格隆汇发布哔哩哔哩2Q25更新报告

Financial Performance - In 2Q25, revenue reached RMB7.3 billion, beating market consensus by 1%, and increased by 20% year-over-year [1] - Non-GAAP net income was RMB562 million, exceeding consensus by 4% [1] - Active users showed growth with DAU and MAU increasing by 7.3% and 8% year-over-year, reaching 109 million and 363 million, respectively [1] - Average daily time spent per user was 105 minutes, growing by 6% year-over-year [1] - Adjusted operating margin was RMB573 million, surpassing consensus due to disciplined SG&A expenses [1] Gaming Segment - Mobile games segment revenue was RMB1.612 billion, in line with market expectations and up 60% year-over-year [3] - Deferred revenue balance increased by RMB391 million sequentially, indicating improvement [3] - San Mou achieved record DAU during its anniversary event, and a traditional Chinese version is expected by the end of 2025 [3] - Upcoming games include Escape from Duckov, Trickcal RE:VIVE, and a casual game based on the Three Kingdoms IP [3] Advertising Segment - Advertising revenue grew by 20% in 2Q25, aligning with company guidance [4] - Enhancements in advertising infrastructure, including upgraded algorithms and AI-generated content, improved conversion efficiency [4] - ECPM improved by over 10% year-over-year, contributing to a 30% year-over-year growth in performance-based advertising revenue [4] Shareholder Returns - In 2Q25, the company repurchased approximately 5.6 million shares for a total of $100 million [5] - As of June 30, 2025, a total of 6.4 million shares have been repurchased at a cost of $116 million, with $84 million remaining for future repurchases [5] Long-term Profitability Outlook - Current stock price is US$23.76 per ADS, with an enterprise value of US$8,629 billion [6] - Consensus estimates for CY2025 and CY2026 EBITDA are US$447 million and US$590 million, respectively, leading to EV/EBITDA multiples of 19x and 15x [6] - Management expects to achieve an adjusted EBIT margin of 10% in 4Q25, with a long-term target of 15%-20% [6] - The company maintains high growth rates of 60% in gaming and 20% in advertising, with overall quarterly revenue growth at 20% year-over-year [6]