虎嗅APP·2025-11-17 04:00Core Viewpoint - Bilibili has stabilized its profitability expectations and returned to an expansion cycle, with significant growth in revenue and net profit in Q3 2025, indicating strong operational efficiency and user engagement [5][9]. Financial Performance - In Q3 2025, Bilibili's revenue increased by 5% year-on-year to 7.69 billion yuan, achieving profitability for five consecutive quarters, with a net profit of 470 million yuan compared to a net loss of 79.8 million yuan in the same period last year [5][7]. - Adjusted net profit surged by 233% year-on-year to 786 million yuan, marking a historical high, with an adjusted net profit margin of 10.2%, up from 3.2% in Q3 2024 [7][11]. - Gross profit rose by 11% to 2.82 billion yuan, with a gross margin of 36.7%, continuing a trend of growth for 13 consecutive quarters [7][11]. User Engagement and Community Growth - Bilibili's monthly active users (MAU) increased by 8% year-on-year to 376 million, while daily active users (DAU) grew by 9% to 117 million, indicating a high level of community engagement [14][16]. - The average daily usage time per user reached 112 minutes, an increase of 6 minutes year-on-year, reflecting the platform's content attractiveness [16][19]. - The number of paying users increased by 17% year-on-year to 35 million, with significant growth in live streaming and premium membership subscriptions [13][14]. Revenue Breakdown - Revenue from value-added services, advertising, gaming, and IP derivatives accounted for 39%, 33%, 20%, and 8% of total revenue, respectively [11][23]. - Value-added services revenue grew by 7% year-on-year to 3.02 billion yuan, driven by the younger generation's willingness to pay for content [13][19]. - Advertising revenue increased by 23% year-on-year to 2.57 billion yuan, benefiting from optimized ad products and improved ad effectiveness [17][19]. Gaming Business Insights - Bilibili's gaming revenue decreased by 17% year-on-year to 1.51 billion yuan, primarily due to a high base from the previous year [23][25]. - The company is focusing on long-term game operations, with successful titles like "Fate/Grand Order" and "Blue Archive" contributing stable income [25][29]. - New game launches, such as "Three Kingdoms: Hundred Generals Card," are expected to enhance Bilibili's gaming portfolio and user engagement [25][28]. Advertising Strategy and Market Position - Bilibili is enhancing its advertising strategy by focusing on vertical industry budgets, with significant growth in sectors like digital home appliances and education [19][20]. - The company is leveraging AI technology to improve ad targeting and efficiency, with AI-related ad revenue growing by nearly 90% [19][20]. - Bilibili's market share in advertising is steadily increasing, with a 30% growth in ad revenue during the Double Eleven shopping festival [19][21].