财通证券（601108）发布研报称，哔哩哔哩-W(09626)是中国领先的在线视频与内容社区平台，自2009 年以ACG内容起家，逐步拓展至泛知识、泛生活等多元领域的综合性社区。公司基于PUGV+OGV+直 播的内容生态不断推动用户群体破圈，并通过社区互动文化与品牌活动留存用户，截至3Q2025，MAU 达到3.76亿(YoY+8%)，正式会员第12个月的留存率达到80%。预计2025-2027年公司收入分别为 304.1/324.4/351.9亿元(YoY+13.3%/6.7%/8.5%)，经调整净利润分别为21.4/31.5/43.0亿元，现价对应PE为 33.8/22.9/16.8x。首次覆盖，给予"增持"评级。 财通证券主要观点如下： 风险提示：内容平台监管持续趋严的风险、内容行业竞争加剧与商业化平衡的风险、业务依赖爆款与增 长可持续性的风险。 1)游戏业务始于其浓厚的二次元基因，目前正迈向多元化全品类布局，2024年6月发布的《三国：谋定 天下》作为公司首款非二次元SLG产品大获成功，成为公司历史上最快达到10亿元流水的游戏，推动游 戏收入强势反弹;2)增值业务稳定增长，主要由大会员订阅驱动;3)广 ...

2024年，游戏和广告业务成为增长的主要驱动力，公司营收高速增长趋势修复，2025年H1公司实现 21.62%的同比增长率。得益于商业化效率提升和严格的费用控制，公司毛利率自2022年稳步提升，费 用率亦同比下滑，推动净利润于1H2025转正至2.1亿元，经调整净利润9.2亿元。 风险提示：内容平台监管持续趋严的风险、内容行业竞争加剧与商业化平衡的风险、业务依赖爆款与增 长可持续性的风险。 用户高忠诚度加速向高质量商业价值转化，公司通过游戏、增值服务、广告等模式变现 1)游戏业务始于其浓厚的二次元基因，目前正迈向多元化全品类布局，2024年6月发布的《三国：谋定 天下》作为公司首款非二次元SLG产品大获成功，成为公司历史上最快达到10亿元流水的游戏，推动游 戏收入强势反弹;2)增值业务稳定增长，主要由大会员订阅驱动;3)广告负载克制，通过精细化运营加强 商业化变现能力。公司承诺番剧不加贴片广告，目前主要广告形式为品牌广告、效果广告和原生广告， 伴随拥抱更多垂直领域广告主，3Q2025广告收入同比增长23%至25.7亿元。 整体收入增速在游戏业务推动下回暖，盈利能力持续改善 智通财经APP获悉，财通证券发布研报 ...

Investment Rating - The report maintains a "Buy" rating for Bilibili, with a target price adjusted to HKD 237 [6][13]. Core Insights - Bilibili is positioned as a leading online video and content community platform in China, focusing on enriching the daily lives of the younger generation. The company has shown significant user growth and accelerated commercialization, with a notable operating leverage [3][10]. Financial Summary - Total revenue is projected to grow from RMB 22,528 million in 2023 to RMB 36,484 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.2% [5]. - Adjusted net profit is expected to turn from a loss of RMB 3,425 million in 2023 to a profit of RMB 4,210 million by 2027, indicating a substantial recovery and growth trajectory [5]. - The adjusted net profit margin is anticipated to improve from -15.2% in 2023 to 11.5% in 2027 [5]. User Growth and Engagement - As of Q1 2025, Bilibili has 368 million monthly active users (MAU) and 107 million daily active users (DAU), with an average daily usage time of 108 minutes [10][17]. - The platform has a strong user base among the Z+ generation, with 70% of this demographic being Bilibili users [10][27]. Community and Content Ecosystem - Bilibili's user engagement is driven by a high level of interaction, with a monthly average of 16.7 billion interactions and a stable growth in paid memberships, reaching 26.4 million by Q1 2025 [40][41]. - The platform's content is primarily user-generated (PUGV), which constitutes 95% of the viewing volume, showcasing a vibrant creator ecosystem [30][38]. Commercialization and Revenue Streams - The report highlights the acceleration of Bilibili's commercialization efforts, with significant growth in gaming, value-added services, advertising, and IP derivatives [10][19]. - The advertising revenue has shown a 30% year-on-year increase, with over 35% more advertisers on the platform compared to the previous year [10][19]. Management and Corporate Structure - Bilibili's management team holds over 70% voting rights, ensuring strong control over corporate decisions. Key figures include Chairman and CEO Chen Rui, who has over 20 years of experience in the internet and technology sectors [22][24]. - The company has established strategic partnerships with major players like Tencent and Alibaba, enhancing its content and operational capabilities [22][24].