消息面上，国信证券发布研报称，哔哩哔哩有望承接更多游戏及AI应用广告主投放预算。游戏行业方 面，2025年游戏版号快速增长，据新闻出版署数据，25年App/PC/主机游戏版号数量同比增速近60% （不含休闲类游戏），预计2026年头部游戏厂商新游推广流量争夺更激烈、行业整体预算增加，该行测 算2026年B站游戏广告增速可实现超30%的同比增速。AI应用方面，26年AI应用广告主投流预算显著增 加，B站用户与AI核心客群重叠度高，AI应用广告主可在B站买到高留存用户。 哔哩哔哩-W(09626)涨超5%，截至发稿，涨5.16%，报252.8港元，成交额10.5亿港元。 ...

智通财经APP获悉，哔哩哔哩-W(09626)涨超5%，截至发稿，涨5.16%，报252.8港元，成交额10.5亿港 元。 消息面上，国信证券发布研报称，哔哩哔哩有望承接更多游戏及AI应用广告主投放预算。游戏行业方 面，2025年游戏版号快速增长，据新闻出版署数据，25年App/PC/主机游戏版号数量同比增速近60% （不含休闲类游戏），预计2026年头部游戏厂商新游推广流量争夺更激烈、行业整体预算增加，该行测 算2026年B站游戏广告增速可实现超30%的同比增速。AI应用方面，26年AI应用广告主投流预算显著增 加，B站用户与AI核心客群重叠度高，AI应用广告主可在B站买到高留存用户。 ...

Core Insights - The launch of ByteDance's AI video generation model Seedance 2.0 is set to significantly impact the video industry, particularly the AI-driven comic drama sector, which is experiencing rapid growth due to advancements in AI technology [1][2][4] - Major companies like Tencent, Baidu, and others are entering the comic drama space, indicating a competitive landscape with various platforms developing their own independent comic drama applications [2][4] - The AI comic drama market is projected to grow substantially, with estimates suggesting a market size exceeding 22 billion by 2026, contributing significantly to the short drama industry's growth [7][22] Group 1: AI Technology and Cost Reduction - The core driving force behind the development of comic dramas is the reduction in production costs due to advancements in AI technology, with some companies reporting costs as low as 1,000 yuan per minute [1][17] - The production efficiency of AI comic dramas has improved dramatically, with costs dropping from 3,000-5,000 yuan per minute to as low as 200 yuan, allowing for a significant increase in output [21][17] - Companies like 酱油文化 have reported a monthly production capacity exceeding 100 comic dramas, with a high success rate of 60-70% for hits [21][17] Group 2: Market Dynamics and User Engagement - The comic drama sector has seen explosive growth, with over 700 billion views and 46,931 new comic dramas launched in 2025 alone [7][22] - The demographic for AI comic dramas is predominantly male, with over 65% of users being male and 85% under 40 years old, indicating a targeted approach to content creation [9][11] - The success of AI comic dramas is attributed to their ability to engage users emotionally, with popular themes often focusing on male-centric narratives and imaginative storylines [9][13] Group 3: Future Opportunities and Challenges - The potential for female audience engagement in AI comic dramas is significant, with a focus on developing content that appeals to women, particularly in genres like romance and historical drama [24][26] - The industry faces challenges such as content stability, the need for higher quality production, and the establishment of industry norms to prevent issues like plagiarism and employee exploitation [31][34] - The lack of standout IPs in the short drama market presents both a challenge and an opportunity for AI comic dramas to establish strong franchises and series [30][22]

智通财经APP获悉，2月10日，中央广播电视总台《2026年春节联欢晚会》与春晚独家弹幕视频平台B站(09626)共同宣布：今年的春晚首次引入UP主参 与。春晚导演组在晚会策划过程中广泛征求意见，B站UP主积极参与讨论。此外，UP主还参与了春晚纪录片的创作和拍摄。 据介绍，这些UP主平均年龄不超过30岁，是青年文化、创意内容、知识科普等多个领域的代表创作者，也是B站历年百大UP主的常客。作为春晚独家弹 幕视频平台，B站在2025年蛇年春晚与总台共创推出的节目《春意红包》全网播放量超过10亿，并且是海外播放量第二的蛇年春晚节目。 -皮得香晚 202 2°O x 弹幕畅聊更精彩 ...

