智通财经网·2026-03-10 02:06Core Viewpoint - The report from China Merchants Securities maintains a "Buy" rating for Bilibili-W (09626), highlighting the strong performance of the exclusive SLG game "Three Kingdoms: Strategize the World" set to launch in 2024, along with a robust pipeline of upcoming games that are expected to contribute to revenue growth [1] Group 1: Financial Performance - In Q4, the company achieved revenue of 8.32 billion yuan, a year-on-year increase of 8%, with adjusted net profit reaching 878 million yuan, up 94% year-on-year, resulting in a net profit margin of 10.6%, an increase of 4.8 percentage points [1] - The total revenue for the year reached 30.35 billion yuan, a 13% increase year-on-year, with adjusted net profit of 2.59 billion yuan, marking the first time the company achieved annual profitability [1] Group 2: Business Segments - Value-added services revenue in Q4 was 3.26 billion yuan, a 6% increase year-on-year, driven by growth in paid memberships and other services [2] - Advertising revenue in Q4 reached 3.04 billion yuan, a 27% increase year-on-year, primarily due to improved ad product supply and effectiveness [2] - Mobile gaming revenue in Q4 was 1.54 billion yuan, influenced by the initial success of the exclusive game "Three Kingdoms: Strategize the World" launched in June 2024 [2] - Revenue from IP derivatives and other businesses in Q4 was 477 million yuan, a 3% increase year-on-year [2] Group 3: User Engagement and Content Strategy - The company reported a daily active user count of 113 million in Q4, a 10% year-on-year increase, and monthly active users reached 366 million, up 8% [3] - The average daily usage time increased to 107 minutes, an 8-minute rise year-on-year, with the number of premium members reaching 25.35 million [3] - The company continues to focus on high-quality content, with significant user engagement driven by events like the exclusive bullet screen for the CCTV Spring Festival Gala and other major activities [3]