Ge Long Hui·2025-08-26 20:07Core Viewpoint - Bilibili's Q2 2025 financial results show strong revenue growth and profitability, exceeding market expectations, driven by user engagement and advertising performance [1][2][3] Group 1: Financial Performance - Bilibili achieved revenue of 7.34 billion yuan in Q2 2025, a year-on-year increase of 20%, slightly surpassing Bloomberg consensus expectations [1] - Adjusted net profit attributable to shareholders reached 560 million yuan, corresponding to a profit margin of 7.7%, marking a year-on-year turnaround from loss and exceeding Bloomberg consensus expectations of 8% [1] Group 2: User Growth and Engagement - The overall Monthly Active Users (MAU) reached 36.3 million, a year-on-year increase of 8%, while Daily Active Users (DAU) reached 10.9 million, also up 7% [1] - The average daily usage time per user increased by 6 minutes to 105 minutes, indicating strong user engagement [1] - New users are younger, with an average age of 22 in Q2 2025, compared to 23 in Q1 2025 [1] Group 3: Advertising Business - Advertising revenue in Q2 2025 was 2.45 billion yuan, a year-on-year growth of 20%, maintaining the growth rate from Q1 2025 [1] - The number of advertisers increased by over 20% year-on-year, and performance advertising revenue grew by 30% [1] - Future advertising growth is expected to be driven by high user engagement and the effectiveness of AI in enhancing ad targeting and conversion rates [1] Group 4: Gaming and Value-Added Services - Gaming revenue for Q2 2025 was 1.61 billion yuan, a significant year-on-year increase of 60%, primarily driven by the new game "Three Kingdoms: Strategize the World" [2] - Value-added services revenue reached 2.84 billion yuan, growing 11% year-on-year, with a notable increase in the number of premium members [2] - Charging services have seen over 100% growth in the first half of 2025, indicating a positive trend in monetization [2] Group 5: Profitability and Cost Control - Gross margin for Q2 2025 was 36.5%, consistent with expectations and reflecting a continuous improvement over 12 consecutive quarters [2] - Operating profit margin improved to 7.8% in Q2 2025, with plans to reach 10% by Q4 2025 and a mid-term target of 15-20% [2]