BILIBILI(US:BILI) Zheng Quan Shi Bao·2025-11-13 14:17Core Insights - Bilibili reported a total revenue of RMB 7.69 billion for Q3 2025, representing a 5% year-on-year increase, with adjusted net profit rising by 233% to RMB 786 million [2] - Key user metrics reached historical highs, with daily active users at 117 million (up 9% YoY) and monthly active users at 376 million (up 8% YoY), alongside a 17% increase in monthly paying users to 35 million [2][5] User Engagement and Community Growth - The average daily usage time increased to 112 minutes, marking a record high, and the number of official members grew by 10% YoY to 278 million, with a retention rate of 80% [5] - Content categories such as gaming, AI, automotive, parenting education, and travel saw significant growth in viewing time, with gaming content up 22% and AI content up nearly 50% [5] Revenue Structure and Performance - Revenue from value-added services reached RMB 3.02 billion, a 7% increase YoY, driven by growth in paid memberships and other services [7] - Advertising revenue surged by 23% to RMB 2.57 billion, attributed to improved ad product supply and effectiveness [7] - Mobile gaming revenue decreased by 17% to RMB 1.51 billion, influenced by a high base from the previous year [7] Profitability and Margin Improvement - Gross profit for Q3 was RMB 2.82 billion, an 11% increase YoY, with a gross margin rising to 36.7%, reflecting a consistent improvement over 13 consecutive quarters [8] - The CEO emphasized the importance of user growth and engagement in driving commercial value, highlighting the community's role in business expansion [8]