哔哩哔哩Q2营收同比增长20%，净利润2.18亿元，游戏业务收入增60%

Core Viewpoint - Bilibili's Q2 total revenue increased by 20% year-on-year to RMB 7.34 billion, with a GAAP net profit of RMB 218 million, compared to a net loss of RMB 608 million in the same period last year. The growth was primarily driven by advertising and gaming businesses, which grew by 20% and 60% respectively [1][3][4]. Revenue Breakdown - Total revenue for Q2 2025 reached RMB 7.34 billion, marking a 20% year-on-year increase [4]. - Advertising revenue grew by 20% to RMB 2.45 billion, driven by strong performance in effect-based advertising [9][11]. - Gaming revenue surged by 60% to RMB 1.61 billion, largely due to the success of the exclusive game "Three Kingdoms: Strategize the World" [9][11]. - Value-added services revenue increased by 11% to RMB 2.84 billion, indicating stable growth primarily from live streaming and membership services [9][12]. - IP derivatives and other revenue declined by 15%, marking the only segment with negative growth [9][12]. Profitability and Cost Management - The company achieved a GAAP net profit of RMB 218 million, a significant turnaround from a net loss of RMB 608 million in the previous year [4][8]. - Gross margin improved from 29.9% in the same quarter last year to 36.5%, reflecting effective cost control as operating costs grew by only 9% [8]. - Total operating expenses remained relatively stable compared to the previous year, with R&D expenses decreasing by 3% [8]. User Engagement - Daily active users (DAU) increased by 7% year-on-year to 109 million, although the growth rate has slowed [10]. - Daily average usage time reached a record 105 minutes, an increase of 6 minutes year-on-year, indicating strong user engagement within the community [10]. Future Outlook - The CEO highlighted the success of offline events, which attracted over 400,000 participants, showcasing the brand's vitality and community cohesion [11]. - The company aims to continue focusing on high-quality content that resonates with young users to drive user growth and deepen engagement [11].