B站一季度净亏损收窄99%背后，游戏业务再立大功

Core Insights - Bilibili (B站) reported a revenue of 7.003 billion RMB for Q1 2025, marking a 24% year-on-year increase, and a narrowed net loss of 10.7 million RMB, compared to a loss of 455.6 million RMB in the same period last year [1][3] - The company achieved adjusted net profit of 362 million RMB, a significant turnaround from a loss of 456 million RMB in the previous year [1][3] Revenue Breakdown - The revenue growth was driven by three main business segments: - Value-added services revenue reached 2.807 billion RMB, up 11% year-on-year - Advertising revenue increased by 20% to 1.998 billion RMB - Mobile gaming revenue surged by 76% to 1.731 billion RMB - IP derivatives and other business revenue declined by 4% to 467 million RMB [3][4] Game Performance - The strong performance in gaming was attributed to the exclusive game "Three Kingdoms: Strategy Edition" (《三谋》), which launched on June 13, 2024, and achieved over a billion RMB in revenue within its first month [3][4] - The game is set to launch its S8 new season at the end of May, which is expected to enhance its revenue performance in Q2 [4] User Growth and Engagement - Bilibili's daily active users (DAU) reached 106.7 million, a 4.2% year-on-year increase, while monthly active users (MAU) hit a record high of 368 million [9] - The average daily usage time per user was 108 minutes, also a historical high [9] - The increase in user engagement was partly attributed to Bilibili's collaboration with CCTV for the Spring Festival Gala, which attracted over 100 million viewers [9] Future Plans - The company plans to release a traditional Chinese version of "Three Kingdoms: Strategy Edition" by the end of the year and is exploring new game categories with 4 to 5 games ready for release pending approval [4][5]