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 ...

Core Views - The essence of investing is to understand that "buying stocks is buying companies," a concept that only about 1% of people truly grasp [3][6][61] - Investment is simple but not easy; it requires a deep understanding of the business and future cash flows [6][52] - The importance of company culture is highlighted, as a good culture helps a company return to the right path after mistakes [7][30] Investment Philosophy - "Buying stocks is buying companies" emphasizes the need to understand the business behind the stock [6][52] - The concept of safety margin is not just about price but about how well one understands the company [6][52] - Rationality in investment is challenging; the probability of making mistakes is similar across investors, but the key is to minimize those mistakes [6][39] Understanding Companies - Understanding the business is crucial; without it, investing becomes very difficult [6][51] - The speaker feels relatively knowledgeable about companies like Apple, Tencent, and Moutai, but acknowledges limitations in understanding other businesses [6][51] Company Culture - A strong company culture guides the organization and helps it stay on the right path [7][30] - Good culture does not prevent mistakes but allows the company to correct its course [7][30] Decision-Making and Management - The decision to pivot from feature phones to smartphones was driven by market necessity rather than initial support [36][39] - The management style emphasizes delegation and trust in the team, allowing them to make decisions independently [38][47] Investment Experience - The speaker's investment journey began post-retirement, focusing on understanding businesses rather than just stock prices [50][51] - Significant investments include companies like NetEase, Apple, and Moutai, with a focus on understanding their business models [53][60] Market Trends and Adaptation - The rapid decline of feature phones was unexpected, highlighting the need for sensitivity to market changes [40][41] - The transition to smartphones was a response to market demands, showcasing the importance of adaptability in business strategy [39][40]

Sensor Tower数据显示，11月14日，米哈游推出的RPG手游《崩坏：星穹铁道》位居10月中国出海手游收入榜第16，而在此前11月5日，《崩坏：星穹铁道》 登顶iOS游戏畅销榜以及畅销总榜。在登顶iOS游戏畅销榜的同时，《崩坏：星穹铁道》因角色、版本更新速度引来玩家吐槽。业内人士表示，版本更新速 度与游戏质量的矛盾，是二次元游戏的"传统矛盾"，米哈游能选择的，是保持精品内容的更迭。 被指"擦边" 11月9日，针对玩家对《崩坏：星穹铁道》新角色"大丽花"将历史案件娱乐化的争议，米哈游客服回应后续会不断优化用户体验。然而，过去的四天里，玩 家对于"大丽花"角色的争议仍在社交媒体上发酵。 部分玩家认为"大丽花"角色将历史案件娱乐化，且侵害了受害者名誉权。此外，还有玩家指出"大丽花"的立绘和实机演示中，存在擦边内容，与游戏受众中 的未成年人群体不相适配，已向监管部门举报。 上海大邦律师事务所高级合伙人游云庭对此表示，根据新闻出版广电总局、工业和信息化部颁布的《网络出版服务管理规定》第25条，网络出版物不得含有 恐怖、残酷等妨害未成年人身心健康的内容。"网络游戏是典型的网络出版物，如果举报落实，出版行政主管部门 ...

北京商报讯（记者 卢扬 实习记者 华卓玛）11月14日，Sensor Tower公布的最新数据显示，点点互动产 品《Whiteout Survival》和《Kingshot》分别持续包揽10月出海手游收入榜冠军和亚军。 ...

传媒行业2026年度投资策略 关注景气赛道趋势，布局政策转向与AI应用机会 行业研究 · 深度报告 传媒 · 传媒 投资评级：优于大市（维持） | 证券分析师：张衡 | 证券分析师：陈瑶蓉 | | --- | --- | | 021-60875160 | 021-61761058 | | zhangheng2@guosen.com.cn | chenyaorong@guosen.com.cn | | S0980517060002 | S0980523100001 | 请务必阅读正文之后的免责声明及其项下所有内容 报告摘要 2025年11月14日 证券研究报告 | 业绩加速向上，估值、配置逐步修复。1）25年年初至今传媒（申万传媒指数）板块上涨24.36%，相对沪深300超额收益10.35%；产品周期推动的业绩周期上行的游戏板 块个股涨幅领先；2）前三季度A股传媒板块上市公司共计实现营业收入3876亿元、归母净利润321亿元，同比分别增长5.41%、37.18%；营收相比上年同期小幅回暖向上、 净利润显著改善；Q3传媒板块上市公司共计实现营业收入1327亿元、归母净利润103亿元，同比分别增长8.11%、59. ...

