Group 1 - The recent performance of Hong Kong and A-shares has been lackluster, with market movements heavily influenced by U.S. events, particularly Trump's tariff actions [1] - Trump's recent threats to impose tariffs on the EU and increase steel tariffs to 50% have created volatility in the markets, reflecting the uncertainty surrounding U.S. fiscal policy [1][2] - The 30-year U.S. Treasury yield remains above 5%, raising concerns about the stability of U.S. debt and its implications for the broader financial market [1][2] Group 2 - The new consumption sector in Hong Kong is gaining attention, characterized by a diverse range of companies from bubble tea to beauty products, indicating a broad interpretation of consumer spending [5][6] - Major internet companies in China, such as Meituan and Xiaomi, reported strong earnings, with Meituan exceeding revenue and profit expectations despite ongoing competition with JD.com [6] - PDD's financial performance has been mixed, with revenue growth but a significant drop in net profit, attributed to government subsidies and market conditions, leading to volatility in its stock price [6] Group 3 - The IPO market in Hong Kong has shown a positive trend, with a low first-day loss rate of 28.6% for new listings, the lowest since 2017 [7] - New stock performance varies significantly, with some companies like Ningde Times and Guanshi Shuduan showing substantial first-day gains, while others like Paige Biopharma experienced significant losses [8] - The strategy for participating in new stock offerings emphasizes quick exits within three days, suggesting a focus on short-term gains rather than long-term holdings [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to benefit from the upcoming release of new games and the progress in advertising commercialization [3] - The gaming business is anticipated to contribute positively to revenue growth, particularly with the launch of the S8 season of "Three Kingdoms" and the new mobile game "Shining! Yujun Girl" [1][2] - The company has a strong user base with MAU reaching 368 million and DAU at 107 million, indicating robust engagement [2] Summary by Sections Game Business Update - The company has updated its gaming portfolio with significant enhancements to "Shining! Yujun Girl" and the launch of the S8 season for "Three Kingdoms" [1] - The S7 season achieved a record high DAU, and the S8 season is expected to further boost user engagement through new features and events [1] Financial Performance - In Q1 2025, the company reported revenue of 7.003 billion RMB, a year-over-year increase of 24% [2] - The adjusted net profit for the same period was 362 million RMB, exceeding market expectations due to effective cost control [2] - The mobile gaming segment saw revenue growth of 76%, driven by stable performance from "Three Kingdoms" [2] AI Integration - AI technology has been deeply integrated into various business operations, enhancing content review efficiency and reducing production costs in game development [3] - The company plans to launch an AI tool for content creators by the end of 2025 [3] Profit Forecast and Valuation - The adjusted net profit forecasts for 2025 and 2026 have been raised to 2.146 billion RMB and 3.511 billion RMB, respectively [3][4] - The company is projected to achieve a revenue of 30.24 billion RMB in 2025, with a growth rate of 12.7% [4]

来源：中国青年网 从初出茅庐的实习生到独当一面的店长，以真实故事刻画人间冷暖，节目共有6集，将带领观众深入不 同个体的生活轨迹，窥见隐藏在海海人生底部的旋涡和潜流。那些被城市霓虹遮掩、汇入生活洪流的模 糊轮廓，在《人生海海》的镜头下，逐渐变得清晰、生动、鲜活起来。 这里，没有滤镜修饰的"美食神话"，只有刀光剑影的后厨战场、折叠着悲欢的两点一线，以及那些在职 场辗转浮沉的身影。80后双管店长徐斌面对业绩垫底的压力，带领前堂和后堂的全体员工打响"店铺保 卫战"，在一个又一个日与夜并肩奋斗，却还是在业绩循环中遭遇个人困境和门店危机。 当徐斌经历着十几年职业生涯的第一次滑铁卢，被他纳入麾下的职场小白陆佳影，也在人事震荡中"走 出新手村"。名校毕业的她"反常规"加入海底捞，以体验生活之名入职三里屯门店，观察职场的同时也 在试图解构职场规则。无论是用松弛感打破日复一日的工作模式，还是在暴雨一线卸下名校光环努 力"拉新"，轮岗过程中，陆佳影坦言："来了之后才真的发现，每一种生活都是值得过的。" 撇去浮沫，留下真味。《人生海海》不仅呈现了繁城之下普通人的酸涩与甜蜜，也在重复忙碌和平淡日 常中流淌着人性微光。 以真实叙事为针线 ...

