BILIBILI(US:BILI) Guan Cha Zhe Wang·2025-08-22 10:54Core Insights - Bilibili (B站) reported a total revenue of 7.34 billion RMB for Q2 2025, marking a 20% year-on-year growth [1][4] - The company's advertising revenue reached 2.45 billion RMB, also up 20% year-on-year, while game revenue surged by 60% to 1.61 billion RMB [1][4][6] - Bilibili's gross profit increased by 46% year-on-year, with a gross margin of 36.5%, the highest in twelve quarters [1][4] Revenue Breakdown - Revenue contributions for Q2 2025 were as follows: value-added services (39%), advertising (33%), games (22%), and IP derivatives and other businesses (6%) [4] - The advertising sector saw significant growth, with brand advertising maintaining healthy growth and performance advertising increasing by approximately 30% year-on-year [4] Game Business Highlights - The game segment was a standout performer, with a 60% increase in revenue, driven by popular titles such as "三国：谋定天下" and established games like "FGO" and "碧蓝航线" [3][6] - Bilibili's mobile game revenue for the first half of the year reached 3.34 billion RMB, reflecting a 68% year-on-year increase [6] AI Development and Content Creation - AI content became the fastest-growing tech category on Bilibili, with a 61% year-on-year increase in playback time and a 45% rise in daily submissions [10] - The company is developing AI-assisted tools to help creators produce high-quality content, aiming to eliminate the "AI taste" in videos [22][23] Community and User Engagement - Approximately 2 million creators (UP主) earned income through various channels, with significant growth in those benefiting from advertising and live streaming [4][5] - Bilibili World (BW) attracted over 400,000 attendees, showcasing the platform's influence in the ACG (Animation, Comics, Games) community [23]