每经AI快讯，港股哔哩哔哩涨幅扩大至逾7%，报198.9港元，成交额超14亿港元。 （文章来源：每日经济新闻） ...

每经AI快讯，9月10日，港股科网股持续活跃，哔哩哔哩涨超4%，百度涨超3%，阿里巴巴、腾讯控股 等跟涨。 ...

Core Insights - Chinese technology stocks are showing resilience despite 145% tariffs and escalating U.S.-China trade tensions, with advancements in AI, semiconductors, and electric vehicles positioning them for growth [1] AI Sector - China's AI sector reached a pivotal moment with DeepSeek's R1 model, which matches OpenAI's performance at a training cost of $5.6 million, highlighting cost efficiency [2] - Alibaba Cloud reported a 26% revenue growth in Q1 fiscal 2026, with AI products maintaining triple-digit growth for eight consecutive quarters [3] Semiconductor Industry - China's semiconductor industry is adapting well to Western export controls, with SMIC advancing 7nm chip production without banned equipment [4] - Chinese foundries maintained 87% utilization rates in 2025, supported by "Design by China + Manufacturing in China" policies, and hold over 25% of the global advanced packaging market [5] - Taiwan Semiconductor reported a 44.4% year-over-year revenue increase to $30.1 billion, driven by AI chip demand, with advanced technologies making up 74% of revenues [15] Electric Vehicle Market - BYD captured 28.5% of China's new energy vehicle market in May 2025, selling over 300,000 units monthly, showcasing competitive pricing against Tesla [6] - Tesla experienced an eight-month sales decline in China before a slight recovery, indicating strong competition from Chinese manufacturers [7] Robotics and Space Exploration - China's robotics sector is projected to reach $14.6 billion by 2034, controlling 63% of global humanoid robot supply chains, with 276,288 manufacturing robot installations in 2023 [8] - The commercial space sector in China is expected to reach $344 billion by 2025, bolstered by government investment and private sector growth [9] Company-Specific Insights - PDD Holdings is positioned for growth with a forward P/E ratio of 12.66 and projected revenue growth of 30-32%, supported by $54 billion in cash reserves [12] - Tencent Holdings is experiencing double-digit profit growth, with gaming and cloud segments showing promise despite regulatory challenges [13] - Bilibili's revenues surged 20% year-over-year to RMB7.3 billion, with gaming revenues increasing by 76% [14] - Taiwan Semiconductor's management raised 2025 growth guidance to 30%, supported by robust AI adoption across industries [15]

Summary of Bilibili Inc. (BILI) Conference Call Company Overview - **Company**: Bilibili Inc. (BILI) - **Event**: Asia Leaders Conference 2025 - **Date**: September 4, 2025 - **Location**: Hong Kong Key Points Industry and Company Insights - **Gaming Pipeline**: - **Sanguo**: An asymmetric strategy casual card game expected to launch during Spring Festival 2026, projected to achieve a large Daily Active Users (DAU) level in millions [3] - **Trickcal RE:VIVE**: A mobile anime RPG anticipated for release in 4Q25 [3] - **Escape from Duckov**: A single-player top-down looter-shooter PC game also expected in 4Q25 [3] - **Revenue Forecast**: Management anticipates a decline in gaming revenue by mid-to-high teens percentage year-over-year (yoy) in 2H25 due to a high base from the previous year [3] Advertising Trends - **Vertical Performance**: - **Gaming**: Solid performance in 1H25 with increased spending from major publishers; mini-games gaining market share [6] - **Maternity & Baby**: Fastest growth observed at several hundred percent yoy [6] - **3C Digital Products**: Surged beyond expectations in 2Q25, driven by the June 18 shopping festival and national subsidies [6] - **Healthcare & Wellness**: Identified as a vertical with growth potential [10] - **Advertising Growth**: Management expects 20% yoy advertising growth for 2H25 [10] - **eCPM Increase**: Rose by 10% yoy in both 1Q and 2Q25, attributed to an expanding advertising client base and improved algorithms [10] - **AI Utilization**: Approximately 10% of video titles and 30% of video covers are produced using AI tools; plans to test AIGC personalized titles and covers in 2H25 [10] Community Engagement - **User Engagement**: - DAU increased by 7% yoy and MAU by 8% yoy in 2Q25 without additional sales and marketing expenses, driven by a focus on high-quality mid-to-long form video content [10] - **Creator Monetization**: Average revenue earned by Bilibili creators grew by 20% yoy in 1H25, with more diversified monetization options available [10] Financial Projections and Risks - **Price Target**: - 12-month DCF-based target price of US$26.3 (upside of 17.4%) and HK$205 (upside of 16.0%) [9][11] - **Key Risks**: - Potential slowdown in advertising due to macroeconomic factors or slower-than-expected monetization execution [9] - Weaker-than-expected game grossing and sustainability [9] - Risks associated with content costs and revenue sharing not decreasing as a percentage of revenue [9] Financial Metrics - **Market Capitalization**: $9.4 billion - **Revenue Forecast**: Expected to grow from RMB 26,831.5 million in 2025 to RMB 35,790.2 million by 2027 [11] - **EBITDA Forecast**: Projected to increase from RMB 2,265.9 million in 2025 to RMB 7,028.6 million by 2027 [11] - **EPS Forecast**: Expected to turn positive by 2026 with RMB 5.64 [11] Conclusion Bilibili Inc. is positioned for growth in both gaming and advertising sectors, with a strong focus on community engagement and creator monetization. However, potential risks related to advertising slowdown and game revenue sustainability could impact future performance.

