Core Viewpoint - Bilibili (NASDAQ: BILI, HKEX: 9626) reported Q3 2025 earnings with revenue of 7.69 billion yuan, a 5% year-on-year increase, driven by strong advertising revenue growth of 23% [2][3] Revenue Structure - Q3 2025 revenue breakdown: Value-added services contributed 30.2 billion yuan (up 7% YoY), advertising contributed 25.7 billion yuan (up 23% YoY), mobile gaming revenue was 15.1 billion yuan (down 17% YoY), and other businesses contributed 5.82 billion yuan (up 3% YoY) [3][6] - The increase in value-added services revenue was primarily due to growth in paid memberships and other services [3] User Engagement - Daily active users reached 117 million, up 9% YoY, while monthly active users reached 376 million, up 8% YoY [4] - The average daily usage time increased to 112 minutes, a rise of 6 minutes YoY [4] - The number of paying users hit a record high of 35 million, representing a 17% increase YoY, with "big members" being the main driver of this growth [4][5] Advertising Performance - Advertising revenue for Q3 was 25.7 billion yuan, with the top five contributing industries being gaming, internet services, digital appliances, e-commerce, and automotive [6] - During the "Double Eleven" shopping festival, Bilibili's advertising revenue grew approximately 30% YoY, with customer numbers increasing over 100% [7] AI Integration - Bilibili emphasized its strong AI presence, claiming to have the highest concentration of AI-related content creators and users in China [7] - In Q3, AI-related content viewing time increased by nearly 50%, with around 100,000 active AI-related content creators each month [7] - The company plans to focus on video AI solutions to assist creators in producing more and better content [7]

证券研究报告 哔哩哔哩 (9626 HK/BILI US) 广告业务提速，用户增长亮眼 华泰研究 季报点评 2025 年 11 月 14 日│中国香港/美国 互联网 公司公布 25Q3 业绩：收入 76.85 亿元，同比+5.2%，基本符合 VA 76.61 亿元的一致预测；调整后经营利润 6.88 亿元，超 VA 6.5 亿元的一致预期。 收入符合预期，利润整体好于市场预期，主因流量端提升叠加广告基建进步 推动广告收入增长超预期（yoy+23% vs VA 预期+20%），销售费用率下降 带动经营利润持续提升。今年以来平台活跃度持续提升，流量增长叠加 AI 赋能下有望推动广告收入持续增长。公司自研游戏《逃离鸭科夫》销量表现 较好，验证了公司游戏品类年轻化及差异化竞争路线，后续亦有手游开发计 划及《三国：百将牌》等新游戏值得期待。公司游戏和效果广告收入占比持 续提升，费用控制得当，利润有望稳定增长。维持"买入"评级。 平台活跃度再破新高，广告收入加速增长 25Q3 平台活跃度及用户粘性稳健增长。DAU 达到 1.17 亿（yoy+9%），同 比增速较上半年进一步加快，日均使用时长 112 分钟，较去年同期增长 ...

继多个季度实现业绩攀升后，哔哩哔哩的增长势头再超市场预期。 11月13日，哔哩哔哩（NASDAQ:BILI；HKEX:9626，以下简称"B站"）发布2025年第三季度财报。财报 显示，本季度B站总营收达76.9亿元，同比增长5%；净利润大幅增至4.7亿元，净利润率达6.1%；经调 整净利润7.9亿元，同比激增233%，调整后净利润率增至10.2%。 在用户规模上，日均活跃用户1.17亿、月均活跃用户3.76亿，双双创下历史新高，112分钟的日均使用时 长更印证了社区的高粘性。 这份财报不仅打破了市场对内容平台盈利性的担忧，更清晰地印证了B站已构建起从优质内容到高粘性 用户，再到商业变现的成熟正向循环。 与此同时，平台运营效率持续优化，毛利率连续十三个季度环比提升至36.7%，叠加销售及营销开支同 比下降13%，最终实现从去年同期的净亏损到本季度净利润4.7亿元的跨越式转变。 不难判断，B站的盈利突破源于其长期坚持的"优质内容"策略，让游戏、知识、AI等垂类内容持续爆 发，游戏内容播放时长同比增长22%，AI内容播放时长增幅近50%，形成差异化的社区壁垒。这种壁 垒既吸引了用户留存，也让品牌看到了精准触达目标 ...

11月13日，B站公布2025年第三季度财报数据，数据显示，今年三季度，B站净营业额总额达76.9亿 元，同比增加5%；净利润达4.694亿元，去年同期则录得净亏损7980万元；经调整净利润达7.863亿元， 同比增加233%。 在今年三季度，B站高速增长近5个季度的移动游戏收入有所放缓，B站管理层在财报电话会上称《三 国：谋定天下》（简称：《三谋》）表现"符合预期"，内部对其目标是能实现5年以上的长期运营。 移动游戏收入增速放缓，管理层称《三谋》表现符合预期 "《三谋》Q3表现符合预期"，B站管理层在财报电话会上表示，B站对该游戏的目标是五年以上长线运 营。 B站在游戏业务上不算激进。据B站管理层透露，《三国：百将牌》将于明年一季度上线，"第一个目标 是把用户量做大，再一步步往下做，希望它能成为B站新的长青游戏。"今年10月，B站发行了一款"搜 打撤"游戏《逃离鸭科夫》并上线Steam、WeGame等平台。B站管理层表示，目前该游戏全球总销量已 超300万份，同时在线人数达30万，已启动主机移植和手游项目。 IP衍生品及其他业务收入重回正增长 今年三季度，在B站四大主营业务板块中，广告业务收入增长相对稳定， ...

