BILIBILI(HK:09626) Di Yi Cai Jing·2025-11-13 13:38Core Viewpoint - Bilibili (B站) reported its third-quarter earnings, marking its most profitable quarter since its IPO, with total revenue of 76.9 billion yuan, a 5% year-on-year increase, and a net profit of 4.7 billion yuan, reversing a loss from the previous year [1] Revenue Structure - The revenue breakdown for Bilibili shows that value-added services and advertising are the main revenue pillars, contributing 39% and 33% respectively, while games and IP derivatives accounted for 20% and 8% [2] - Advertising revenue grew the fastest, reaching 25.7 billion yuan, a 23% year-on-year increase, with significant contributions from the gaming, internet services, digital appliances, e-commerce, and automotive sectors [2] Game Performance - The gaming segment experienced a decline, with revenue of 15.1 billion yuan, down 17% year-on-year, primarily due to high performance from the previous year's game release [3] - Bilibili's self-developed game "Escape from Duckkov" has sold over 3 million copies globally within a month of its release, with a 96% positive rating on Steam [1][2] User Engagement - Bilibili reported an average of 117 million daily active users, a 9% increase year-on-year, and 376 million monthly active users, an 8% increase [3] - The number of paying users reached a record high of approximately 35 million, up 17% year-on-year, driven mainly by the growth in "Big Member" subscriptions [3] Financial Position - As of September 30, 2025, Bilibili held cash and cash equivalents, term deposits, and short-term investments totaling 23.49 billion yuan [4]