BILIBILI(US:BILI) 美股IPO·2025-11-14 00:37Core Viewpoint - Bilibili's Q3 performance shows significant improvement with revenue of 76.9 billion RMB, a 5% year-on-year increase, and a net profit of 4.69 billion RMB, marking a return to profitability [1][3][4] Financial Performance - Total revenue reached 76.9 billion RMB (10.8 billion USD), exceeding market expectations of 76.54 billion RMB, with advertising revenue growing by 23% to 25.7 billion RMB (3.61 billion USD) [4][10] - Adjusted net profit surged by 233% year-on-year to 7.86 billion RMB (1.105 billion USD), with an adjusted net profit margin of 10.2%, up from 3.2% in the previous year [8][11] - Gross profit was 28.2 billion RMB (3.958 billion USD), reflecting an 11% increase, and the gross margin improved to 36.7% from 34.9% year-on-year [4][11] User Engagement - Daily active users (DAU) reached 117.3 million, a 9% increase year-on-year, while average daily usage time increased to 112 minutes, up by 6 minutes [9][10] - Monthly active users (MAU) stood at 376 million, with a 17% increase in monthly paying users, totaling 35 million [9][10] Revenue Structure - Revenue sources include value-added services (39%), advertising (33%), gaming (20%), and IP derivatives and others (8%) [10] - The gaming segment saw a 17% decline in revenue to 15.1 billion RMB, attributed to high performance in the previous year due to the launch of "Three Kingdoms: Strategy" [10][11] Profitability Improvement - The significant improvement in profitability is attributed to a rise in gross margin and a decrease in operating expenses, with operating costs only increasing by 2% [11] - Operating expenses decreased by 6% year-on-year, with sales expenses dropping by 13% due to reduced gaming promotions [11] Advertising Business - The advertising segment remains a key growth driver, with the fastest growth observed in sectors such as gaming, digital appliances, e-commerce, and automotive [10][16] - The company anticipates continued growth in advertising revenue, supported by a strong user base and effective ad placements [16][17] AI and Future Outlook - AI-related content creation is on the rise, with a 83% year-on-year increase in daily submissions related to AI [19] - The company plans to leverage AI to enhance content creation and improve operational efficiency, indicating a strong focus on integrating AI solutions in future strategies [20]