Group 1 - Bilibili's game "Escape from Duckkov" has sold over 1 million copies globally in its first week since launch on October 16 [1] - The game achieved a peak concurrent online player count of over 250,000 on October 22, setting a record for domestic independent games [1] - The gaming industry is entering an innovation cycle of 2-3 years, driven by external factors like policy improvements and internal optimizations [1] Group 2 - Borye's cooperation with Bilibili is strong, with Bilibili's affiliate Shanghai Huandian holding an 11% stake in Borye's game subsidiary, Beijing Manyou Valley [2] - Giant Network is expected to see significant profit growth in Q3, largely due to the success of "Supernatural Action Team" [2] - Future growth potential exists in Giant Network's product line, particularly with historical SLG "Five Thousand Years" and casual competitive strategy game "Pocket Fighting" both having received approval for release [2]

Core Viewpoint - Bilibili-W (09626.HK) announced that its board of directors will hold a meeting on November 13, 2025, to approve the unaudited financial results for the third quarter ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for November 13, 2025, which falls on a Thursday [1] - The company will publish its third-quarter results around 6 PM Hong Kong time on the same day [1] - The financial results will be made available on the Hong Kong Stock Exchange's website [1]

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。 我們的管理層將於2025年11月13日（星期四）下午八時正（香港時間）召開業績電話會議。 電話會議詳情如下： 活動名稱：嗶哩嗶哩股份有限公司2025年第三季度業績電話會議 註冊鏈接：https://register-conf.media-server.com/register/BI1fe01172142541e9b7728979958e79c2 所有與會者須於電話會議召開前使用上文提供的鏈接完成在線註冊程序。註冊後，各與 會者將收到一組用以參與電話會議的與會者撥入號碼及個人密碼。 此外，電話會議的網上直播可於本公司的投資者關係網站http://ir.bilibili.com獲取，會議 結束後將提供網上直播的重播。 承董事會命 嗶哩嗶哩股份有限公司 陳睿 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） 董事會會議日期及 刊 發 ...

-Earnings Call Scheduled for 7:00 a.m. ET on November 13, 2025- SHANGHAI, Oct. 23, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it will report its third quarter 2025 unaudited financial results on Thursday, November 13, 2025, before the open of U.S. markets. The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on Nove ...

Summary of Bilibili's Conference Call Company Overview - The conference call focuses on Bilibili's gaming business, which has evolved through four distinct phases from reliance on agency games to self-developed titles and optimization strategies, culminating in record revenue from "Three Kingdoms: Strategy" [2][3]. Key Points and Arguments Gaming Business Evolution - Bilibili's gaming business has transitioned through four phases: 1. **2016-2019**: Rapid revenue growth through agency games like "FGO" and "Azur Lane," with revenue increasing from less than 500 million to 3.5 billion, accounting for over 80% of total revenue by 2019 [3]. 2. **2019-2021**: Shift towards self-development, investing in nearly 20 game companies, but faced challenges with unsuccessful projects [3]. 3. **2022-2023**: Major optimization phase, including leadership changes and strategic adjustments [3]. 4. **2024-Present**: Achieved record revenue of 5.6 billion from "Three Kingdoms: Strategy," a 40% year-on-year increase [2][3]. Future Product Expectations - Upcoming key products include "Three Kingdoms: Card" (testing on October 30) and the successful single-player game "Escape from Yakov," which sold 500,000 copies in four days, with potential sales reaching 1-2 million [2][6][8]. Revenue Projections - "Three Kingdoms: Card" is expected to generate annual revenue between 1-3 billion, with a central estimate of around 2 billion. If successful, Bilibili's gaming revenue could reach 7.3 billion in 2026, a 14% increase year-on-year [4][13]. Strategic Changes - Key strategic changes include: 1. Focusing on creative leadership and exclusive agency rather than deep self-development [5]. 2. Expanding game categories to include SLG, card games, and independent titles [5]. 3. Emphasizing small team productions for efficiency [5]. 4. Utilizing platform value for effective marketing through community engagement [5]. Market Positioning - Bilibili aims to differentiate "Three Kingdoms: Card" from competitors like Giant Network by targeting a broader user base with lower user acquisition costs and a focus on younger audiences [12][13]. Financial Outlook - The financial outlook suggests that if "Three Kingdoms: Card" performs well, Bilibili's gaming revenue could significantly boost overall company performance, with potential net profits reaching 3.5 billion to 3.8 billion by 2026 [4][14]. Investment Potential - Based on projections, Bilibili's target market value could reach 123.6 billion to 150 billion RMB, indicating a potential stock price increase of 40% to 78% from current levels [14]. Additional Important Insights - "Escape from Yakov" is designed as a single-player PVE game with a unique top-down perspective, making it more accessible to players who may struggle with traditional first-person gameplay [8][9]. - The game has significant growth potential if it can expand into online and mobile formats, which would require additional resources and support from Bilibili [9]. - The competitive landscape for "Three Kingdoms: Card" is shaped by the existing popularity of "Three Kingdoms Kill," which has a substantial market presence [11][12]. This comprehensive analysis highlights Bilibili's strategic shifts, product expectations, and financial projections, indicating a positive outlook for the company's gaming business and overall market position.

