B站三季度营收76.9亿元，但移动游戏业务成唯一下滑板块

Core Viewpoint - Bilibili (B站) reported a successful third quarter for the period ending September 30, 2025, with a net revenue of 7.69 billion RMB, a 5% year-on-year increase, and a net profit of 469 million RMB, marking a turnaround from a loss of 79.8 million RMB in the same period last year [2][3] Financial Performance - Bilibili's net revenue for Q3 reached 7.69 billion RMB, up 5% year-on-year [2] - The company achieved a net profit of 469 million RMB, compared to a net loss of 79.8 million RMB in the previous year [2] - Adjusted net profit increased by 233% year-on-year to 786 million RMB [2] - Cash and cash equivalents stood at 12.101 billion RMB, reflecting an 18.07% year-on-year growth [2] Revenue Breakdown - Value-added services generated 3.022 billion RMB, a 7% increase year-on-year, accounting for 39% of total revenue [5] - Advertising revenue grew by 23% to 2.569 billion RMB, making up 33% of total revenue [5] - Mobile gaming revenue decreased by 17% to 1.510 billion RMB, marking the only decline in revenue streams [3][5] Advertising Growth - During the "Double Eleven" shopping festival, Bilibili's advertising revenue increased by approximately 30%, with the number of clients growing by over 100% [3] - The average new customer rate across all industries during the festival was 55%, with certain sectors like watches, household goods, and beauty exceeding 60% [3] User Engagement - Daily active users reached 117 million, a 9% year-on-year increase, while monthly active users were 376 million, up 8% [7] - Monthly paying users hit a record high of approximately 35 million, reflecting a 17% year-on-year growth [7] Game Development - Bilibili's mobile gaming revenue has shown a declining trend over the past five quarters, with Q3 2025 revenue at 1.510 billion RMB [3][6] - The decline in mobile gaming is attributed to high performance benchmarks set by the previous year's game release, "Three Kingdoms: Strategy of the World" [6] - A new game, "Escape from Duckov," launched in October, has sold over 3 million copies and achieved a 96% positive rating on Steam [6][7]