BILIBILI(US:BILI) 美股IPO·2025-11-13 14:29Core Insights - Bilibili's daily active users reached 117.3 million in Q3 2025, a year-on-year increase of 9% [2] - The total net revenue was RMB 7.69 billion (USD 1.08 billion), up 5% year-on-year, exceeding market expectations of RMB 7.65 billion [2] - Advertising revenue grew by 23% year-on-year to RMB 2.57 billion (USD 361 million) [2] - Gross profit was RMB 2.82 billion (USD 395.8 million), reflecting an 11% year-on-year increase, with a gross margin of 36.7%, up from 34.9% in the same period of 2024 [2] - Net profit reached RMB 469.4 million (USD 65.9 million), surpassing market expectations of RMB 282 million, compared to a net loss of RMB 79.8 million in 2024 [2] - Adjusted net profit surged by 233% year-on-year to RMB 786.3 million (USD 110.5 million), with an adjusted net profit margin of 10.2%, up from 3.2% in 2024 [2] Revenue Breakdown - Value-added services revenue for Q3 2025 was RMB 3.02 billion, compared to RMB 2.84 billion in Q3 2024 [4] - Advertising revenue for Q3 2025 was RMB 2.57 billion, up from RMB 2.09 billion in Q3 2024 [4] - Mobile gaming revenue decreased to RMB 1.51 billion in Q3 2025 from RMB 1.82 billion in Q3 2024 [4] - IP derivatives and other revenue was RMB 582.3 million in Q3 2025, compared to RMB 567.3 million in Q3 2024 [4] Profitability Metrics - Operating profit for Q3 2025 was RMB 353.9 million, a significant improvement from an operating loss of RMB 66.7 million in Q3 2024 [4] - The net profit margin for Q3 2025 was 6.1%, compared to a net loss margin of 1.1% in the same period of 2024 [2] - Basic earnings per share for Q3 2025 was RMB 1.13, a recovery from a loss of RMB 0.19 in Q3 2024 [4]