Group 1 - The National Press and Publication Administration announced the approval of 166 domestic games and 7 imported games in August 2025, marking a new monthly high for domestic game approvals this year [1] - Among the 166 domestic games, 107 are mobile games, 39 are mobile casual puzzle games, 17 are mobile and client games, 1 is a console game (PS5), and 2 are client games [1] - Major companies like NetEase and Bilibili have successfully obtained approvals for their games, indicating strong performance among leading firms in the industry [1] Group 2 - Several A-share game companies reported positive impacts from the issuance of game approvals, with Baotong Technology highlighting the role of approvals in the recovery of the domestic game industry [2] - Tom Cat mentioned that the game industry is experiencing a dual drive of policy support and technological innovation, with 757 domestic and 55 imported game approvals issued in the first half of 2025, reflecting an 18% year-on-year increase [2] - The domestic game market achieved a sales revenue of 168 billion yuan in the first half of 2025, a 14.08% year-on-year growth, with the user base reaching nearly 679 million, marking a historical high [2]

进口版号方面主要有：进口：哔哩哔哩《嘟嘟脸恶作剧》；腾讯（00700.HK）《卡厄思梦境》；ST华通《大航海时代：起源》等。 今日晚间，国家新闻出版署正式公布2025年8月游戏版号审批结果，共166款国产网络游戏和7款进口网络游戏获批，单月总量达173款， 刷新年内新高。 在166款国产游戏中，17款移动兼客户端、2款客户端、1款PS5、其余146款均为移动游戏（含39款休闲益智类）。 值得关注的是，今年以来，游戏版号发放量维持高位态势，行业供给延续释放。截至目前， 2025年国家新闻出版署累计发放游戏版号已突 破千款，达1119个（含69款进口、1050款国产），较去年同期多出193个。 国产版号方面，涉及的上市公司产品主要有：网易（09999.HK）《天下：万象》；冰川网络（300533.SZ）《超能战机》《千机阵》；三 七互娱（002555.SZ）《超牛英雄》《斗破苍穹：斗帝之路》；吉比特（603444.SH）旗下雷霆游戏《出动吧！库鲁》；ST中青宝 （300052.SZ）《猫岛派对》《萌兽特攻队》；中国移动（600941.SH）旗下咪咕互娱《美职篮冠军王朝》《乒乓巨星对决》《装满 它》；哔哩哔哩（09 ...

机构：中金公司 毛利率环比继续提升，关注后续盈利稳步释放。2Q25 毛利率环比提升0.2ppt 至36.5%，主要因效果广告 收入增速亮眼和经营杠杆。2Q25 销售/管理费用绝对值环比略有下滑，研发费用略有环比增长，但相对 节制。我们判断，中长期，公司成本与费用相对平稳，营收增长与结构改善或释放经营杠杆，我们预计 后续季度毛利率或逐步提升至4Q25 达到37%，长期有望达到40%~45%；叠加公司费用相对节制，我们 预计4Q25 Non-GAAP 经营利润率有望达10%。 用户经营数据良性增长，坚持优质内容和社区氛围。公司2Q25 MAU、DAU 和人均单日使用时长均取 得同比增长，其中DAU 2Q25 达1.09 亿人。我们认为，公司社区属性明显且用户粘性维持较高水平。公 司业绩会提到当前广告预算在从多平台向核心平台汇聚，而具备差异化定位平台可能更受偏好；展望未 来，商业化层面，随着公司不断打磨商业化基建能力和年轻用户社区属性，建议持续关注广告、游戏及 充电计划的发展潜力。 盈利预测与估值 维持25/26 年Non-GAAP 净利润预测不变。当前港/美股均交易于33/25 倍25/26 年Non-GAAP ...

