不热衷AI的B站，吃到了AI红利

Core Viewpoint - Bilibili has shown significant recovery in both performance and stock price, driven primarily by its gaming business and improved user engagement metrics [1][2][4]. Financial Performance - In Q1, Bilibili's revenue reached 7 billion yuan, marking a 24% year-on-year increase. The gaming segment generated 1.73 billion yuan, with a remarkable growth of 76% [2][12]. - The company's adjusted net profit for Q1 was 360 million yuan, achieving profitability for three consecutive quarters, largely attributed to the success of the game "Three Kingdoms: Strategy of the World" [5][18]. - Advertising revenue was 2 billion yuan, reflecting a 20% year-on-year growth, although this was lower than the previous quarter's growth rate [5][10]. User Engagement - Bilibili's daily active users (DAUs) reached 106.7 million, a 4.2% increase from the previous year, with a notable acceleration in user growth compared to the previous quarter [7][9]. - Monthly active users (MAUs) stood at 368 million, with a quarterly increase of 28 million, indicating strong user retention and engagement [7][9]. - The average daily usage time per user hit 108 minutes, the highest recorded, suggesting increased user stickiness [9]. Business Segments - The value-added services segment, including live streaming and memberships, generated 2.81 billion yuan, growing 11% year-on-year, while IP derivatives and other revenues decreased by 4% to 467 million yuan [5][18]. - The gaming business has been the standout performer, with significant contributions from long-standing titles and the new release "Three Kingdoms: Strategy of the World," which is expected to maintain strong revenue performance [12][15]. Marketing and Advertising - Bilibili's marketing expenses increased by 26% to 1.167 billion yuan, driven by high-profile events like the Spring Festival collaboration, although advertising revenue growth did not keep pace with this increase [10]. - The company has begun leveraging AI technologies to enhance advertising effectiveness, resulting in a nearly 400% year-on-year increase in AI-related ad revenue [11]. Strategic Initiatives - Bilibili is focusing on long-term user retention strategies for its gaming titles, aiming for a sustainable business cycle of at least five years [15]. - The platform is also enhancing its e-commerce capabilities by upgrading its merchant management platform to better facilitate direct purchases [16].