| BILI 毕典毕毕 | | 101 | | --- | --- | --- | | 29.980 + +0.520 +1.77% | | 收盘价 10/27 16:00 美东 | | 31.050 + 1.070 +3.57% | | 盘前价 10/28 04:14 美东 | | 플 4 24 4 5 8 0 周 0 | | ● 快捷交易 | | 最高价 30.150 | 开盘价 29.765 | 成交量 175.53万 | | 最低价 29.548 | 昨收价 29.460 | 成交额 5246.39万 | | 平均价 29.888 | | 市盈率TTM 410.68 总市值 123.91亿 … | | 振 幅 2.04% | 市盈率(静) 亏损 | 总股本 4.13亿 | | 换手率 0.61% | 市净率 6.221 | 流通值 85.77亿 | | 52周最高 30.920 | 委 比 -18.69% | 流通股 2.86亿 | | 52周最低 14.470 | 量 比 0.69 | 色 手 1股 | | 历史最高 157.660 股息TTM -- | | 换股比率 1.00 | | 历史最低 8 ...

Group 1 - The Hong Kong stock market indices experienced a decline, with the Hang Seng Tech Index dropping over 0.5% [1] - The largest ETF in the A-share sector, the Hang Seng Tech Index ETF (513180), followed the index's adjustment, with leading stocks such as ASMPT, Xiaomi Group, Li Auto, and Tongcheng Travel declining [1] - Bilibili, Kingsoft, and Xpeng Motors saw gains, with Bilibili rising over 7% [1] Group 2 - The game "Escape from Duckkov" achieved over 500,000 sales within three days of its release and surpassed 1 million sales in just one week [1] - The game received a 96% approval rating on the Steam platform, reaching "overwhelmingly positive" status, with peak online players nearing 520,000 [1] - "Escape from Duckkov" is published by Bilibili Games and developed by its in-house team "Carbonated Squad," featuring a duck-themed single-player top-down looting and evacuation shooting gameplay [1] Group 3 - Future market outlook suggests that significant policies, the APEC summit, and potential interest rate cuts by the Federal Reserve may lead to renewed market interest and increased trading activity [2] - The tech sector in Hong Kong is expected to benefit from current trends in AI, with foreign capital inflow potentially exceeding expectations due to the backdrop of interest rate cuts [2] - Investors without a Hong Kong Stock Connect account may consider the Hang Seng Tech Index ETF (513180) for exposure to core Chinese AI assets [2]