Core Viewpoint - The rise of video podcasts in China, exemplified by 罗永浩's new show "十字路口," aims to replicate the success of the American podcast "The Joe Rogan Experience," highlighting the potential for significant audience engagement and advertising revenue in this emerging format [1][15][29]. Group 1: Show Performance and Popularity - 罗永浩's "十字路口" has already garnered significant attention, with its first episode achieving 20 million views within 24 hours and reaching a total of 1.5 billion exposures across platforms [5][7]. - The show features prominent guests from various industries, contributing to its appeal and generating numerous viral moments that enhance its visibility [3][5][26]. Group 2: Market Context and Trends - Video podcasts are gaining traction in China, with platforms like Bilibili and 小红书 investing in this content format as a new growth avenue, contrasting with the previously dominant short video format [7][29]. - The podcasting landscape in China has been relatively underdeveloped compared to audio platforms like 喜马拉雅, but recent initiatives indicate a shift towards video content [7][29]. Group 3: Bilibili's Strategic Positioning - Bilibili is positioning itself to become China's equivalent of YouTube by heavily investing in video podcasts, viewing this format as a critical opportunity to expand its content offerings and user engagement [31][35]. - The platform's advertising revenue has shown growth, but it still lags significantly behind YouTube, indicating a pressing need for innovative content strategies to enhance monetization [33][40]. Group 4: Audience Engagement and Content Dynamics - Video podcasts offer a unique format that allows for relaxed, informal conversations, which can resonate well with audiences seeking authentic content [13][20][37]. - The format's ability to create engaging content through genuine interactions can lead to increased viewer retention and advertising opportunities, as seen in the success of similar shows in the U.S. [28][37].

Core Insights - The rise of video podcasts is seen as a transformative opportunity for the podcasting industry, driven by major platforms like Bilibili, Xiaohongshu, and Douyin investing heavily in this format [3][4][11] - Video podcasts are gaining traction as they provide a new medium for storytelling and audience engagement, potentially expanding the reach of traditional audio podcasts [9][10][13] Group 1: Industry Trends - Bilibili launched a support policy for video podcasts, including a "10 billion-level cold start traffic" initiative and partnerships with well-known figures like Luo Yonghao and Yu Qian [3][4] - Xiaohongshu followed suit with its "Anytime, Anywhere Video Podcast" support plan, offering various incentives for content creators [4] - Douyin has been promoting mid-to-long video formats, indicating a broader trend among platforms to capitalize on the growing interest in video podcasts [4][11] Group 2: Market Potential - The global podcast market, particularly in the U.S., shows that video platforms like YouTube are leading in podcast consumption, highlighting the potential for video podcasts to reach wider audiences [8][9] - Bilibili's user engagement metrics indicate a significant increase in viewership for video podcasts, with audience numbers exceeding 40 million and watch time growing by over 270% year-on-year [8][9] - The potential for video podcasts to serve as a new revenue stream is significant, as they can attract both existing podcast listeners and new viewers from video-centric platforms [12][13] Group 3: Competitive Landscape - Platforms like Bilibili, Xiaohongshu, and Douyin are well-positioned to leverage their existing user bases and content creation capabilities to dominate the video podcast space [11][12] - The unique advantages of each platform, such as Bilibili's long-form content consumption and Xiaohongshu's community-driven approach, suggest a competitive edge in attracting creators and audiences [12][13] - The shift from audio to video podcasts represents a potential "second curve" of growth for the Chinese podcast industry, moving from an "ear economy" to a "visual-audio economy" [13]

