Ge Long Hui·2025-11-18 05:33Core Insights - Bilibili's Q3 2025 revenue reached 7.69 billion yuan, a 5% year-on-year increase, meeting expectations; adjusted net profit was 790 million yuan, significantly exceeding Bloomberg consensus by 22%, with a profit margin of 10.2%, continuing to improve quarter-on-quarter [1][2] User Metrics - Monthly Active Users (MAU) grew by 8% year-on-year to 376 million, maintaining an 8% growth rate for three consecutive quarters; Daily Active Users (DAU) increased by 9% to 117 million, with a D/M ratio rising to 31%; average daily usage time per user reached 112 minutes, up by 6 minutes year-on-year, indicating strong user engagement [1][2] Revenue Breakdown - Advertising revenue accelerated with a year-on-year growth rate of 23%, surpassing expectations; game revenue declined by 17% year-on-year, in line with expectations; value-added services revenue grew by 7% year-on-year, below expectations, with significant growth in premium membership driven by quality content [1][2] Operational Efficiency - Gross margin stood at 36.7%, meeting expectations and marking the 13th consecutive quarter of improvement; total operating expenses decreased by 6% year-on-year, with management and R&D expenses stable, while sales expenses dropped by 13% due to reduced game promotion [2] Mid-term Growth Drivers - Mid-term profit growth is supported by a healthy community ecosystem, confirmed advertising monetization potential, and effective cost control; potential growth drivers include community monetization through gaming and AI applications enhancing content and advertising efficiency [2] Profit Forecast Adjustments - The adjusted net profit forecast for 2025 is raised to 2.569 billion yuan from 2.452 billion yuan; slight downward adjustments for 2026-2027 net profit forecasts to 3.018 billion and 4.052 billion yuan respectively, reflecting expectations for new game launches [3] Investment Rating - The company maintains a "buy" rating, emphasizing the long-term value of its highly engaged young community [3]