Core Viewpoint - Bilibili is intensifying its governance of online content by launching a special campaign against "AI-modified" videos to address dissemination issues and foster a harmonious community atmosphere [1] Group 1: Governance Actions - The company is enhancing its inspection and review efforts since January 1, identifying cases of misuse of AI tools that disrupt classic films and animations, leading to significant deviations from the original works' core spirit [1] - Over 700 pieces of content violating "AI-modified" regulations have been intercepted and dealt with strictly, in accordance with national laws and community guidelines [1] Group 2: Types of Violations - There are serious violations that contradict the original spirit and character portrayal, undermining basic understanding and deconstructing common consensus [3] - Content that glorifies violence, promotes lowbrow curiosity, and advocates erroneous values, violating public morals, has been identified [6] - Notable issues include the appropriation and alteration of Chinese culture [9] - Various types of cult animations generated through modification have been flagged as problematic [11] Group 3: Community Engagement - The company encourages users to actively report illegal and irregular information on the platform, promoting a safer, more orderly, and high-quality online audiovisual environment [11]

| 图源：b站 | | --- | 截图 不仅如此，"致敬"还出现在那些脑洞大开的创意视频里、普通人步履不停的追梦故事里、陌生人互帮互 助的暖心片段里……大家为善良点赞，为勇气喝彩，为坚守动容，每当美好发生，不凡闪现，"致敬"便 如约而至。 12月27日，哔哩哔哩官宣了2025年度弹幕——"致敬"。据称，在过去的一年里，这两个字在屏幕上跳动 了超过2282万次，由459万名用户共同写就，而这些人里，有80%是被贴上"爱玩梗"标签的"00后"。这 也引发人们好奇，究竟在致敬些什么？看似简单的刷屏背后，又涌动着怎样的公共心绪？ 答案，或许就藏在那些直抵人心的画面里。 当镜头默默记录志愿者受老兵之托，细心擦拭无名烈士陵园的墓碑，满屏的"致敬"是虚拟空间里的静默 缅怀；当AI技术为99岁老兵复原出失散八十载战友的面容，满屏的"致敬"是对英雄无悔青春的崇高礼 赞；当创作者为六分钟作品倾注两周心血，报废上千条素材反复打磨，满屏的"致敬"是对极致匠心最直 接、最热烈的告白。 从"yyds"（永远的神）到"破防了"，从"绝绝子"到今天的"致敬"，一代代年轻人的文化表达无疑是多元 而流动的，明天大家可能又会创造出新的流行语。但 ...

【#B站声明陈震账号仍在封禁期内#】#B站萝卜陈震同学未解禁#12月22日，哔哩哔哩社区小管家发布 《哔哩哔哩关于 萝卜陈震同学 账号封禁的说明》：依法纳税是每个纳税人应尽的责任和义务，哔哩哔 哩切实履行主体责任，坚决维护公平税收秩序，根据《网络安全法》《网络信息内容生态治理规定》等 法律法规和《平台社区公约》等规范制度，对账号 萝卜陈震同学（UID483708283） 进行封禁处置，该 账号目前仍在封禁期内。 社区氛围的维护离不开大家的共同协作，哔哩哔哩将持续完善账号工作管理 机制，积极推动网络名人账号发挥正向引领作用。同时，欢迎广大网民通过站内举报渠道对违规内容进 行反馈，共建积极正向清朗的网络环境。（哔哩哔哩社区小管家） ...

