Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has demonstrated strong growth in advertising revenue, with a year-on-year increase of 23% in Q3 2025, reaching 25.7 billion yuan [8] - The adjusted net profit for Q3 2025 was 7.86 billion yuan, reflecting a significant year-on-year increase of 233% [6] - The company's monthly active users (MAU) grew by 8% year-on-year to 376 million, while daily active users (DAU) increased by 9% to 117 million, indicating strong user engagement [6] Financial Performance - In Q3 2025, the company achieved total revenue of 76.9 billion yuan, marking a 5% increase both year-on-year and quarter-on-quarter [6] - The gross profit margin improved to 36.7%, up 1.7 percentage points year-on-year [6] - The company reported a net profit of 4.69 billion yuan, a turnaround from a loss of 0.88 billion yuan in the same period last year [6] Business Segments - Mobile gaming revenue in Q3 2025 was 15.11 billion yuan, down 17% year-on-year, primarily due to a high base from the previous year [7] - The advertising segment's revenue growth was driven by strong performance in sectors such as gaming, e-commerce, and automotive, with AI-related advertising revenue increasing by nearly 90% [8] - Live streaming and value-added services generated 30.23 billion yuan in revenue, a 7% year-on-year increase, with paid user numbers reaching 35 million [9] Future Projections - The company is projected to achieve revenues of 30.16 billion yuan in 2025, with a corresponding adjusted net profit of 2.5 billion yuan [11] - The target market capitalization for 2026 is estimated at 109.1 billion yuan, with a target price of 259 yuan per share [11]

Aviation Industry - China Southern Airlines' C919 aircraft successfully arrived at Dubai Al Maktoum International Airport on November 14, preparing for the Dubai Airshow from November 17 to 21, 2025. The C919 has received over 1,000 domestic and international orders, marking a significant milestone in China's aviation industry development [1] - Boeing predicts that the Middle East will require 3,000 new passenger aircraft over the next 20 years, valued at over $500 billion. China's fleet is expected to grow at an average annual rate of 4.4%, with a projected total of 9,323 jet aircraft by 2043, making it the largest single aviation market globally [1] Animation Industry - Bilibili held an online launch event for 40 domestic animation works for 2025-2026, including new titles and updates on various IP sequels. The return of "The King's Avatar" TV animation and the announcement of "Chinese Folktales 2" set for January 1, 2026, were highlighted [2] - Since 2018, Bilibili has launched over 3,000 domestic creations, with nearly 970 million hours of viewing time in the past year. The platform's user base reached 330 million, with a 104% year-on-year increase in viewing time for domestic content in Q3 [2] Robotics Industry - CITIC Securities reported the completion of the IPO guidance for Yushu Technology Co., which is positioned to strengthen its industry-leading status in humanoid robotics. The company is noted for its continuous technological and product iterations [3][7] - The demand for domestic production of key systems like aviation engines is expected to drive the expansion of the domestic aviation market and upgrade the industry chain [1] Commercial Space Industry - Blue Origin's "New Glenn" rocket successfully launched on November 13, marking its second flight and the first successful sea recovery of its first stage, making Blue Origin the second company globally to master orbital rocket recovery technology after SpaceX [4] Satellite Internet - The Chinese Academy of Sciences conducted a successful high-rate communication experiment, achieving data transmission rates of 6.0 Gbps in the X-band and 20 Gbps in the Ka-band, indicating significant technological advancements in satellite communication [5] - The satellite communication market is currently valued at approximately 40-50 billion yuan, with projections to exceed 200-400 billion yuan by 2030, reflecting a compound annual growth rate of 10%-28% [5] Quantum Technology - IBM announced significant progress towards achieving quantum advantage by the end of 2026 and fault-tolerant quantum computing by 2029, introducing its most advanced quantum processor, "Quantum Nighthawk," expected to be delivered by the end of 2025 [6] - China's "Zuchongzhi 3" superconducting quantum computer has successfully manipulated 105 qubits, becoming the highest-performing superconducting quantum computing prototype globally [6] Physical AI - Yushu Technology's founder emphasized that AI technology will enable robots to truly "understand the world" in the next decade, with their humanoid robots capable of performing most work actions through offline pre-learning and real-time imitation [7] - The emergence of Physical AI aims to enhance autonomous machines' capabilities in real-world physical interactions, bridging the gap between virtual and embodied intelligence [7]