Group 1: Hong Kong Stock Market Highlights - China Tobacco Hong Kong (06055) rose over 2% after announcing exclusive distribution agreements for brand cigars with Hubei and Shandong Tobacco [1] - Sportswear stocks generally increased, with Li Ning (02331) up nearly 1% and Tmall (06110) up nearly 2%, following a government directive to enhance the modern sports industry and boost consumption [1] - He Yu-B (02256) surged over 3% as the company announced multiple positive developments, including the approval of oral PD-L1 combined with Gorai Leisai for Phase II clinical trials [1] - Gold stocks collectively rose, with Lingbao Gold (03330) up over 4%, China Gold International (02099) up over 1%, and Zijin Mining (02899) up over 3%, amid expectations of a U.S. interest rate cut [1] - UBTECH (09880) increased over 2% after Citigroup reported that the company has received 400 million RMB in humanoid robot orders and secured a $1 billion strategic investment from a Middle Eastern fund [1] - Huimai Technology (01860) surged over 12%, reaching a historical high, with a year-to-date stock price increase of over 110% due to the continuous iteration of its AI-driven smart bidding system [1] Group 2: Other Notable Stocks - Wanka Yilian (01762) rose over 11% after announcing a comprehensive cooperation memorandum with Alibaba Cloud to create an AI marketing ecosystem [2] - Longpan Technology (02465) increased over 10%, with Citic Securities indicating potential opportunities in the battery sector due to an upcoming significant meeting [2] - Juzi Bio (02367) rose over 4%, with institutions optimistic about the recovery of live streaming during the upcoming Double Eleven shopping festival [2] - Shoucheng Holdings (00697) increased over 8% after its subsidiary announced additional investment in Songyan Power amounting to several million RMB [2] Group 3: U.S. Stock Market Highlights - Salesforce (CRM.US) fell 4.85% after reporting a 9.8% year-over-year revenue growth for Q2, with Q3 revenue guidance slightly below expectations [3] - American Eagle (AEO.US) surged 37.96% after exceeding expectations in its Q2 earnings report [3] - Hewlett Packard Enterprise (HPE.US) rose 1.49% with a 19% year-over-year revenue growth in Q3, marking a record high [3] - United Microelectronics (UMC.US) increased 3.46%, reporting a 1.86% year-over-year sales growth for the first eight months of the year [3] - ZTO Express (ZTO.US) continued to rise by 0.94%, with the logistics industry index in China at 50.9%, up 0.4 percentage points from the previous month [3] - Bilibili (BILI.US) rose 0.99%, with research indicating high growth in the gaming industry supported by policy, expecting continued quarter-over-quarter improvement [3] - Waterdrop (WDH.US) increased 2.25%, reporting nearly a 120% growth in net profit attributable to shareholders, driven by AI model empowerment [3] Group 4: Additional U.S. Stock Movements - Sanofi (SNY.US) fell 9.14% despite achieving all primary and secondary endpoints in a Phase III study for Amlitelimab, as results did not meet market expectations [4] - Toyota (TM.US) rose 2.40% after announcing plans to produce a pure electric vehicle model at its Czech factory, marking its first electric vehicle production in Europe [4] - Baidu (BIDU.US) increased 1.88% following the release of an action plan by the Ministry of Industry and Information Technology to enhance intelligent cloud services [4] Group 5: Earnings Reports and Forecasts - C3.ai (AI.US) fell 7.31% after reporting Q1 results and revenue guidance for FY2026 that fell short of expectations [5] - Samsara (IOT.US) rose over 10% with a 30% year-over-year revenue growth in Q2 [5] - UiPath (PATH.US) increased nearly 5%, reporting Q2 revenue of $362 million, a 14% year-over-year growth, and projecting FY2026 revenue between $1.571 billion and $1.576 billion [5] - DocuSign (DOCU.US) rose nearly 9% after reporting Q2 revenue of $800.6 million, a 9% year-over-year increase, with GAAP gross margin at 79.3% [5]