文｜财华社 8月21日（美东时间），哔哩哔哩（BILI.US）跳空大跌6.11%，成交量也有所放大；而到了8月22日（北京时间），哔哩哔哩-W（09626.HK）同样遭遇跳空 下跌，其股价一度大挫近8%，成交量也有所放大。 值得注意的是，就在8月21日港股盘后，哔哩哔哩（以下简称"B站"）披露了2025年第二季度及中期业绩，表现不俗。 第二季度及中期业绩不俗 公告显示，2025年上半年，B站的日均活跃用户（日活用户）为1.08亿，同比增加6%；月活用户则为3.65亿，同比增长8%。上半年，每位活跃用户的日均使 用时长达106分钟，高于去年同期的102分钟。 另外，上半年，月均付费用户达3180万，同比增长10%；上半年，约有200万名内容创作者透过多种变现工具在平台上获得了收入，内容创作者人均收入同 比增长20%。 在此基础之上，上半年，B站的营收同比增长21.6%至143.4亿元（人民币，下同）；期内净利润为2.1亿元，去年同期则是亏损13.7亿元；非公认会计准则 下，经调整净利润为9.2亿元，去年同期录得经调整净亏损7.3亿元。 | | 截至6月30日止六個月 | | | | --- | --- | -- ...

Summary of Bilibili's Earnings Call Company Overview - The company discussed is Bilibili, a prominent online entertainment platform in China. Key Financial Metrics - Adjusted net profit for Q1 reached 600 million yuan, with a gross margin of 36.3%, marking an increase for 11 consecutive quarters, and further gross margin improvement is expected in Q2 [2][4] - Projected revenue for Q2 is 7.3 billion yuan, representing a 20% year-over-year growth, with an adjusted net profit forecast of 520 million yuan, indicating a turnaround from losses and a 44% quarter-over-quarter increase [4] Business Segment Performance - **Value-Added Services**: Expected Q2 revenue of 2.8 billion yuan, a 10% increase year-over-year, driven by growth in live streaming, other value-added services, and premium membership sales [2][5] - **Advertising**: Anticipated revenue of 2.4 billion yuan in Q2, a 19% year-over-year increase, benefiting from the 618 shopping festival, indicating accelerated commercialization [2][5] - **Gaming**: Projected revenue growth of approximately 60%, reaching 1.6 billion yuan, primarily due to the success of the independently published game "Three Kingdoms: Strategy" which has frequently ranked in the top five on the App Store [2][5] User Engagement Metrics - Daily active users reached 107 million, with monthly active users at 368 million and an average daily usage time of 108 minutes, reflecting stable user engagement and activity levels [2][9] Future Game Releases - "Three Kingdoms: Strategy" is set to launch traditional Chinese versions, overseas versions, and mini-program versions between late 2025 and 2026. Additionally, a self-developed game "Escape from Ark" is expected to launch within the year, alongside other new titles [2][7] Advertising Strategy - The company plans to focus on high-quality mid-to-long video content to enhance advertising revenue, while exploring community-based value-added services. It anticipates advertising growth to outpace the market over the next three years, aiming to increase market share through collaborations with creators [2][8] Future Earnings Outlook - Profit forecasts for 2025 and 2026 are approximately 2 billion yuan and 2.9 billion yuan, respectively. Despite a current P/E ratio of around 30, the company’s performance trajectory and potential catalysts in the internet sector warrant investor attention [3][10]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to benefit from a rich reserve of game content, with multiple new games anticipated to contribute to revenue growth in the second half of the year. The advertising sector is also projected to see growth due to increased user engagement and improved conversion rates [3][10] - Revenue forecasts for 2025 to 2027 are adjusted to 30.2 billion, 32.2 billion, and 33.9 billion CNY respectively, reflecting a downward revision due to underperformance in certain game titles [3][10] Financial Summary - The company’s revenue for 2023 is projected at 22.5 billion CNY, with a year-on-year growth of 2.87%. This is expected to rise to 30.2 billion CNY in 2025, representing a growth of 12.47% [4][11] - The operating profit is forecasted to turn positive in 2025, reaching 797 million CNY, with a significant increase in subsequent years [4][11] - The net profit attributable to the parent company is expected to be 602 million CNY in 2025, with a notable recovery from a loss of 4.8 billion CNY in 2023 [4][11] - The gross margin is projected to improve from 24.16% in 2023 to 37.07% in 2025, indicating better cost management and revenue generation efficiency [4][11] Revenue Breakdown - Game revenue is expected to reach 16.3 billion CNY in Q2 2025, showing a year-on-year increase of 62%. The advertising revenue is projected at 24 billion CNY, with a year-on-year growth of 17.7% [10][11] - Live streaming and value-added services (VAS) revenue is anticipated to be 28 billion CNY in Q2 2025, reflecting a 10% increase year-on-year [10][11] Valuation Metrics - The target price for the company's stock is set at 214.30 HKD, based on a price-to-sales (P/S) ratio of 2.7x for comparable companies [3][12] - The company’s price-to-earnings (P/E) ratio is projected to be 118 in 2025, indicating a high valuation relative to earnings [4][12]

