游戏收入单季大涨76％，《闪耀！优俊少女》“复活”：B站Q2业绩稳了？

Core Insights - Bilibili reported a strong financial performance in Q1 2025, with adjusted net profit reaching 362 million yuan and revenue of 7 billion yuan, marking a 24% year-on-year increase [2][8] - The company's gaming segment saw significant growth, with revenue increasing by 76% to 1.731 billion yuan, driven by the success of exclusive games [6][8] - Bilibili's user engagement metrics improved, with daily active users reaching 107 million and monthly active users hitting a record 368 million [3] Financial Performance - Q1 2025 revenue was 70 billion yuan, up 24% year-on-year, with advertising revenue at 1.998 billion yuan (20% increase) and mobile gaming revenue at 1.731 billion yuan (76% increase) [2][5] - The overall gross profit increased by 58% year-on-year, with a gross margin of 36.3% [8] - Value-added services revenue reached 2.81 billion yuan, an 11% increase, while IP derivative and other income decreased by 4% to 467 million yuan [5] User Engagement - Daily active users reached 107 million, with monthly active users at 368 million, and average daily usage time increased to 108 minutes [3] - The number of monthly paying users reached a new high of 32 million [3] - The content ecosystem continues to thrive, with a 24% increase in viewing time for ACG-related content and a 14% increase for gaming content [3] Gaming Business - The gaming segment's revenue growth was primarily attributed to the performance of the exclusive game "Three Kingdoms: Strategy of the World" [6] - Bilibili plans to launch a traditional Chinese version of "Three Kingdoms" and expand to PC and mini-games [7] - The company has four to five new games ready for release pending approval, indicating a proactive approach to exploring new gaming opportunities [7] Content Strategy - Bilibili emphasizes high-quality content as a key driver for user retention and engagement, with a focus on diverse and enriching video offerings [4] - The platform supports creators with various monetization options, leading to a 16% year-on-year increase in the number of creators earning income through advertising [5] - The company aims to strengthen its content strategy further, enhancing the visibility and revenue potential for quality creators [4]