机构：中泰证券 研究员：康雅雯/晏诗雨 一、哔哩哔哩：国内IP 生态平台，内容与社区运营双轮驱动。哔哩哔哩（bilibili，B 站）作为中国领先 的视频社区，凭借其独特的运营模式，已成为IP 衍生品领域的重要参与者。截至2024 年末，公司累计 运营包括国创、漫画等在内的近200 个自有及授权IP。自2020 年推出官方衍生品品牌以来，公司依托其 高粘性社区与内容生态优势，结合"会员购"电商渠道，逐步构建起"IP 孵化与内容赋能"为核心的衍生品 开发模式，并布局手办、萌盒等细分品牌，持续推动IP 商业价值提升与跨界"破圈"。 二、业务看点：AI 营销赋能，广告量价齐升，游戏锦上添花。 （1）AI：花生AI 助力内容生产，优化投放助推eCPM。AI 一方面通过AIGC 助力内容生产提质增效进 而提升流量（DAU 和人均VV）。2025 年4 季度，B 站测试的AIGC 工具"花生"正式上线，定位为视频 创作工具。AI 不仅降低了专业创作的门槛，让非专业人士也能参与到内容创作中来，而且极大地丰富 了内容供给的多样性和创新性。另一方面通过精准投放撬动eCPM 提升。2025 年，B 站商业化迎来升 级，Insig ...

Core Insights - Bilibili (B站) has evolved from a niche platform to a comprehensive content platform with over 300 million monthly active users, showcasing a notable commercial monetization strategy [1] Revenue Structure - Bilibili's revenue is diversified across four main pillars: gaming (28%), advertising (26%), value-added services (24%), and e-commerce (22%), effectively reducing risks associated with reliance on a single business line [1] Gaming Business - The company has transitioned to a "self-developed + co-publishing" model, moving away from solely relying on exclusive game licensing. Successful self-developed titles include "Slude" and "Yiluxier: Star Dawn" [3] - Collaborations with over 100 game developers have led to a portfolio of over 800 mobile games, utilizing a revenue-sharing model [3] Advertising Innovations - Bilibili has introduced innovative advertising formats such as bullet screen ads and interactive voting ads, which differ from traditional advertising methods. The Story-Mode vertical video format has contributed to a 36% year-on-year increase in advertising revenue for Q2 2023 [3] - Brand collaborations with content creators (UP主) through blue chain ads have shown a 47% higher conversion rate compared to traditional ads [3] Value-Added Services - As of June 2023, Bilibili's premium membership has surpassed 21 million, reflecting a 29% year-on-year growth. The platform has introduced tiered subscription services like "Classroom Membership" and "Comic Membership" [3] - The live streaming segment has maintained over 20% growth in value-added service revenue for eight consecutive quarters, driven by virtual gifts and paid live rooms [3] - The "Workshop" feature allows creators to sell digital works, with a 30% platform commission, attracting over 100,000 artists in its first year and achieving a maximum sale price of 120,000 yuan for a single piece [3] E-commerce Strategy - Bilibili's e-commerce approach integrates content consumption with shopping, featuring member purchases, UP主 stores, and offline events, enhancing the synergy between e-commerce and content [4] - The member purchase program, focusing on ACG merchandise, has seen limited pre-sales sell out rapidly due to collaborations with over 200 copyright holders [4] User Demographics and Brand Engagement - The platform's "breaking the circle" strategy has expanded its user base, with users aged 30 and above increasing from 15% in 2020 to 28% in 2023, enhancing brand advertising premium capabilities [4] - Traditional industry clients, such as educational institutions and automotive brands, have increased their advertising spending on Bilibili by over 200% in the past two years [4] Community Culture and Commercialization - Bilibili maintains a unique community culture by limiting traditional ads, adhering to the "content is advertising" philosophy, and implementing creator incentive programs and algorithmic recommendations [4] - The company's commercialization journey is likened to a marathon rather than a sprint, emphasizing a sustainable "content-user-business" cycle that offers a new reference model for internet community platforms [4]