Core Insights - The 2025 Bilibili Super Science Gala was held in Beijing on October 31, focusing on the theme "Don't Laugh, This is Science" to showcase the serious scientific foundations and real-world applications behind entertaining research results [1] Group 1: Scientific Achievements - Dr. Zhang Weiwei from Zhengzhou University presented his latest academic achievement, a magnetic "venom" robot inspired by amoebas, which can navigate through blood vessels and has significant implications for cancer treatment [3] - Professor Su Bin from Huazhong University of Science and Technology demonstrated a 3D-printed super-smooth toilet inspired by the pitcher plant, utilizing a special plastic and hydrophobic sand composite to create a permanently lubricated surface [4] Group 2: Engagement and Participation - Bilibili reported that approximately 700,000 science popularization videos are published annually, with daily views of science content exceeding 100 million [4] - The first-ever fun research results collection activity for the science gala received over 400 journal submissions and nearly 1,000 various science video entries, with eight notable research achievements recognized by a panel of seven scientists and 14 media representatives [4] - The program announced the commencement of the 2026 Bilibili Super Science Gala's fun science results collection, aiming to encourage more participation from science enthusiasts and researchers [4]

Core Insights - The current e-commerce landscape in Shanghai is characterized by a dominant player, Pinduoduo, alongside several strong competitors and a multitude of smaller players, creating a diverse market ecosystem [2][7]. Group 1: Shanghai's E-commerce Growth - Shanghai's e-commerce sector is experiencing explosive growth, with total e-commerce transactions exceeding 3.27 trillion yuan (approximately 0.5 trillion USD) in the first nine months of 2025, marking a year-on-year increase of 12.7% [2]. - The live-streaming retail sales in Shanghai reached 369 billion yuan (approximately 56 billion USD), reflecting a significant year-on-year growth of 23.6% [2]. - Factors contributing to this growth include Shanghai's status as a fashion consumption hub, a robust manufacturing base, a concentration of quality brands, and supportive government policies [2]. Group 2: E-commerce Structure - The e-commerce structure in Shanghai can be summarized as "one super, many strong, and a long tail of diversity," with Pinduoduo as the leading player, followed by strong competitors like Xiaohongshu and Dewu, and a large number of small e-commerce entities [2][7]. - Pinduoduo reported a revenue growth rate of 7% for Q2 2025, with quarterly revenue reaching 104 billion yuan (approximately 15.5 billion USD) [7]. - The presence of numerous small e-commerce businesses enriches the market ecosystem, allowing for specialization in niche markets and regional services [7]. Group 3: Government Support and Policy Initiatives - The Shanghai government has implemented a three-year action plan aimed at fostering high-growth enterprises, targeting the establishment of over 1,000 such companies by 2027 [5]. - The plan includes nurturing 400 potential gazelle companies, 300 gazelle companies, 200 potential unicorns, and 100 unicorns, with a goal of creating at least two unicorns valued over 10 billion USD [5]. - Additional measures to optimize the business environment include enhancing financing accessibility for small and medium enterprises through initiatives like "park instant loans" and supply chain finance [5]. Group 4: Live-streaming E-commerce Development - Shanghai has emerged as a core hub for live-streaming e-commerce, with transaction volumes surpassing 850 billion yuan (approximately 127 billion USD) in Q1 2025, representing a 32% year-on-year increase [15]. - The city accounted for 18.7% of the national total in live-streaming e-commerce, benefiting from its high-end consumption, brand concentration, and digital infrastructure [15]. - Notably, Douyin's local life business segment achieved a GMV of over 120 billion yuan (approximately 18 billion USD) in 2024, showcasing the digital transformation of offline industries [16]. Group 5: Cross-border E-commerce Development - Shanghai's cross-border e-commerce has expanded significantly since the early 2010s, supported by national initiatives like the "Belt and Road" and "Internet Plus" strategies [18]. - The city was one of the first to establish a cross-border e-commerce comprehensive pilot zone in 2016, which has accelerated its growth [18]. - The Shanghai government aims to cultivate 100 cross-border e-commerce brands and establish 10 live-streaming bases by 2025, targeting an annual growth rate of over 20% in cross-border e-commerce import and export volumes [19].

