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哔哩哔哩:游戏撑场、用户回流,小破站要回血?
海豚投研·2025-05-20 14:08

Core Viewpoint - Bilibili's Q1 2025 earnings report slightly exceeded expectations, primarily driven by better-than-expected profit and user metrics [1][8] User Growth - Bilibili experienced a significant user growth, adding 28 million net new users in Q1, marking a return to previous highs [1][12] - The increase in users is speculated to be influenced by the Spring Festival Gala collaboration, although user retention remains to be observed [1][12] - Monthly active users (MAUs) reached 368 million, a year-on-year increase of 7.8% [13] Advertising Performance - Advertising revenue grew by 20% in Q1, meeting market expectations, but the performance is considered mediocre given the unexpected increase in user engagement [17][20] - The company may be intentionally controlling its commercialization efforts, which could impact future advertising growth [20][22] Gaming Revenue - Gaming revenue saw a 76% year-on-year increase, with the game "Three Kingdoms" being a significant contributor [3][22] - Market expectations were low due to previous underperformance, but actual results showed stability in revenue generation [3][22] Value-Added Services - Revenue from value-added services, including live streaming and premium memberships, grew by 11% year-on-year, indicating a recovery trend [5][30] - The number of premium members increased to 23.5 million, with a net addition of 800,000 in Q1 [30] Financial Metrics - Bilibili's total revenues for Q1 were approximately CNY 7.003 billion, with a gross margin of 36.3% [6] - The company reported a net cash position of CNY 15.6 billion after deducting short-term debts, reflecting a stable cash flow improvement [5][6] Profitability Outlook - The company aims for a long-term gross margin target of 40%-45% and a non-GAAP operating profit margin of 15%-20% [10][36] - Concerns remain regarding the sustainability of growth and profitability, particularly in relation to reliance on gaming and advertising [10][36]