Investment Rating - The report maintains a "Buy" rating for Bilibili-W (09626) [8] Core Insights - Bilibili achieved a revenue of 7.34 billion yuan in Q2 2025, representing a year-on-year growth of 20%, slightly exceeding Bloomberg consensus expectations [2] - The adjusted net profit attributable to shareholders was 560 million yuan, with a profit margin of 7.7%, marking a turnaround from losses in the previous year and surpassing Bloomberg consensus by 8% [2] - User growth remains strong, with a monthly active user (MAU) count of 363 million, up 8% year-on-year, and daily active users (DAU) at 109 million, up 7% [8] - Advertising revenue in Q2 2025 reached 2.45 billion yuan, also up 20% year-on-year, with expectations for continued strong growth in the second half of the year [8] - The gaming segment reported revenue of 1.61 billion yuan, a significant increase of 60% year-on-year, driven by new game releases [8] - The value-added services segment generated 2.84 billion yuan in revenue, an 11% increase year-on-year, with a notable rise in membership subscriptions [8] - The gross margin for Q2 2025 was 36.5%, with a continuous improvement trend over the past 12 quarters [8] - The report projects adjusted net profits for 2025, 2026, and 2027 to be 2.45 billion, 3.28 billion, and 4.19 billion yuan respectively, reflecting an upward revision from previous forecasts [8] Financial Data and Profit Forecast - Revenue projections for Bilibili are as follows: - 2023: 22.53 billion yuan - 2024: 26.83 billion yuan - 2025E: 29.97 billion yuan - 2026E: 32.90 billion yuan - 2027E: 35.46 billion yuan [4] - The adjusted net profit forecast is as follows: - 2023: -3.43 billion yuan - 2024: -0.02 billion yuan - 2025E: 2.45 billion yuan - 2026E: 3.28 billion yuan - 2027E: 4.19 billion yuan [4] - Earnings per share (EPS) projections are: - 2023: -8.29 yuan - 2024: -0.05 yuan - 2025E: 5.83 yuan - 2026E: 7.80 yuan - 2027E: 9.96 yuan [4]

Group 1 - The company expects revenue growth in the first half of 2025, primarily due to the strengthening brand effect of its postpartum care business and a diverse service product strategy that meets various customer needs [1] - The company anticipates a shift from net loss in 2024 to net profit in the reporting period, driven by increased revenue leading to higher gross profit and a positive change in the fair value of financial instruments issued to investors [1]

Core Insights - The company reported a revenue of 2.864 billion yuan for 2024, representing a year-on-year growth of 17% and a net profit of 122 million yuan, which is a slight increase of 1.24% compared to the previous year [2][5][6] Financial Performance - Revenue for 2024 was 2.864 billion yuan, up from 2.448 billion yuan in 2023, marking a 17% increase [3] - Net profit attributable to shareholders was 121.6 million yuan, a marginal increase from 120.1 million yuan in 2023, reflecting a growth of 1.24% [3][5] - The company’s cash flow from operating activities was 122.4 million yuan, down 42.36% from 212.3 million yuan in the previous year [3][11] - The gross profit margin for 2024 was 11.78%, a decrease of 3.36% year-on-year, while the net profit margin was 4.65%, down 12.29% [10] Business Segmentation - The company’s revenue is primarily derived from three segments: comprehensive property management services, government services, and value-added services [8] - In 2024, the comprehensive property management services segment generated 2.364 billion yuan, an 18.3% increase; government services brought in 286 million yuan, up 13.18%; and value-added services contributed 212 million yuan, a growth of 10.55% [8] Market Position and Competition - The company has maintained a record of "increasing revenue and profit" for five consecutive years since its listing in 2020, with revenue growth rates of 24.4%, 52.54%, 18.6%, 22.04%, and 17% from 2020 to 2024 [6] - The property management industry is experiencing intensified competition, particularly as residential projects enter a saturation phase, prompting companies to shift focus to non-residential sectors [8] Strategic Developments - The company secured significant contracts with major clients such as Huawei and Alibaba, including projects for facility operation services and property management [10] - The acquisition of a 51% stake in Chengdu Jiazi Ronghui Commercial Operation Management Co., Ltd. enhances the company's market position in the southwest region [10]