BILIBILI(US:BILI) KAIYUAN SECURITIES·2025-11-09 15:21Investment Rating - The report maintains a "Positive" investment rating for the social services industry [1] Core Insights - Video podcasts are emerging as a new growth curve for content platforms, with significant increases in consumption time and user base [4] - The new duty-free policy in Hainan is showing initial positive effects, with notable increases in shopping amounts and customer spending [14][15] - The sleep health industry in China is experiencing steady growth, driven by consumer preferences for high-quality bedding products [5] Summary by Sections Duty-Free and Trendy Toys - The new duty-free policy in Hainan has led to a 34.8% year-on-year increase in shopping amounts per person, with a 30% increase in average spending [15] - Sanrio's revenue for FY2026Q2 increased by 32% year-on-year, with significant growth in various regions, particularly in Japan and Asia [23][27] - Bandai's revenue for FY2026Q2 reached 343.4 billion yen, a 3.8% increase year-on-year, although net profit decreased by 13.1% due to increased development costs [53][54] Video Podcasts - Bilibili's video podcast consumption time reached 25.9 billion minutes in Q1 2025, a growth of over 270% year-on-year, with user numbers exceeding 40 million [4] - The domestic podcast user base is projected to surpass 150 million by 2025, reflecting a growth of 43.6% year-on-year [4][24] Sleep Health Industry - The market size of China's sleep health industry grew from 261.63 billion yuan in 2016 to 495.58 billion yuan in 2023, with a CAGR of 9.6% [5] - Consumers are increasingly recognizing the importance of bedding products for improving sleep quality, with a significant rise in the frequency of replacing bedding items [5][13]