Ge Long Hui·2025-11-14 21:28Core Insights - The report highlights steady user growth, increasing engagement, and a continuous improvement in gross margin over 13 consecutive quarters [1] Group 1: Financial Performance - Bilibili's revenue for Q3 2025 reached 7.69 billion yuan, a year-on-year increase of 5.2% [1] - Gross margin was 36.7%, up 1.8 percentage points year-on-year and 0.2 percentage points quarter-on-quarter [1] - Operating profit was 350 million yuan, with an operating margin of 4.6%, reflecting a year-on-year increase of 5.5% [1] - Adjusted net profit for Q3 was 790 million yuan, a significant year-on-year increase of 233.3%, with an adjusted net margin of 10.2%, up 7.0 percentage points year-on-year [1] Group 2: User Metrics - Bilibili's Daily Active Users (DAU) reached 117 million, a year-on-year increase of 9% [2] - Monthly Active Users (MAU) reached 376 million, a year-on-year increase of 8% [2] - The average daily user engagement time was 112 minutes, up 6% year-on-year [2] - The number of monthly paying users reached 35 million, a year-on-year increase of 17% [2] - The average age of active users is 26 years, while the average age of new users is 22 years [2] Group 3: Revenue Breakdown - Revenue from value-added services was 3.02 billion yuan, a year-on-year increase of 7.1%, driven by growth in paid memberships and other services [2] - Advertising revenue reached 2.57 billion yuan, a year-on-year increase of 22.7%, attributed to improved ad supply and effectiveness [2] - Mobile game revenue was 1.51 billion yuan, a year-on-year decrease of 17.1%, impacted by a high base from the previous year [2] - Revenue from IP derivatives and other sources was 580 million yuan, a year-on-year increase of 3% [2]