作者 | 王毓婵 编辑 | 乔芊 2025年一季度，B站继续实现了盈利。 本季度，B站营收达70.0亿元人民币，同比增长24%。毛利润有较大幅度的提升，同比增58%，毛利率连续11个季度环比提升至36.3%。调整后净利润 达3.6亿元，实现持续盈利。 盈利源于高毛利的游戏和广告收入比例增高，这两项业务在Q1的收入贡献达54%（去年同期为47%），而类固定成本绝对值基本稳定，占收入比例由去 年同期的25%下降至本季度的20%，同时，广告和直播的毛利率今年也有提升。 电话会议上，管理层对中长期财务数据给出指引，称"有信心将毛利率提升到40%-45%"，"Non-GAAP经营利润率15%-20%"。在符合预期的财报和 乐观的指引下，B站股票涨超7%。 在用户数据方面，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，同比增长7.8%，环比净增2800万，超出市场预期，可能表 现出了与春晚合作带来的用户增量。另外，用户日均使用时长也增至历史新高108分钟，人均交互量（点赞/评论/收藏）、日均观看视频量分别增长 2%、20%。 《三谋》，能成为B站的下一款长青游戏吗？ 一季度，B站游戏业务表现比 ...

Group 1: Financial Performance - In Q1 2025, Bilibili achieved revenue of 7.0 billion RMB, a year-on-year increase of 24% [1] - Gross profit increased significantly by 58% year-on-year, with a gross margin rising to 36.3%, marking the 11th consecutive quarter of improvement [1] - Adjusted net profit reached 360 million RMB, indicating sustained profitability [1] Group 2: User Engagement - Daily active users reached 107 million, while monthly active users hit a record high of 368 million, growing by 7.8% year-on-year [1] - Average daily usage time increased to a historical high of 108 minutes, with user interaction metrics also showing growth [1] Group 3: Gaming Business - Bilibili's gaming revenue for Q1 was 1.73 billion RMB, a remarkable year-on-year growth of 76%, primarily driven by the game "Three Kingdoms: Strategy of the World" [2] - The company aims for long-term operation of "Three Kingdoms," with expectations for a stable lifecycle of at least five years [2] - Plans for a traditional Chinese version and multi-platform adaptations of "Three Kingdoms" are underway [2] Group 4: Advertising Revenue - Advertising revenue for Q1 was 2.0 billion RMB, reflecting a 20% year-on-year growth, aligning with market expectations [5] - The growth in advertising revenue is attributed to improved efficiency from AI and increased ad spending from AI companies [5] - AI-related advertising spending doubled in Q1, significantly boosting the overall advertising revenue [5] Group 5: Market Trends - Bilibili's user demographic has matured, with an average user age of 26, indicating a shift towards a more financially capable audience [6] - The top five industries contributing to advertising revenue include gaming, internet services, e-commerce, home appliances, and automotive [6] - The growth in advertising revenue from home appliances and maternal and pet-related sectors demonstrates evolving consumer behavior as users age [6]

Macro Strategy - The report highlights that the overlap of population peak and consumption peak from 2025 to 2035 may lead to more optimistic growth in total consumption compared to 2020-2025, as the proportion of the population aged 40-49 is expected to increase from 13.8% to 15.9% [1][9][10] - The analysis indicates that the age structure of consumption in China has shown a U-shaped curve, with the highest consumption occurring between the ages of 30-40, driven by significant expenditures such as marriage, housing, and vehicles [9][10] - The report suggests that the consumption patterns will shift from a younger demographic to a middle-aged demographic, with the potential for increased consumption in categories such as education and entertainment as the population ages [9][10] Fixed Income - The report discusses the characteristics of city investment platforms that are eligible to issue technology innovation bonds, emphasizing that platforms with AAA ratings and located in core provincial cities are more likely to succeed in this market [3][16] - It notes that the participation of city investment entities in the technology bond market is currently low due to their focus on public service and limited engagement in technology innovation projects [3][16] - The report identifies that the primary use of funds raised through technology bonds by city investment platforms is to repay existing debts, indicating a cautious approach to new financing [3][16] Industry - The report outlines the issuance of the "Ecological Environment Protection Supervision Work Regulations" by the central government, which aims to enhance environmental governance and promote high-quality development [5][16] - It emphasizes that the solid waste sector is expected to see improved cash flow and dividend payouts as capital expenditures decrease, with several companies projected to increase their dividends significantly in the coming years [5][16] - The report recommends several companies in the environmental sector, highlighting their strong dividend policies and potential for growth in a maturing market [5][16]