Core Viewpoint - Bilibili has turned profitable in Q2 2025, with better-than-expected operational efficiency driven by growth in gaming and advertising sectors [1] Group 1: Financial Performance - In Q2 2025, Bilibili achieved revenue of 7.34 billion yuan, a year-on-year increase of 19.8%, primarily driven by gaming and advertising [1] - Gross profit reached 2.68 billion yuan, up 46% year-on-year, with a gross margin of 36.5%, reflecting a 6.5 percentage point increase year-on-year and a 0.2 percentage point increase quarter-on-quarter [1] - Non-GAAP net profit attributable to shareholders was 560 million yuan, compared to a net loss of 270 million yuan in the same period last year [1] Group 2: Revenue Growth Drivers - Bilibili's revenue growth engine has significantly shifted from heavy reliance on blockbuster games to a more diversified income structure, maintaining a strong community atmosphere while innovating revenue streams [1] - Advertising revenue exceeded 2.4 billion yuan in Q2 2025, growing 20% year-on-year, with performance advertising revenue increasing by over 30% and the number of advertising clients growing by over 20% [2] - The gaming revenue showed strong performance, with Q2 2025 gaming revenue at 1.61 billion yuan, a 60% increase, driven by the successful launch of the exclusive SLG game "Three Strategies" [2] Group 3: Future Outlook - Bilibili is transitioning from "traffic dividends" to "retention operations," establishing a sustainable profit model through a balanced content ecosystem and commercialization [3] - The company is expected to see continued improvement in advertising efficiency with AI support, entering a profit release phase [3] - Projected adjusted net profits for 2025-2027 are 2.259 billion yuan, 3.282 billion yuan, and 3.960 billion yuan, respectively, indicating a positive growth trajectory [3]

Core Viewpoint - The article emphasizes that in the internet industry, job levels often reflect personal value more than job titles, with significant salary differences across companies for similar positions [1]. Salary and Job Level Summary - Alibaba (阿里巴巴) offers salaries for various levels: - P5 Engineer: ¥41-48 million - P6 Senior Engineer: ¥48-64 million - P7 Expert/Manager: ¥91-118 million - P8 Senior Expert/Senior Manager: ¥170-240 million - P9 Senior Expert/Director: ¥290-380 million - P10 Researcher/Senior Director: ¥480-496 million [6][3]. - Meituan (美团) salary ranges: - L6: ¥40-53 million - L7: ¥54-71 million - L8: ¥74-136 million - L9: ¥264-334 million - L10: ¥480-496 million [2][4]. - Huawei (华为) salary structure: - P5 Engineer: ¥41-48 million - P6 Senior Engineer: ¥48-64 million - P7 Expert/Manager: ¥91-118 million - P8 Senior Expert/Senior Manager: ¥170-240 million - P9 Senior Expert/Director: ¥290-380 million - P10 Researcher/Senior Director: ¥480-496 million [5][6]. - Pinduoduo (拼多多) is known for high salaries, with ordinary employees earning over ¥1 million [8]. - ByteDance (字节跳动) salary details: - T4: ¥32-45 million - T5: ¥40-56 million - T6: ¥56-71 million - T7: ¥79-92 million - T8: ¥78-146 million - T9: ¥75-164 million - T10: ¥148-185 million [9][10]. - Ant Group (蚂蚁金服) salary levels: - 15th level: ¥40-47 million - 16th level: ¥51-70 million - 17th level: ¥73-97 million - 18th level: ¥107-155 million - Employee: ¥64-113 million - Group Leader: ¥136-212 million - First-level Supervisor: around ¥300 million [12]. - JD (京东) salary structure: - P6 Senior Engineer: ¥60-78 million - P7 Technical Expert: ¥77-103 million - P8 Senior Technical Expert: ¥116-152 million - P9 Senior Technical Expert: over ¥160 million [13][17]. - Didi (滴滴) salary ranges: - D5 Engineer: ¥36-49 million - D6 Senior Engineer: ¥40-50 million - D7 Senior Engineer: ¥48-72 million - D8 Expert: ¥103-148 million - D9 Senior Expert: ¥148-205 million - D10 Chief Engineer: ¥210-393 million [19][23]. Overall Insights - Job levels not only represent technical skills but also reflect the company's recognition of individual capabilities. Advancing in levels requires stronger communication, collaboration, and strategic awareness [26][27]. - Entry-level positions (P5/T4/2-1) typically offer annual salaries around ¥40 million, while mid-level positions (P7/T6/2-2) often exceed ¥100 million. Expert-level positions (P8/T7/3-1) average around ¥150 million, and top experts (P9/T8/4-1) can earn ¥300 million or more [28].

