Investment Rating - The report maintains a "Buy" rating for Bilibili, with a target price adjusted to HKD 237 [6][13]. Core Insights - Bilibili is positioned as a leading online video and content community platform in China, focusing on enriching the daily lives of the younger generation. The company has shown significant user growth and accelerated commercialization, with a notable operating leverage [3][10]. Financial Summary - Total revenue is projected to grow from RMB 22,528 million in 2023 to RMB 36,484 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.2% [5]. - Adjusted net profit is expected to turn from a loss of RMB 3,425 million in 2023 to a profit of RMB 4,210 million by 2027, indicating a substantial recovery and growth trajectory [5]. - The adjusted net profit margin is anticipated to improve from -15.2% in 2023 to 11.5% in 2027 [5]. User Growth and Engagement - As of Q1 2025, Bilibili has 368 million monthly active users (MAU) and 107 million daily active users (DAU), with an average daily usage time of 108 minutes [10][17]. - The platform has a strong user base among the Z+ generation, with 70% of this demographic being Bilibili users [10][27]. Community and Content Ecosystem - Bilibili's user engagement is driven by a high level of interaction, with a monthly average of 16.7 billion interactions and a stable growth in paid memberships, reaching 26.4 million by Q1 2025 [40][41]. - The platform's content is primarily user-generated (PUGV), which constitutes 95% of the viewing volume, showcasing a vibrant creator ecosystem [30][38]. Commercialization and Revenue Streams - The report highlights the acceleration of Bilibili's commercialization efforts, with significant growth in gaming, value-added services, advertising, and IP derivatives [10][19]. - The advertising revenue has shown a 30% year-on-year increase, with over 35% more advertisers on the platform compared to the previous year [10][19]. Management and Corporate Structure - Bilibili's management team holds over 70% voting rights, ensuring strong control over corporate decisions. Key figures include Chairman and CEO Chen Rui, who has over 20 years of experience in the internet and technology sectors [22][24]. - The company has established strategic partnerships with major players like Tencent and Alibaba, enhancing its content and operational capabilities [22][24].

Group 1 - The article highlights the issue of automatic renewal subscriptions, where consumers unknowingly fall into a cycle of recurring payments without clear notifications or consent [3][4][5] - JD.com has been criticized for changing the automatic renewal fees over the years without prior notice, leading to a total deduction of 595 RMB from a consumer's account over five years [3][4] - Many apps, including video streaming platforms, have been reported for similar practices, with a significant number of complaints related to automatic renewals found on consumer complaint platforms [4][5] Group 2 - The Ministry of Industry and Information Technology has issued regulations requiring apps to obtain user consent for automatic renewals and to provide significant reminders five days prior to renewal [5] - The new Consumer Rights Protection Law, effective July 2024, mandates that service providers must clearly inform consumers about automatic renewals before they accept the service [5] - Consumers are advised to carefully read terms and conditions when subscribing to services and to keep evidence in case they encounter issues with automatic renewals [5][6]

目前，芒果TV老会员的权益不变。2025年3月25日前已购买连续包月/ 季 / 年的芒果 TV 会员(不含芒果 TV SVIP、芒果TV全屏会员)，保持续订状态可持续享有4台设备登录和2台设备同时使用的权益。在 2025年3月24日24:00 前购买的非连续包月 / 季 / 年的芒果 TV 会员订单，仍然享有4台设备登录和2台设 备同时使用的权益。 又一视频平台下调了会员权益。 芒果TV下调新会员权益，同时使用设备数由2台降 为1台 3月26日，界面新闻发现，芒果TV调整了会员可同时使用设备数，3月25日后新订阅的芒果 TV会员，同 时使用设备数量由原来的2台改为1台。 通知显示，此次芒果TV就同时可使用设备数划分为老会员、新会员和亲密会员三个层面。 其中，针对新会员的权益，通知显示，自2025年3月25日0:00起，新订阅的芒果TV会员可享4台设备登 录和1台设备使用的权益；芒果TV亲密会员子账号，可享1台设备登录和1台设备使用的权益。 图片来源：视觉中国 芒果TV称表示，亲密会员旨在满足会员与亲朋共享账户的需求，提供一站式的娱乐体验。每个亲密会 员主账号可为子账号(亲密账号)开通VIP权益。主账号与子账号 ...