哔哩哔哩 20251212 摘要 B 站股价虽较历史高点大幅下跌，但近一年已反弹约 20%-25%，并在 特定时期内实现翻倍增长，显示出较强的价值重估潜力。基本面角度看， B 站仍是优质互联网标的。 B 站收入从 2018 年的 41 亿元增长至 2024 年的 270 亿元，预计今年 达 300 亿元。2025 年上半年收入同比增长 22%。二季度毛利率达 36.5%，同比提升 6.5 个百分点，并连续 12 个季度环比提升，实现单 季度经调整净利润 5.6 亿元。 B 站第三季度收入同比增长 5%至 77 亿元，经调整净利润同比大增 233%至 7.86 亿元，净利润率达 10.2%。收入分成成本占比下降，带 宽和人工成本占比稳定，AI 相关投入增加。 会员充值和直播打赏是 B 站稳定基本盘，占总收入约 40%，两年年增速 约 10%。第三季度月均付费用户数同比增长 17%，直播业务毛利率提 升至 25%。 广告业务是 B 站未来增长关键驱动力，占总收入 31%。二、三季度广告 收入分别同比增长 20%和 23%。AI 赋能提升算法效率，快消等品类投 放趋势快速增长。 Q&A 哔哩哔哩（B 站）作为中长线 ...

Summary of Bilibili's Conference Call Company Overview - The conference call focuses on Bilibili's gaming business, which has evolved through four distinct phases from reliance on agency games to self-developed titles and optimization strategies, culminating in record revenue from "Three Kingdoms: Strategy" [2][3]. Key Points and Arguments Gaming Business Evolution - Bilibili's gaming business has transitioned through four phases: 1. **2016-2019**: Rapid revenue growth through agency games like "FGO" and "Azur Lane," with revenue increasing from less than 500 million to 3.5 billion, accounting for over 80% of total revenue by 2019 [3]. 2. **2019-2021**: Shift towards self-development, investing in nearly 20 game companies, but faced challenges with unsuccessful projects [3]. 3. **2022-2023**: Major optimization phase, including leadership changes and strategic adjustments [3]. 4. **2024-Present**: Achieved record revenue of 5.6 billion from "Three Kingdoms: Strategy," a 40% year-on-year increase [2][3]. Future Product Expectations - Upcoming key products include "Three Kingdoms: Card" (testing on October 30) and the successful single-player game "Escape from Yakov," which sold 500,000 copies in four days, with potential sales reaching 1-2 million [2][6][8]. Revenue Projections - "Three Kingdoms: Card" is expected to generate annual revenue between 1-3 billion, with a central estimate of around 2 billion. If successful, Bilibili's gaming revenue could reach 7.3 billion in 2026, a 14% increase year-on-year [4][13]. Strategic Changes - Key strategic changes include: 1. Focusing on creative leadership and exclusive agency rather than deep self-development [5]. 2. Expanding game categories to include SLG, card games, and independent titles [5]. 3. Emphasizing small team productions for efficiency [5]. 4. Utilizing platform value for effective marketing through community engagement [5]. Market Positioning - Bilibili aims to differentiate "Three Kingdoms: Card" from competitors like Giant Network by targeting a broader user base with lower user acquisition costs and a focus on younger audiences [12][13]. Financial Outlook - The financial outlook suggests that if "Three Kingdoms: Card" performs well, Bilibili's gaming revenue could significantly boost overall company performance, with potential net profits reaching 3.5 billion to 3.8 billion by 2026 [4][14]. Investment Potential - Based on projections, Bilibili's target market value could reach 123.6 billion to 150 billion RMB, indicating a potential stock price increase of 40% to 78% from current levels [14]. Additional Important Insights - "Escape from Yakov" is designed as a single-player PVE game with a unique top-down perspective, making it more accessible to players who may struggle with traditional first-person gameplay [8][9]. - The game has significant growth potential if it can expand into online and mobile formats, which would require additional resources and support from Bilibili [9]. - The competitive landscape for "Three Kingdoms: Card" is shaped by the existing popularity of "Three Kingdoms Kill," which has a substantial market presence [11][12]. This comprehensive analysis highlights Bilibili's strategic shifts, product expectations, and financial projections, indicating a positive outlook for the company's gaming business and overall market position.