2025 年 7 月 22 日 公司研究 AI 强化广告基建能力，关注储备游戏释放进展 ——哔哩哔哩（BILI.O）2Q25 业绩前瞻 要点 2Q25 业绩前瞻：1）我们预计公司 2Q25 营收为 73.3 亿元人民币（yoy+19.7%）， 分业务来看，预计游戏\VAS\广告\电商四大业务收入分别为 16.1 亿元 （yoy+60%）、28.2 亿元（yoy+10%）、24.2 亿元（yoy+19%）、4.8 亿元（yoy-8%）。 2）我们预计 2Q25 实现毛利润 26.8 亿元，对应毛利率 36.5%；预计实现经调整 净利润 5.5 亿元，对应经调整净利润率 7.5%。 2025 年 7 月 11 日，公司召开投资者日，要点如下： 游戏业务更新：1）碧蓝航线：迎来第八周年庆典，25 年 Q3 将上线 3D 岛屿系 统，提升沉浸感，预计将拉动活跃用户与商业化增长。2）FGO：2024 年收入逆 势增长 31%，创近年新高。25Q3 将上线高营收预期卡池，并举办大型嘉年华。 3）三谋：周年庆 DAU 达到 25 年新高，布局 PC 端与小程序版本；26 年计划上 线 Steam 与网页版，迈向多平台、重度 ...

Group 1: JD Logistics - The company is expected to meet its Q2 performance expectations, with revenue continuing to show double-digit growth and profit increasing in the single digits year-on-year [1] - JD Logistics will provide full-time delivery services for the group's food delivery segment, settling at cost price, which will have limited short-term profit impact but aims for long-term synergy [1] - The target price is set at HKD 18.50, indicating a potential upside of 40.4% from the closing price of HKD 13.18, maintaining a "Buy" rating [1] Group 2: Bilibili - The focus is on enhancing advertising commercialization efficiency and long-term operation of core game IPs [2] - The company aims to strengthen its infrastructure capabilities, leveraging AI to reconstruct recommendation algorithms and improve advertising efficiency across multiple screens and scenarios [2] - The gaming segment is concentrating on long-term operations of core IPs, with new game launches expected to target niche markets and younger demographics [2] Group 3: Battery Industry - In the first half of 2025, China's power battery production and sales were robust, with a total installed capacity of 299.6 GWh, representing a year-on-year increase of 47.3% [4] - Exports of batteries showed a significant year-on-year increase of 56.8%, totaling 127.3 GWh, which accounted for 19.3% of total sales [4] - The overseas market for Chinese battery companies is expanding, with a market share of 43% among the top ten companies, an increase of 7 percentage points year-on-year [5] Group 4: Economic Data - Upcoming economic data releases include the Consumer Price Index (CPI) for June, with expectations of a month-on-month increase of 0.10% and a year-on-year increase of 2.40% [6] - The Industrial Producer Price Index for June is expected to show a year-on-year increase of 0.10% [6] - Retail sales for June are anticipated to decline by 0.90% month-on-month [6]

交银国际研究 消息快报 互联网 2025 年 7 月 14 日 哔哩哔哩 (BILI US) 2025 投资者日：聚焦广告商业化效率提升及核心游戏 IP 长线运营 赵丽, CFA zhao.li@bocomgroup.com (86) 10 8393 5332 谷馨瑜, CPA connie.gu@bocomgroup.com (86) 10 8393 5330 孙梦琪 mengqi.sun@bocomgroup.com (86) 10 8393 5333 蔡涵 hanna.cai@bocomgroup.com (86) 10 8393 5334 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 哔哩哔哩 7 月 11 日举办 2025 年投资者论坛，管理层分享最新业务进展及 未来战略，重申社区定位及优质中长视频内容导向，商业化方面，坚持以 C 端为主+B 端为辅的变现模式，在持续拓展广告天花板的同时，进一步探 索多样化 C 端变现模式。 广告坚持一横一纵战略，深度挖掘 ...