Core Insights - Bilibili-W (09626) shares rose over 3% following the release of its Q1 2025 unaudited financial results, with a current price of 144.4 HKD and a trading volume of 75.0074 million HKD [1] Financial Performance - The total net revenue for Q1 2025 reached RMB 7.003 billion (USD 965 million), representing a year-on-year increase of 24% [1] - Gross profit amounted to RMB 2.539 billion (USD 350 million), up 58% year-on-year, with a gross margin of 36.3%, an increase from 28.3% in the same period of 2024 [1] - The net loss narrowed to RMB 10.7 million (USD 1.5 million), a 99% reduction year-on-year, while adjusted net profit was RMB 362 million (USD 49.8 million), marking a turnaround from loss to profit [1] - Operating cash flow was RMB 1.302 billion (USD 179 million), compared to RMB 638 million in the same period of 2024 [1] - Daily active users (DAUs) reached 106.7 million, an increase from 102.4 million in 2024 [1] Revenue Breakdown - Value-added services revenue was RMB 2.807 billion (USD 387 million), an 11% increase year-on-year, driven by growth in live streaming and other value-added services [2] - Advertising revenue reached RMB 1.998 billion (USD 275 million), up 20% year-on-year, primarily due to strong growth in performance-based advertising [2] - Mobile gaming revenue was RMB 1.731 billion (USD 239 million), a significant increase of 76% year-on-year, attributed to the strong performance of the exclusive licensed game "Three Kingdoms: Strategize the World" [2]