| | | | | 和深京重要指数 | | | | --- | --- | --- | --- | --- | --- | --- | | 名称 *● | 咸新 | 涨幅% | | 张跌 | 总手 现手 | 金额 | | 上证指数 | 3896.07 | -0.52 | -20.26 | 454/1506 | -0.11 643万 | 643万 73.99亿 | | 深证成指 | 12985.96 | -0.70 | -91.36 | 492/2017 | -0.26 6917 | 691万 93.48亿 | | 北证50 | 1454.75 | -0.25 | -3.67 | 110/128 | -0.02 9.02万 9.02万 | 2.07亿 | | 创业板指 | 3061.27 | -0.73 | -22.45 | 229/1007 | -0.21 121万 1 | 121万 35.09亿 | 凤凰网财经讯 10月22日，三大指数集体低开，沪指低开0.52%，深成指低开0.70%，创业板指低开 0.73%，贵金属、煤炭、半导体等板块指数跌幅居前。 外盘市场： 美股三大指数涨跌不一，在可口可乐和3M等公 ...

Group 1: Market Overview - The U.S. stock market closed mixed, with the Dow Jones Industrial Average reaching a record high, driven by blue-chip earnings [1] - The Dow rose by 218.16 points, or 0.47%, closing at 46,924.74 points; the S&P 500 was nearly flat, up 0.22% to 6,735.35 points; while the Nasdaq Composite fell by 36.88 points, or 0.16%, to 22,953.67 points [1] - Technology stocks showed mixed performance, with Apple hitting a record closing high at $262.77, giving it a market capitalization of $3.9 trillion [1] Group 2: Earnings Reports - The third-quarter earnings season is peaking, with several blue-chip companies exceeding expectations [3] - General Motors' stock surged by 14.9% after raising its full-year guidance and alleviating tariff concerns; Coca-Cola rose by 4.1% due to strong consumer demand and improved margins; 3M increased by 7.7% supported by high-margin product mix and cost control [3] - 78 companies in the S&P 500 have reported earnings, with 87% surpassing market expectations; overall earnings are projected to grow by 9.2% year-on-year, up from an earlier estimate of 8.8% [3] Group 3: Netflix Performance - Netflix reported a third-quarter earnings per share of $5.87, below the market expectation of $6.97, leading to a post-earnings drop of over 6% in its stock price [1][2] - The company's revenue for the quarter was $11.51 billion, in line with analyst expectations, but its operating margin was impacted by ongoing disputes with Brazilian tax authorities [2] - For the fourth quarter, Netflix anticipates revenue of $11.96 billion, slightly above the market forecast of $11.9 billion [2] Group 4: Commodity Prices - International gold and silver prices experienced significant declines, with spot gold dropping by 5.18% to $4,130.41 per ounce, marking the largest single-day drop since April 2013 [4] - Spot silver fell by 7.16% to $48.705 per ounce, also recording its largest drop since 2021 [4] - COMEX gold futures for the current month fell by $250.30, or 5.74%, to $4,109.10 per ounce [4] Group 5: Oil Prices - International oil prices saw slight increases, with WTI crude oil closing at $57.82 per barrel, up 0.52%; Brent crude oil rose by 0.51% to $61.32 per barrel [5]

Market Performance - The three major U.S. stock indices closed mixed, with the Dow Jones Industrial Average rising by 0.47%, the S&P 500 remaining flat, and the Nasdaq Composite declining by 0.16% [1] - The Dow reached a new all-time high [1] Sector Performance - The Philadelphia Gold and Silver Index experienced a significant drop of 9.57% [1] - Large-cap tech stocks showed mixed results, with Amazon rising over 2%, while Google fell more than 2% and Tesla dropped over 1% [1] Notable Stock Movements - General Motors surged nearly 15%, marking its best single-day performance in five years [1] - Beyond Meat, referred to as the "first stock of artificial meat," skyrocketed over 146%, with a cumulative increase of approximately 600% over the last three trading days [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.97%, with notable declines in several popular Chinese stocks, including Daqo New Energy down over 5% and Alibaba and NIO down over 3% [1] - Some Chinese stocks like New Oriental and Bilibili saw gains of 5% and 6%, respectively [1]