Zhi Tong Cai Jing·2025-11-13 12:50Core Viewpoint - Bilibili's Q3 2025 performance shows strong growth in both user engagement and financial metrics, indicating a positive trend in the company's operational efficiency and market position [1][2]. Financial Performance - Total net revenue reached RMB 7.69 billion (USD 1.08 billion), a year-on-year increase of 5% [1]. - Advertising revenue amounted to RMB 2.57 billion (USD 361 million), reflecting a significant year-on-year growth of 23% [1]. - Gross profit was RMB 2.82 billion (USD 396 million), up 11% year-on-year, with a gross margin of 36.7%, an increase from 34.9% in the same period of 2024 [1]. - Net profit for the quarter was RMB 469 million (USD 65.9 million), a turnaround from a net loss of RMB 79.8 million in Q3 2024 [1]. User Engagement - Daily active users (DAUs) reached 117 million, representing a 9% year-on-year increase [1]. - Monthly active users (MAUs) grew by 8% to 376 million, while monthly paying users increased by 17% to 35 million [2]. - Average daily usage time per user was 112 minutes, up by 6 minutes year-on-year, marking a historical high [2]. Management Insights - The CEO highlighted the strong growth momentum and the historical highs in core user metrics, attributing this to the company's commitment to quality content and community experience [2]. - The CFO noted a significant improvement in financial performance, with a 233% year-on-year increase in non-GAAP net profit to RMB 786 million, and a non-GAAP net profit margin of 10.2%, up from 3.2% in the previous year [2].