Ge Long Hui·2025-10-22 13:06Core Viewpoint - Bilibili has turned profitable in Q2 2025, with better-than-expected operational efficiency driven by growth in gaming and advertising sectors [1] Group 1: Financial Performance - In Q2 2025, Bilibili achieved revenue of 7.34 billion yuan, a year-on-year increase of 19.8%, primarily driven by gaming and advertising [1] - Gross profit reached 2.68 billion yuan, up 46% year-on-year, with a gross margin of 36.5%, reflecting a 6.5 percentage point increase year-on-year and a 0.2 percentage point increase quarter-on-quarter [1] - Non-GAAP net profit attributable to shareholders was 560 million yuan, compared to a net loss of 270 million yuan in the same period last year [1] Group 2: Revenue Growth Drivers - Bilibili's revenue growth engine has significantly shifted from heavy reliance on blockbuster games to a more diversified income structure, maintaining a strong community atmosphere while innovating revenue streams [1] - Advertising revenue exceeded 2.4 billion yuan in Q2 2025, growing 20% year-on-year, with performance advertising revenue increasing by over 30% and the number of advertising clients growing by over 20% [2] - The gaming revenue showed strong performance, with Q2 2025 gaming revenue at 1.61 billion yuan, a 60% increase, driven by the successful launch of the exclusive SLG game "Three Strategies" [2] Group 3: Future Outlook - Bilibili is transitioning from "traffic dividends" to "retention operations," establishing a sustainable profit model through a balanced content ecosystem and commercialization [3] - The company is expected to see continued improvement in advertising efficiency with AI support, entering a profit release phase [3] - Projected adjusted net profits for 2025-2027 are 2.259 billion yuan, 3.282 billion yuan, and 3.960 billion yuan, respectively, indicating a positive growth trajectory [3]