Group 1: JD Logistics - The company is expected to meet its Q2 performance expectations, with revenue continuing to show double-digit growth and profit increasing in the single digits year-on-year [1] - JD Logistics will provide full-time delivery services for the group's food delivery segment, settling at cost price, which will have limited short-term profit impact but aims for long-term synergy [1] - The target price is set at HKD 18.50, indicating a potential upside of 40.4% from the closing price of HKD 13.18, maintaining a "Buy" rating [1] Group 2: Bilibili - The focus is on enhancing advertising commercialization efficiency and long-term operation of core game IPs [2] - The company aims to strengthen its infrastructure capabilities, leveraging AI to reconstruct recommendation algorithms and improve advertising efficiency across multiple screens and scenarios [2] - The gaming segment is concentrating on long-term operations of core IPs, with new game launches expected to target niche markets and younger demographics [2] Group 3: Battery Industry - In the first half of 2025, China's power battery production and sales were robust, with a total installed capacity of 299.6 GWh, representing a year-on-year increase of 47.3% [4] - Exports of batteries showed a significant year-on-year increase of 56.8%, totaling 127.3 GWh, which accounted for 19.3% of total sales [4] - The overseas market for Chinese battery companies is expanding, with a market share of 43% among the top ten companies, an increase of 7 percentage points year-on-year [5] Group 4: Economic Data - Upcoming economic data releases include the Consumer Price Index (CPI) for June, with expectations of a month-on-month increase of 0.10% and a year-on-year increase of 2.40% [6] - The Industrial Producer Price Index for June is expected to show a year-on-year increase of 0.10% [6] - Retail sales for June are anticipated to decline by 0.90% month-on-month [6]

Investment Rating - The report maintains a "Buy" rating for Bilibili (BILI US) with a target price of $26, representing a potential upside of 21.2% from the current price of $21.46 [6][7]. Core Insights - The report emphasizes Bilibili's focus on enhancing advertising commercialization efficiency and long-term operation of core game IPs. The company aims to expand its advertising ceiling while exploring diversified monetization models primarily targeting C-end users, supplemented by B-end strategies [1]. - Bilibili's advertising strategy involves deepening the value of mid-to-long video content, with a significant increase in advertising revenue from the content consumption and consumer goods sectors, showing a year-on-year growth of 90% and 30% respectively in the first half of the year [1]. - In gaming, Bilibili is concentrating on the long-term operation of core IPs, with successful titles like "Three Kingdoms" achieving record daily active users and maintaining strong revenue contributions from various platforms [1]. Summary by Sections Advertising Strategy - Bilibili is implementing a dual strategy in advertising, focusing on both content quality and market share expansion. The company is leveraging AI to enhance its advertising capabilities, including recommendation systems and intelligent ad placements [1]. - The report highlights that the advertising revenue from the gaming sector is expected to grow as Bilibili assists leading game companies in user retention and marketing budget allocation [1]. Gaming Operations - The report outlines Bilibili's successful game titles, including "Three Kingdoms," which has consistently ranked in the top three of the iOS bestseller list. The company plans to launch new versions and expand its gaming ecosystem [1]. - Upcoming game releases include a new PVE game and expansions for existing titles, indicating a robust pipeline for future growth [1]. Financial Projections - The report projects an adjusted net profit of 2.3 billion RMB for 2025, with expectations for improved gross margins and profit release driven by scale effects and revenue structure optimization [1].