本报讯 （记者李豪悦）5月23日，国产科幻动画剧《灵笼》第二季在哔哩哔哩（以下简称"B站"）上 线，截至5月27日，仅仅上线两集，播放量就突破8000万，系列追番破千万，第二季单集在线观看人数 破13万，超过《灵笼》第一季，是B站目前开播人气最高的国创作品之一。 此前《灵笼》第一季在B站播放量累计达到6.7亿，站内评分9.6分，在豆瓣上评分达8.3分，该作品因其 出色的原创故事设定、废土画风、硬核战斗场景等因素，在观众中积累起良好口碑，获得"金龙奖""金 猴奖"等十余项动画行业奖项，成为国产动画市场上口碑、热度破圈的作品。 《灵笼》系列动画由B站出品，武汉艺画开天文化传播有限公司制作（以下简称"艺画开天"）。 随着年初《哪吒之魔童闹海》（以下简称"《哪吒2》"）掀起外界对于中国动画制作的现象级讨论，国 产动画市场的发展也受到关注。据了解，"爱优腾B"早已先后在动画领域进行布局，并展开对动画公司 的"跑马圈地"。头部动画制作公司已经成为行业的"抢手资源"。 其中，艺画开天是罕见的同时被两家长视频平台投资的动画公司。公开信息显示，艺画开天2017年A轮 融资腾讯注资300万元，2018年天图投资、B站和腾讯共同投 ...

在哔哩哔哩 2025 年第一季度业绩发布以及与管理层进行非交易路演（NDR）后，高盛维持买入评级并更新了预测。 从积极方面来看，高盛对哔哩哔哩游戏业务的前景略感乐观，原因如下： 1. 《闪耀！优俊少女》游戏自 5 月 22 日起恢复运营。该游戏在 2023 年 9 月长期停服后此时恢复，出乎市场意料。高盛认为这款游戏与哔哩哔哩的 ACG 社区和核心用户群体契合度高，不过在停服一年半多之后，重振该游戏并使其重获吸引力可能还需要时间。高盛目前预计该游戏年营收 5 亿元人 民币，这对哔哩哔哩 2025 年下半年游戏业务收入构成上行风险。 2. 《三国志幻想大陆》周年庆即将到来：自 5 月底起，《三国志幻想大陆》新的 S8 赛季将开启，游戏玩法会有重大变化和创新。高盛认为这将成为 该游戏的催化剂，并且《三国志幻想大陆》仍将是哔哩哔哩确保游戏长期运营的重点。 在广告业务方面，哔哩哔哩继续成为中国广告平台中增长较快的平台之一，高盛认为从广告加载量和每千次展示有效成本（eCPM）提升来看，广告 货币化仍有很大空间。诸如小游戏、短剧、AIGC 应用等不断拓展的领域，都是新增需求驱动力。 业绩发布后，哔哩哔哩还完成了 6.9 ...

要闻提示 NEWS REMIND 1. 美女机器人击倒对手后拍屁股挑衅，团队回应：预设胜利动作 今日头条 HEADLINE NEWS 美女机器人击倒对手后拍屁股挑衅，团队回应：预设胜利动作 近日，在日本东京举办的全球机器人格斗大赛上，代表韩国参赛的女性拟人机器人AURA-X因拟人化动作 意外成为焦点。比赛中，AURA-X与对手"美洲钢甲"展开激烈对决，AURA-X凭借精准肘击将对手击倒在 地获得胜利。 按照常规，机器人胜利后通常会直接回原点待命，但AURA-X却做出一个令人意想不到的动作。只见它轻 轻拍了拍自己臀部的金属外壳，还回头瞥了一眼对手，同时搭载的表情模块呈现出微笑加眨眼的表情，传 递出"小样，不服再来"的信息。这一动作迅速引爆现场气氛，随后相关视频出现在社交平台上，播放量迅 速飙升过百万。 评论区里，网友们争执不下，有人认为这个动作十分有趣，"这动作太有挑衅意味了，看得我都想下场揍 它"、"好玩，真的是太有意思了，机器人还能进行精神层面的攻击。"但也有另一部分网友表示担忧，质 疑"这样的人格化动作，AI真的能控制好吗"、"未来机器人会不会越来越不受控"。 美团回应京东加入外卖战：低质低价内卷式竞争不 ...

Group 1 - Bilibili (BILI) has recently reached a key level of support and has overtaken the 200-day moving average, indicating a long-term bullish trend [1] - BILI shares have increased by 8.8% over the past four weeks, and the stock is currently rated as Zacks Rank 2 (Buy), suggesting potential for continued growth [2] - Positive earnings estimate revisions support the bullish outlook for BILI, with no estimates decreasing in the past two months and one estimate increasing, alongside a rise in the consensus estimate [3]