Core Insights - A significant shift in traffic rules is occurring due to the "Clear Action" initiated by the Central Cyberspace Administration of China, leading to collective actions by platforms like Douyin, Xiaohongshu, Weibo, Kuaishou, WeChat Video Account, and Bilibili to enhance algorithm transparency and user empowerment [1][3] Group 1: Algorithm Transparency and User Empowerment - Platforms are enhancing algorithm transparency by publicly disclosing operational rules and promoting user awareness of recommendation logic and intervention mechanisms [3] - Douyin has launched a Safety and Trust Center and organized open days to explain its recommendation logic and governance outcomes [3] - Weibo has improved the transparency of its trending algorithms by publicizing ranking rules and introducing trending heat tags to indicate underlying factors [3] Group 2: Content Recommendation Optimization - WeChat Video Account has introduced user-friendly materials to explain its algorithm recommendations and launched features to help users avoid "information cocoons" [3] - Douyin has upgraded its management assistant and introduced content preference evaluation features to visualize users' recent browsing activities [3] - Xiaohongshu has implemented content preference evaluation and adjustment features to facilitate user access to diverse recommended content [3] Group 3: Positive Content Promotion and Risk Mitigation - Kuaishou is leveraging positive algorithms to enhance the discovery of uplifting and trustworthy content, ensuring that such content is prominently featured in recommendations [3] - WeChat Video Account has developed a dual mechanism for friend recommendations and algorithm recommendations to continuously improve its identification and suppression models for inappropriate content [3] - Douyin has introduced a verification mechanism to prevent malicious behaviors such as staged content and misleading edits [3] Group 4: User Control and Feedback Mechanisms - Platforms are continuously optimizing features for interest preference management and content feedback to allow users to adjust algorithmic recommendations [3] - Kuaishou provides users with detailed interest preference management tools, enabling them to adjust the intensity of content recommendations based on personal preferences [3] - Weibo has introduced various negative feedback options for users to express disinterest, ensuring a more precise response to user needs [3] Group 5: Future Trends in Internet Traffic - By 2025, the internet platform traffic competition is expected to evolve into a more intricate phase, characterized by accelerated rule iterations, diversified user mindsets, and technological disruptions [3]

近日，在中宣部文艺局公布的"优秀微短剧创作扶持计划"作品名单中， 由哔哩哔哩（以下简称B站）出品并全网独播的短剧《人生冷场没关系》入选 。 该剧主要以Vlog形式，讲述了一个失意UP主和两位好友共同成长，通过脚踏实地的努力，最终逆风翻盘的故事。此外，2025中国广播电视精品创作大会 期间， B站于10月29日上午在北京会议中心举办"新大众文艺：UGC赋能影视新生态"主题沙龙 ， 来自B站的代表、行业专家及内容创作者齐聚一堂，共 同探讨UGC与影视产业深度融合的路径与前景。 在互联网技术飞速迭代、网络视听产业蓬勃发展的当下，作为年轻人高度聚集的综合性视频社区，B站在影视领域持续发力，以生态为基、内容为核，走 出了一条兼具差异化与高品质的发展道路。从精品剧集的持续输出到特色剧场的创新打造，从PUGV生态的深度赋能到多元题材的不断拓展，从明星与社 区的双向奔赴到影视宣发的模式革新，B站正在以独特的影视生态，成为年青一代心中不可或缺的影视内容聚集地，奋力书写着网络视听产业的新篇章。 走差异化与高品质发展道路 在影视宣发领域，B站成为了行业新标杆，今年暑期档《罗小黑战记2》《长安的荔枝》《浪浪山小妖怪》等影片均选择在B ...

Core Viewpoint - Morgan Stanley's research report indicates that Bilibili's advertising revenue maintained a robust year-on-year growth of 23% in the third quarter, benefiting from an increase in advertising clients and a 30% year-on-year growth during the Double Eleven shopping festival [1] Group 1: Financial Performance - The average daily active users showed a healthy year-on-year growth of 9%, reflecting the attractiveness of the content [1] - The number of paying members increased by 16% year-on-year, driven by high-quality self-produced content [1] - Operating profit margin expanded from 7.8% in the second quarter to 9% in the third quarter [1] Group 2: Valuation and Ratings - The firm maintains a "Neutral" rating, believing that the strong earnings growth outlook is already reflected in the current valuation [1] - The target price for H-shares was raised from 185 HKD to 210 HKD, while the target price for U.S. shares was increased from 24 USD to 27 USD [1]

Core Viewpoint - Goldman Sachs has raised the target price for Bilibili-W (09626, BILI.US) from HKD 234 to HKD 240, an increase of 2.6%, and from USD 30 to USD 30.8, an increase of 2.7%, while maintaining a "Buy" rating [1] Group 1: Company Performance - Bilibili's Q3 performance and management's comments during the non-deal roadshow (NDR) reaffirm Goldman Sachs' investment thesis [1] - The company is maintaining a high-quality content community with strong user engagement [1] Group 2: Revenue and Profit Expectations - Goldman Sachs has adjusted Bilibili's revenue forecasts for 2025-2027 upwards by 0%-1%, reflecting better-than-expected advertising and other revenues [1] - The non-GAAP net profit forecast for 2025 has been increased by 5% [1] Group 3: Growth Potential - Bilibili is leveraging higher advertising conversion rates and AI technology for traffic monetization [1] - The new gaming projects have significant growth potential through 2026 [1]

