海外公司报告 | 公司研究简报 哔哩哔哩（BILI） 证券研究报告 利润端超预期，游戏和广告业务增长强劲 公司发布 2025Q2 财报。25Q2 收入为 73.4 亿元，基本符合彭博一致预期。 经调整净利润为 5.6 亿元，超彭博一致预期 8.1%。 运营情况方面，用户端：本季度 DAU 1.09 亿；MAU 3.63 亿；MPU 3100 万； 用户日均使用时长为 105 分钟。创作者端：本季度获得收入的 UP 主数量 约 200 万，粉丝数超过 1000/10000/100000/1000000 的 UP 主数量均同比增 长超 20%，通过广告获得收入的 UP 主数量同比增长 19%，通过直播获得 收入的 UP 主数量同比增长 49%。 分业务看： 1）移动游戏：本季度收入 16.1 亿元，同比增长 60%，主要由于《三国： 谋定天下》的持续强劲表现，以及《命运 - 冠位指定》、《碧蓝航线》两款 游戏的稳定贡献，这两款游戏近期分别迎来上线 9 周年与 8 周年。公司 于 5 月 31 日推出第八赛季升级版本，新增玩法、角色与游戏内活动，并辅 以针对性营销推广。通过优化新用户引导流程、付费变现路径与回归用户 ...

与此同时，B 站的社区粘性也更具包容性——经历 2025Q1 季度 MAU 环比净增 2800 万的爬升高峰后，2025Q2 季度 MAU 同比提升 8% 达 3.63 亿，仅环比 流失 500 万，证明 B 站运营效率与粘性得到了进一步提升。 出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 题图｜视觉中国 缓了三个月，B 站总算企稳了经营节奏。 8 月 21 日，B 站向市场递上 2025Q2 财报，盈利成季度最大亮点，再次实现预期反转——原本，B 站 2025Q1 因为再度掉入亏损泥潭（净亏损 1070 万元） 而遭受市场质疑；但 2025Q2 营收同比增长 20% 达 73.4 亿元，盈利一改颓势、跑出陡峭的上扬曲线——净利润与调整后净利润均创历史新高，分别为 2.2 亿元、5.6 亿元。 说白了，学会闷声赚钱的 B 站在保持游戏、广告持续高增速前提下，难能可贵平衡好了商业变现与用户口碑的撕扯，迈入了"健康盈利"的轨道。 年轻红利开始兑现 缓缓铺开 B 站 2025Q2 财报，增值服务、广告、游戏和 IP 衍生品及其他业务收入占比分别为 39%、33%、22%、6%——相较上一季度，游戏占比略微下降 ...

此前，市场对B站普遍预期为营收73亿元人民币左右，具体区间为71.97亿~73.69亿元，同比增长17.5%~20.3%。就实际披露数据而言，符合市场预期。 某种意义上说，这也是从2019年"破圈"以来，B站在用户群体、商业化以及内容探索等诸多方向战略的自然延续。 8月21日晚间，B站发布2025年Q2报告。财报数据显示，报告期内，B站实现营收73.4亿元人民币，净利润和调整后净利润分别为2.2亿元和5.6亿元，均创历 史新高。 早在去年Q3，B站已经实现未经调整后的全面盈利，如今站上了全面盈利的关口，对市场而言也在意料之中。过去一周的时间里，B站美股近10点的涨幅已 经对此有所体现。 市场和财报盈利的背后，我们看到的，是一个在既定战略下越走越稳的B站——无论是月活线，还是盈利线，B站都有对应的业务板块支撑，相关拼图也在 近两年内逐步完成。 可以看到，游戏+内容两手抓，对于一个ACG为底色的内容社区平台而言，是足以支撑其盈利模型的策略。 "解决温饱"之后，B站下一步要做的，是走向自己的星辰大海。对于一个中长视频为主的内容平台社区，建设一个更健康的内容生态循环，显然是绕不开 的。当下的B站，可以做的还有很多。是 ...

B站董事长兼首席执行官陈睿表示："1 6 年来， B站依靠优质内容，形成了独特的社区生态，支撑了商业化的发展，并实 现了盈利。我们相信，在任何时代，好内容都是稀缺品，它拥有带我们穿越历史周期的力量。因此，B站将继续坚持优质 内容战略，放大自己的独特价值，推动社区生态的持续繁荣和商业化的进一步发展。" B站发布2025年二季度财报，营收达73.4亿元人民币，同比 增长20%。社区规模与活力持续提升，日均活跃用户达1.09 亿，创历史新高；月均活跃用户达3.63亿，同比增长8%。 封图：图片资料室 北京时间 8月21日（美东时间8月21日），哔哩哔哩（NASDAQ:BILI，HKEX:9626；以下简称"B站"）公布了截至2025 年6月30日第二季度未经审计的财务报告。财报显示，2025年第二季度B站总营收达73.4亿元人民币，同比增长20%。 二季度， B站广告业务收入为24.5亿元，同比增长20%；游戏业务收入为16.1亿元，同比增长60%。运营效率的提升与 高毛利业务的快速增长，推动B站毛利润同比增长46%，毛利率连续十二个季度环比提升至36.5%；净利润和调整后净利 润均创下历史新高，分别为2.2亿元和 ...

