公开算法运行规则，推进透明展示工作，保障用户知情权。 抖音通过开设安全与信任中心网站、举办开放日活动等方式，向公众阐释推荐逻辑、干预机制及治理成效。 微博提升热搜算法透明度，公示上榜规则、数据规则，上线热搜热度标签，标示热度背后的推动因素。 微信视频号通过通俗易懂的图文、视频方式向用户发布《一图读懂微信视频号算法推荐》《算法破茧系列》。 创新推出茧房评估、一键破茧等功能，帮助用户防范"信息茧房"风险。 抖音全面升级使用管理助手，创新内容偏好评估功能，以可视化形式呈现用户近期浏览内容。 小红书设置内容偏好评估与调节、探索更多功能，方便用户一键操作，浏览更多元丰富的推荐内容。 快手依托正能量算法加强对正向/有用/温暖/信任等内容的挖掘，在算法推荐中充分呈现。 不断健全推荐内容审核机制，加强正能量内容推送，防范算法推荐低俗不良信息。 微信视频号完善好友推荐和算法推荐双重机制，不断迭代升级识别打击模型，严禁低俗恶俗等典型不良信息进入推荐池。 抖音创新推出当事人核实机制，防止摆拍造假、仿冒蹭热度、拼凑剪辑等恶意传播行为。 持续优化兴趣偏好管理、内容负反馈等功能设置，便于用户自主调节算法推荐内容。 快手为用户提供便捷、精 ...

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]

高盛指出，哔哩哔哩第三财季业绩以及非交易路演(NDR)中管理层的评论进一步证实了该行对该公司的 投资逻辑依然不变。哔哩哔哩正在维持一个高品质的内容社区，拥有强大的用户参与度，并透过更高的 广告转换率和人工智能(AI)技术实现流量变现，同时其新游戏专案在2026年之前也蕴藏着巨大的游戏增 长潜力。高盛将哔哩哔哩2025-2027年的收入预期上调0%-1%，反映广告和其他收入超出预期的情况;并 将2025年的非GAAP净利润预期上调5%。 高盛发布研报称，将哔哩哔哩-W(09626,BILI.US)目标价由234港元，调高2.6%至240港元，由30美元， 调高2.7%至30.8美元，维持"买入"的投资评级。 ...

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].

哔哩哔哩(BILI.US)盘前涨超3.3%，报26.75美元。消息面上，哔哩哔哩第三季度营收为76.9亿元，同比 增长5%；经调整净利润为7.86亿元，同比增长233%。期内广告收入为25.7亿元，同比增长23%。此外， 多项核心用户指标创新高，DAU同比增长9%至1.17亿，月活跃用户增长8%至3.76亿，月付费用户增长 17%至3500万。 业绩公布后，大摩、花旗、里昂、中金等多家大行上调对哔哩哔哩的目标价。大摩将美股目标价由23美 元上调至25美元，将2025年盈利预测上调14%，并将2025至26年每股盈利预测上调2%。花旗将其美股 目标价由25美元上调至27美元，2025至27年各年盈测分别上调7%、9%及9%，以反映利润率趋势好过预 期。里昂将其美股目标价由25.5美元上调至29.1美元，维持"跑赢大市"评级。(格隆汇) ...

Summary of Bilibili's Q3 2025 Earnings Call Company Overview - **Company**: Bilibili (哔哩哔哩) - **Quarter**: Q3 2025 Key Financial Metrics - Total net revenue increased by 5% year-over-year to **77 billion RMB** [2][10] - Gross profit rose by 11%, with a gross margin expanding to **36.7%** [2][10] - Non-GAAP operating profit and net profit surged by **153%** and **233%** respectively [2][4] - Operating profit margin reached **9%**, and net profit margin was **10.2%** [2][4][11] - Free cash flow exceeded **1 billion RMB** [4][23] User Growth and Engagement - Daily active users (DAU) grew by **9%** year-over-year to **117 million**; monthly active users (MAU) increased by **8%** to **376 million** [3][12] - Average daily usage time per user reached **112 minutes**, an increase of **6 minutes** year-over-year [3][12] - Monthly paying users (MPU) reached a record **35 million**, up **17%** year-over-year [2][4][13] Revenue Breakdown - **Advertising revenue** grew by **23%** to **26 billion RMB** [2][4][8] - **Game revenue** declined by **17%** to **15 billion RMB**, primarily due to a high base from the previous year [2][6] - **Value-added services revenue** increased by **7%** to **30 billion RMB** [2][9] Advertising Business Insights - Over **50%** of performance ad materials were supported by AIGC tools, enhancing ad effectiveness [2][8] - The company is focusing on key customer service strategies and expanding ad penetration in various community scenarios [19] Content Ecosystem Highlights - Long-form video content (over 5 minutes) viewing time increased by **20%** [5] - The number of registered members reached **278 million**, with a retention rate of approximately **80%** [5] - AI-related content viewing time grew by nearly **50%**, with AI ad revenue increasing by about **90%** [5] Game Business Performance - The self-developed game "Escape from Tarkov" sold over **3 million copies** globally [6][15] - Plans to launch a traditional Chinese version and more international versions in 2026 [6][15] Future Development Focus - Key areas include empowering the PUGV community, enhancing commercialization capabilities, and exploring innovative gaming and AI-driven solutions [7][17] - The company aims to maintain profitability while expanding core business operations [7] AI Applications and Innovations - Monthly uploads of AI-related videos increased by over **80%** [22] - AIGC content accounted for over **55%** of total creative content [22] - Plans to develop multilingual accessibility features and video podcast tools [22] Financial Outlook - Expected gross margin to reach **37%** in Q4 2025 [4][23] - The company has initiated a stock buyback plan, having repurchased over **1 billion USD** worth of shares [4][23] This summary encapsulates the key points from Bilibili's Q3 2025 earnings call, highlighting financial performance, user engagement, advertising growth, and future strategies.