招银国际发布研报称，哔哩哔哩-W(09626)第三季良好的广告业务及运营杠杆支撑利润率扩张，维持"买 入"评级。 展望第四季，该行预计哔哩哔哩总收入将维持5%的同比增长，主要受惠于广告业务的强劲表现。受惠 于运营杠杆释放及费用控制，该行预计集团第四季利润率将延续扩张趋势。同时，考虑到广告业务的稳 健表现及《逃离鸭科夫》等游戏超预期的表现，该行小幅上调集团2025-2027年收入预测0-3%。 ...

Core Insights - Bilibili reported Q3 2025 total net revenue of 7.69 billion yuan, a 5% year-on-year increase, and a net profit of 469.4 million yuan, compared to a net loss of 79.8 million yuan in the same period of 2024 [1] - Adjusted net profit, not in accordance with US GAAP, reached 786.3 million yuan, marking a 233% year-on-year growth [1] Financial Performance - Total net revenue for Q3 2025 was 7.69 billion yuan, up 5% year-on-year [1] - Net profit was 469.4 million yuan, a significant turnaround from a net loss of 79.8 million yuan in Q3 2024 [1] - Adjusted net profit was 786.3 million yuan, reflecting a 233% increase year-on-year [1] User Growth and Engagement - Daily Active Users (DAU), Monthly Active Users (MAU), and user engagement metrics reached new highs, with DAU showing the highest quarterly increase since 2021 [3] - The growth in DAU is attributed to a focus on high-quality content, which is seen as a sustainable growth driver [4][5] - The number of paying users reached a record high of 35 million, representing a 17% year-on-year increase, with the growth primarily driven by premium memberships [6] Content Strategy - The emphasis on high-quality content is viewed as essential for sustaining user growth, as users express a strong demand for quality over quantity [4][5] - The community plays a crucial role in discovering and supporting quality content creators, fostering a culture of continuous improvement and engagement [5] Gaming Performance - The self-developed game "Escape from Duckkov" achieved over 3 million sales globally within a month of its release, with a peak online player count of 300,000 and a 96% positive rating on Steam [8][9] - Future plans include porting "Escape from Duckkov" to consoles and mobile platforms, with a focus on community feedback during development [10] Advertising Revenue - Advertising revenue for Q3 reached 2.57 billion yuan, a 23% year-on-year increase, with Bilibili's market share continuing to grow [12] - The company is optimistic about future advertising revenue growth, particularly during peak shopping events like "Double Eleven," where ad revenue increased by 30% year-on-year [16] Financial Outlook - The company expects to maintain a gross margin of 37% in Q4, with a long-term target of 40% to 45% [17] - Free cash flow has reached 1 billion USD per quarter, with plans to invest in high-quality revenue-generating businesses and new opportunities [17][18] AI Integration - Bilibili is actively integrating AI into its platform, with a significant increase in AI-related content submissions and a focus on using AI to enhance creator efficiency [19][20] - The company aims to develop AI tools that assist creators in producing high-quality content, including features for video translation and podcast creation [20]

Core Viewpoint - Bilibili's Q3 performance shows significant improvement with revenue of 76.9 billion RMB, a 5% year-on-year increase, and a net profit of 4.69 billion RMB, marking a return to profitability [1][3][4] Financial Performance - Total revenue reached 76.9 billion RMB (10.8 billion USD), exceeding market expectations of 76.54 billion RMB, with advertising revenue growing by 23% to 25.7 billion RMB (3.61 billion USD) [4][10] - Adjusted net profit surged by 233% year-on-year to 7.86 billion RMB (1.105 billion USD), with an adjusted net profit margin of 10.2%, up from 3.2% in the previous year [8][11] - Gross profit was 28.2 billion RMB (3.958 billion USD), reflecting an 11% increase, and the gross margin improved to 36.7% from 34.9% year-on-year [4][11] User Engagement - Daily active users (DAU) reached 117.3 million, a 9% increase year-on-year, while average daily usage time increased to 112 minutes, up by 6 minutes [9][10] - Monthly active users (MAU) stood at 376 million, with a 17% increase in monthly paying users, totaling 35 million [9][10] Revenue Structure - Revenue sources include value-added services (39%), advertising (33%), gaming (20%), and IP derivatives and others (8%) [10] - The gaming segment saw a 17% decline in revenue to 15.1 billion RMB, attributed to high performance in the previous year due to the launch of "Three Kingdoms: Strategy" [10][11] Profitability Improvement - The significant improvement in profitability is attributed to a rise in gross margin and a decrease in operating expenses, with operating costs only increasing by 2% [11] - Operating expenses decreased by 6% year-on-year, with sales expenses dropping by 13% due to reduced gaming promotions [11] Advertising Business - The advertising segment remains a key growth driver, with the fastest growth observed in sectors such as gaming, digital appliances, e-commerce, and automotive [10][16] - The company anticipates continued growth in advertising revenue, supported by a strong user base and effective ad placements [16][17] AI and Future Outlook - AI-related content creation is on the rise, with a 83% year-on-year increase in daily submissions related to AI [19] - The company plans to leverage AI to enhance content creation and improve operational efficiency, indicating a strong focus on integrating AI solutions in future strategies [20]