（文/陈济深 编辑/张广凯） 8月21日，哔哩哔哩（以下简称"B站"）公布了截至2025年6月30日第二季度未经审计的财务报告。财报显示，2025年第二季度B站总营收达73.4亿元人民币， 同比增长20%。 第二季度，B站总营收同比增长20%，达73.4亿元。增值服务、广告、游戏和IP衍生品及其他业务分别贡献了收入的39%、33%、22%和6%，呈现出健康多元 的收入结构。 B站二季度广告收入同比增长20%，达24.5亿元。其中，品牌广告收入保持良性增长，效果广告收入则实现了约30%的同比增长。游戏、数码家电、电商、 网服、汽车成为贡献前五的行业。 二季度，B站广告业务收入为24.5亿元，同比增长20%；游戏业务收入为16.1亿元，同比增长60%。运营效率的提升与高毛利业务的快速增长，推动B站毛利 润同比增长46%，毛利率连续十二个季度环比提升至36.5%；净利润和调整后净利润均创下历史新高，分别为2.2亿元和5.6亿元。 凭借着二季度618广告高峰带来的增量和爆款游戏《三国：谋定天下》周年庆的加持，B站本季度的盈利并不出乎大家的预料，但游戏业务60%的增量依然超 出了大家的预期，依靠三谋这张王牌和手游常青树 ...

Core Viewpoint - Bilibili (B站) reported its Q2 2025 earnings, achieving a revenue of 7.34 billion yuan, a 20% year-on-year increase, and a net profit of 220 million yuan, marking its most profitable quarter since going public [2][3]. Revenue and Profitability - Bilibili's revenue for Q2 reached 7.34 billion yuan, up 20% year-on-year, with a net profit of 220 million yuan and an adjusted net profit of 560 million yuan, compared to a net loss of 600 million yuan in the same quarter of 2024 [2][3]. - The gross margin has improved for 12 consecutive quarters, rising from 29.9% in the same period last year to 36.5% [2]. User Engagement - Daily active users (DAU) reached a historical high of 109 million, representing a 7% year-on-year increase, while monthly active users (MAU) reached 363 million, up 8% year-on-year [9][10]. - The average daily usage time per user increased to 105 minutes, up by 6 minutes compared to the same period last year [10]. Business Segments - The gaming segment saw a significant revenue increase of 60% year-on-year, reaching 1.61 billion yuan, driven by the performance of the game "Three Kingdoms: Strategy of the World" [3][4]. - Advertising revenue also showed strong growth, with Q2 income reaching 2.45 billion yuan, a 20% year-on-year increase, and effect advertising revenue growing approximately 30% [3][8]. Strategic Developments - Bilibili's CEO mentioned that "Three Kingdoms: Strategy of the World" has entered a stable operational phase and is expected to have a lifecycle of over five years [5]. - The company is focusing on long-term game operations, with several games awaiting approval for release [5]. Advertising and AI Integration - The advertising business benefited from improved integration capabilities, with over 50% of content creators participating in advertising campaigns [8]. - AI technology is expected to enhance advertising revenue by improving distribution efficiency and generating content for ads [9]. Community and Content Ecosystem - Bilibili is cultivating a unique cultural ecosystem that balances high-quality content with community engagement, which is seen as a pathway to long-term monetization [11]. - The platform's ability to attract quality content has been demonstrated by the successful launch of the game "Black Myth: Wukong," which garnered over 12 million views shortly after its release [11].

Core Viewpoint - Bilibili (B站) reported a significant turnaround in its financial performance for the first half of 2025, achieving a net revenue of 14.34 billion RMB, a year-on-year increase of 21.6%, and a net profit of 207.6 million RMB, marking a shift from loss to profit [2][4][6]. Financial Performance - For the first half of 2025, Bilibili's net revenue reached 14.34 billion RMB, up 21.6% from 11.79 billion RMB in the same period of 2024 [4]. - Gross profit for the same period was 5.21 billion RMB, reflecting a 51.7% increase compared to 3.44 billion RMB in 2024 [4]. - The adjusted net profit for the first half of 2025 was 922.84 million RMB, a significant improvement from an adjusted net loss of 726.87 million RMB in the previous year, representing a 227% change [4]. Quarterly Highlights - In Q2 2025, Bilibili achieved a net revenue of 7.34 billion RMB, a 20% increase year-on-year [6]. - The gross profit for Q2 was 2.68 billion RMB, with a gross margin of 36.5%, up from 29.9% in the same quarter last year, marking 12 consecutive quarters of sequential improvement [7]. - Daily active users reached a record high of 109 million in Q2, a 7% increase year-on-year, with an average usage time of 105 minutes per day [9]. Revenue Breakdown - Advertising revenue in Q2 amounted to 2.45 billion RMB, a 20% increase, driven by enhanced advertising efficiency through AI integration [9]. - Mobile gaming service revenue for Q2 was 1.61 billion RMB, up 60%, attributed to strong performance from exclusive games [11]. - Value-added services revenue reached 2.84 billion RMB, an 11% increase, while revenue from IP derivatives and other businesses declined by 15% to 440 million RMB [13]. User Engagement and Monetization - Approximately 2 million content creators (UP主) earned income on the platform in the first half of 2025, with an average income growth of 20% year-on-year [14]. - Monthly paying users reached 31.8 million, a 10% increase year-on-year, indicating a growing willingness among users to pay for quality content [19]. - Bilibili's offline events attracted over 400,000 participants, a 60% increase from the previous year, showcasing the platform's growing influence among the "Z+ generation" [14]. Future Outlook - The company plans to focus on enhancing user-generated content (PUGV) and has several games awaiting approval for release [19]. - Bilibili's chairman expressed confidence in leveraging AI to create videos that retain the unique flavor of UP主 content, indicating a strategic direction towards integrating technology with creative content [19].

