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。 綜合合作框架協議 董事會宣佈，於2025年11月20日，本公司與晉江原創訂立綜合合作框架協議，據此， 本集團與晉江原創同意就知識產權合作，包括但不限於本集團購買多部作品（包括文 學作品）的版權，並將該等版權用於指定用途（包括但不限於改編、信息網絡傳播、宣 傳及發行），而本集團同意向晉江原創支付相關交易金額，包括但不限於授權費、採 購費及任何利潤分成安排所得款項。 上市規則的涵義 於本公告日期，騰訊為本公司的主要股東。晉江原創由上海宏文持有50%，並為騰訊 的聯繫人。因此，根據上市規則第14A.07(4)條，晉江原創為本公司關連人士，而綜合 合作框架協議項下擬進行的交易構成本公司於上市規則第14A章項下的持續關連交易。 由於根據上市規則第14.07條計算，有關綜合合作框架協議項下的最高年度上限的最 高適用百分比率超過0.1%惟少於5%，綜合合作框架協議應遵守上市規則第14A章的申 報、公告及年度審閱規定，惟 ...

Core Insights - Bilibili (NASDAQ: BILI, HKEX: 9626) reported a total revenue of 7.69 billion RMB for Q3 2025, marking a 5% year-on-year increase, with adjusted net profit soaring 233% to 790 million RMB [2] - The platform experienced accelerated community growth, achieving record highs in multiple metrics, including daily active users of 117 million, a 9% increase year-on-year, and monthly active users of 376 million, an 8% increase [2] Revenue Breakdown - Advertising revenue increased by 23% year-on-year to 2.57 billion RMB (361 million USD), driven by improved ad product supply and effectiveness [3] - Revenue contributions from various segments include: value-added services (39%), advertising (33%), games (20%), and IP derivatives and other businesses (8%) [3] Advertising Growth Drivers - Key factors for the increase in advertising revenue include the integration of e-commerce data pathways, enhanced ad efficiency through upgraded algorithms and AI technology, and partnerships with Alibaba and JD.com [4] - The average age of core consumers has reached around 26 years, entering high spending decision-making stages, which has significantly improved ad efficiency [4] - The user base remains strong, with 117 million daily active users and 376 million monthly active users, contributing to better ad reach and effectiveness [4] Gaming Revenue Decline - Mobile game revenue for Q3 2025 was 1.51 billion RMB (212 million USD), a 17% decrease year-on-year, primarily due to high performance in the previous year from the exclusive game "Three Kingdoms: Strategy of the World" [5] - The decline is attributed to the short lifecycle of popular games and Bilibili's limited investment in self-developed games, leading to reliance on external licensed products [5] Game Development Strategy - Bilibili continues to operate long-term strategies for games like "Fate/Grand Order" and "Azur Lane," while "Three Kingdoms: Strategy of the World" remains a key focus for long-term health and player experience [6] - The newly released self-developed game "Escape from Duckkov" has sold over 3 million copies globally within a month, indicating potential for future success [6] Value-Added Services Performance - Value-added services revenue reached 3.02 billion RMB (425 million USD) in Q3 2025, a 7% increase year-on-year, driven by growth in paid memberships and other services [7] - As of Q3 2025, Bilibili had 25.4 million premium members, with approximately 80% being annual or auto-renewal subscribers [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Insights - The company has shown significant improvement in profitability, with a net profit of 680 million yuan in Q3 2025, compared to a loss of 1.37 billion yuan in the same period last year [1][8] - Revenue for the first three quarters of 2025 reached 22.026 billion yuan, a year-on-year increase of 15.34%, with a gross profit margin growth of 34.2% [1][8] - The advertising business has performed exceptionally well, with a revenue of 4.45 billion yuan in the first three quarters, up 20% year-on-year, driven by a significant increase in performance-based advertising [2][16] - User engagement metrics are strong, with monthly active users (MAU) reaching 376 million and daily active users (DAU) at 117 million, both marking historical highs [12][1] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 7.69 billion yuan, reflecting a 5% year-on-year and quarter-on-quarter growth [1][8] - Adjusted net profit for Q3 was 786 million yuan, with a remarkable increase of 233% year-on-year and 40% quarter-on-quarter [1][8] - The company generated operating cash flow of 5.308 billion yuan, up from 4.614 billion yuan in the same period last year [1][8] User Metrics - The platform's MAU and DAU grew by 8% and 9% year-on-year, respectively, indicating strong user retention and engagement [12][1] - Average daily usage time per active user reached 112 minutes, a 6% increase year-on-year [12][1] - Monthly paying users increased by 17% year-on-year, totaling 35 million [12][1] Advertising and Gaming Revenue - The advertising segment's revenue in Q3 was 2.57 billion yuan, a 23% increase year-on-year, benefiting from a shift towards performance-based advertising [2][16] - Mobile gaming revenue for Q3 was 1.511 billion yuan, down 17% year-on-year due to high base effects from previous successful titles [2][18] - The company plans to launch new games to enhance its gaming portfolio, with promising titles expected in the near future [2][18] Future Outlook - The company has revised its profit forecasts upward, expecting net profits of 1.223 billion yuan, 2.041 billion yuan, and 3.251 billion yuan for 2025, 2026, and 2027, respectively [3][19] - The anticipated growth in advertising, gaming, and value-added services, supported by advancements in AI technology, suggests a positive long-term outlook for the company [3][19]