Summary of Earnings Call for China Games & Entertainment Sector Industry Overview - The Games & Entertainment sector has shown strong year-to-date (YTD) performance, with most companies experiencing growth between 60-100% [1][2] - Recent performance has diverged since the second quarter results, indicating potential volatility [1] - Future growth is expected to depend on earnings delivery, upward revisions in earnings per share (EPS), and new growth engines, particularly in AI initiatives [1] Key Companies Discussed NetEase (NTES) - **Rating**: Buy - **YTD Performance**: +69% - **3Q Metrics**: Game revenue increased by 18% year-over-year (YoY), operating profit up 23% YoY, and deferred revenue up 22% YoY [4][17] - **Catalysts**: 1. Progress in AI integration into existing and new games [4][17] 2. New game testing and launch timelines [4][17] 3. Potential primary listing in Hong Kong [4][17] - **Outlook**: Expected to enter a new product cycle with two blockbuster titles targeted for launch in 2026, which could significantly impact revenue and market perception [21] Bilibili (BILI) - **Rating**: Buy - **YTD Performance**: +63% - **3Q Metrics**: Advertising sales up 20% YoY, game revenue down 16% YoY, operating profit at RMB646 million, up 137% YoY [8][32] - **Catalysts**: 1. New game "Sanguo Ncard" testing in late October with a launch expected by Chinese New Year 2026 [8][33] 2. AI initiatives rolling out in the Bili community [8][33] - **Outlook**: Anticipated reversal of game revenue decline and integration of AI to enhance advertising and user engagement, with operating profit margin expected to reach 10% by 4Q25 and 15%+ in 2026-27 [38][36] Kuaishou - **Rating**: Buy - **YTD Performance**: +86% - **3Q Metrics**: Advertising revenue up 13% YoY, GMV up 15% YoY [9][51] - **Catalysts**: 1. Updates on Kling revenue guidance and monthly grossing trends [9][51] 2. Capex and AI revenue outlook for 2026 [9][51] - **Outlook**: Expected to deliver in-line results for 3Q25, with focus on AI integration and eCommerce growth despite competition [56][52] Tencent Music (TME) - **Rating**: Buy - **YTD Performance**: +100% - **3Q Metrics**: Music service revenue up 23% YoY, average revenue per user (ARPU) up 11% YoY [9][10] - **Catalysts**: 1. Completion of Ximalaya deal and business consolidation [10] 2. Upside potential from SVIP and enhanced content offerings [10] - **Outlook**: Continued growth expected from the proliferation of the fans economy and K-pop resurgence in China [10] iQIYI - **Rating**: Neutral - **YTD Performance**: +8% - **3Q Metrics**: Subscription revenue down 3% YoY, adjusted operating profit at -RMB22 million [10][11] - **Catalysts**: 1. Details on new drama policy and potential regulatory tailwinds [11] 2. Updates on secondary listing in Hong Kong [11] - **Outlook**: Challenges remain with subscription growth and profitability, requiring close monitoring of policy impacts [11] Additional Insights - The gaming industry is projected to grow at a low teens percentage YoY in 2025, driven by a loosening of game supply regulations [3] - AI initiatives are expected to enhance advertising effectiveness and user engagement across platforms, particularly for Bili and Kuaishou [3][36] - The easing of content regulations is anticipated to positively impact companies like IQ and TME, potentially fostering a more supportive environment for international artists [3] Conclusion The China Games & Entertainment sector is poised for continued growth, driven by strategic initiatives in AI, new game launches, and regulatory support. Companies like NetEase, Bilibili, and Kuaishou are expected to leverage these opportunities to enhance their market positions and financial performance in the coming quarters.

据了解，《逃离鸭科夫》由哔哩哔哩游戏发行、旗下自研团队"碳酸小队"打造，是一款鸭子题材单人俯 视角掠夺撤离式射击游戏。首周百万销量的惊人成绩，不仅标志着《逃离鸭科夫》"PVE搜打撤+养 成"核心玩法的独特魅力，也再次印证了游戏高品质、差异化的内容可以获得全球玩家的广泛认可。 哔哩哔哩-W(09626)早盘涨近6%，截至发稿，涨4.96%，报241.2港元，成交额4.25亿港元。 消息面上，10月23日，哔哩哔哩游戏正式宣布，由哔哩哔哩发行、碳酸小队开发的单机俯视角PVE撤离 射击独立游戏《逃离鸭科夫》(Escape from Duckov)，自10月16日全球同步上线以来，全球累计销量首 周已正式突破100万份。 ...

每经AI快讯，哔哩哔哩-W(09626.HK)早盘涨近6%，截至发稿，涨4.96%，报241.2港元，成交额4.25亿 港元。 ...

消息面上，10月23日，哔哩哔哩游戏正式宣布，由哔哩哔哩发行、碳酸小队开发的单机俯视角PVE撤离 射击独立游戏《逃离鸭科夫》(Escape from Duckov)，自10月16日全球同步上线以来，全球累计销量首 周已正式突破100万份。 据了解，《逃离鸭科夫》由哔哩哔哩游戏发行、旗下自研团队"碳酸小队"打造，是一款鸭子题材单人俯 视角掠夺撤离式射击游戏。首周百万销量的惊人成绩，不仅标志着《逃离鸭科夫》"PVE搜打撤+养 成"核心玩法的独特魅力，也再次印证了游戏高品质、差异化的内容可以获得全球玩家的广泛认可。 智通财经APP获悉，哔哩哔哩-W(09626)早盘涨近6%，截至发稿，涨4.96%，报241.2港元，成交额4.25 亿港元。 ...