Group 1 - The recruitment for the first online public test of "Blue Star Origin: Travel Song" by Manju Network has begun, with a limited number of 1500 slots available on Bilibili, and the test will be conducted on PC only [1] - The game is positioned as an open-world 2D RPG, which may attract core players and potentially strengthen investor confidence in the 2D sector's development capabilities [1] - If the feedback is positive, it could encourage similar companies to enhance their open-world and cross-platform strategies, leading to a focus on innovation in the 2D category [1] Group 2 - The Pokémon Company has scheduled a new Pokémon presentation for July 22, 2023, with the latest game "Pokémon Legends: Z-A" set to release on October 16, 2023 [2] - There are market speculations about a new generation of Pokémon games being exclusive to the upcoming Nintendo Switch 2, which could boost market expectations for the next-gen console [2] - The ongoing iteration of top IPs like Pokémon may intensify content competition and drive smaller developers to pursue differentiated strategies [2] Group 3 - Microsoft's "COD: Black Ops 7" will debut at the Cologne Game Show, marking the first time two Black Ops-themed games are released consecutively [3] - This strategy indicates a shift towards a more intensive IP development approach, which may enhance Xbox's content ecosystem and increase market expectations for user growth in Microsoft's gaming subscription services [3] Group 4 - The total revenue of Shanghai's gaming industry for the first half of 2025 reached 83.283 billion yuan, reflecting a year-on-year growth of 10.80% [4] - Both domestic and overseas sales revenues for Shanghai's online games have shown growth, with the esports sector generating 3.254 billion yuan, up 6.91% [4] - The report highlights the continuous innovation and global expansion of Shanghai's gaming companies, which may boost investor confidence, particularly in leading firms with strong R&D and overseas operational capabilities [4]

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].

Core Viewpoint - Bilibili has successfully transitioned to profitability after 15 years of losses, demonstrating stable earnings with significant growth in revenue and profit margins in the first quarter of 2025 [1][6]. Financial Performance - Bilibili reported a net revenue of 70.03 billion yuan in Q1 2025, a year-on-year increase of 24% [1] - Gross profit reached 25.39 billion yuan, up 58% year-on-year, with a gross margin of 36.3%, an increase of 8 percentage points [1] - Adjusted net profit for the quarter was 3.62 billion yuan, marking the third consecutive quarter of positive adjusted net profit [1] Revenue Sources - Bilibili's revenue is derived from four main areas: value-added services, advertising, mobile games, and IP derivatives [1] - Advertising revenue was 19.98 billion yuan, a 20% year-on-year increase, driven by strong growth in performance-based advertising, particularly in AI-related ads [2] - Mobile gaming revenue reached 17.31 billion yuan, a 76% increase year-on-year, largely due to the success of the exclusive game "Three Kingdoms: Strategy of the World" [2] - Value-added services generated 28.07 billion yuan, an 11% increase year-on-year, primarily from live streaming and other services [2] - IP derivatives and other revenue decreased by 4% to 4.67 billion yuan [2] User Growth and Engagement - Daily active users reached 106.7 million, an increase of approximately 4.3 million year-on-year, while monthly active users totaled 368 million, with a net increase of 28 million [3] - The average age of Bilibili users is now 26, indicating a shift towards a more engaged and financially capable user base [3] - Users spend an average of 108 minutes daily on the platform, with the number of paying users reaching a historical high of 32 million [3] Strategic Initiatives - Bilibili has been focusing on cost reduction and efficiency improvements, leveraging AI technology to enhance commercial conversion rates [3] - The company upgraded its fan charging plan, resulting in a 200% year-on-year increase in related revenue [4] - Bilibili aims to gradually increase its gross margin to 40%-45% and maintain a long-term operating profit margin target of 15%-20% [4] Future Outlook - Bilibili's CEO expressed confidence in the company's ability to sustain profitability and adapt to the evolving AI landscape, emphasizing the potential for diversified monetization of high-quality content [5][6] - The company recognizes the importance of long-term operations for its gaming projects, particularly "Three Kingdoms: Strategy of the World," which is expected to have a stable commercial cycle of at least five years [4]