Core Viewpoint - Major internet companies are actively acquiring payment licenses as the third-party payment market faces critical challenges, particularly with upcoming license renewals and regulatory changes [2][4][14]. Group 1: Company Actions - Xiaohongshu has acquired 100% of Dongfang Electronic Payment Co., Ltd. through its subsidiary, completing a capital increase [1][7]. - Tongcheng Travel and 58.com have also acquired payment licenses through affiliated companies [2]. - Tongcheng Yilong spent 300 million to acquire Xinxing Payment, a fully qualified payment institution [8]. Group 2: Market Context - The third-party payment market is at a pivotal moment, with many institutions facing license renewals by May 2026, and new regulations set to take effect in 2024 [2][4]. - The new regulations will require a minimum registered capital of 100 million yuan and establish dynamic net asset requirements linked to reserve fund sizes [4]. Group 3: Industry Challenges - Domestic third-party payment institutions face intense competition and low fee rates compared to overseas markets, leading to financial strain for smaller players [5]. - As of November 2025, 107 payment licenses have been canceled, a nearly 40% reduction from peak levels [6]. Group 4: Importance of Payment Licenses - Payment licenses are becoming essential for internet platforms to accelerate commercialization and enhance customer experience [9][12]. - Companies like Douyin and Pinduoduo have previously secured payment licenses to stabilize and expand their business operations [12][15]. Group 5: Future Trends - The trend of "buy now, pay later" is emerging as a key competitive factor in the local lifestyle market, indicating the growing importance of payment solutions [13][14]. - Major internet companies are increasing their capital investments in payment entities to support their growth strategies [15].

Group 1 - The mobile game "Xianxia Era" developed by Dihun Network and published by Tencent will begin a limited, non-chargeable test on November 27, 2023, for Android users, with qualification applications open until November 23, 2023 [1] - The launch of "Xianxia Era" signifies Dihun Network's entry into the competitive landscape of new games expected in Q4 2025, alongside titles like "Black Clover: Quartet Knights" and "Wasteland Dawn" [1] - "Xianxia Era" aims to differentiate itself in the Xianxia genre through its "open world + high difficulty challenges" positioning [1] Group 2 - Kuro Game's "Ningchao" has been nominated for the TGA 2025 Best Mobile Game award, prompting the company to reward players with "Star Voice *1000" as a gesture of appreciation [2] - The nomination of "Ningchao" reflects the recognition of domestic games in areas such as open world design, action mechanics, and narrative depth [2] - This marks the second consecutive year that "Ningchao" has received a TGA nomination, making it the only purely domestic mobile game to achieve this [2] Group 3 - Bilibili Games has opened recruitment for a limited test of the mobile game "Magic Craft," with applications closing on November 20, 2023 [3] - "Magic Craft" is set in a fantasy world invaded by ancient gods, where players will take on the role of a hero to defeat monsters and save the world [3] - The recruitment for "Magic Craft" indicates Bilibili Games' deeper involvement in the independent game publishing sector, enhancing its influence in the international market [3]

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.10%, the S&P 500 up 0.38%, and the Nasdaq Composite up 0.59% [1] - Large-cap tech stocks showed mixed results, with Google, Nvidia, Oracle, and Intel rising over 2%, while Netflix fell over 3%, AMD dropped over 2%, and Microsoft and Meta declined over 1% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 1.53%, with most popular Chinese concept stocks declining [1] - Xpeng Motors dropped over 6%, NetEase fell over 4%, and NIO, Bilibili, and Li Auto each decreased by over 3%, while JD.com and Baidu were down over 1% [1]

