Core Insights - The Double 11 shopping festival has officially started, with Bilibili (B站) playing a significant role in driving e-commerce growth through innovative marketing strategies and enhanced product capabilities [1][3] - Bilibili's daily active users have reached 109 million, with an average usage time of 105 minutes, indicating strong engagement, particularly among the younger demographic [1] - The platform has established deeper data integration with Alibaba and JD.com, allowing brands and merchants to optimize their advertising strategies and improve conversion rates [3] Group 1 - Bilibili has introduced a new solution called "Huafei IP" for the Double 11 event, which includes significant resources such as exposure venues and pre-campaign insights [3] - The "Huahuo" platform will enhance the supply of high-value content creators (UP主), providing merchants with more options for collaboration [3] - The focus on categories with longer decision-making cycles, such as 3C digital products and home appliances, will help brands capture consumer interest ahead of the peak sales period [3] Group 2 - The collaboration with Alibaba and JD.com marks a shift towards deeper operational integration, enabling a seamless transition from "grass planting" (种草) to "harvesting" (种收) for merchants on Bilibili [3] - Continuous optimization of advertising strategies will allow for more precise audience targeting and conversion tracking [3] - Bilibili aims to leverage its growing commercial infrastructure and mature community ecosystem to help brands achieve both sales and reputation growth during this Double 11 [3]

本报讯(记者袁传玺)双11大促正式开启。作为电商重要增量来源的哔哩哔哩(以下简称"B站")，通过大促 种草新玩法、与电商平台更深度的数据打通，及多项产品能力升级，助力品牌和商家抓住双11的"流量 红利"。 作为大促节点商家进行种草带货的重要阵地，目前，B站的日均活跃用户已达到1.09亿，日均使用时长 高达105分钟，有近七成90后(含00后)活跃在B站。此前6.18，B站给全行业带去的平均进店新客率近 60%，是互联网最大的电商新客来源之一。 围绕大促种草两大必投产品"花火"+"起飞"，此次双11，B站推出了种草的最新解决方案"花飞IP"，将联 合阿里、京东，提供包括亿级曝光会场、投前人货洞察等一系列重磅资源。其中，作为UP主内容合作 的"花火"平台，一方面将加码高商业价值UP主供给，给商家带来更多有商业潜力的"新面孔"选择；另 一方面将借由AI技术加持，提供更强的选人能力，优化商家和UP主之间撮合效率。大促期间，尤其针 对3C数码、家居家电等高客单长决策周期的品类，提前种草将有助于抢占用户心智，实现核心期爆 发。 同时，今年双11，B站与阿里、京东达成了更深度的数据打通，为在B站种草的品牌和商家交付核心的 ...

Summary of Bilibili's Q2 2025 Earnings Call Company Overview - **Company**: Bilibili (哔哩哔哩) - **Industry**: Internet and Online Entertainment Key Financial Metrics - **Revenue**: 73.38 billion CNY, a year-on-year increase of 20%, exceeding expectations [2][4] - **Gross Margin**: 36.5%, up by 6.5 percentage points year-on-year [2][5] - **Adjusted Profit**: 5.6 billion CNY, surpassing Bloomberg consensus [2][5] - **Value-Added Services Growth**: 11% year-on-year [2] - **Advertising Growth**: 20% year-on-year and 23% quarter-on-quarter [2][4] - **Mobile Gaming Growth**: 60% year-on-year [2] - **IP Derivative Products**: Decreased by approximately 15% [2] Core Business Segments Advertising Business - **Types of Advertising**: - UP主 products (e.g., 花火, 商单平台) - Brand advertising (e.g., hard ads, non-standard ads) - Performance advertising (e.g., information flow) [6][7] - **Growth Drivers**: - Increased commercialization of advertising, contributing about one-third of growth - User growth and engagement leading to more ad placements - Enhanced precision in advertising algorithms contributing approximately 20% to growth [9][10] Gaming Business - **Key Product**: "三国魔灵天下" is expected to drive significant growth, with plans for expansion into Hong Kong, Macau, Taiwan by the end of 2025 and into Japan and South Korea by 2026 [11] - **Future Titles**: Strategy card game "N Card" is anticipated to contribute to revenue in the future [11] Live Streaming and Value-Added Services - **Revenue Growth**: Expected to maintain double-digit growth, with a 10% year-on-year increase in value-added services [12] - **User Engagement**: 80% of paid members are annual subscribers or auto-renewal users, indicating strong user loyalty [12] Competitive Positioning - **User Engagement**: Bilibili has a unique competitive advantage due to strong user stickiness and high engagement levels, particularly through UP主 and quality content [3] - **Market Resilience**: The company demonstrates strong resilience in user growth and commercial revenue, even amidst a stagnating long-video platform market [3] Future Growth Factors - **Continued User Growth**: Increasing user numbers and engagement will drive advertising revenue and overall business growth [10] - **High-Margin Business Expansion**: A higher proportion of high-margin businesses like gaming and performance advertising will enhance overall profitability [10] - **Optimized Resource Allocation**: Reducing reliance on internal apps and projects will allow for better revenue generation from external projects [10] Historical Context and Stock Performance - **Development Phases**: Bilibili has undergone three major phases, with significant stock performance variations based on user growth and market conditions [13] - **Current Outlook**: The company is recommended as a key investment opportunity, with expectations for improved performance in the coming year [15] Conclusion - Bilibili's latest financial performance exceeds market expectations, driven primarily by advertising and gaming sectors. The company's clear differentiation and strong user engagement position it favorably for future growth, making it a recommended investment opportunity in the mobile internet sector [15]

Group 1 - Bilibili has integrated Alibaba's Tongyi Qianwen 3 and VL models to enhance its data insight capabilities through the InsightAgent [1] - During the 618 shopping festival, the transaction efficiency of the "Huohuo" platform increased by over 5 times [1] - The data insight efficiency of the "Bida" platform improved by more than 3 times [1]