Core Viewpoint - Bilibili (B站) is heavily investing in video podcasts as a strategic move to attract users and enhance its content ecosystem, aiming to establish video podcasts as a new brand IP for the platform [13][26]. Group 1: Video Podcast Development - The video podcast sector on Bilibili is experiencing significant growth, with many celebrities joining, marking it as a "video podcast year" [12][19]. - Notable figures like Yu Qian and Luo Yonghao are leading discussions on various cultural topics, attracting substantial viewership [9][18]. - The platform has launched the "Video Podcast Out-of-Circle Plan," offering substantial incentives to creators, including a 1 billion-level cold start traffic incentive [13][15]. Group 2: Competitive Landscape - Bilibili's push into video podcasts is a response to stagnating user growth across content platforms and competition from short video platforms like Douyin and Kuaishou [15][19]. - The long video sector is also competitive, with platforms like iQIYI and Tencent Video dominating through extensive copyright content, putting Bilibili at a disadvantage [15][19]. Group 3: User Engagement and Content Quality - Video podcasts on Bilibili are designed to enhance user engagement, with features like real-time comments and discussions, which traditional podcasts lack [18][22]. - The platform's average user watch time is 108 minutes, indicating a strong acceptance of longer content formats like video podcasts [22]. Group 4: Commercial Potential - Video podcasts have high "accompaniment attributes," making them suitable for extended listening, which can increase daily user engagement and provide a solid foundation for monetization [18][19]. - The audience for podcasts is predominantly young and educated, with a high purchasing power, making them an attractive demographic for advertisers [18][19]. Group 5: Community and Ecosystem - Bilibili's unique community culture and user habits align well with the deep content nature of video podcasts, fostering a rich environment for this format [19][26]. - The platform has a history of similar content, indicating a natural evolution towards video podcasts, which could become a significant part of Bilibili's brand identity [23][25].

Core Insights - The article discusses the evolution of Luo Yonghao, highlighting his transition from a tech entrepreneur to a video podcast host, reflecting on his past failures and current endeavors [2][5][10]. Group 1: Luo Yonghao's Career Transition - Luo Yonghao has rebranded himself multiple times, recently changing his Weibo name to "Luo Yonghao's Crossroads," symbolizing his current state of balancing ideals and financial realities [2]. - His new video podcast, "Luo Yonghao's Crossroads," features deep conversations with various industry figures, focusing on technology, culture, and personal choices [2][4]. - The podcast format has gained significant traction on Bilibili, with episodes achieving millions of minutes of viewership, indicating a strong audience preference for long-form content [4][20]. Group 2: Podcasting as a New Medium - Video podcasts combine the depth of traditional audio podcasts with visual elements, enhancing content distribution and monetization potential [4][11]. - This format allows for deeper engagement with audiences, fostering emotional connections and trust through extended conversations [12][15]. - The rise of video podcasts in China is supported by platforms like Bilibili, which has seen a growth in user engagement with long-form content [20][21]. Group 3: Luo Yonghao's Past and Future - Luo Yonghao's previous ventures, including Smartisan Technology, faced significant challenges, leading to substantial debt and a shift in focus towards content creation [5][6]. - His experience in live streaming and e-commerce has been lucrative, with reported earnings exceeding 600 million yuan over three years, showcasing his ability to monetize his personal brand [7][9]. - The current strategy of engaging in video podcasting is seen as a way for Luo to rebuild his brand and connect with audiences while navigating the complexities of modern entrepreneurship [10][12].

第 1 頁 共 12 頁 v 1.1.1 | 3. 股份分類 | 其他分類 (請註明) | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 未指定 | | | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09626 | 說明 | Z類 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,800,000,000 USD | | 0.0001 | USD | | 980,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 9,800,000,000 USD | | 0.00 ...