Core Insights - Bilibili reported Q3 2025 revenue of 7.685 billion yuan, a year-on-year increase of 5.20%, with a gross margin of 36.67%, up 1.80 percentage points year-on-year and 0.20 percentage points quarter-on-quarter [1] - Adjusted net profit attributable to shareholders reached 786 million yuan, a significant year-on-year increase of 233%, with an adjusted net profit margin of 10.2%, up 7.0 percentage points year-on-year [1] User Engagement - Bilibili's core user metrics reached historical highs, with daily active users (DAU) growing 9% year-on-year to 117 million, and monthly active users (MAU) increasing 8% to 376 million [1] - The number of monthly paying users rose 17% year-on-year to 35 million, driven primarily by an increase in premium membership subscriptions [1] - Users' average daily usage time increased by 6 minutes year-on-year to 112 minutes, also a historical high [1] Advertising Business - Bilibili's advertising revenue for Q3 2025 was 2.57 billion yuan, a year-on-year increase of 23%, outpacing the online advertising industry [2] - The growth was attributed to improved marketing material production efficiency and advertising effectiveness due to AI technology, with over 60% of AI video material consumption and more than 45% of smart advertising consumption [2] - During the Double Eleven shopping festival, advertising revenue grew over 30% year-on-year, with a customer count increase of over 100% [2] - The company expects advertising business growth to maintain over 20% in Q4 2025 and into 2026 [2] Gaming Business - Bilibili's gaming revenue for Q3 2025 was 1.51 billion yuan, a year-on-year decline of 17%, primarily due to a high base effect from the previous year [3] - The game "Three Kingdoms: Strategy of the World" is expected to launch in traditional Chinese for Hong Kong and Taiwan in Q1 2026, with additional international versions planned for H2 2026 [3] - The new game "Escape from Duckkov" has sold over 3 million copies globally, with online users reaching 300,000, indicating strong potential for future sales [3] - Another game, "Three Kingdoms: Hundred Generals Card," is in testing and is expected to launch in Q1 2026 [3] Financial Projections - The company anticipates revenue of 30.2 billion yuan, 33.1 billion yuan, and 36.3 billion yuan for 2025, 2026, and 2027 respectively [3] - Adjusted net profit is projected to be 2.51 billion yuan, 3.09 billion yuan, and 3.99 billion yuan for the same years [3] - Corresponding price-to-earnings ratios are expected to be 32.6, 26.5, and 20.5 times [3]

Core Viewpoint - The majority of popular Chinese concept stocks closed lower, with the Nasdaq Golden Dragon China Index declining by 1.53% [1] Group 1: Stock Performance - Pinduoduo fell by over 1% [1] - NetEase dropped by over 4% [1] - JD.com and Baidu both decreased by over 1% [1] - Xpeng experienced a decline of over 6% [1] - Li Auto, NIO, and Bilibili each fell by over 3% [1]

Group 1 - The Hang Seng Index experienced a slight decline of 0.38% after a narrow consolidation period, with the Hang Seng Technology sector leading the drop [1] - The Hang Seng Technology Index opened high but fell throughout the day, closing down 0.66%. Notable declines included Xiaomi Group down 4.81%, Kuaishou down 1.78%, and SMIC down 1.35% [3] - The banking sector also saw a decline, closing down 0.44%, with HSBC Holdings down 1.64%, Standard Chartered down 1.43%, and Dah Sing Bank down 1.33% [3] Group 2 - The Hang Seng Internet sector showed relative resilience, closing flat after opening high and then declining. Notable movements included Horizon Robotics down 1.83%, while Alibaba managed to rise 1.16% [3] - Other companies like JD Group and Meituan also experienced slight declines, with their stock prices falling by over 1% [3]

Investment Rating - The report maintains a positive investment rating for leading companies in the media and internet sector, particularly recommending companies such as Shenzhou Taiyue, Southern Media, and Tencent Holdings [1][2]. Core Insights - The report emphasizes that leading companies in the gaming sector are undervalued, and an upcoming wave of AI applications is expected to drive growth [1]. - The media sector has shown resilience, with a year-to-date increase of 28.21%, ranking 9th among all sectors [6]. - The gaming industry is projected to maintain high growth, with key companies expected to have valuations below 15 times earnings, indicating a strong safety margin [6]. - The film industry is anticipated to experience a significant box office recovery due to the release of major films in November and December [6]. - AI applications in the film industry, particularly in AI animation, are seen as a rapidly monetizable direction [6]. Industry Overview Market Performance - The media industry index decreased by 1.44% in the past week, ranking 23rd among all industries [12]. - The report highlights the performance of individual stocks, with notable increases in companies like Xiangyuan Cultural Tourism and Lianchuang Shares [15]. Gaming Sector - The gaming sector is highlighted for its potential, with companies like Century Huatong and Giant Network expected to perform well in the upcoming year [6]. - The report notes that the gaming industry is likely to see breakthroughs in AI applications, enhancing growth prospects [6]. Film Sector - The report identifies a strong lineup of films for the end of the year, which is expected to boost box office revenues significantly [19]. - Major films such as "Demon Slayer" and "Avatar 3" are anticipated to drive ticket sales [6]. Key Data Points - The report provides detailed statistics on the performance of various segments within the media industry, including box office rankings and viewership ratings for television dramas and variety shows [19][25][32]. - The top-grossing mobile games in China are dominated by Tencent, with "Delta Force" leading the iOS sales chart [36]. Book Publishing Sector - The report includes data on the best-selling books in various categories, indicating trends in consumer preferences [38][39]. This summary encapsulates the key insights and data points from the industry report, focusing on the investment landscape and performance metrics across different sectors within the media and internet industry.