现金翻倍！哔哩哔哩Q1营收同比增长24% 净利润3.62亿

Core Insights - Bilibili's Q1 revenue increased by 24% year-on-year to 7.003 billion RMB, surpassing market expectations of 6.91 billion RMB [3] - The company achieved an adjusted net profit of 362 million RMB, recovering from a loss of 456 million RMB in the same period last year [5][9] - Monthly active users reached a record high of 368 million, reflecting a 7.8% year-on-year growth [6] Revenue Breakdown - Value-added services generated 2.807 billion RMB, up 11% year-on-year, accounting for 40% of total revenue [9] - Advertising revenue was 1.998 billion RMB, a 20% increase year-on-year, making up 28.5% of total revenue [10] - Mobile games revenue soared by 76% to 1.731 billion RMB, representing 24.7% of total revenue [11] - Revenue from IP derivatives and others declined by 4% to 467 million RMB, constituting 6.8% of total revenue [12] User Engagement and Financial Performance - Daily active users (DAU) averaged 106.7 million, a 4.2% increase year-on-year, while monthly active users (MAU) reached a historic high [13] - The average monthly paying users hit 32 million, indicating a strong willingness to pay [13] - The company reported a gross profit margin increase to 36.3%, up from 28.3% in the previous year, driven by high-margin advertising and gaming businesses [12][14] Operational Efficiency - Operating cash flow doubled to 1.302 billion RMB compared to 638 million RMB in the same quarter last year [14] - Total operating costs grew by only 10%, significantly lower than the revenue growth rate [14] - Research and development expenses decreased by 13%, showcasing improved operational efficiency [14]