Core Viewpoint - Bilibili's Q3 performance shows significant improvement with revenue of 76.9 billion RMB, a 5% year-on-year increase, and a net profit of 4.69 billion RMB, marking a return to profitability [1][3][4] Financial Performance - Total revenue reached 76.9 billion RMB (10.8 billion USD), exceeding market expectations of 76.54 billion RMB, with advertising revenue growing by 23% to 25.7 billion RMB (3.61 billion USD) [4][10] - Adjusted net profit surged by 233% year-on-year to 7.86 billion RMB (1.105 billion USD), with an adjusted net profit margin of 10.2%, up from 3.2% in the previous year [8][11] - Gross profit was 28.2 billion RMB (3.958 billion USD), reflecting an 11% increase, and the gross margin improved to 36.7% from 34.9% year-on-year [4][11] User Engagement - Daily active users (DAU) reached 117.3 million, a 9% increase year-on-year, while average daily usage time increased to 112 minutes, up by 6 minutes [9][10] - Monthly active users (MAU) stood at 376 million, with a 17% increase in monthly paying users, totaling 35 million [9][10] Revenue Structure - Revenue sources include value-added services (39%), advertising (33%), gaming (20%), and IP derivatives and others (8%) [10] - The gaming segment saw a 17% decline in revenue to 15.1 billion RMB, attributed to high performance in the previous year due to the launch of "Three Kingdoms: Strategy" [10][11] Profitability Improvement - The significant improvement in profitability is attributed to a rise in gross margin and a decrease in operating expenses, with operating costs only increasing by 2% [11] - Operating expenses decreased by 6% year-on-year, with sales expenses dropping by 13% due to reduced gaming promotions [11] Advertising Business - The advertising segment remains a key growth driver, with the fastest growth observed in sectors such as gaming, digital appliances, e-commerce, and automotive [10][16] - The company anticipates continued growth in advertising revenue, supported by a strong user base and effective ad placements [16][17] AI and Future Outlook - AI-related content creation is on the rise, with a 83% year-on-year increase in daily submissions related to AI [19] - The company plans to leverage AI to enhance content creation and improve operational efficiency, indicating a strong focus on integrating AI solutions in future strategies [20]

"第三季度，我们保持了强劲的增长势头，社区与财务表现同步显著提升。"哔哩哔哩董事长兼首席执行 官陈睿先生表示。"第三季度，我们各项核心用户指标均创历史新高。日活用户同比增长9%至1.17亿， 月活用户同比增长8%至3.76亿，月付费用户亦同比增长17%至3500万。本季度，用户的日均使用时长为 112分钟，同比增加6分钟，亦创历史新高。用户数量的稳健增长和用户参与度的持续提升，源自于我们 十多年来对优质内容和独特社区体验的坚持。随着我们与用户共同成长，这些高度活跃的用户正加速转 化为商业价值。我们将继续在用户与商业生态中强化这种良性循环，让充满活力的社区直接推动业务增 长，并为所有利益相关方创造长期价值。" 哔哩哔哩首席财务官樊欣先生表示："一年前，哔哩哔哩实现了非公认会计准则下的扭亏为盈。以此为 新征程的起点，2025年我们的业务规模持续增长，财务表现显著改善。第三季度净营业额总额同比增长 5%至人民币76.9亿元，其中广告营业额同比增长23%。毛利润同比增长11%，毛利率增至36.7%，实现 连续13个季度环比提升。得益于经营效率的提升和成本的有效管控，第三季度我们的非公认会计准则净 利润同比大增233% ...