Investment Rating - The report initiates coverage with a "Buy" rating for Bilibili-W (9626.HK) [4] Core Insights - Bilibili's Q3 2025 results exceeded expectations, with revenue of 7.69 billion RMB, a year-over-year increase of 5%, and adjusted net profit of 790 million RMB, up 233% year-over-year, surpassing Bloomberg consensus by 22% [1] - The company is expected to benefit from its strategy of "self-developed quality products and global distribution," with a focus on improving profitability and operational efficiency [4] Financial Performance Summary - Q3 2025 revenue: 76.9 billion RMB, gross profit: 28.2 billion RMB, adjusted operating profit: 6.9 billion RMB, adjusted net profit: 7.9 billion RMB [1] - Q3 2025 advertising revenue: 25.7 billion RMB, a year-over-year increase of 23%, accounting for 33% of total revenue [3] - Q3 2025 value-added services revenue: 30.2 billion RMB, a year-over-year increase of 7% [3] - Forecasted revenues for 2025-2027 are 29.9 billion RMB, 32.7 billion RMB, and 35.9 billion RMB, respectively [5] User Metrics - Q3 2025 daily active users (DAU): 117 million, year-over-year increase of 9%; monthly active users (MAU): 376 million, year-over-year increase of 8% [1] - The number of creators earning revenue reached nearly 2.5 million, with average income per creator increasing by 22% year-over-year [1] Game Development Insights - Mobile game revenue in Q3 2025 was 15.1 billion RMB, a year-over-year decrease of 17% due to high base effects from the previous year [2] - Upcoming game releases include "Three Kingdoms: Hundred Generals Card" expected in Q1 2026 [2] Advertising and Marketing Trends - The advertising budget is expected to continue increasing, with significant growth in AI and education sector advertising [3] - During the "Double Eleven" shopping festival, the number of new customers increased by over 100% year-over-year [3]

Core Insights - Bilibili announced a plan for 40 domestic animation projects during its 2025-2026 national animation release conference, highlighting a focus on diverse and high-quality content [1] New Projects - Bilibili will collaborate with Shenman Culture for the first time to adapt the popular web novel "I Clean Up Garbage in the Wasteland" into an animation [3] - Classic IP adaptations such as "The Legend of Sword and Fairy 4" and "Difficult to Please" have released new trailers [3] - The TV animation "The Legend of Luo Xiaohei" will return after a four-year hiatus, launching a new chapter titled "Preschool Chapter" [3] IP Sequels - The new season of the annual series "A Mortal's Journey to Immortality" is set to air in the first half of 2026, with a related film "The Mystery of the Vast Sea" and a side story "The Legend of Xuan Gu" also in production [3] - The ongoing series "The Shepherd's Record" will introduce new characters [3] - The third season of "Time Agent" is scheduled to launch in October 2026 [3] - The highly acclaimed animation "Chinese Folktales 2" is set to premiere on January 1, 2026 [3] Content Strategy - Bilibili is increasingly focused on exploring diverse and high-quality animation content, providing more space for innovative themes and stylistic works alongside established IP sequels [3] - The new project "Cleaning Garbage" is the first domestic "romantic wasteland" themed work, featuring imaginative visual aesthetics that differ from traditional wasteland styles [3] - The animation will showcase unique creatures and the integration of plants with urban architecture, reflecting a blend of technology and humanity in character design [3] Market Trends - "Difficult to Please" is one of the few 2D urban romance stories in the animation market, with the original voice cast from the Bilibili Cat Ear FM radio drama returning for the animation [4] - The radio drama has gained widespread recognition, with over 140 million plays on Cat Ear FM [4] - Popular and stylistically unique animations like "Chinese Folktales 2" and "The Legend of Luo Xiaohei" continue to expand their content offerings [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported better-than-expected performance in Q3 2025, with a significant increase in profit margins. The adjusted net profit for Q3 2025 was RMB 786.3 million, a year-on-year increase of 233%, and the adjusted net profit margin reached 10.2%, up from 3.2% in the same period last year [9] - The advertising revenue for Q3 2025 was RMB 2.57 billion, a 23% increase compared to the same period in 2024, driven by improved advertising product offerings and effectiveness. The company expects to continue gaining market share in the advertising business [3][10] - The company has adjusted its forecast for net profit for 2025-2027, now expecting RMB 2.602 billion, RMB 3.593 billion, and RMB 4.685 billion respectively, reflecting an optimistic outlook on advertising and gaming revenue [10] Financial Performance Summary - Total revenue for Q3 2025 was RMB 7.69 billion, a year-on-year increase of 5%. The gross profit was RMB 2.82 billion, with a gross margin of 36.7%, up from 34.9% in Q3 2024 [9] - The company’s mobile game revenue for Q3 2025 was RMB 1.51 billion, a decrease of 17% year-on-year, attributed to a high base from the previous year [3] - The value-added services revenue for Q3 2025 was RMB 3.02 billion, a 7% increase year-on-year, mainly due to growth in paid memberships and other services [3] Earnings Forecast and Valuation - The company’s earnings per share (EPS) for 2025 is projected to be RMB 6.18, with a price-to-earnings (P/E) ratio of 30.06 based on the current stock price [1][10] - The forecasted total revenue for 2025 is RMB 30.195 billion, with a year-on-year growth of 13% [1]