Group 1: Hong Kong Stocks - China Nonferrous Mining (01258) rose over 2%, with a forecasted profit increase of approximately 13% year-on-year for the first three quarters [1] - Tiangong International (00826) increased over 6%, positioned in the scarce core materials sector, with significant growth potential in titanium alloys and nuclear fusion materials [1] - Baidu Group-SW (09888) rose over 4%, with recent developments in Switzerland shifting core valuation logic towards AI integration [1] - Meitu Inc. (01357) increased over 6%, with a report indicating a record high revenue for its three core apps in September, benefiting from the overseas holiday season [1] - Chifeng Jilong Gold Mining (06693) rose 0.41%, reporting a net profit of 951 million yuan for Q3, a year-on-year increase of 140.98% [1] - Prada (01913) rose over 3%, with Q3 retail sales aligning with market expectations and an improvement in the core brand's performance in the Chinese market [1] - GAC Group (02238) fell over 2%, reporting a loss of approximately 4.312 billion yuan for the first three quarters, a shift from profit to loss year-on-year [1] - Xiaomi Group-W (01810) fell over 2%, with Citigroup forecasting slightly lower-than-expected performance for the upcoming Q3 results [1] Group 2: US Stocks - Intel (INTC.US) rose 0.31%, reporting Q3 revenue of $13.65 billion, a year-on-year increase of 2.8% [3] - Baidu (BIDU.US) continued to rise by 1.89%, announcing plans to launch autonomous taxi testing in Switzerland in December [3] - Pony.ai (PONY.US) rose 3.07%, launching its 300th jointly manufactured ARCFOX Alpha T5 autonomous taxi [3] - Bilibili (BILI.US) continued to rise by 1.76%, with its game "Escape from Duck Cove" surpassing 1 million sales within a week of launch [3] - Sanofi (SNY.US) rose 4.28%, with Q3 profit growth exceeding analyst expectations, driven by demand for its Dupixent drug [3] - Newmont Corporation (NEM.US) fell 6.23%, despite reporting quarterly earnings above expectations due to effective cost control [3] - Ford Motor Company (F.US) rose 12.16%, reporting Q3 revenue of $50.5 billion, a year-on-year increase of 9.3%, marking a historical high [3] - Google (GOOGL.US) rose 2.70%, with AI unicorn Anthropic significantly expanding its use of Google TPU chips for new model training [4] - WeRide (WRD.US) rose 5.14%, announcing the launch of Robotaxi public operations in Riyadh, Saudi Arabia [4] - Teladoc Health (TDOC.US) rose 10.00%, with several Wall Street firms updating their ratings and target prices between $9 and $12 [4]

Core Insights - The major trend in the media industry this year is video podcasts, with many players entering the space [1] - Bilibili (B站) has been announced as the video podcast collaboration platform for the Wuzhen Theatre Festival and is partnering with CCTV for a video podcast segment in a host competition [1][2] - Current analyses of video podcasts often mistakenly treat them as mere extensions of traditional podcasts, leading to superficial conclusions [3][4] Group 1: Video Podcast Characteristics - Video podcasts are not just podcasts with video; they should be viewed as modern talk/interview shows, akin to traditional media formats like radio and television [4] - They are likely to be elite, niche, and community-focused, making monetization challenging [5] - Successful examples of video podcasts include shows like "The Ellen Show," "Qiang Qiang San Ren Xing," and "Kangxi Lai Le," which demonstrate various formats and production levels [6][8] Group 2: Content and Audience Engagement - The format of video podcasts can evolve from simple two-person dialogues to more complex setups with fixed guest lineups and established hosts as IPs [8] - Programs like "Luo Yonghao's Crossroads" have shown that engaging dialogue can lead to influential media content [8][10] - User-generated content on platforms like Bilibili, such as the legal podcast by Wang Yikuai, has proven to be marketable, generating significant revenue through subscriptions and sponsorships [15] Group 3: Market Dynamics - The development of video podcasts will likely follow a pattern where long-form content allows for deeper storytelling and structure, contrasting with the rapid production of short videos [17] - The combination of video and podcasting must prioritize video as the leading format, as entertainment is a primary demand in the current market [18] - The ultimate goal for video podcasts is not to replicate existing formats like "Ru Yu You Yue," but to create impactful shows similar to "Kangxi Lai Le" [19]

