智通财经网·2026-01-09 01:37Core Viewpoint - Bilibili-W (09626) shows a strong performance in its advertising business, with user growth and engagement expected to continue positively into 2025 and beyond, driven by high-quality mid-to-long video content promotion [1] Group 1: Advertising Business Performance - Bilibili-W's advertising business is experiencing stable growth, with a 30% year-on-year increase in e-commerce advertising revenue during the 2025 "Double Eleven" period [1] - AI-related advertisements are emerging as a new highlight for the company [1] - The advertising load rate is maintained at approximately 7% throughout the year, with growth primarily driven by pricing increases [1] Group 2: User Engagement Metrics - In Q3 2025, Bilibili-W's Daily Active Users (DAU) reached 117 million, representing a 9% year-on-year increase, with DAU accounting for 31% of Monthly Active Users (MAU) [1] - The average daily usage time is 112 minutes, reflecting a 6% year-on-year growth [1] - The company maintains a conservative approach to advertising commercialization, with an advertising load rate of only 5-8%, indicating significant room for growth in this area [1]