Core Insights - Bilibili (B站) announced 40 new domestic animation projects during its 2025-2026 National Creation Animation Release Conference, including several new works and updates on various IP sequels [2][4] New Works - Bilibili will collaborate with Shenman Culture to adapt the popular web novel "I Clean Up Garbage in the Wasteland" into an animation, marking the first "romantic wasteland" themed work in China [7] - The new season of "Xianjian Qixia Chuan IV" and "Nan Hong" were previewed, alongside the return of "Luo Xiaohei Zhanji" with a new chapter titled "Preschool Chapter" [2][4] IP Sequels - The new season of "Fanren Xiuxian Chuan" is set to air in the first half of 2026, with related projects like the film "Hanhai Mizong" and the side story "Xuangu Chuan" also in production [4] - "Shiguang Dailiren" Season 3 will officially launch in October 2026, while "Zhongguo Qitan 2" is scheduled for release on January 1, 2026 [4] Industry Growth - Since 2018, Bilibili has launched over 3,000 domestic animation works, with nearly 970 million hours of viewing time for domestic content in the past year, and a 104% year-on-year increase in viewing time for domestic content in Q3 [5][9] - Bilibili's user base has reached 330 million, indicating a growing interest in domestic animation among younger audiences [5] Content Strategy - Bilibili is focusing on diversifying and enhancing the quality of its animation content, providing more space for innovative themes and stylistic works alongside established IP sequels [7] - The original animation short series "Jiaonang Jihua" has been well-received, with over 100 million total views, and the fourth season is set to launch in summer 2026 [9] Talent Development - Bilibili's "Bilibili Xun Guang Plan" has supported 316 university projects, emphasizing the importance of nurturing talented animators and creating high-quality original content [9] - The domestic animation industry is evolving, with audiences becoming more discerning and seeking diverse content, prompting platforms to innovate beyond traditional IP models [9]

Investment Rating - The report maintains a "Buy" rating for Bilibili-W (09626) [2] Core Insights - Bilibili achieved a revenue of 7.69 billion yuan in Q3 2025, representing a year-on-year growth of 5%, which met expectations; the adjusted net profit attributable to shareholders was 790 million yuan, exceeding Bloomberg consensus by 22%, with a profit margin of 10.2%, continuing to improve quarter-on-quarter [5] - User engagement metrics reached historical highs, with MAU growing 8% year-on-year to 376 million and DAU increasing 9% to 117 million, indicating strong user stickiness [8] - Advertising revenue accelerated with a year-on-year growth rate of 23%, while game revenue declined by 17%, aligning with expectations due to a high base effect [8] - The company continues to optimize operational efficiency, with a gross margin of 36.7% and a 6% year-on-year reduction in absolute values of operating expenses [8] - The report highlights two upward potential drivers: community monetization through gaming and AI applications, which could enhance content ecosystem and advertising efficiency [8] Financial Data and Profit Forecast - Revenue projections for Bilibili are as follows: - 2023: 22.53 billion yuan - 2024: 26.83 billion yuan - 2025E: 30.21 billion yuan - 2026E: 33.30 billion yuan - 2027E: 36.16 billion yuan - Adjusted net profit forecasts are: - 2023: -3.43 billion yuan - 2024: -0.02 billion yuan - 2025E: 2.57 billion yuan - 2026E: 3.02 billion yuan - 2027E: 4.05 billion yuan [7][9]