Group 1 - CCTV announced a collaboration with Bilibili to co-create video podcast themes and discussions related to the host competition [1] - Bilibili launched the "Video Podcast Out-of-Circle Plan" with a 1 billion RMB traffic support for the summer, AI creation tools, and free recording venues in major cities [1] Group 2 - Bilibili reported a total revenue of 7.34 billion RMB for Q2 2025, a 20% year-on-year increase, with adjusted net profit reaching 560 million RMB, both hitting historical highs [4] - Daily active users reached 109 million, an increase of 7% year-on-year, while monthly active users grew to 363 million, up 8% year-on-year [4] - The number of monthly paying users rose to 31 million, marking a 9% year-on-year increase, all being historical highs [4] Group 3 - In Q1 2025, Bilibili's video podcast consumption time reached 25.9 billion minutes, a growth of over 270%, with user numbers exceeding 40 million [4] - A report predicts that the global user base for Chinese podcasts will reach approximately 150 million by 2025 [4] Group 4 - The creator ecosystem saw around 2 million UP owners earning income through various channels in the first half of the year, with a 49% year-on-year increase in e-commerce-related UP owners [4] - "Charging" income for creators doubled year-on-year [4] Group 5 - Various content categories showed growth, with anime content viewing time increasing by 25%, and the second season of "Ling Cage" surpassing 330 million views [5] - Gaming content viewing time grew by 21%, while AI content became the fastest-growing tech category with a 61% increase in viewing time [5] - Short video content in emerging categories rapidly rose to meet diverse user demands [5]

Core Viewpoint - Bilibili's self-developed mini-game "Escape from Duckkov" has exceeded market expectations by achieving 2 million sales on global PC platforms from October 16 to October 28 [1] Group 1: Game Performance - The game has shown strong performance in the expanding shooting and treasure-hunting game market, attributed to its innovative PvE mode and high interactivity, which enhance the entertainment experience [1] - The report anticipates that Bilibili may introduce official collaboration modes, multi-terminal versions, controller support, and various IP forms, which will further unlock the game's value [1] Group 2: Financial Projections - The successful game is expected to drive a 2% increase in total revenue and a 10% increase in adjusted operating profit for the fourth quarter of 2025 [1] - The target price for Bilibili's H-shares has been raised from 242 HKD to 270 HKD, and the target price for its US shares has been increased from 31 USD to 35 USD, with a "Buy" rating maintained [1]

Core Viewpoint - Bilibili-W (09626.HK) is expected to announce its Q3 2025 financial results on November 13, 2025, with optimistic revenue and profit forecasts indicating significant growth compared to the previous year [1]. Financial Performance Expectations - The consensus forecast for Q3 2025 indicates expected revenue between 76.00 billion and 77.78 billion CNY, representing a year-on-year growth of 4.0% to 6.5% [2][4]. - Net profit is projected to be between 2.36 billion and 3.61 billion CNY, showing a substantial year-on-year increase of 396.8% to 554.0% [2][4]. - Adjusted net profit is anticipated to range from 5.91 billion to 6.93 billion CNY, reflecting a year-on-year growth of 150.2% to 193.4% [2][4]. Business Segment Performance - Mobile gaming revenue is expected to reach 16 billion CNY, with a remarkable year-on-year growth of 60.1% [5][6]. - Advertising revenue is projected at 24 billion CNY, showing a year-on-year increase of 20.2%, with effective advertising revenue growing by 30% [5][6]. - The user base continues to expand, with daily active users reaching 109 million, an increase of 7% year-on-year, and monthly active users at 363 million, up 8% year-on-year [7]. User Engagement and Growth - Monthly paying users have surpassed 31 million, reflecting a year-on-year growth of 9% [7]. - The platform has achieved record highs in user traffic and engagement, with both MAU and DAU showing significant increases [7].

Core Insights - CCTV News announced a collaboration with Bilibili Inc. to co-create video podcast themes for the upcoming news anchor competition [1] - Bilibili launched a support policy for video podcasts called the "Video Podcast Out-of-Circle Plan," which includes a 1 billion-level cold start traffic initiative, an upcoming AI creation tool for video podcasts, and free recording venues in major cities [1] - Bilibili reported that by Q1 2025, the consumption duration of video podcasts reached 25.9 billion minutes, a year-on-year increase of over 270%, with a user base exceeding 40 million [1] - According to a report by iResearch, the global user base for Chinese podcasts is projected to reach approximately 150 million by 2025 [1]

Core Viewpoint - Zhongyin International maintains a "Buy" rating for Bilibili-W (09626) and raises the target price from HKD 242 to HKD 270, while the target price for Bilibili (BILI.US) in the US market is increased from USD 31 to USD 35, also with a "Buy" rating [1] Group 1: Game Performance - Bilibili's self-developed mini-game "Escape from Duckkov" achieved 2 million sales globally on PC platforms from October 16 to October 28, exceeding market expectations [1] - The success of the game is attributed to its innovative PvE mode and high interactivity, which enhance the entertainment experience through frequent updates [1] Group 2: Future Growth Potential - The company anticipates that Bilibili may introduce official collaboration models, multi-terminal versions, controller support, and various IP operation forms, which will further unlock its value [1] - The blockbuster game is expected to drive a 2% increase in total revenue and a 10% increase in adjusted operating profit for Q4 2025 [1]

