格隆汇发布哔哩哔哩2Q25更新报告

In line with market expectation. In 2Q25, revenue was at RMB7.3 billion (beat market consensus by 1%), increasing by 20% year-over-year. The non-GAAP net income reached RMB562 million (beat the consensus by 4%). Quarterly performance was in-line with market expectation. For active users, DAU/MAU increasing by 7.3%/8% year-over-year at 109 million/363 million, respectively. Users even accelerated in 2Q25, compared with 1Q25 (DAU/MAU+4.5%/7.8% year-over-year in 1Q25). User engagement DAU/MAU remains at around ...