Core Insights - Bilibili (referred to as "B站") held an online event on November 15, 2023, to announce the release of 40 domestic animation works for 2025-2026 [1] - The company will collaborate with Shenman Culture for the first time to adapt the popular web novel "I Clean Up Garbage in the Wasteland" into an animated series, marking the first "romantic wasteland" genre in China [1] - The animation will feature imaginative visual art, showcasing strange creatures and the integration of plants with urban architecture [1] New Releases - The new season of the annual series "A Mortal's Journey to Immortality" is set to air in the first half of 2026, alongside a feature film "The Mystery of the Vast Sea" and a spin-off "The Bone of the Immortal" [3] - The ongoing series "The Shepherd" will introduce new characters, while the third season of "Time Agent" is scheduled for release in October 2026 [3] - The highly popular animation "Chinese Folktales 2" is confirmed to premiere on January 1, 2026, featuring nine distinct short stories [3] Performance Metrics - Since 2018, Bilibili has launched over 3,000 domestic animation works, with nearly 970 million hours of viewing time for domestic content in the past year [6] - In Q3, the viewing time for domestic content on the platform increased by 104% year-on-year, with the overall user base reaching 330 million [6] - Bilibili's "Seeking Light Program" has supported 316 university projects with resources and funding, and as of August this year, the company has produced a total of 84 original animations [6]

Group 1 - Douyin has removed low-priced links for Moutai products, indicating a commitment to regulate misleading sales practices [2] - The majority of Moutai sales links now feature official stores, with third-party low-priced listings taken down [2] - Merchants are awaiting platform assessments to determine if they can continue selling Moutai [2] Group 2 - Xiaomi plans to increase investment in 6G technology research and standardization, having showcased its AI wireless technology prototype at a recent forum [3] - The prototype supports various deployment configurations and aims to leverage AI for data transmission [3] - This move positions Xiaomi to gain a competitive edge in the emerging 6G market [3] Group 3 - Over 80% of winter wheat has been planted nationwide, with significant progress in key regions like Huang-Huai-Hai [4][5] - The recent favorable weather conditions have accelerated the planting process [5] Group 4 - Walmart's CEO Doug McMillon will step down at the end of January, amid challenges such as tariffs and changing consumer demands [6] - This unexpected leadership change comes as the retail giant faces significant industry transformations [6] Group 5 - Bilibili announced 40 new domestic animation projects, including adaptations of popular IPs [7] - The company is collaborating with Shenman Culture for the adaptation of a popular web novel [7] Group 6 - The openEuler community has released a new operating system version supporting super nodes, along with an AI solution [17] - This release marks a significant step in the community's development and collaboration with various enterprises [17] Group 7 - Tim Cook may step down as Apple's CEO as early as next year, with John Ternus seen as a potential successor [18] - The transition plan is reportedly unrelated to the company's current performance [18] Group 8 - Elon Musk stated that the perception of overpopulation is misleading, suggesting that the Earth's population could fit in a single building in New York [19] - He emphasized that much of the Earth remains sparsely populated [19] Group 9 - Shanghai police have cracked down on illegal drone activities, resulting in over 2,500 cases since the initiative began [20] - The crackdown has led to increased registration of drone operators and equipment [20] Group 10 - Musk's X platform has launched a new chat feature aimed at enhancing user communication experiences [21] - This feature integrates audio and video calling, as well as file sharing, into the platform [21]

Core Viewpoint - Bilibili (B站) is set to release a new chapter of the animated series "罗小黑战记" (The King's Avatar) after a four-year hiatus, as part of a broader strategy to enhance its original animation offerings, with a total of 40 new and sequel animations announced for the 2025-2026 period [1][13]. Group 1: New Releases and Sequels - The new animation "我在废土世界扫垃圾" (I Clean Up Garbage in a Wasteland) is based on a popular web novel and will feature imaginative visuals and a unique "romantic wasteland" theme [3]. - "难哄" (Difficult to Please) is a 2D urban romance adaptation from a hit novel, which has already garnered over 140 million plays as a radio drama [5]. - The classic RPG game "仙剑奇侠传四" (The Legend of Sword and Fairy 4) is being adapted into an animation, aiming to revive interest in the franchise after a less successful live-action adaptation [7]. - The sequel to "凡人修仙传" (A Mortal's Journey to Immortality) is set to air in the first half of 2026, alongside a movie and a spin-off [9]. - "时光代理人第三季" (Time Agent Season 3) is scheduled for release in October 2026, following a dramatic cliffhanger in the previous season [11]. Group 2: Industry Trends and Audience Engagement - Bilibili has established a dedicated section for original animations since 2017, with over 3,000 works released, reflecting a significant increase in viewership, with nearly 970 million hours watched in the past year [1]. - The platform is focusing on diversifying and enhancing the quality of its animation content, moving away from formulaic productions to meet the evolving tastes of its audience [13]. - The success of previous hits like "中国奇谭2" (Chinese Tales 2) and "罗小黑战记" indicates a growing demand for unique and high-quality animated content [13].