Ge Long Hui·2025-09-04 04:18Core Viewpoint - Bilibili reported strong financial performance for Q2 2025, with total revenue of 7.34 billion yuan, a year-on-year increase of 19.8% and a quarter-on-quarter increase of 4.8%, alongside a net profit of 220 million yuan, marking a return to profitability [1] Group 1: Financial Performance - Total revenue for Q2 2025 reached 7.34 billion yuan, reflecting a year-on-year growth of 19.8% and a quarter-on-quarter growth of 4.8% [1] - The company achieved a net profit of 220 million yuan, indicating a turnaround from previous losses [1] - Adjusted net profit stood at 560 million yuan, also showing a return to profitability with a quarter-on-quarter growth of 55% [1] Group 2: User Growth and Advertising - Bilibili experienced steady user growth, with daily active users (DAU) reaching 109 million, a year-on-year increase of 7% [2] - The average daily usage time per user increased to 105 minutes, up by 6 minutes compared to the same period last year [2] - Advertising revenue for Q2 2025 was 2.45 billion yuan, a year-on-year increase of 20%, driven by both quantity and quality growth in user traffic [2] - The company integrated AI into its advertising system, enhancing ad conversion efficiency and contributing to a 30% year-on-year growth in performance advertising revenue [2] Group 3: Gaming Business - The gaming segment generated 1.61 billion yuan in revenue for Q2 2025, a significant year-on-year increase of 60%, primarily due to the strong performance of the game "Three Strategies" [3] - Bilibili is piloting a mini-game version of "Three Strategies" and plans to launch an international version in the second half of 2025 [3] - The company has 4 to 5 games awaiting approval, including a casual game based on a Three Kingdoms IP, indicating a robust pipeline for future releases [3] Group 4: Future Outlook - The company expects to maintain a 20% growth rate in its advertising business for the second half of 2025, supported by ongoing AI enhancements [2] - Despite a potential revenue decline in the gaming segment in the second half of 2025 due to high base effects, the overall business structure is expected to optimize and accelerate profit release [3] - Revenue projections for 2025-2027 are estimated at 30.26 billion yuan, 33.19 billion yuan, and 35.71 billion yuan, with adjusted net profits of 2.01 billion yuan, 3.10 billion yuan, and 3.87 billion yuan respectively [3]