Zhi Tong Cai Jing·2025-10-21 07:26Core Viewpoint - The report from Founder Securities recommends a "Buy" rating for Bilibili-W (09626), highlighting the company's continuous improvement in advertising efficiency driven by AI and its entry into a profit release phase, with adjusted net profits projected at 2.259/3.282/3.960 billion yuan for 2025-2027 [1] Financial Performance - In Q2 2025, the company achieved revenue of 7.34 billion yuan, representing a year-on-year growth of 19.8%, primarily driven by its gaming and advertising businesses [1] - Gross profit for the same quarter was 2.68 billion yuan, showing a year-on-year increase of 46% [1] - The gross margin reached 36.5%, up by 6.5 percentage points year-on-year and 0.2 percentage points quarter-on-quarter, marking 12 consecutive quarters of sequential improvement [1] - Non-GAAP net profit attributable to shareholders was 560 million yuan, indicating continued profit expansion in Q2 [1] Business Model Transition - Bilibili is transitioning from a "traffic dividend" model to a "retention operation" model through a balanced content ecosystem and commercialization strategy [1] - The company is building a sustainable profit model driven by multiple engines, indicating a maturation of its commercialization approach [1]