作者 | Hunting Alpha 编译 | 华尔街大事件 谷歌 ( NASDAQ: GOOGL ) ( NASDAQ: GOOG ) 仍面临困境。但现在估值已经低得多，这降低 了继续看跌该股的安全边际。以下是分析师的看法： 如果我们看看美国公司的数字广告市场，谷歌的份额显然正在下降，尤其是对于 Meta 等竞争对 手而言 ： 在 2025 财年第一季度的收益电话会议上，管理层描绘了一幅乐观的前景，并指出其 AI 概览功 能上的广告收入与传统搜索广告收入同步增长： 谷歌管理层警告我们，这将影响2025年亚太地区零售商的广告收入： 对最低限度豁免的改变显然会对我们 2025 年的广告业务造成轻微阻力，主要来自亚太地区 的零售商。 - 高级副总裁兼首席商务官 Philipp Schindler 在 2025 财年第一季度收益电话会议上 所以总的来说，广告业务可能会继续拖累谷歌。这是一个大问题，因为截至 2025财年第一季度 ，广告收入占公司总收入的74% 。 关于AI概览的广告，实际上，去年年底，我们在美国移动端的AI概览中推出了这些广告。 这建立在我们之前推出的上方和下方广告的基础上。所以这是我们做出的一个改 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 2.547 billion, representing a year-on-year growth of 18.83% [5] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 217 million, with a year-on-year increase of 30.10% [5] - In Q1 2025, the revenue reached 929 million, showing a significant year-on-year growth of 93.18% [5] Group 2: Advertising Business Insights - The revenue from the programmatic advertising platform grew by 210% year-on-year in 2024, although the ARPU per client decreased by 29% [2] - The company’s core business, performance advertising, accounted for 97.52% of total revenue in 2024 [2] - The integration of AI capabilities into programmatic advertising has improved algorithm efficiency and reduced task execution time by 30% [2] Group 3: Strategic Partnerships and Market Expansion - The collaboration with AppLovin is progressing smoothly, enhancing the company's service offerings in various markets [3] - The company operates in over 200 countries, diversifying its market presence to mitigate regional risks associated with tariffs [3] - Future growth will focus on expanding into new sectors such as short dramas, AI applications, smart home technology, and new energy vehicles [5] Group 4: Shareholder Engagement and Corporate Governance - The company is committed to enhancing shareholder value through high-quality development and governance [5] - There are no recent stock sales by the controlling shareholder, and any executive sales are compliant with regulations [5] - The company is considering stock buyback plans and market value management strategies in response to shareholder concerns [5]

代理选择：优先选择Meta官方合作代理（如领客互动Markchuhai），开户费50−200，首充$1000起。 Facebook稳定户是指通过合规运营或代理渠道获取的广告账户，具备以下特征： 广告通过率高：海外户广告首次审核通过后，二次审核频率比国内户低80%。 行业限制少：支持FP、保健品等国内禁投品类，尤其适合游戏出海和跨境电商。 不限额消耗：日消耗可达数万美元，无需长期养号即可快速放量。 灵活更换主页：主页被封后可24小时内切换新主页，避免投放中断。 长期ROI高：海外户转化率比国内户平均提升30%-50%。 申诉成功率高：封号后通过代理申诉解封概率超60%，远高于国内户。 资料准备： 海外户需BMID、产品链接、公共主页。 国内白名单户需营业执照、官网、PABM资质。 审核周期：普通户1-3天，加急服务24小时内下户。 使用指纹浏览器（如Multilogin）隔离账号，每个账户绑定独立静态IP。 避免同一设备登录多个账号，清理浏览器缓存后再切换。 新号养号期： 前3天仅浏览内容，每日操作（加好友、发帖）不超过5次。 第4-7天逐步完善资料，每周发帖1-2条，避免广告内容。 长期运营：保持每日30分钟 ...

Core Viewpoint - The report highlights that 联美控股 (600167) is expected to see performance improvement in 2025 due to continued growth in heating area and declining coal prices, despite a decrease in net profit for 2024 [1][2]. Financial Performance - In 2024, the company achieved total revenue of 3.509 billion yuan, a year-on-year increase of 2.87%, while net profit attributable to shareholders was 659 million yuan, a decrease of 23.29% [1]. - For Q1 2025, the company reported total revenue of 1.698 billion yuan, a year-on-year decrease of 1.06%, and net profit attributable to shareholders of 618 million yuan, an increase of 9.56% [1]. - The heating and steam business generated revenue of 2.275 billion yuan in 2024, up 4.05% year-on-year, with a gross profit of 556 million yuan, an increase of 10.96% [1]. Market Conditions - The average heating area for the company was approximately 77.04 million square meters in 2024, with a connected area of about 107.91 million square meters, showing slight growth compared to the same period in 2023 [1]. - Since March 2025, the rapid decline in domestic thermal coal prices is expected to positively impact the company's performance, although the timing of the price drop is close to the end of the heating season [1]. Cash Flow and Valuation - As of March 31, 2025, the company had cash on hand of 7.393 billion yuan and interest-bearing liabilities of approximately 1.9 billion yuan, resulting in a net cash position of about 5.5 billion yuan [3]. - The company's market capitalization was 13.8 billion yuan, and after accounting for net cash, the valuation of operating assets was 8.3 billion yuan, equivalent to 5-6 years of operating cash flow [3]. Profit Forecast - The company is projected to achieve net profits of 817 million yuan, 853 million yuan, and 874 million yuan for the years 2025, 2026, and 2027, respectively [3]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 17, 16, and 16 for the years 2025, 2026, and 2027 [3].

