【导读】B站公布2025年上半年及二季度财报 中国基金报记者 吴君 8月21日晚间，哔哩哔哩（以下简称B站）发布了2025年上半年及二季度财报。数据显示，公司上半年实现净营业额143.41亿元，同比增 长21.6%；上半年净利润、经调整净利润分别为2.08亿元、9.23亿元，同比均实现由亏转盈。 公司称，上半年，约有200万名UP主（内容创作者）在B站平台上获得了收入。B站董事长陈睿在晚间的财报电话会上表示，目前一些大模 型工具做出的中长视频"AI味"较重。B站有最好的PUGV（专业用户制作的视频），未来能让AI做出"有UP主味道"的视频。 | 截至6月30日止六個月 | | --- | | | 2024年 | 2025年 | 變動(%) | | --- | --- | --- | --- | | | 人民幣 | 人民幣 | | | | (除百分比外,以千元計) | | | | 淨營業額 | 11,791,744 | 14,340,938 | 21.6% | | 毛利潤 | 3.438.561 | 5,214,944 | 51.7% | | 除所得税前(虧損)/利潤 | (1,377,372) | 245,5 ...

Financial Data and Key Metrics Changes - Total net revenues for Q2 2025 grew by 20% year over year to RMB 7.3 billion, driven by strong performance in core games and advertising businesses [5][23] - Games revenues increased by 60% year over year to RMB 1.6 billion, while advertising revenues rose by 20% year over year to RMB 2.4 billion [5][15] - Gross profit increased by 46% year over year to RMB 2.7 billion, with gross margin expanding to 36.5% from 29.9% in the same period last year [5][24] - GAAP net profit was RMB 218 million and adjusted net profit was RMB 561 million, reflecting a significant turnaround from losses in the prior year [6][25] Business Line Data and Key Metrics Changes - VAS (Value-Added Services) revenues grew by 11% year over year to RMB 2.8 billion, driven by live broadcasting and premium memberships [19] - Monthly paying users increased by 9% year over year to 31 million, indicating a growing willingness to pay for premium content [11] - Advertising business maintained strong growth, with a 20% year-over-year increase, reaching RMB 2.4 billion [15][41] Market Data and Key Metrics Changes - DAUs reached a new high of 109 million, up 7% year over year, while MAUs grew by 8% to 363 million [6][11] - The average daily time spent on the platform rose to 105 minutes, reflecting a focus on high-quality content [7][10] - The number of advertisers increased by over 20% year over year, indicating growing appeal to brands [17][43] Company Strategy and Development Direction - The company aims to sharpen its focus on delivering the best PUGV (Professional User Generated Video) community experience while investing in monetization initiatives for sustainable profitability [8][21] - Bilibili is committed to enhancing its content and community, believing that high-quality content and a supportive environment are essential for attracting and retaining users [9][32] - The company is actively embracing AI to enhance operational efficiency, user experience, and monetization capabilities [21][70] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of high-quality content in a saturated video landscape, emphasizing the need for a supportive community [31][32] - The company expects continued growth in user engagement and monetization, driven by evolving content consumption trends and the financial independence of Gen Z users [12][34] - Management expressed confidence in achieving long-term value creation for stakeholders through strategic investments and operational improvements [8][21] Other Important Information - The company repurchased approximately 5.6 million Class Z ordinary shares for a total of HKD 783 million as part of its ongoing share repurchase program [26][27] - Cash and cash equivalents, time deposits, and short-term investments totaled RMB 22.3 billion (USD 3.1 billion) as of June 30, 2025 [26] Q&A Session Summary Question: What are the main drivers of DAU and MAU growth, and what opportunities arise from the Bilibili World success? - Management attributed growth to a focus on high-quality content and a welcoming community environment, noting that the record attendance at Bilibili World reflects the brand's vitality and community power [32][38] Question: What are the drivers behind the advertising business growth, and what trends are expected in the second half? - Management highlighted enhancements in ad infrastructure and efficiency, with expectations for continued growth driven by deeper integration of AI and improved ad delivery [41][48] Question: Can management share insights on the game business and upcoming titles? - Management noted the success of Sanmu's first anniversary and the introduction of new monetization tools, with plans for new game releases and a focus on user retention [56][58] Question: What are the potential areas for cost efficiency and profitability outlook? - Management expects continued improvement in gross profit margins and operating efficiency, aiming for a 10% adjusted operating margin by Q4 2025 [66][67] Question: Can management discuss AI applications on the platform? - Management detailed various AI applications, including content identification and creation tools, which are expected to enhance user engagement and advertising revenue [71][74]

Group 1 - The core viewpoint of the report is that Bilibili is experiencing significant growth in user engagement and commercial potential, leading to an upgraded target price of 237 HKD and a maintained "Buy" rating [1][2] - Bilibili has a strong user base with 368 million monthly active users and 107 million daily active users as of Q1 2025, with a notable average user age of 26 years [1] - The platform has successfully expanded from a niche ACG (Anime, Comic, Game) focus to a broader content ecosystem, with 70% of China's Z+ generation being Bilibili users [1][2] Group 2 - The number of premium members has exceeded 23.5 million, reflecting a year-on-year growth of 7.3%, indicating high user retention and engagement [2] - Bilibili achieved its first quarterly profit in Q4 2024, showcasing the effectiveness of its accelerated commercialization efforts [2] - The advertising business is growing rapidly, with a 30% year-on-year increase in effect advertising and over 35% growth in the number of advertisers on the platform [2]