(本文来自第一财经) 哔哩哔哩2025年Q3营收76.9亿元，同比增长5%；净利润为4.694亿元，2024年同期的净亏损为人民币 7980万元。 ...

Core Insights - Bilibili (B站) reported record highs in key user metrics for Q3 2025, with daily active users increasing by 9% year-over-year to 117 million, and monthly active users rising by 8% to 376 million [1] - The company achieved a net revenue of RMB 7.69 billion (USD 1.08 billion), a 5% increase compared to the same period in 2024 [1] - Adjusted net profit surged by 233% year-over-year to RMB 786 million (USD 110.5 million), with an adjusted net profit margin of 10.2% [1] User Metrics - Daily active users reached 117.3 million, up 9% year-over-year - Monthly active users grew to 376 million, reflecting an 8% increase - Monthly paying users increased by 17% to 35 million - Average daily usage time per user was 112 minutes, an increase of 6 minutes year-over-year [1] Financial Performance - Total net revenue for Q3 2025 was RMB 76.9 billion (USD 10.8 billion), a 5% increase from the previous year - Advertising revenue amounted to RMB 25.7 billion (USD 3.61 billion), up 23% year-over-year - Gross profit reached RMB 28.2 billion (USD 3.96 billion), an 11% increase, with a gross margin of 36.7%, up from 34.9% in 2024 [1] - Net profit for the quarter was RMB 4.694 billion (USD 659 million), compared to a net loss of RMB 798 million in the same quarter of 2024 [1] Revenue Breakdown - Value-added services revenue was RMB 30.2 billion (USD 4.25 billion), a 7% increase year-over-year - Mobile gaming revenue decreased by 17% to RMB 15.1 billion (USD 2.12 billion), attributed to a high performance base from the previous year - Revenue from IP derivatives and others rose by 3% to RMB 5.823 billion (USD 818 million) [1]

截至九月，万粉以上UP主数量同比增长超20%。在此基础上，创作者收入稳步提升。2025年前三季 度，近250万UP主在B站通过广告、直播、充电、课堂、小店等渠道获得收入，UP主的人均收入同比增 长22%。 B站董事长兼首席执行官陈睿表示：本季度，B站在社区生态与商业化双轮驱动下，实现了健康增长， 也证明了内容的价值。对于优质内容的长期投入，让B站成为了一个充满活力的社区，持续吸引着创作 者和用户的到来并长期留存。未来，我们将继续强化社区和商业的良性循环，促进社区繁荣，为用户创 造长期价值。 责任编辑：刘万里 SF014 11月13日晚间消息，哔哩哔哩公布截至2025年9月30日第三季度未经审计的财务报告。数据显示，2025 年第三季度，B站总营收为76.9亿元人民币，同比增长5%，增值服务、广告、游戏和IP衍生品及其他业 务分别贡献收入的39%、33%、20%和8%。 三季度，B站净利润从去年同期的亏损增至4.7亿元，净利润率为6.1%；调整后净利润为7.9亿元，同比 增加233%，调整后净利润率提升至10.2%。 用户数据方面，三季度，B站日均活跃用户达1.17亿，同比增长9%；月均活跃用户达3.76亿，同 ...

Core Insights - Bilibili's net revenue for Q3 2025 reached 7.69 billion yuan, representing a year-on-year growth of 5% [1] - The adjusted net profit was 786 million yuan, showing a significant year-on-year increase of 233% [1] Financial Performance - The total net revenue of Bilibili for Q3 2025 was 7.69 billion yuan [1] - Year-on-year revenue growth was recorded at 5% [1] - Adjusted net profit for the same period was 786 million yuan [1] - The adjusted net profit saw a remarkable increase of 233% compared to the previous year [1]

每经AI快讯，11月13日，哔哩哔哩美股盘前大涨超6%，其第三季度经调整净利润为7.86亿元，同比增 长233%。 ...

哔哩哔哩盘前涨近6%，2025年Q3净利润4.7亿元，市场预期2.82亿元，上年同期净亏损0.8亿元。 来源：滚动播报 ...

11月13日晚间，哔哩哔哩在港交所公告，2025年第三季度净营业额总额达人民币76.9亿元，同比增加 5%；净利润为人民币469.4百万元，2024年同期则录得净亏损人民币79.8百万元；经调整净利润为人民 币786.3百万元，同比增加233%。 ...

