5月20日哔哩哔哩（NASDAQ: BILI，HKEX:9626；以下简称"B站"）公布了截至2025年3月31日第一季 度财报。 财报显示，2025年第一季度B站营收达70.0亿元人民币，同比增长24%。净亏损为1070万元，同比收窄 99%；经调整净利润为3.62亿元，2024年同期录得经调整亏损4.56亿元。 这是继B站2024年第四季度实现全面盈利后，继续稳住盈利基本面。谈及持续扭亏的原因，B站方面认 为，高毛利广告和游戏业务收入快速增长，带动毛利润同比大幅提升58%，毛利率连续11个季度环比提 升至36.3%。 业内人士认为，B站稳住盈利，游戏收入持续大涨仍是关键。不过，B站董事长兼首席执行官陈睿认 为，持续为用户提供优质内容才是B站立身之本。 游戏、广告持续增长 今年第一季度，B站总营收同比增长24%，达70.0亿元，增值服务、广告、游戏和IP衍生品及其他业务 分别贡献了收入的40%、29%、25%和6%。 其中，增值服务营业额为28.1亿元，较2024年同期增加11%，主要是直播及其他增值服务的收入增加所 致。广告营业额为20.0亿元，较2024年同期增加20%，主要是效果类广告收入录得强劲增长 ...

Core Viewpoint - The article highlights the launch of the cross-national music exchange program "Asian New Voice," which is exclusively sponsored by JDB (加多宝), marking its significant return to the music variety show sector after a decade. The program aims to resonate culturally while leveraging JDB's marketing insights in the music industry [2][3]. Group 1: Program Overview - "Asian New Voice" is set to adopt a "cruise tour + cross-national competition" format, targeting millions of young entertainment consumers across Asia [3]. - The show will feature live performances and innovative stage competitions, appealing to high-consumption and high-aesthetic entertainment audiences [3]. - Participants will reinterpret classic songs, showcasing diverse cultures and promoting cross-cultural integration [3]. Group 2: Brand Strategy - JDB aims to build a world-class beverage brand while promoting traditional Chinese health culture, aligning with the program's core values of "music without borders" and "cultural integration" [3]. - The collaboration between JDB and iQIYI is expected to create a win-win situation for the program, users, and brands, enhancing cultural recognition among younger audiences [3]. Group 3: Marketing and Audience Engagement - The program has generated significant buzz on social media, with topics related to the mentor lineup trending, indicating strong public interest [4]. - iQIYI plans to invest heavily in marketing resources to maximize the program's reach and impact, helping brands achieve long-term benefits [4].

Core Viewpoint - The company maintains its Non-GAAP net profit forecast for 2025 and 2026, with a target price of HKD 176 for Hong Kong stocks and USD 23 for US stocks, indicating potential upside of 27.8% and 25.5% respectively [1] Group 1: Financial Performance - In Q1 2025, the company's revenue reached CNY 7.003 billion, a year-on-year increase of 23.6%, aligning closely with market expectations [2] - The Non-GAAP net profit for Q1 2025 was CNY 363 million, exceeding market consensus of CNY 231 million and the company's own forecast of CNY 247 million, primarily due to lower-than-expected sales expenses [2] - Advertising revenue in Q1 2025 grew by 20% to CNY 1.998 billion, with effective advertising revenue increasing by over 30% year-on-year [2] Group 2: Game and User Engagement - Game revenue in Q1 2025 surged by 76.1% to CNY 1.731 billion, with expectations of a 60% year-on-year growth in Q2 2025 [2] - The company plans to launch the overseas version of its game "三谋" by the end of 2025 and aims to diversify the game across multiple platforms [2] - The average monthly paying user count reached 32 million in Q1 2025, with revenue from the charging plan increasing by over 200% year-on-year [2] Group 3: Profitability and Cost Management - The gross margin in Q1 2025 improved by 7.9 percentage points to 36.3%, with expectations for continued improvement in gross margin and Non-GAAP operating profit margin in 2025 [3] - Sales, management, and R&D expenses remained stable on a quarter-on-quarter basis [3] Group 4: Market Position and Commercialization Potential - The company reported year-on-year growth in MAU, DAU, and average daily usage time, with DAU reaching 107 million in Q1 2025 [4] - The company is enhancing its commercialization capabilities, with a focus on advertising, e-commerce, and charging plans, while maintaining a high level of user engagement [4]

