海外公司报告 | 公司研究简报 哔哩哔哩（BILI） 证券研究报告 利润端超预期，游戏和广告业务增长强劲 公司发布 2025Q2 财报。25Q2 收入为 73.4 亿元，基本符合彭博一致预期。 经调整净利润为 5.6 亿元，超彭博一致预期 8.1%。 运营情况方面，用户端：本季度 DAU 1.09 亿；MAU 3.63 亿；MPU 3100 万； 用户日均使用时长为 105 分钟。创作者端：本季度获得收入的 UP 主数量 约 200 万，粉丝数超过 1000/10000/100000/1000000 的 UP 主数量均同比增 长超 20%，通过广告获得收入的 UP 主数量同比增长 19%，通过直播获得 收入的 UP 主数量同比增长 49%。 分业务看： 1）移动游戏：本季度收入 16.1 亿元，同比增长 60%，主要由于《三国： 谋定天下》的持续强劲表现，以及《命运 - 冠位指定》、《碧蓝航线》两款 游戏的稳定贡献，这两款游戏近期分别迎来上线 9 周年与 8 周年。公司 于 5 月 31 日推出第八赛季升级版本，新增玩法、角色与游戏内活动，并辅 以针对性营销推广。通过优化新用户引导流程、付费变现路径与回归用户 ...

Core Insights - Perfect World reported a significant decline in total revenue for the fiscal year 2024, amounting to 5.57 billion yuan, a year-on-year decrease of 28.50% [1] - The net profit attributable to shareholders was -1.288 billion yuan, compared to a profit of 491 million yuan in the same period last year [1] - The company announced a cash dividend of 2.3 yuan per 10 shares, with no stock dividends [1] Financial Performance - For Q1 2025, the total revenue reached 2.023 billion yuan, reflecting a year-on-year increase of 52.22% [2] - The net profit attributable to shareholders for Q1 2025 was 302 million yuan, a turnaround from a loss of 29.76 million yuan in the previous year [2] - The net profit excluding non-recurring items was 163 million yuan, compared to a loss of 158 million yuan in the same period last year [2] Business Strategy - The company focuses on "self-developed boutique" games, establishing a content matrix linked by IP, with key offerings including the Perfect World IP and the Zhu Xian IP [2] - The upcoming MMORPG "Zhu Xian World" is set to launch in December 2024, aiming to strengthen the company's traditional advantages in the MMORPG sector [2] - The light sci-fi open-world game "Honkai: Star Rail," launched in December 2021, has opened new avenues for the company's trendy game category [3] Market Challenges - Industry analysts suggest that the upcoming "Zhu Xian World" lacks innovative elements, indicating a need for new ideas and products to attract younger players [3] - The core player demographic for Perfect World games is aging, with a need to engage a new generation of gamers to ensure future success [3]