Core Viewpoint - Zhongyin International maintains a "Buy" rating for Bilibili-W (09626) and raises the target price from HKD 242 to HKD 270, while the target price for Bilibili (BILI.US) in the US market is increased from USD 31 to USD 35 [1] Group 1: Game Performance - Bilibili's self-developed mini-game "Escape from Duckkov" achieved 2 million sales globally on PC platforms from October 16 to October 28, exceeding market expectations [1] - The success of the game is attributed to its innovative PvE mode, high interactivity, and frequent updates that enhance the entertainment experience [1] Group 2: Future Growth Potential - The company is expected to introduce official collaboration models, multi-terminal versions, controller support, and various IP forms of operation, which will further unlock its value [1] - The blockbuster game is projected to drive a 2% increase in total revenue and a 10% increase in adjusted operating profit for Q4 2025 [1]

Investment Focus - Amazon is the largest player in the cloud industry with a global market share of 30%, benefiting from scale effects that stabilize and improve margins [1] - Google is expected to see improvements in margins due to rising IaaS cloud scale, with a projected margin increase of over 20% by year-end [1] - Alibaba's cloud revenue reached 33.4 billion RMB in Q1 FY26, demonstrating strong growth driven by instant retail and cloud business resilience [1] Hardware & AI - Arista Networks is a leader in high-end data center network switches, with expected revenue contribution of at least $750 million from AI backend switches in 2025 [3] - NVIDIA's data center business, which accounts for 88% of its revenue, is projected to see strong growth driven by AI capital expenditures, with a target price of $204.35 based on a 30x FY2027 EPS [4] - SK Hynix is expected to benefit from recovering downstream inventory and a doubling of HBM sales this year, with a target price of KRW 280,555 [3] Internet & Services - Tencent Music is expected to see steady revenue growth driven by its core subscription business and new high-margin services, with a focus on expanding its content offerings [4] - Futu Holdings is projected to maintain strong growth in paid user numbers and AUM, benefiting from its virtual asset business and competitive valuation [6] - JoYY's core overseas live streaming business is stabilizing, supported by a favorable policy environment and strong industry demand [5] Pharmaceuticals - Hansoh Pharmaceutical is expected to see innovative drug revenue exceed 10 billion in 2025, with a significant contribution from milestone payments [8] - Innovent Biologics is focusing on expanding its ADC platforms, with potential peak sales of its pipeline products reaching 100 billion [8] - Kintor Pharmaceutical's innovative pipeline is expected to drive significant revenue growth, with a strong cash reserve of over $2 billion [9]

Investment Rating - The report maintains a recommendation for the industry [3] Core Insights - The release of Sora2 by OpenAI marks a second revolution in the AI video industry, showcasing significant technological breakthroughs and the integration of social interaction features [2][18] - The report highlights the rapid growth of "AI comic dramas" and other innovative content forms, which are expected to capture a larger share of internet usage among younger demographics [2][16] - The report identifies three key trends for the future of AI video applications: deep integration with social interactions, evolution towards an ecosystem represented by ChatGPT, and the combination with AI agents for comprehensive video creation solutions [7][17] Industry Overview - The industry consists of 160 listed companies with a total market capitalization of 1,947 billion and a circulating market value of 1,783.1 billion [3] - The absolute performance of the industry over 1 month, 6 months, and 12 months is -5.4%, 20.3%, and 27.7% respectively, while the relative performance is -8.5%, -3.8%, and 9.3% [5] Technological Breakthroughs - Sora2 has achieved three major technological advancements: realistic simulation of the physical world, multi-modal integration for simultaneous audio generation, and initial capabilities for narrative logic and editing akin to a director [18][51] - The report emphasizes the shift from professional tools to consumer-level applications, with AI video tools becoming more accessible and integrated into social platforms [43][44] Market Opportunities - Investment opportunities are identified in various sectors: - Film industry: AI video tools are revolutionizing traditional content production, creating new dynamics [7][8] - Gaming: AI video technology is enhancing game development and gameplay innovation, increasing commercial potential [7][8] - Intellectual Property (IP): AI video is accelerating the visualization of IP, reshaping industry value [7][8] Related Companies - Key companies mentioned include Tencent Holdings, Kuaishou, Bilibili, Meitu, Kunlun Wanwei, and Mango TV, among others, which are leveraging AI technologies to enhance their core business operations [8]