智通财经网·2025-11-20 07:58Core Viewpoint - Guosen Securities maintains an "outperform" rating for Bilibili (09626), highlighting its commercial potential and significant growth in net profit and revenue [1] Financial Performance - In Q3, Bilibili achieved revenue of 7.69 billion yuan, with a year-on-year growth of 5% and a quarter-on-quarter growth of 5% [1] - For the first three quarters of 2025, the company reported total revenue of 22.026 billion yuan, a year-on-year increase of 15.34%, and a net profit of 680 million yuan [1] - Adjusted net profit reached 1.712 billion yuan, with operating cash flow of 5.308 billion yuan, showing a continuous upward trend [1] User Growth and Engagement - Monthly Active Users (MAU) and Daily Active Users (DAU) reached 376 million and 117 million, respectively, marking year-on-year growth of 8% and 9% [2] - Average daily usage time per active user increased to 112 minutes, a 6% year-on-year rise [2] - Monthly paying users grew to 35 million, reflecting a 17% year-on-year increase [2] Business Segments - Advertising revenue for the first three quarters reached 4.45 billion yuan, up 20% year-on-year, driven by significant growth in performance-based advertising [3] - In Q3 alone, advertising revenue was 2.57 billion yuan, a 23% year-on-year increase [3] - The new game "Escape from Duckkov" sold over 3 million copies globally, indicating strong growth potential [3] - Value-added services generated 3.023 billion yuan in Q3, with a year-on-year growth of 7% [3] Investment Outlook - The company is expected to see significant profit growth, with revised net profit forecasts for 2025, 2026, and 2027 set at 1.223 billion, 2.041 billion, and 3.251 billion yuan, respectively [4] - The company benefits from a strong community and user base, with growth opportunities in gaming, advertising, and value-added services supported by new technologies like AI [4]