Group 1: IPO Performance Overview - eToro Group (ETOR) priced its IPO above the range, raising $620 million at a market cap of $4.9 billion, with a 45% increase in total commissions and a 41% rise in net contributions for 2024 [1] - Antalpha Platform Holding (ANTA) raised $49 million at a market cap of $329 million, with revenue growth over 200% for 2024 despite a 6% drop in stock price [2] - OMS Energy Technologies (OMSE) raised $33 million at a market cap of $382 million, with a 13% decline in stock price, primarily relying on a 10-year agreement with Saudi Aramco [2] - Arrive AI (ARAI) completed a direct listing but has not generated any revenue, experiencing a 21% drop in stock price [3] Group 2: SPAC Activity - Six SPACs went public, with Churchill Capital X (CCCXU) raising $360 million, targeting tech businesses, and Wen Acquisition (WENNU) raising $261 million, focusing on fintech and blockchain [4] - Other SPACs included Columbus Circle Capital I (CCCMU) at $220 million, Perimeter Acquisition I (PMTRU) at $210 million, and Thayer Venture Acquisition II (TVAIU) at $175 million, each targeting various sectors [4] Group 3: Upcoming IPOs - Hinge Health (HNGE) plans to raise $410 million with a market cap of $2.93 billion, focusing on automating physical therapy and care for musculoskeletal disorders [8] - MNTN (MNTN) aims to raise $176 million at a market cap of $1.33 billion, offering a performance-based adtech platform for connected TVs [8]

[Table_Message] 2025-05-18 行业周报 看好/维持 传媒互联网 [Table_Title] 传媒互联网 国产多模态模型持续加速迭代 (2025.05.12-05.18) ◼ 走势对比 ◼ 子行业评级 ◼ 相关研究报告 《即梦 3.0 文生图开启灰度测试，VAST 开源两大 3D 生成模型》 《OpenAI 发布 GPT-4o 生图功能，DeepS eek-V3 完成版本升级》 E-MAIL：lilh@tpyzq.com 执业资格证书编码：S1190123120023 [Table_Summary] 报告摘要 ➢ 图像：腾讯发布混元图像 2.0，Manus 上线生图功能 腾讯发布混元图像 2.0 模型，该模型显著提升生图速度，实现输入 即输出的毫秒级响应。同时，基于实时生图的优势，模型推出实时绘 画板功能，可根据创作者的绘图要求，实时生成预览效果，有效提升 图像生成交互体验。此外，Manus 上线图像生成功能。不同于文生图 模型，Manus 生图功能将生图过程嵌入 Agent 工作流，具备理解用户 意图、制定解决方案、并调用包括生图在内的各种工具完成任务的能 力。从测评结果来看，因引入思 ...

Core Viewpoint - YouTube is set to enhance its advertising capabilities by utilizing Google's AI technology, Gemini, to place ads more effectively within video content, aiming to increase ad revenue and improve targeting efficiency [1][3][12]. Group 1: AI Integration in Advertising - The integration of AI in advertising has become a common practice in the global digital advertising industry, with companies using AI-generated content for ads [3]. - YouTube's new advertising system will not focus on AI-assisted content creation but will instead use AI to predict the most engaging moments in videos for ad placement, enhancing precision and efficiency [3][10]. - Gemini's role in identifying key moments in user-generated content is crucial, as it leverages extensive video data to determine where ads will be most effective [10][12]. Group 2: Advertising Effectiveness and User Experience - Advertisers are increasingly concerned with maximizing marketing effectiveness while minimizing costs, making ad performance evaluation a top priority [6]. - YouTube's strategy involves inserting ads at contextually relevant points in videos, aiming to capture viewer attention during critical moments, which may lead to a decline in user experience [8][17]. - The shift to AI-driven ad placements may compel users to view ads more frequently, as YouTube has implemented measures to prevent ad-blocking [8][12]. Group 3: Market Dynamics and Competition - Google's reliance on advertising revenue, which constitutes over 90% of its income, drives the need for innovative ad solutions on platforms like YouTube, especially in light of competition from AI-driven search alternatives [12][15]. - The success of YouTube's AI advertising model could influence domestic streaming platforms to adopt similar strategies, reflecting a broader trend in the industry [17].