Core Insights - The user base for micro-short dramas in China is projected to reach 696 million by June 2025, accounting for nearly 70% of the total internet users, indicating a shift from niche to mainstream content consumption [1] - The anime short drama segment is experiencing significant growth, leveraging AI technology to combine fast-paced storytelling with limitless creative possibilities, leading to a projected market size exceeding 20 billion yuan in the next two years [1][4] Industry Trends - Anime short dramas are expanding the boundaries of the short drama market, particularly appealing to the "Gourd Economy" demographic, known for their strong purchasing power and mature payment habits, while also demanding high-quality content [3][8] - The industry is witnessing a surge in production efficiency due to AI, allowing for various forms of anime short dramas, including AIGC short dramas and expression pack dramas, which can be produced with minimal resources [4][11] Market Dynamics - Major platforms like Douyin, Kuaishou, and Bilibili are actively investing in anime short dramas, launching support initiatives to foster this new segment, reflecting a strategic pivot from saturated live-action short dramas [4][5] - Regulatory bodies are beginning to take notice of the rapid growth in the anime short drama sector, highlighting both its potential and the need for guidance to address emerging challenges [5] Audience Insights - The primary audience for anime short dramas is predominantly young males, which influences the narrative style and thematic focus of these productions, emphasizing imaginative settings and character development [9][11] - The format of anime short dramas allows viewers to consume content at their own pace, addressing the frustrations associated with traditional long-form anime series [8][9] Future Outlook - The anime short drama industry is on the brink of explosive growth, with expectations of increased production and diversity in content over the next 2-3 years, as more teams enter the market [11] - The potential for high profitability is significant, especially as the audience for anime short dramas overlaps with established web novel readers who have developed strong payment habits [11]

Core Viewpoint - Bilibili (BILI.US) stock rose by 2.8% in pre-market trading following the approval of 156 games by the National Press and Publication Administration, marking the third month this year with over 150 game approvals [1] Group 1: Game Approvals - On September 24, the National Press and Publication Administration released a new batch of game approvals, including 145 domestic games and 11 imported games [1] - This approval marks the third time in 2023 that the monthly number of game approvals has exceeded 150 [1] Group 2: New Game Launch - Bilibili's new strategy card game, "Three Kingdoms: Hundred Generals Card," was revealed at the beginning of the month [1] - The game is currently available for pre-registration and is set to enter its first public test in October [1] - "Hundred Generals Card" is Bilibili's second game based on the Three Kingdoms theme and features a new asymmetrical casual competitive card format [1] Group 3: Stock Performance - As of September 24, Bilibili's closing price was $26.270, with a pre-market price of $27.010, reflecting a 2.82% increase [1] - The stock's 52-week high and low are $31.770 and $14.470, respectively, indicating significant volatility [1] - The total market capitalization of Bilibili is approximately $10.846 billion [1]

Group 1 - Bilibili-W (09626.HK) shares increased by nearly 5% on September 25, reaching a price of 216 HKD [1] - The trading volume for Bilibili-W was 731 million HKD at the time of reporting [1]

Core Viewpoint - Bilibili-W (09626) shares rose nearly 5%, reaching 216 HKD, with a trading volume of 731 million HKD, following the approval of 156 games by the National Press and Publication Administration, indicating a positive trend in the gaming industry [1] Industry Summary - The recent approval of 156 games, including 145 domestic and 11 imported, marks the third month this year with over 150 game licenses issued, suggesting a robust recovery in the gaming sector [1] - According to Kaiyuan Securities, the current valuation of the gaming sector remains attractive, and it is recommended to increase investments in this area while monitoring the performance of key new and evergreen games [1] Company Summary - Bilibili's mobile gaming revenue for the first half of the year reached 3.34 billion CNY, a year-on-year increase of 68%, driven by the success of "Three Kingdoms: Strategize the World" [1] - In Q2 2025, Bilibili's gaming business generated 1.61 billion CNY, reflecting a 60% year-on-year growth, primarily due to the strong performance of "Three Kingdoms" [1] - The company is currently testing a mini-game version of "Three Kingdoms" and plans to launch an international version in the second half of 2025, with 4 to 5 games awaiting approval, including a casual game based on the Three Kingdoms IP [1]

Core Viewpoint - Bilibili-W (09626) shares rose nearly 5%, reaching 216 HKD, with a trading volume of 731 million HKD, following the approval of 156 games by the National Press and Publication Administration, indicating a positive trend in the gaming industry [1] Industry Summary - The recent approval of 156 games, including 145 domestic and 11 imported titles, marks the third month this year with over 150 game licenses issued, suggesting a robust recovery in the gaming sector [1] - According to Open Source Securities, the current gaming industry cycle may exceed market expectations due to supply-demand resonance, and the sector's valuation remains attractive [1] Company Summary - Bilibili's mobile gaming revenue for the first half of the year reached 3.34 billion CNY, a year-on-year increase of 68%, driven by the success of "Three Kingdoms: Strategize the World" [1] - The company's evergreen titles, "Fate/Grand Order" and "Azur Lane," continue to perform steadily [1] - In Q2 2025, Bilibili's gaming business generated 1.61 billion CNY, a 60% year-on-year growth, primarily due to the strong performance of "Three Kingdoms" [1] - Bilibili is currently piloting a mini-game version of "Three Kingdoms" and plans to launch an international version in the second half of 2025 [1] - The company has 4 to 5 games awaiting approval, including a casual game based on the Three Kingdoms IP [1]

