Core Viewpoint - The article discusses the evolution and success of the gaming company 点点互动 (DianDian Interactive) under the leadership of CEO 陈琦 (Chen Qi), highlighting its significant achievements, particularly with the game 《无尽冬日》 (Endless Winter), and its impact on the gaming industry and the parent company 世纪华通 (Century Huatong) [3][6][32]. Group 1: Company Background and Leadership - 点点互动 faced significant challenges in 2020, including a cash flow crisis and lack of hit games, yet maintained the trust of its chairman, 王佶 (Wang Ji) [3][6]. - 陈琦, with nearly a decade of experience in the gaming industry, has been pivotal in shaping the company's strategy and product development, focusing on overseas markets and self-developed games [5][20]. - The acquisition of 点点互动 by 世纪华通 in 2014 is noted as a significant event in Chinese gaming history, positioning the company for future growth despite initial skepticism [10][12][13]. Group 2: Financial Performance and Market Impact - By 2025, 世纪华通's stock price had increased nearly fivefold from its lowest point, driven by the success of 点点互动's products, particularly 《无尽冬日》 [7][32]. - The market valuation of 点点互动 approached 100 billion yuan, reflecting its substantial contribution to 世纪华通's overall financial health [7][32]. - The projected net profit for 世纪华通 is around 50 billion yuan, with 35-40 billion yuan expected from 点点互动, indicating its critical role in the parent company's financial performance [31]. Group 3: Product Development and Market Strategy - 点点互动's strategy involved a dual approach of overseas game publishing and self-development, with a focus on creating innovative gameplay that appeals to a broader audience [23][27]. - The game 《无尽冬日》 successfully combined casual gameplay with SLG mechanics, attracting a diverse player base and achieving significant revenue [34][37]. - The company adopted a flexible and data-driven approach to product development, allowing for rapid iteration and adaptation to market demands [26][42]. Group 4: Industry Trends and Competitive Landscape - The success of 《无尽冬日》 has led to increased competition in the ice and snow survival genre, with many companies attempting to replicate its model [34][36]. - The article emphasizes the importance of innovation in gameplay and marketing strategies to maintain a competitive edge in a rapidly evolving market [38][47]. - The shift towards lighter, more accessible gaming experiences is highlighted as a potential growth area for the industry, allowing smaller developers to compete with larger firms [47][48].

交银国际研究 每日晨报 2025 年 5 月 22 日 今日焦点 | 证券行业 | | | | | --- | --- | --- | --- | | 1 | 季度盈利高增主要来自投资收益和经纪业务 | 评级: | 领先↑ | | 万丽, CFA, FRM | wanli@bocomgroup.com | | | 哔哩哔哩 1 季度收入同比增 24%，基本符合预期。毛利率同/环比提升 7.9/0.2 个百分点，持续受益于收入结构改善。经调整归母净利润 3.6 亿 元，好于我们/市场预期。 1 季度亮点：春晚合作带动 MAU 环比净增 2800 万，《三谋》拉动游戏 收入同比增 76%，告收入同比增 20%，维持快于行业增速。 展望：我们预计 2 季度收入同比增 19%，其中：1）游戏维持高增长 （+59%），主要考虑《三谋》S8 赛季重度更新。2）广告收入或同比增 18%。3）收入结构优化进一步带动毛利率提升并促进利润释放，预计 2 季度经调整运营利润 5 亿元。 估值：我们基本维持 2025 年收入及利润预期。基于 1 倍 2025 年 PEG， 以及 2025-27 年经调整净利润复合增速 34%，维持目 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $33.00 [8][9] Core Insights - The company reported Q1 2025 revenue of 70.03 billion RMB, a year-on-year increase of 23.6%, exceeding the forecast of 69.17 billion RMB. Adjusted net profit was 3.63 billion RMB, surpassing the expected 2.59 billion RMB, driven by the gradual recognition of deferred revenue from "Three Strategies" and stable growth in advertising revenue [1][2][4] - User engagement has significantly increased, with daily average usage time reaching a historical high of 108 minutes and daily active users (DAU) at 107 million, a year-on-year increase of 4.6%. The number of official members grew by 12% to 264 million [2][3] - The gaming revenue for Q1 2025 was 17.31 billion RMB, a 76.1% year-on-year increase, slightly exceeding market expectations. The company anticipates continued high growth in H1 2025, supported by upcoming events and new game releases [3][4] Summary by Sections Revenue and Profitability - The company achieved a gross margin of 36.3% in Q1 2025, an increase of 8 percentage points year-on-year, attributed to high growth in gaming and advertising businesses. The operating profit for Q1 2025 was 3.42 billion RMB, exceeding the forecast of 2.2 billion RMB [4][5] - The report projects revenues of 305.7 billion RMB, 336.1 billion RMB, and 363.2 billion RMB for 2025, 2026, and 2027 respectively, with adjusted net profits of 19.99 billion RMB, 26 billion RMB, and 31.83 billion RMB for the same years [5][15] User Engagement and Advertising - The platform's user engagement metrics improved significantly, with a notable increase in the number of creators with over one million followers, growing by 20%. Advertising revenue for Q1 2025 was 19.98 billion RMB, a year-on-year increase of 19.7% [2][3] - The company expects advertising revenue for 2025 to reach 97.67 billion RMB, reflecting a year-on-year growth of 19% [2][5] Valuation and Market Position - The company employs a segment-based price-to-sales (PS) valuation method, resulting in a target market value of 101.28 billion RMB, corresponding to a target price of $33.00, based on a PS ratio of 3.3x for 2025 [5][15]

文｜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？ 财报电话会议上，CEO陈睿表示， ...

