BILIBILI(US:BILI) Zhong Guo Jing Ying Bao·2025-08-22 15:59Core Viewpoint - Bilibili (NASDAQ: BILI, HKEX: 9626) reported a total revenue of 7.34 billion yuan for Q2 2025, marking a 20% year-on-year increase, and continued profitability following its first profit in Q3 2024 [2][3] Revenue Breakdown - Bilibili's revenue is categorized into four main segments: value-added services (39%), advertising (33%), gaming (22%), and IP derivatives and other businesses (6%) [3] - Value-added services revenue reached 2.84 billion yuan, up 11% year-on-year, driven by increased income from live streaming and other services [3] - Advertising revenue was 2.45 billion yuan, a 20% increase, attributed to growth in performance-based advertising [3] - Gaming revenue was approximately 1.61 billion yuan, showing a significant 60% increase, primarily due to the strong performance of the exclusive game "Three Kingdoms: Strategy of the World" [3] Advertising Business Insights - Bilibili's COO highlighted three reasons for the record advertising revenue: enhanced integration of promotional and conversion capabilities, improved ad distribution efficiency, and increased focus on deep conversion [4] - During the "6.18" e-commerce promotion, Bilibili collaborated with major platforms, resulting in a 60% increase in the number of advertisers and a 33% growth in overall GMV [4] Gaming Business Strategy - The CEO indicated that "Three Kingdoms: Strategy of the World" is entering a long-term operational phase, focusing on user retention and engagement [5] - Plans for a traditional Chinese version for Hong Kong, Macau, and Taiwan by the end of the year, with potential overseas releases in Japan and South Korea next year [5] Community Engagement and Growth - Bilibili's daily active users reached 109 million, a 7% increase year-on-year, with average daily usage time growing to 100 minutes [7] - The "Bilibili World 2025" event attracted over 400,000 attendees, with 70% from outside Shanghai, indicating a growing community presence [7][9] Market Potential in ACG Economy - The number of pan-ACG users in China reached 503 million in 2024, suggesting a significant market for Bilibili to explore diverse monetization strategies [8] - Bilibili's community brand has become an integral part of many young people's lives in China, reflecting user recognition and engagement [9]