风险提示及免责条款 哔哩哔哩：2025年Q3营收76.85亿元，同比增长5.2%，市场预期76.6亿元。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

User Metrics - Daily active users reached 117.3 million, a year-over-year increase of 9%[11] - Monthly active users grew to 376 million, a year-over-year increase of 8%[11] - Average daily usage time per user was 112 minutes, an increase of 6 minutes year-over-year[11] Financial Performance - Total net revenue amounted to RMB 7.69 billion (USD 1.08 billion), a year-over-year increase of 5%[12] - Advertising revenue was RMB 2.57 billion (USD 361.0 million), a year-over-year increase of 23%[13] - Gross profit was RMB 2.82 billion (USD 395.8 million), a year-over-year increase of 11%, with a gross margin of 36.7%[11] - Net profit reached RMB 469.4 million (USD 65.9 million), compared to a net loss of RMB 798 million in the same period last year[11] - Adjusted net profit was RMB 786.3 million (USD 110.5 million), a year-over-year increase of 233%[12] Revenue Breakdown - Value-added services revenue was RMB 3.02 billion (USD 424.6 million), a year-over-year increase of 7%[12] - Mobile gaming revenue decreased by 17% to RMB 1.51 billion (USD 212.2 million) due to high base effects from the previous year[13] Operating Expenses - Total operating expenses amounted to RMB 2.46 billion (USD 346.1 million), a decrease of 6% compared to the same period in 2024[14] - Sales and marketing expenses were RMB 1.05 billion (USD 147.6 million), down 13% year-over-year due to reduced gaming marketing expenditures[15] Profitability - Operating profit was RMB 353.9 million (USD 49.7 million), compared to an operating loss of RMB 66.7 million in the same period of 2024[15] - Adjusted operating profit increased by 153% to RMB 687.9 million (USD 96.6 million) compared to the same period in 2024[15] - Adjusted net profit increased by 233% to RMB 786.3 million (USD 110.5 million) compared to the same period in 2024[16] Cash and Investments - Cash and cash equivalents, along with short-term investments, totaled RMB 23.49 billion (USD 3.30 billion) as of September 30, 2025[16] - The company repurchased a total of 6.4 million shares at a total cost of USD 116.4 million under a two-year USD 200 million share repurchase plan approved by the board[17] Earnings Per Share - Basic and diluted earnings per share were RMB 1.13 (USD 0.16) and RMB 1.05 (USD 0.15), respectively, compared to a basic and diluted loss per share of RMB 0.19 in the same period of 2024[16] Future Outlook - The company expects to continue expanding its user base and enhancing content quality, which is crucial for future revenue growth[25] Assets and Liabilities - Total assets increased from RMB 32.70 billion in 2024 to RMB 39.93 billion in 2025, representing a growth of approximately 22.0%[32] - Total liabilities increased from RMB 18.59 billion in 2024 to RMB 25.04 billion in 2025, marking a rise of approximately 34.7%[32] - The company’s equity attributable to shareholders increased from RMB 14.10 billion in 2024 to RMB 14.89 billion in 2025, a growth of about 5.5%[32] - The company’s long-term debt surged from RMB 3.26 billion in 2024 to RMB 8.06 billion in 2025, an increase of approximately 147.0%[32] Conference Call - The company will hold an earnings conference call on November 13, 2025, at 7 AM ET[19]

Core Insights - Bilibili Inc. reported strong user growth and financial progress in Q3 2025, with all core user metrics reaching all-time highs, including DAUs of 117 million, monthly active users of 376 million, and monthly paying users of 35 million, reflecting a year-over-year increase of 9%, 8%, and 17% respectively [3][7] - The company achieved total revenues of RMB 7.69 billion (approximately US$1.08 billion), marking a 5% increase from the same period in 2024, with advertising revenues growing by 23% [4][5][7] - Bilibili's non-GAAP net profit surged by 233% year-over-year to RMB 786 million (approximately US$110.5 million), with a non-GAAP net profit margin of 10.2%, significantly up from 3.2% in Q3 2024 [3][12][13] User Metrics - Daily Active Users (DAUs) increased by 9% year-over-year to 117 million [3][7] - Monthly Active Users rose by 8% to 376 million [3] - Monthly Paying Users grew by 17% to 35 million [3] Financial Performance - Total net revenues reached RMB 7.69 billion (US$1.08 billion), a 5% increase year-over-year [4][7] - Advertising revenues were RMB 2.57 billion (US$361 million), reflecting a 23% increase from the previous year [5][7] - Gross profit increased by 11% year-over-year to RMB 2.82 billion (US$395.8 million), with a gross profit margin of 36.7% [7][9] Cost Management - Cost of revenues was RMB 4.87 billion (US$683.7 million), up 2% year-over-year, primarily due to higher revenue sharing costs [8][9] - Total operating expenses decreased by 6% year-over-year to RMB 2.46 billion (US$346.1 million) [9] Profitability - The company reported a net profit of RMB 469.4 million (US$65.9 million), compared to a net loss of RMB 79.8 million in Q3 2024 [12][14] - Adjusted net profit was RMB 786.3 million (US$110.5 million), a 233% increase year-over-year [13][14] Cash Flow and Share Repurchase - Net cash provided by operating activities was RMB 2.02 billion (US$283.2 million) [15] - As of September 30, 2025, the company had repurchased 6.4 million shares for a total cost of US$116.4 million under its US$200 million share repurchase program [16]