Investment Rating - The investment rating for Bilibili-W (09626.HK) is "Outperform the Market" [1][4][13] Core Views - 2026 is expected to be a significant year for the gaming industry and AI application advertising, which will likely lead to increased advertising revenue and profits for Bilibili [2][3][5] - Bilibili is anticipated to capture more advertising budgets from gaming and AI application advertisers, driving revenue and profit growth [3][5] Revenue and Profit Forecast - Revenue projections for Bilibili are estimated at 30.2 billion, 32.6 billion, and 36.5 billion for the years 2025, 2026, and 2027 respectively [4][13] - Adjusted net profits are forecasted to be 2.5 billion, 3.4 billion, and 4.6 billion for the same years [4][13] Industry Insights - The gaming industry is expected to see a rapid increase in game approvals, with a nearly 60% year-on-year growth in the number of game approvals in 2025, excluding casual games [3][5] - Bilibili's gaming advertising is projected to achieve over 30% year-on-year growth in 2026 due to increased competition among top game publishers [3][5] - AI application advertising budgets are expected to increase significantly in 2026, with Bilibili's user base overlapping with core AI application audiences [3][5] User Engagement and Advertising Metrics - Bilibili's Daily Active Users (DAU) is expected to maintain a growth rate of over 5% in 2026, with improvements in AI technology enhancing ad load from 6.7% to 7.1% and a projected 5% increase in ECPM [6][7] - The advertising revenue growth for native and brand ads is expected to be in single digits due to macroeconomic influences [7]

Core Viewpoint - Bilibili (B站) has successfully transformed from a niche community platform to the largest PUGC video platform in China, with strong user engagement and a diversified revenue structure driving growth [1][2]. Group 1: User Engagement and Community - Bilibili has built a high-barrier, highly engaging video interest community, resulting in a strong emotional bond and trust between users and content creators (UP主) [1]. - As of Q3 2025, the platform's Monthly Active Users (MAU) and Daily Active Users (DAU) reached 376 million and 117 million, respectively, both hitting historical highs [1]. - The average user age has increased from 21 in 2018 to 26, indicating successful cross-generational expansion and a growing consumer base [1]. Group 2: Business Structure and Revenue Growth - Bilibili's revenue is driven by four main segments: value-added services, advertising, gaming, and IP derivatives, with value-added services being the largest revenue source [1]. - Advertising revenue grew by 21% year-on-year in the first three quarters of 2025, significantly outperforming the industry average due to algorithm improvements and community maturity [1]. - The gaming segment is expected to see substantial growth with the launch of the popular SLG mobile game "Three Kingdoms: Strategize the World" in 2024, breaking the platform's reliance on niche content [1]. Group 3: Financial Performance and Profitability - Bilibili achieved a significant financial turning point, with gross and net profit margins improving since 2023, and the company turning a profit in Q3 2024 [2]. - Content costs are only 10% of revenue, much lower than traditional long-video platforms, and marketing expenses have decreased to 16%, indicating a shift away from a "burning cash for growth" model [2]. - Operating cash flow turned positive in 2023, with further growth to 5.308 billion yuan in the first three quarters of 2025, reflecting a healthy self-sustaining capability [2]. Group 4: Investment Logic and Future Growth - The company maintains a positive profit forecast, with adjusted net profits expected to be 2.548 billion, 3.366 billion, and 4.576 billion yuan for 2025, 2026, and 2027, respectively [3]. - Bilibili's gaming and advertising sectors are poised for growth, with potential market expansion as the company transitions from niche to mainstream IP categories [3]. - The advertising monetization efficiency has significant room for improvement, with potential for substantial revenue increases if it aligns with industry averages [3].