Core Viewpoint - Goldman Sachs has raised the target price for Bilibili-W (09626, BILI.US) by 2.6% to HKD 240 and by 2.7% to USD 30.8, maintaining a "Buy" investment rating [1] Group 1: Financial Performance - Bilibili's Q3 performance and management comments during the non-deal roadshow (NDR) reaffirm Goldman Sachs' investment thesis [1] - Revenue forecasts for Bilibili from 2025 to 2027 have been increased by 0%-1%, reflecting better-than-expected advertising and other income [1] - The non-GAAP net profit forecast for 2025 has been raised by 5% [1] Group 2: Business Strategy and Growth Potential - Bilibili is maintaining a high-quality content community with strong user engagement [1] - The company is leveraging higher advertising conversion rates and artificial intelligence (AI) technology for traffic monetization [1] - New gaming projects are expected to offer significant growth potential until 2026 [1]

Investment Rating - The report maintains a "Buy" rating for the company [7][41]. Core Insights - The user ecosystem continues to optimize, with profit exceeding expectations. The company achieved a revenue of 7.69 billion RMB in Q3 FY25, representing a year-on-year increase of 5.2%. The gross margin improved to 36.7%, up by 1.8 percentage points year-on-year [11][41]. - The adjusted net profit reached 790 million RMB, a significant year-on-year increase of 233.3%, with an adjusted net profit margin of 10.2%, up by 7.0 percentage points year-on-year [11][41]. - The company has adjusted its revenue forecasts for FY25-27 to 30.07 billion, 32.90 billion, and 35.82 billion RMB, respectively, reflecting a growth of 12.1%, 9.4%, and 8.8% [41]. Financial Summary - Revenue (in million RMB): - 2023: 22,528 - 2024: 26,832 - 2025E: 30,068 - 2026E: 32,904 - 2027E: 35,816 - Adjusted net profit (in million RMB): - 2023: -3,425 - 2024: -22 - 2025E: 2,344 - 2026E: 3,157 - 2027E: 3,972 - Adjusted net profit margin: - 2025E: 7.8% - 2026E: 9.6% - 2027E: 11.1% [5][41]. User Metrics - Daily Active Users (DAU) reached 117 million, up 9% year-on-year - Monthly Active Users (MAU) reached 376 million, up 8% year-on-year - Average daily user engagement time was 112 minutes, an increase of 6% year-on-year - Monthly paying users reached 35 million, up 17% year-on-year [11][41]. Segment Performance - Value-added services revenue was 3.02 billion RMB, up 7.1% year-on-year - Advertising revenue was 2.57 billion RMB, up 22.7% year-on-year - Mobile gaming revenue was 1.51 billion RMB, down 17.1% year-on-year due to high base effects from the previous year [11][41].

Core Insights - Bilibili (BILI.US) shares rose over 3.3% pre-market, trading at $26.75 following the release of its Q3 earnings report [1] - The company's Q3 revenue reached 7.69 billion yuan, representing a year-on-year growth of 5% [1] - Adjusted net profit for the quarter was 786 million yuan, showing a significant year-on-year increase of 233% [1] Revenue Breakdown - Advertising revenue for the period was 2.57 billion yuan, reflecting a year-on-year growth of 23% [1] User Metrics - Key user metrics reached new highs, with Daily Active Users (DAU) increasing by 9% to 117 million [1] - Monthly Active Users (MAU) grew by 8% to 376 million [1] - Monthly paying users rose by 17% to 35 million [1] Analyst Reactions - Major investment banks including Morgan Stanley, Citigroup, and others raised their target prices for Bilibili following the earnings report [1] - Morgan Stanley increased its target price from $23 to $25 and raised its 2025 earnings forecast by 14% [1] - Citigroup adjusted its target price from $25 to $27, with earnings estimates for 2025 to 2027 raised by 7%, 9%, and 9% respectively [1] - Jefferies raised its target price from $25.5 to $29.1 while maintaining an "Outperform" rating [1]