净利润为人民币4.694亿元（6,590万美元），市场预期2.82亿元，而2024年同期则录得净亏损人民币 7980万元。净利润率为6.1%，2024年同期则为净亏损率1.1%。 经调整净利润为人民币7.863亿元（1.105亿美元），同比增长233%。经调整净利润率为10.2%，高 于2024年同期的3.2%。 哔哩哔哩财报显示，2025年第三季度，日均活跃用户（日活用户）达1.173亿，同比增长9%。 净营业额总额为人民币76.9亿元（10.8亿美元），同比增长5%，市场预期76.54亿元，其中广告营业 额为人民币25.7亿元（3.61亿美元），同比增长23%。 毛利润为人民币28.2亿元（3.958亿美元），同比增长11%。毛利率为36.7%，高于2024年同期的 34.9%。 | | | 截至以下日期止三個月 | | 截至以下日期止九個月 | | | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | 2024年 | 2025年 | | | 9月30日 | 6月30日 | 9月30日 | 9月30日 | 9月30日 | | | ...

Core Insights - Bilibili reported a total revenue of RMB 7.69 billion for Q3 2025, representing a 5% year-on-year increase, with adjusted net profit rising by 233% to RMB 786 million [2] - Key user metrics reached historical highs, with daily active users at 117 million (up 9% YoY) and monthly active users at 376 million (up 8% YoY), alongside a 17% increase in monthly paying users to 35 million [2][5] User Engagement and Community Growth - The average daily usage time increased to 112 minutes, marking a record high, and the number of official members grew by 10% YoY to 278 million, with a retention rate of 80% [5] - Content categories such as gaming, AI, automotive, parenting education, and travel saw significant growth in viewing time, with gaming content up 22% and AI content up nearly 50% [5] Revenue Structure and Performance - Revenue from value-added services reached RMB 3.02 billion, a 7% increase YoY, driven by growth in paid memberships and other services [7] - Advertising revenue surged by 23% to RMB 2.57 billion, attributed to improved ad product supply and effectiveness [7] - Mobile gaming revenue decreased by 17% to RMB 1.51 billion, influenced by a high base from the previous year [7] Profitability and Margin Improvement - Gross profit for Q3 was RMB 2.82 billion, an 11% increase YoY, with a gross margin rising to 36.7%, reflecting a consistent improvement over 13 consecutive quarters [8] - The CEO emphasized the importance of user growth and engagement in driving commercial value, highlighting the community's role in business expansion [8]

Core Insights - Bilibili (NASDAQ: BILI, HKEX: 9626) reported a total revenue of 7.69 billion RMB for Q3 2025, marking a 5% year-over-year increase [1] - The platform experienced significant growth in user engagement, with daily active users reaching 117 million, an increase of 9% year-over-year [1][3] - The company achieved a substantial increase in adjusted net profit, which rose by 233% year-over-year to 790 million RMB [1][4] User Engagement - Daily active users reached 117 million, while monthly active users hit 376 million, both representing historical highs [3][11] - Average daily usage time increased to 112 minutes, up by 6 minutes year-over-year [1][11] - The number of monthly paying users exceeded 35 million, reflecting a 17% year-over-year growth [1][11] Community Ecosystem - The community ecosystem showed accelerated growth, with a 10% year-over-year increase in the number of official members, totaling 278 million [3] - The retention rate for users over 12 months remained stable at 80% [3][17] - Content engagement surged, particularly in AI-related content, which saw a nearly 50% increase in playback time [3][13] Revenue Breakdown - Total revenue for Q3 2025 was 7.69 billion RMB, with contributions from various segments: value-added services (39%), advertising (33%), gaming (20%), and IP derivatives and other businesses (8%) [4][8] - Advertising revenue reached 2.57 billion RMB, growing 23% year-over-year, driven by increased brand engagement across luxury, beauty, and automotive sectors [4][8] - Gaming revenue amounted to 1.51 billion RMB, supported by long-term operational strategies for popular titles [4][20] Profitability - Adjusted net profit for the quarter was 790 million RMB, a significant increase of 233% year-over-year [1][4] - Gross margin improved for the thirteenth consecutive quarter, reaching 36.7% [9] Creator Economy - The number of creators with over 10,000 followers increased by over 20% year-over-year, indicating a thriving creator community [3][14] - Nearly 2.5 million creators earned income through various channels on the platform, with average income per creator rising by 22% year-over-year [3][15] Cash Position - As of September 30, 2025, the company held cash and cash equivalents, term deposits, and short-term investments totaling 23.49 billion RMB [5]