BILIBILI(US:BILI) 证券时报·2025-11-13 14:11Core Viewpoint - Bilibili's third-quarter financial report for the period ending September 30, 2025, shows a total revenue of RMB 7.69 billion, a year-on-year increase of 5%, and an adjusted net profit of RMB 786 million, up 233% year-on-year [2]. User Metrics - In Q3 2025, Bilibili achieved record highs in core user metrics, with daily active users reaching 117 million, an increase of 9% year-on-year, and monthly active users at 376 million, up 8% year-on-year [5]. - The average daily usage time increased to 112 minutes, marking a historical high [5]. - The number of monthly paying users grew by 17% year-on-year to 35 million [2]. Community Ecosystem Growth - The thriving community ecosystem has led to increased user consumption willingness, with significant growth in various content categories [5]. - Game content viewing time increased by 22% year-on-year, while AI content viewing time surged nearly 50% [5]. - Emerging content categories such as automotive (20% increase), parenting education (56% increase), and travel (18% increase) also saw substantial growth [5]. - Nearly 2.5 million content creators (UP主) earned income through various channels, with average income per creator rising by 22% year-on-year [5]. Revenue Structure Diversification - Total revenue for Q3 2025 was RMB 7.69 billion, a 5% increase from the same period in 2024 [7]. - Revenue from value-added services reached RMB 3.02 billion, up 7% year-on-year, driven by increased income from paid memberships and other services [7]. - Advertising revenue was RMB 2.57 billion, a 23% increase year-on-year, attributed to improved ad product supply and effectiveness [7]. - Mobile game revenue decreased by 17% year-on-year to RMB 1.51 billion, primarily due to a high performance base from the previous year [7]. - Revenue from IP derivatives and other sources was RMB 582 million, a 3% increase year-on-year [8]. Profitability Improvement - Bilibili's gross profit for Q3 2025 was RMB 2.82 billion, an 11% increase year-on-year, with a gross margin rising to 36.7%, marking the 13th consecutive quarter of sequential improvement [8]. - The CEO emphasized that the steady growth in user numbers and engagement is a result of the company's long-term commitment to quality content and a unique community experience [8].