Core Viewpoint - Bilibili has successfully transitioned to profitability after 15 years of losses, demonstrating stable earnings with significant growth in revenue and profit margins in the first quarter of 2025 [1][6]. Financial Performance - Bilibili reported a net revenue of 70.03 billion yuan in Q1 2025, a year-on-year increase of 24% [1] - Gross profit reached 25.39 billion yuan, up 58% year-on-year, with a gross margin of 36.3%, an increase of 8 percentage points [1] - Adjusted net profit for the quarter was 3.62 billion yuan, marking the third consecutive quarter of positive adjusted net profit [1] Revenue Sources - Bilibili's revenue is derived from four main areas: value-added services, advertising, mobile games, and IP derivatives [1] - Advertising revenue was 19.98 billion yuan, a 20% year-on-year increase, driven by strong growth in performance-based advertising, particularly in AI-related ads [2] - Mobile gaming revenue reached 17.31 billion yuan, a 76% increase year-on-year, largely due to the success of the exclusive game "Three Kingdoms: Strategy of the World" [2] - Value-added services generated 28.07 billion yuan, an 11% increase year-on-year, primarily from live streaming and other services [2] - IP derivatives and other revenue decreased by 4% to 4.67 billion yuan [2] User Growth and Engagement - Daily active users reached 106.7 million, an increase of approximately 4.3 million year-on-year, while monthly active users totaled 368 million, with a net increase of 28 million [3] - The average age of Bilibili users is now 26, indicating a shift towards a more engaged and financially capable user base [3] - Users spend an average of 108 minutes daily on the platform, with the number of paying users reaching a historical high of 32 million [3] Strategic Initiatives - Bilibili has been focusing on cost reduction and efficiency improvements, leveraging AI technology to enhance commercial conversion rates [3] - The company upgraded its fan charging plan, resulting in a 200% year-on-year increase in related revenue [4] - Bilibili aims to gradually increase its gross margin to 40%-45% and maintain a long-term operating profit margin target of 15%-20% [4] Future Outlook - Bilibili's CEO expressed confidence in the company's ability to sustain profitability and adapt to the evolving AI landscape, emphasizing the potential for diversified monetization of high-quality content [5][6] - The company recognizes the importance of long-term operations for its gaming projects, particularly "Three Kingdoms: Strategy of the World," which is expected to have a stable commercial cycle of at least five years [4]

来源：文汇报 ■记者 卫中 在注意力快速转移的"短视频"时代，B站推出的"1分钟动画剧场"精准把握这一需求，每期围绕年轻用户 热议话题，由UP主自制10部各1分钟的原创动画短片，全年共四期。该IP秉持"不靠炫技，以现实为创 意注脚"理念，挖掘扶持原创动画UP主，邀请插画艺术家、动画导演及人气UP主参与，以高浓缩叙事满 足观众快速获取信息需求，带来全新视听体验，让人们在忙碌中沉浸于动画奇幻世界，获得放松愉悦。 这也是B站原创动画UP主扶持计划的初衷：让缺乏资源和背景的动画人得以参与创作，同时扶持编剧、 美术等多环节优质创作者，致力于构建多元共生的创作生态，讲述中国当代年轻人风貌的故事。 "1分钟动画剧场"上线后备受好评，《当国宝下班后》是其中的典型代表。该作品将博物馆文物拟人 化，借陶鹰鼎"摸鱼"、彩绘石骑马人"跳舞"等现代职场梗，让文物在闭馆夜晚"活"起来，上线四天获 190万播放量，展现出传统文化与当代叙事碰撞的强大感染力。文物"摸鱼"映射现代职场生活，让观众 看到自己的影子，产生强烈共鸣，在欢笑中释放情绪、慰藉心灵。与《逃出大英博物馆》以文物思乡情 引发情感共振不同，它用幽默消解历史厚重感，让年轻观众在会 ...

南方财经全媒体记者 吴立洋 上海报道 夏意渐浓，游戏产业也动态频频。 行业动态方面，5月21日，5月批次版号正式公布，共计130款国产游戏、14款进口游戏获得版号； Sensor Tower公布了4月全球手游收入及下载情况，腾讯旗下《王者荣耀》登顶收入榜；广东出台《关 于推动广东网络游戏产业高质量发展的若干政策措施》，提出支持原创精品游戏与游戏科技创新。 公司方面，腾讯发布了名为"混元游戏"（Hunyuan-Game）的创新项目，旨在通过人工智能技术革新游 戏资产生成与制作流程；B站发布一季度财报，游戏业务增长76%；网易游戏举办520线上发布会，发布 9款新游；米哈游成立原初海科技公司，注册资本8000万元人民币；下架622天后，B站《闪耀！优俊少 女》国服重新上线。 合规监管方面，美国联邦贸易委员会对微软收购苹果一案正式撤诉；海外方面，任天堂发布Switch2卡 带样式，产品颜色调整为红色；电竞方面，首届英雄亚冠ACL比赛在上海成功举办。 5月版号发布 5月21日，5月批次版号正式公布，本月共计有130款国产游戏、14款进口游戏获得版号，另外有7款游戏 进行了版号信息变更。从单月版号过审量来看，共计有14 ...