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， ...

Market Overview - US stocks experienced significant declines, with the Nasdaq dropping 2.3%, the S&P 500 down 1.7%, and the Dow Jones falling 1.7% due to concerns over the release of key economic data[11] - European markets also closed lower, with the pan-European Stoxx 600 index down 0.61% and the German DAX index falling 1.39% as investors opted for profit-taking after recent gains[11] Economic Indicators - The market's expectations for a December interest rate cut have diminished, with the probability now below 50%[6] - The US 10-year Treasury yield rose to 4.12%, while the 30-year yield increased to 4.71%, reflecting market reactions to hawkish comments from Federal Reserve officials[31] Commodity Trends - International gold prices fell by 0.45% to $4,194.5 per ounce, influenced by reduced rate cut expectations[28] - Oil prices saw a slight rebound after a significant drop, with NY crude oil rising 0.34% to $58.69 per barrel[28] Chinese Market Performance - The A-share market closed higher, with the Shanghai Composite Index up 0.73% at 4,029 points, driven by gains in the lithium sector and precious metals[18] - The total market turnover reached 2.07 trillion yuan, indicating robust trading activity[18] Corporate Earnings Insights - JD.com reported a 15% year-on-year revenue increase to 299.1 billion yuan, but adjusted EBIT fell sharply by 98% to 2.11 billion yuan, highlighting challenges in its electronics segment[8] - Tencent's Q3 revenue grew 15% to 192.9 billion yuan, with a notable 23% increase in its gaming business, reflecting strong performance in its core segments[14] Investment Recommendations - Focus on sectors such as technology, manufacturing, and energy infrastructure, particularly in nuclear power and military industries, as potential investment opportunities[6] - The S&P 500 is expected to see revenue and earnings growth rates of 7.3% and 15.6%, respectively, in 2026, suggesting a favorable outlook for equities[6]

Core Viewpoint - Tencent Holdings reported strong financial results for Q3 2025, with revenue of approximately 192.87 billion yuan, a year-on-year increase of 15%, and operating profit of about 63.55 billion yuan, also up 19% [2] Financial Performance - Q3 revenue reached approximately 192.87 billion yuan, a 15% increase year-on-year [2] - Operating profit was around 63.55 billion yuan, reflecting a 19% year-on-year growth [2] - Net profit attributable to equity holders was approximately 63.13 billion yuan, also up 19% year-on-year [2] - Non-IFRS operating profit was about 72.57 billion yuan, with an 18% increase year-on-year [2] - Non-IFRS net profit attributable to equity holders was approximately 70.55 billion yuan, marking an 18% year-on-year growth [2] Capital Expenditure - Capital expenditure for Q3 was approximately 12.98 billion yuan, showing a decrease compared to the same period last year [4] - The management indicated that the expected capital expenditure for 2025 will be lower than previously anticipated but higher than the 2024 level [5] - The reduction in capital expenditure is attributed to changes in AI chip supply rather than a shift in AI strategy [5] AI Investment and Strategy - Tencent emphasized R&D spending for AI, with R&D expenses reaching 22.8 billion yuan, a 28% year-on-year increase [5] - The management expressed confidence in maintaining competitiveness in AI, stating that they do not believe they are falling behind [6] - AI applications are being integrated across Tencent's ecosystem, with expectations for AI assistants in WeChat to enhance user experience [6] Gaming Revenue - International gaming revenue surpassed 20 billion yuan for the first time, reaching 20.8 billion yuan, a 43% year-on-year increase [8] - Domestic gaming revenue was 42.8 billion yuan, reflecting a 15% year-on-year growth [8] - The growth in international gaming revenue is attributed to increased income from Supercell games and new game releases [8] Advertising and Other Revenue - All three main business segments achieved double-digit revenue growth, with value-added services up 16% to 95.86 billion yuan, marketing services up 21% to 36.24 billion yuan, and financial technology and enterprise services up 10% to 58.17 billion yuan [7]