Core Viewpoint - Some Chinese concept stocks in the US market saw gains during after-hours trading, with Alibaba and Baidu both rising by 3%, while Li Auto, Xpeng Motors, and Bilibili increased by over 2% [1] Company Performance - Alibaba experienced a 3% increase in after-hours trading [1] - Baidu also saw a 3% rise during the same period [1] - Li Auto, Xpeng Motors, and Bilibili each rose by more than 2% [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China online entertainment industry**, focusing on mobile gaming, online video, and online music sectors. Mobile Gaming Insights - **Overall Market Performance**: Q3 2025 saw a **4% YoY decline** in mobile game grossing due to a high base in 2024, but a **2% QoQ increase**. This is softer than typical Q3 vs Q2 seasonality, attributed to fewer new launches in summer compared to previous years [2][10]. - **Key Players**: - **Tencent**: Achieved a **9% QoQ growth** in grossing, driven by strong performance from **Delta Force** (estimated **Rmb1.5 billion** in September). Other stable titles include **Honor of Kings**, **Peacekeeper Elite**, and **DNF Mobile** [2][9]. - **NetEase**: Reported a **5% QoQ growth** in mobile grossing, with notable contributions from **Eggy Party** and **Where Winds Meet**, although this was partially offset by declines in **Sword of Justice** and **Identity V**. It is noted that only about **40%** of NetEase's reported mobile revenue is tracked, indicating potential revenue from non-app store channels [2][6]. - **Bilibili**: Launched **Escape From Duckrov**, achieving a peak of **222,000 concurrent players**, ranking it as the **5 most played game globally on Steam** [2][6]. Online Video Sector - **Kuaishou** launched **Kling 2.5 Turbo**, which is now the **1** in text-to-video and image-to-video generation, maintaining a cost advantage over competitors like Google's Veo 3 [3][4]. - **iQiyi**: Experienced a **10% MoM/YoY decline** in MAUs but is expected to see low-single-digit QoQ growth in membership revenue for Q3, aided by summer traffic improvements [3][4]. - **Tencent Video** and **Youku** have seen some recent successes with new content releases, while **Mango TV** maintained flat MAUs YoY [3][4]. Online Music Trends - The online music industry saw a **2% YoY increase** in MAUs, but time spent remained stable. **TME** (Tencent Music Entertainment) reported a **7% decline** in combined MAUs, with QQ Music and Kugou Music showing significant drops [6][7]. - **NetEase Cloud Music** showed a slight recovery with a **2% YoY increase** in MAUs, while **Soda Music** outperformed with a **91% YoY increase** in MAUs, likely benefiting from ByteDance's traffic [6][7]. Future Content Pipeline - Upcoming major content releases include titles from **Tencent Video**, **iQiyi**, **Youku**, and **Mango TV**, with several anticipated to launch in late October and throughout November and December [7][8]. Investment Outlook - The report remains positive on the online entertainment sector, citing: 1. Healthy consumer spending on leisure activities. 2. Supply-side improvements due to a more favorable regulatory environment and innovations in business models [4][5]. Additional Insights - The report emphasizes the importance of AI in content production and the potential for new business models to drive growth in the online entertainment sector [4][5]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state and future outlook of the online entertainment industry in China.