B站三季度营收同比增5%，移动游戏收入增速放缓

Core Insights - Bilibili reported a total net revenue of 7.69 billion yuan for Q3 2025, a year-on-year increase of 5%, and a net profit of 469.4 million yuan, compared to a net loss of 79.8 million yuan in the same period last year [1] - Adjusted net profit reached 786.3 million yuan, marking a 233% increase year-on-year [1] Revenue Breakdown - Mobile game revenue growth has slowed down after nearly five quarters of rapid growth, with Q3 revenue at 1.51 billion yuan, a year-on-year decrease of 17% [2][3] - The performance of the game "Three Kingdoms: Strategize the World" met expectations, with management aiming for long-term operation over five years [2][3] - The company plans to launch "Three Kingdoms: General Card" in Q1 next year, focusing on user growth before monetization [3] Advertising and Other Business Segments - Advertising revenue was stable at 2.57 billion yuan, a year-on-year increase of 23%, with major advertisers from gaming, internet services, and consumer electronics [4] - The company is exploring new verticals for advertising, including food, beverages, and beauty products, which have larger budget allocations [4] - AI-driven advertising strategies have shown promising results, with AIGC-related material consumption at 55% and automated ad placement penetration exceeding 45% [4] IP and Value-Added Services - Revenue from IP derivatives and other businesses returned to positive growth after ten quarters, reaching 582.3 million yuan, a year-on-year increase of 3% [5] - Value-added services revenue was 3.02 billion yuan, up 7% year-on-year, with average monthly paying users exceeding 35 million, a 17% increase [5]