announced a new company with his wife and severed ties with his daughter and stepson [5] - LV's Dog Lvers series features a luxury dog travel case priced at approximately 500,000 yuan, showcasing high-end pet products [4] Group 3 - Apple has introduced a free three-hour delivery service for select products in mainland China, with additional shipping fees for other items [6] - The price of mercury thermometers has surged due to a buying spree, with prices ranging from 10 to over 50 yuan per unit [6] - Xiaomi is set to launch its first self-produced central air conditioning unit, marking a new milestone for its home appliance segment [6] Group 4 - Elon Musk confirmed that SpaceX plans to go public next year, aiming to raise several billion dollars [7] - The "Jiutian" drone successfully completed its maiden flight, showcasing significant advancements in China's large UAV technology [7] - Coca-Cola's COO Henrique Braun has been elected as the new CEO, effective March 31, 2026 [8] Group 5 - The EU is considering postponing the ban on new internal combustion engine vehicles by five years, allowing plug-in hybrids and range-extended vehicles to continue sales under certain conditions [9] - The UN has launched its first "Decade of Sustainable Transport" initiative, focusing on various key areas to promote sustainable transportation [9] Group 6 - Apple won a partial appeal in the Epic Games antitrust case, with a court ruling modifying previous orders but maintaining most of the contempt findings [10] - Lululemon's CEO Calvin McDonald will step down on January 31, 2026, after a year of underperformance [10] - The "Yingshi Piyun" team has entered Alibaba's international platform, utilizing AI to expand overseas business [11] Group 7 - Huawei, Alipay, and China Mobile Internet have signed a cooperation agreement to develop an AI + 5G communication ecosystem [12] - Samsung is recruiting engineers to prepare for the production of Tesla's AI5 chip in the U.S., indicating rapid progress in the project [12] - Trump suggested that any Warner Bros. deal should include CNN, hinting at potential complications for Netflix's acquisition plans [13] Group 8 - The installation of the Harmony version of WeChat has exceeded 27 million, now supporting various key features [13] - Kuaishou has announced new incentives for individual creators, offering cash rewards for high-quality series [13] - Google may face fines from the EU for violations related to Google Play, with potential penalties expected in Q1 2026 [14] Group 9 - JPMorgan will provide a special allowance of up to $1,000 to employees earning less than $80,000 annually [14] - The market value of Pizaihuang has evaporated by 188.9 billion yuan from its peak, with its stock price down over 60% since December 2021 [15] - Switzerland is investigating Apple's access to NFC functionality on devices, assessing potential antitrust concerns [15] Group 10 - The company "Yolun Intelligent" has completed a $5 million angel round of financing, focusing on the development of intelligent control systems [25] - "Kuaikua Jingling" has completed a new round of financing, with the agreement signed recently [26] - "Syneron Bio" has secured nearly $100 million in A and A+ rounds of financing to enhance its drug development capabilities [27]