Core Viewpoint - Bilibili's stock price surged over 6% following the announcement of its collaboration with the 2026 Spring Festival Gala, marking a significant engagement with youth creators on the platform [1][4][7]. Stock Performance - On February 11, Bilibili-W's stock rose by 6.41%, reaching a peak of 256.2 HKD per share [1][4]. - As of 10:44 AM, the stock was trading at 255.8 HKD per share, with a total trading volume of 15,660 shares [2]. Collaboration with Spring Festival Gala - The Central Radio and Television Station announced that Bilibili will feature its UP creators in the 2026 Spring Festival Gala for the first time [4][7]. - Bilibili UP creators, who are typically under 30 years old, contributed to the planning and production of the gala's documentary, representing various fields such as youth culture, creative content, and knowledge dissemination [4][7].

2026年02月10日 证券研究报告 | 哔哩哔哩（9626.HK)深度 跨越盈利拐点，A I应用与游戏品类扩张加速商业化价值释放 公司研究 · 深度研究 传媒 · 传媒 投资评级：优于大市（维持评级） 财务越过盈亏平衡线，利润进入加速释放期。1）财务数据的质变是B站重要的拐点时刻。受惠于高毛利广告及游戏业务占比的提升，公司毛利率与净利率自2023年起持续改善， 成功在2024年Q3实现单季利润转正，并预计在2025年实现全年扭亏为盈，开启利润加速释放期 ；2）B站独特的PUGV生态使其在成本端具备天然优势：2024年内容成本仅占营收 的10%，远低于传统长视频平台。同时营销费用率已降至16%，表明平台已脱离"烧钱换增长"阶段，依靠内生社区动力即可实现用户的长效留存 ；3）在现金流方面，公司经营 性现金流于2023年转正，2025年前三季度进一步增长至53.08亿元，健康的自身造血能力结合持续优化的治理结构，正推动B站从流量平台向高利润商业体演进。 投资逻辑：短期具备安全边际，长线成长空间持续打开；1）我们维持盈利预测，维持"优于大市"评级。预计公司2025/26/27年经调后净利润分别为25.48/33.6 ...

Core Viewpoint - The collaboration between the Central Radio and Television Station and Bilibili marks the first time that UP creators will participate in the Spring Festival Gala, aiming to attract a younger audience [2] Group 1: Collaboration Details - The Spring Festival Gala will feature UP creators from Bilibili, with an average age of under 30, representing various fields such as knowledge dissemination, entertainment, and youth culture [2] - The involvement of Bilibili UP creators is expected to bring more youthful content to the Gala, enhancing its appeal to younger generations [2] Group 2: Industry Insights - According to Bao Ran, a member of the Broadcasting and Television Network Audio-Visual Professional Committee, Bilibili UP creators are characterized by their youth, high education levels, and deep engagement in their areas of interest [2] - The collaboration is seen as a strategic move by the Spring Festival Gala to connect with younger audiences, leveraging the understanding that UP creators have of youth culture [2]

Group 1 - The core point of the article is the collaboration between the Central Radio and Television Station and Bilibili (B站) for the 2026 Spring Festival Gala, marking the first time that UP creators from Bilibili will participate in the event [1] - Bilibili representatives stated that the participating UP creators have an average age of under 30 and represent various fields such as knowledge popularization, lifestyle entertainment, and youth culture [1] - The committee member from the Broadcasting and Television Network Audio-Visual Professional Committee highlighted that Bilibili UP creators are generally young, highly educated, and deeply engaged in their areas of interest, making them well-suited to connect with the younger audience [1] Group 2 - The collaboration aims to bring more youthful content to the Spring Festival Gala, enhancing its appeal to younger generations and creating a shared cultural memory [1]