Group 1 - Bilibili-W (09626) shares increased by nearly 5%, reaching 216 HKD with a trading volume of 731 million HKD [1] - On September 24, the National Press and Publication Administration released a new batch of gaming licenses, approving 156 games, including 145 domestic and 11 imported titles, marking the third month this year with over 150 licenses issued [1] - According to Open Source Securities, the current gaming industry cycle may exceed market expectations due to supply-demand resonance, and the sector's valuation remains attractive, suggesting continued investment in gaming [1] Group 2 - Guosen Securities reported that Bilibili's mobile gaming revenue for the first half of the year reached 3.34 billion CNY, a year-on-year increase of 68%, driven by the game "Three Kingdoms: Strategy of the World" [1] - Evergreen products such as "Fate/Grand Order" and "Azur Lane" continue to perform steadily [1] - In Q2 2025, Bilibili's gaming business generated 1.61 billion CNY in revenue, a 60% year-on-year increase, primarily due to the strong performance of "Three Kingdoms" [1] - The company is currently piloting a mini-game version of "Three Kingdoms" and plans to launch an international version in the second half of 2025 [1] - Bilibili has 4 to 5 games awaiting approval, including a casual game based on the Three Kingdoms IP [1]

Core Insights - The rise of the "ear economy" in China is marked by a significant increase in online audio users, projected to reach 540 million by 2024, with podcast listeners expected to reach 134 million, indicating a growing mainstream acceptance of podcasts [1][2] - Despite the growing user base and enthusiasm for podcasts, creators face significant monetization challenges, exemplified by a leading podcast's net income of only 130,000 yuan in 2024, highlighting the industry's struggle to convert popularity into revenue [2][3] - Platforms like Bilibili are taking proactive steps to support video podcasts, offering resources and incentives to creators, which may help bridge the gap between audio and video content [3][5] User Trends - The younger generation is becoming the primary consumer of podcasts, with platforms like Ximalaya and Bilibili reporting high active user numbers, indicating a shift in content consumption habits [2][3] - Bilibili's video podcast initiative aims to enhance user engagement by integrating visual elements into the podcasting experience, potentially attracting a broader audience [4][5] Industry Dynamics - The podcasting industry is experiencing a dichotomy between a growing market and the harsh realities of creator sustainability, prompting platforms to explore innovative solutions [3][17] - The introduction of video podcasts is seen as a strategic move to enhance content richness and user interaction, with Bilibili leading the charge in this area [10][11] Platform Strategies - Bilibili's systematic support for video podcasts includes content guidelines and dedicated recording spaces, aiming to attract creators and enhance user experience [11][12] - Other platforms like Xiaohongshu and Douyin are also entering the video podcast space, indicating a competitive landscape where multiple players are vying for audience attention [8][9] Future Outlook - The evolution of video podcasts in China is expected to differ from international trends, serving as a "super empowering tool" for audio podcasts rather than a standalone medium [17][19] - Successful implementation of video podcasts will require platforms to develop tailored algorithms and advertising strategies that cater to the unique characteristics of this content format [18]

Core Viewpoint - YouTube's business model is viewed positively, and while direct investment in YouTube is not possible, investment can be made through its parent company Alphabet (GOOGL) [1] Group 1: Company Analysis - Alphabet (GOOGL) is highlighted as a viable investment option due to its association with YouTube, which is undergoing consolidation, innovation, and adaptation [1] - The analysis emphasizes a fundamental approach to investing, focusing on identifying undervalued stocks with growth potential, particularly in the context of Alphabet [1] Group 2: Market Context - The article reflects a broader perspective on the financial market, indicating that the author has experience covering both Brazilian and global stocks, which may provide insights into market trends and investment opportunities [1]

I really like YouTube's thesis, and even though you can't invest directly in the company, you can do so through Alphabet ( GOOGL ) ( GOOG ). The whole story of consolidation, innovation, and adaptation toEquity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to reach out for collaborations or to connect!Analyst’s Disclo ...

Group 1 - US-listed Chinese stocks experienced a pre-market rally, with Alibaba rising by 9% [1] - Baidu saw an increase of 5% in pre-market trading [1] - JD.com gained 3% in the same period [1] Group 2 - Bilibili and NIO both rose by 2% [1] - Pinduoduo and Trip.com increased by 1% [1] - BeiGene saw a modest rise of 0.5% [1]