Financial Performance - Bilibili reported total net revenue of 7 billion yuan for Q1 2025, representing a year-on-year growth of 24% [1] - The net loss narrowed to 10.7 million yuan, a 99% reduction compared to the previous year [1] - Adjusted net profit, not in accordance with US GAAP, was 361.5 million yuan, compared to a net loss of 455.9 million yuan in the same period last year [1] Content Strategy - The company emphasizes the importance of high-quality content, stating that the current internet landscape is saturated with video content, but users are seeking quality over quantity [2][3] - Bilibili aims to enhance its reputation as a platform for quality content, with a focus on user engagement and long-term retention [3] - The average daily user engagement reached a record high of 108 minutes, and the number of monthly paying users hit a new high of 32 million, with related revenue increasing by over 200% year-on-year [3] Content Diversification - Bilibili is expanding its content categories beyond ACG (Animation, Comics, Games) to include more lifestyle and consumer-related content [4] - The platform supports diverse revenue streams for content creators, with some smaller creators earning significant income through niche content [4] AI Integration - The company believes that high-quality content will be crucial in the AI era, as it serves as valuable data for AI applications [5][6] - Bilibili's extensive library of high-quality Chinese video content positions it well to leverage AI advancements [6] Gaming Business - Bilibili is focused on long-term operations for its games, particularly "Three Kingdoms: Strategy of the World," aiming for a stable commercial cycle of at least five years [7][8] - The company plans to launch the S8 season for "Three Kingdoms: Strategy of the World" on May 31, which will include new maps, characters, and anniversary events [9] - Bilibili is also exploring new game opportunities and has several titles awaiting approval, while continuing to support existing successful games like "Azur Lane" and "FGO" [10]

哔哩哔哩 20250520 摘要 Several notable trends have emerged regarding content consumption on Bilibili: i. Users are increasingly craving high-quality content despite the explosion of short videos. ii. Game-related watch time increased by 14% year over year in Q1. iii. Travel and lodging as well as home appliance-related content saw watch time growth exceeding 20%. iv. AI-related content experienced significant growth with watch time more than doubling from Q1 last year (2024), along with a remarkable increase in a ...

Core Insights - Bilibili's Q1 2025 performance exceeded expectations, with revenue of 7 billion RMB, a 24% year-on-year increase, and a narrowed net loss of 10.7 million RMB, down 99% from the previous year [1][4] - Following the earnings report, Bilibili's stock rose over 4% in the US market, reaching $18.7 per share, with a total market capitalization of $7.85 billion [2] Revenue Breakdown - The total revenue of 70 billion RMB in Q1 2025 was driven by four main segments: value-added services (40%), advertising (29%), mobile games (25%), and IP derivatives and others (6%) [6][7] - Value-added services generated 28.1 billion RMB, an 11% increase year-on-year, while advertising revenue reached 20 billion RMB, up 20% [7] - Mobile games saw the most significant growth, with revenue of 17.3 billion RMB, a 76% increase, largely due to the success of the game "Three Kingdoms: Strategy" [7] User Engagement - Bilibili reported an average daily active user count of 107 million and a record high monthly active user count of 368 million, with a net increase of 28 million monthly active users [5][6] - The average age of active users is 26, and the average daily usage time reached a historical high of 108 minutes [5] Cost Management - Despite a 24% increase in total revenue, operating costs only rose by 10%, indicating effective cost control [6] - Research and development expenses decreased by 13%, while general and administrative expenses fell by 3% [6] Cash Flow and Financial Health - Bilibili's operating cash flow for the quarter was 13.02 billion RMB, more than double the 6.38 billion RMB from the same period last year [6] - As of March 31, 2025, Bilibili held cash and cash equivalents, term deposits, and short-term investments totaling 17.4 billion RMB [9] Advertising Performance - Bilibili's advertising revenue was bolstered by over 100 million users engaging with home appliance content, leading to a nearly 40% increase in related advertising revenue [8] - Emerging sectors, particularly AI-related content, saw significant growth, with AI advertising revenue increasing by nearly 400% [8]

北京时间5月20日港股盘后，B站发布2025年一季度财报，实际表现小超预期，惊喜主要在利润、用户指标上。具体来看： 1. 盈利继续小踏步改善： 靠着超预期的游戏收入，以及略微克制的经营费用，B站 抗 住了广告带来的季节性波动，力保正盈利。 2. 用户增长重回昔日： 自从管理层提出注重DAU指标后，市场对B站流量扩张的预期也基本没多少了。因此这次一个季度净增了2800万，着实有点重回昔日荣光 的意味。 不过，海豚君猜测用户增长应该与春晚转播合作的短期效应带来，包括春晚开设官方账号，播放历年春晚精彩节目的贡献。后续能否完全留住用户，还得继续观 察，Q1粘性略有下滑。 结合QM数据4月的数据，流量暂时稳住了，总时长已经连续两个月恢复同比增长。 2. 游戏或有最大预期差： 渠道监测《三谋》年初以来流水表现不佳，因此财报前市场对游戏收入偏向保守，也对接下来的高基数压力加剧担忧。 但预期差也在这里。实际一季度游戏收入并不差，同比增速76%，和上季度增速差不多。至少从季节性趋势来看，《三谋》的流水可能没有像市场想的那样恶化太 多。 3. 广告增长勉强达标： 一季度广告增长符合指引的20%，但海豚君觉得这个表现很一般。如果考 ...

