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 [2] - Adjusted net profit reached 786.3 million yuan, representing a 233% year-on-year increase [2] Group 1: Mobile Game Revenue - The growth of mobile game revenue has slowed down after nearly five quarters of rapid growth, with Q3 revenue showing a decline of 17% year-on-year [3] - The management attributed this slowdown to a high performance base from the previous year following the successful launch of the exclusive game "Three Kingdoms: Strategize the World" [3] - The management expressed confidence in the long-term operation of "Three Kingdoms: Strategize the World," aiming for over five years of sustained performance [3] Group 2: Advertising Revenue - Advertising revenue reached 2.57 billion yuan in Q3, a year-on-year increase of 23% [5] - The top five advertising clients were from the gaming, internet services, digital appliances, e-commerce, and automotive sectors [5] - The management plans to adapt successful advertising models to vertical industries such as food, beverages, pets, and beauty, which have larger budget allocations [5] Group 3: IP Derivative Products and Other Revenue - Revenue from IP derivative products and other businesses returned to positive growth after ten consecutive quarters of decline, reaching 582.3 million yuan, a year-on-year increase of 3% [6] - The company reported a 7% year-on-year increase in value-added service revenue, totaling 3.02 billion yuan [6] - The average monthly paying users exceeded 35 million, reflecting a 17% year-on-year growth, while daily active users reached 117.3 million, up 9% year-on-year [6]