Xin Lang Cai Jing·2025-12-15 13:34Core Viewpoint - Bilibili-W is expected to report Q4 revenue between 7.874 billion to 8.958 billion RMB, representing a year-on-year growth of 1.8% to 15.8% [1][8] - The anticipated net profit for Q4 is projected to be between 118 million to 724 million RMB, with a year-on-year increase of 31.7% to 704.7% [1][8] - Adjusted net profit is forecasted to range from 352 million to 897 million RMB, showing a year-on-year change of -22.3% to 97.9% [1][8] Revenue and Profit Forecast - The average revenue forecast is 8.178 billion RMB, with a year-on-year growth of 5.7% [2][9] - The median revenue forecast is 8.149 billion RMB, with a year-on-year growth of 5.4% [2][9] - The average adjusted net profit forecast is 743 million RMB, with a year-on-year increase of 64.1% [2][9] Business Performance Insights - In Q3 2025, Bilibili-W achieved revenue of 7.685 billion RMB, a year-on-year increase of 5.2%, and an adjusted net profit of 786 million RMB, up 233% [4][11] - The gross margin increased by 1.8 percentage points to 36.7% [4][11] - Revenue from mobile games decreased by 17.1%, while value-added services and advertising revenue grew by 7.1% and 22.7%, respectively [4][11] User Engagement Metrics - Daily Active Users (DAU) reached 117 million, while Monthly Active Users (MAU) hit 376 million, with an average daily usage time of 112 minutes [4][12] - The number of monthly paying users stands at 35 million, indicating strong community engagement and monetization potential [4][12] Future Growth Projections - Revenue projections for 2025, 2026, and 2027 are 30.18 billion, 33.72 billion, and 36.44 billion RMB, respectively, with adjusted net profits expected to be 2.23 billion, 3.60 billion, and 4.42 billion RMB [4][11] - Upcoming game releases, including "Three Kingdoms: Hundred Generals Card," are anticipated to cater to younger audiences and drive further growth [5][6]