Core Viewpoint - Bilibili (B站) reported a strong Q1 2025 performance with a net revenue of RMB 7 billion (USD 965.1 million), reflecting a 24% year-on-year growth, driven by increased user engagement and advertising revenue [1][8] Revenue and User Engagement - The company's Q1 user daily active usage (DAU) reached 108 minutes, a historical high, indicating users are willing to spend time and money on quality content [1][2] - Paid users reached 32 million in Q1 2025, with charging revenue increasing by 200% year-on-year, highlighting a new trend in the video sector where users pay for preferred content [1][2] Advertising Revenue - Bilibili's advertising revenue grew by 20% in Q1, outpacing the industry, primarily due to a strong increase in performance-based ads, which saw growth exceeding 30% [1][8] - The growth in ads is attributed to Bilibili's core competitive advantages, including high-quality content and user value, with a focus on 26-year-old users whose disposable income is rising [1][8] Gross Margin and Profitability - The gross margin for Q1 was 36.3%, driven by stable costs associated with gaming and advertising, which accounted for over 50% of total revenue [1][10] - The company is confident in maintaining and improving gross and net profit margins in the future, with a medium to long-term target of 40-45% gross margin [10][11] Content Strategy and AI Integration - Bilibili emphasizes the importance of high-quality content, which is seen as a long-term competitive advantage, and plans to enhance its content strategy further [2][3] - The integration of AI is expected to enhance content quality and user engagement, with Bilibili being positioned as a significant player in the AI era due to its extensive data resources [4][5] Gaming Sector - The gaming segment is focused on long-term operations, with plans for new content and user retention strategies, including the introduction of new seasons and features [6][7] - Bilibili aims to expand its gaming offerings and enhance user engagement through innovative content and community interactions [6][7]

本文源自：金融界 大事提醒： 作者：行情君 5月20日，哔哩哔哩(BILI)开盘上涨2.61%，截至21:30，报18.46美元/股，成交2666.28万美元，总市值 77.16亿美元。 5月20日，哔哩哔哩将于(美东)盘前披露2025财年一季报（数据来源于纳斯达克官网，预计披露日期为 美国当地时间，实际披露日期以公司公告为准）。 财务数据显示，截至2024年12月31日，哔哩哔哩收入总额268.32亿人民币，同比增长19.1%；归母净利 润-13.47亿人民币，同比增长72.07%。 资料显示，哔哩哔哩股份有限公司是中国年轻一代的标志性品牌及领先的视频社区。公司的网站创立于 2009年6月,并于2010年1月正式命名为"哔哩哔哩",公司提供全方位的视频内容以满足用户多元化的兴趣 喜好,并且围绕着有文化追求的用户、高质量的内容、有才华的内容创作者以及他们之间的强大情感纽 带,构建了公司的社区。公司的使命是丰富中国年轻人的日常生活。公司的品牌主张是"你感兴趣的视频 都在B站"。在公司的社区中,用户及内容创作者能够发现基于不同兴趣的多元内容并进行互动,覆盖生 活、游戏、娱乐、动漫、科技和知识等其他众多领域。公司同 ...

B 站发布 2025 年 Q1 财报：毛利率连续十一个季度环比提 升 毛利润同比增长 58% 作者：（五一） 封图：图片资料库 北京时间 5 月 20 日（美东时间 5 月 20 日），哔哩哔哩（ NASDAQ:BILI ， HKEX:9626 ；以下 简称" B 站"）公布了截至 2025 年 3 月 31 日的第一季度财务报告。财报显示， 2025 年一季度 B 站营收达 70.0 亿元人民币，同比增长 24% 。 2025 年一季度， B 站广告业务收入为 20.0 亿元，同比增长 20% ；游戏业务收入为 17.3 亿元， 同比增长 76% 。高毛利的广告和游戏业务收入快速增长，带动毛利润同比大幅提升 58% ，毛利率 连续 11 个季度环比提升至 36.3% 。公司调整后净利润达 3.6 亿元，实现持续盈利。 财务表现持续提升的同时， B 站社区依然蓬勃发展，多项数据创历史新高。一季度， B 站日均活 跃用户达 1.07 亿，月均活跃用户再创新高，为 3.68 亿。用户日均使用时长也增至历史新高 108 分钟。 B 站董事长兼首席执行官陈睿表示： "B 站成立十六年来，持续为用户提供优质内容，陪伴用 ...