交银国际研究 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | 收入 (百万人民币) | 22,528 | 26,832 | 30,321 | 32,245 | 34,465 | | 同比增长 (%) | 2.9 | 19.1 | 13.0 | 6.3 | 6.9 | | 净利润 (百万人民币) | (3,425) | (22) | 2,316 | 3,298 | 4,145 | | 每股盈利 (人民币) | (8.29) | (0.05) | 5.47 | 7.86 | 9.93 | | 同比增长 (%) | -51.1 | -99.4 | -10,402.4 NA | 43.8 | 26.3 | | 前EPS预测值 (人民币) | | | 5.46 | 7.49 | 9.97 | | 调整幅度 (%) | | | 0.1 | 5.0 | -0.4 | | 市盈率 (倍) | ns | ns | 24.0 | 16.7 | 13.2 | ...

1Q25Non-GAAP净利润高于该行预期 中金发布研报称，维持哔哩哔哩-W(09626)25/26年Non-GAAP净利润预测不变。当前港股交易于 23.9/17.9倍25/26年Non-GAAP P/E，美股交易于23.8/17.8倍25/26年Non-GAAP P/E。维持跑赢行业评 级，港股目标价176港元/美股23美元，对应港股/美股30/23倍25/26年Non-GAAP P/E，港/美股潜在上行 空间为27.8%/25.5%。 中金主要观点如下： 市场关心泛娱乐竞争格局、广告等商业化潜力等 公司1Q25MAU、DAU和人均单日使用时长均取得同比增长，其中DAU1Q25达1.07亿人。该行认为，公 司社区属性明显且商业化能力逐渐提升，用户粘性维持较高水平;展望未来，在平衡投入ROI基础上，用 户数或相对稳健。而商业化层面，1Q25公司活跃用户平均年龄26岁，公司不断打磨商业化基建能力， UP主收入方式逐渐多元化，建议持续关注广告、带货和充电计划的发展潜力。 公司公告1Q25业绩：收入70.03亿元，同比增长23.6%，基本符合机构一致预期(69.12亿元)和该行预期 (68.94亿元);Non-G ...

一季度B站业绩整体超预期，财报发布后B站美股涨超4%。 5月20日，哔哩哔哩（以下简称"B站"）发布2025年第一季度财报。一季度B站营收为70亿元，同比增长24%，净亏损为1070万元，同比收 窄99%。不算股权激励等费用，B站实现经调整净利润3.62亿元，去年同期为亏损4.4亿元。 财报发布后，B站美股（BILI.US）涨超4%，报18.7美元/股，总市值为78.5亿美元。 | | | 截至以下日期止三個月 | | | --- | --- | --- | --- | | | 2024年 | 2024年 | 2025年 | | | 3月 | 12月 | 3月 | | | 31日 | 31日 | 31日 | | | 人民幣 | 人民幣 | 人民幣 | | 淨營業額: | | | | | 增值服務 | 2.528.909 | 3.083.071 | 2.807.340 | | 廣告 | 1.668.584 | 2.388.673 | 1,997,635 | | 移動游戲 | 982.810 | 1.797.537 | 1.731.155 | | IP衍生品及其他 | 484,297 | 464.880 | 46 ...

Investment Rating - The industry investment rating is "Overweight" [7] Core Insights - The gaming industry demonstrates strong anti-cyclical properties, with significant new game releases from major players like Tencent and NetEase expected to drive revenue growth [1][3] - The domestic iOS gaming revenue in Q1 2025 reached 19.31 billion yuan, reflecting a year-on-year increase of 2.8%, with notable growth during the Spring Festival period [3] - AI is reshaping the gaming ecosystem, enhancing development efficiency and player experience, which is expected to expand user bases [2] - Tencent's game pipeline for 2025 is robust, with several anticipated releases including "King of Glory World" and "Fearless Contract" [24] Summary by Sections Section 1: Market Performance - In Q1 2025, the domestic iOS gaming market revenue was 19.31 billion yuan, with January, February, and March showing changes of +23%, -9%, and -4% respectively [3] - The number of domestic game licenses issued in Q1 2025 was 362, an increase of 29 compared to the same period last year [3] Section 2: New Game Releases - NetEase's new games "Seven Days World" and "Frostpunk" are set to launch on April 24 and May respectively, with "Seven Days World" already surpassing 30 million pre-registrations [4] - Tencent's "Fearless Contract" mobile game opened for official pre-registration on April 21, with its PC version's annual revenue already exceeding that of "League of Legends" [3][24] Section 3: AI Integration - AI applications in gaming are enhancing skin production and player interaction, significantly improving user experience and engagement [2] - The development efficiency is expected to improve as AI engines cover 3D modeling and level design, reducing traditional production times from days to minutes [2] Section 4: International Developments - Nintendo launched the Switch 2, featuring significant upgrades in performance and social functionalities, which is expected to enhance user engagement [19][20] - Roblox introduced the Cube 3D AI tool, which aims to lower the barriers for developers and improve the quality of user-generated content [21]