Core Viewpoint - Tencent Holdings reported strong financial results for Q3 2025, with revenue of approximately 192.87 billion yuan, a year-on-year increase of 15%, and operating profit of about 63.55 billion yuan, also up 19% [1] Financial Performance - Revenue for Q3 2025 was approximately 192.87 billion yuan, a 15% increase year-on-year [1] - Operating profit reached about 63.55 billion yuan, reflecting a 19% year-on-year growth [1] - Net profit attributable to equity holders was approximately 63.13 billion yuan, also up 19% year-on-year [1] - Non-IFRS operating profit was about 72.57 billion yuan, a year-on-year increase of 18% [1] - Non-IFRS net profit attributable to equity holders was approximately 70.55 billion yuan, reflecting an 18% year-on-year growth [1] Capital Expenditure - Capital expenditure for Q3 2025 was approximately 12.98 billion yuan, showing a decrease compared to the same period last year [3] - The company expects total capital expenditure for 2025 to be below previous expectations but higher than 2024 levels [4] - Management indicated that changes in capital expenditure reflect AI chip supply variations rather than a shift in AI strategy [4] AI Investment - Tencent emphasized R&D spending for AI, with general and administrative expenses rising 18% to 34.2 billion yuan, primarily due to increased R&D costs [4] - R&D investment reached 22.8 billion yuan, a 28% year-on-year increase [4] - Management believes Tencent is not falling behind in AI competition and plans to enhance hybrid capabilities [2][4] Gaming Revenue - International gaming revenue surpassed 20 billion yuan for the first time, reaching 20.8 billion yuan, a 43% year-on-year increase [7] - Domestic gaming revenue was 42.8 billion yuan, reflecting a 15% year-on-year growth [7] - The growth in international gaming revenue is attributed to increased income from Supercell games and new game releases [7] User Engagement and Applications - As of September 30, the combined monthly active accounts for WeChat and WeChat reached approximately 1.414 billion [6] - Tencent's AI applications on WeChat include Yuanbao AI, AI search, and responses in public account comment sections [6] - The company aims to integrate AI applications with its existing ecosystem, particularly through WeChat [5]

今年来，腾讯游戏海外业绩持续增长。财报显示，本季度海外业绩主要得益于Supercell旗下游戏收入增 长，收购的游戏工作室的收入贡献，以及新发布《消逝的光芒：困兽》的销量表现。 国际市场游戏收入同比增长43% 财报显示，《皇室战争》的平均日活跃账户数及流水于9月创下新高。第三方数据显示，《皇室战争》 在7月创下了自2021年以来的日流水新高。9月流水或超7.5亿元，同比大增360%。增长动力来自玩法创 新、匹配机制优化、热门IP联动及头部KOL生态发展等多重举措。 中国经济网北京11月14日讯(记者李方)11月13日，腾讯公布2025年第三季度业绩，网络游戏业务总收入 达636亿元，其中，本土市场游戏收入为428亿元，同比增长15%；国际市场游戏收入为208亿元，同比 增长43%。 10月，《和平精英》官宣，8月9日当天进入游戏内绿洲启元的活跃用户数突破3300万。这也标志着其在 第三季度再次创下数据里程碑。 据三方数据机构，2024年，全球射击游戏市场规模为726.8亿美元。预计该市场将从2025年的820.2亿美 元增长到2032年的1929亿美元，预测期内复合年增长率为13.0%。可以看出，全球射击市场 ...