2026年01月06日 证券研究报告 | 从B站/小红书/抖音探讨内容平台的 用户泛化与变现潜力 请务必阅读正文之后的免责声明及其项下所有内容 内容社区与信息分发平台区别与影响：内容分发方式决定平台类型。早期内容供给有限、推荐算法不成熟，内容平台靠人与人的关系辅助内容分发， 稀缺导致创作者话语权高，涌现出B站、小红书、快手等内容社区；字节跳动以推荐算法为中心构建今日头条、抖音等内容产品，内容门槛低、供给足 够充分，平台话语权高。供求关系决定了内容平台的泛化难度和商业化潜力。 社区泛化路径：横向泛化为信息分发平台或垂直整合为文化品牌。目前B站红书在"利基市场"与抖音差异化竞争，我们预计B站/小红书日活可从 2025Q3的1.2/1.2亿增长至2/3亿（中远期5-7年）。 社区变现方式："泛内容+广告"或"垂直内容+订阅"。信息分发平台靠广告变现，社区靠增值服务等多种方式变现。1）短期收入增长靠广告变现： 社区广告上限低，受限于用户体量与广告加载率，小红书向信息分发平台靠拢，参考正文假设，我们测算2030年红书广告年收入可达2000亿，4倍增 长空间，长期广告市占率约10%；B站聚焦科技游戏等垂类内容，短期看B站 ...

Core Insights - Bilibili (referred to as "B站") announced that its 2025 annual bullet screen (弹幕) is "致敬" (Tribute), with over 22.82 million messages sent and more than 4.59 million users participating, 80% of whom are post-2000s generation [3] - The "致敬" bullet screen is used by young users to express respect for positive qualities such as kindness, courage, love, and heroism when these themes appear in videos [3] - The first "致敬" bullet screen appeared in a video by UP主 "小何教官-铁手版," honoring a character who remains optimistic despite losing a limb [3] Annual Bullet Screen Development - Since 2017, Bilibili has selected an annual representative bullet screen at the end of each year, marking the ninth year of this tradition [3] - Previous annual bullet screens include "囍," "真实," "AWSL," "爷青回," "破防了," "优雅," and "啊？" leading up to "致敬" [3] - The annual bullet screen has evolved from a fleeting internet trend to a significant representation of the emotional resonance among young people [3]

据了解，2025年第一条致敬弹幕发布在UP主"小何教官-铁手版"的视频中，去致敬因为意外截肢却依然 乐观享受生活的精神。由UP主"江汤锅底呀"发布的视频，记录了UP主受到老兵委托去帮忙清理烈士陵 园的的过程，收到了109962条致敬，是今年收到致敬最多的视频。 据了解，2025年第一条致敬弹幕发布在UP主"小何教官-铁手版"的视频中，去致敬因为意外截肢却依然 乐观享受生活的精神。由UP主"江汤锅底呀"发布的视频，记录了UP主受到老兵委托去帮忙清理烈士陵 园的的过程，收到了109962条致敬，是今年收到致敬最多的视频。 责任编辑：江钰涵 12月27日午间消息，哔哩哔哩（以下简称：B站）官宣2025年度弹幕为"致敬"，全年发送量超2282万 次，发送用户超459万人，其中80%为00后，是今年增长最快的弹幕新热词。 12月27日午间消息，哔哩哔哩（以下简称：B站）官宣2025年度弹幕为"致敬"，全年发送量超2282万 次，发送用户超459万人，其中80%为00后，是今年增长最快的弹幕新热词。 责任编辑：江钰涵 ...

视觉中国供图 受访者对社交媒体平台改进有哪些期待： 提供更多个性化内容管理工具（如关键词屏蔽、时间提醒） 43.79% 其他 0.11% --------------- 对于海南大学国际经济与贸易专业的大三学生汪涵而言，社交媒体平台满足了她的社交需求，也承载着 她的情感共鸣。但这种陪伴并不总是愉悦的，比如："突兀的广告植入时常打断沉浸式的浏览体验。" 袁浩宁是一名就读于天津理工大学机械电子工程专业的大二学生，日均社交媒体使用时长超过4小时。 虽身处短视频洪流之中，他却偏向于自己搜索信息，而非接受算法定向"投喂"。 加强内容审核，减少虚假与有害信息 77.48% 优化算法，避免信息茧房与过度推荐同质内容 69.70% 加强隐私保护功能 64.45% 完善举报/审核机制 60.55% 提供防沉迷工具 43.51% 减少广告推送频率 59.26% 为了更好地了解大学生群体的社交媒体使用习惯及其影响，中国青年报·中青校媒近期面向全国高校大 学生发起问卷调查，共回收有效问卷1772份。调查结果显示，微信（90.69%）是大学生最常使用的社 交平台。此外，抖音、B站等视频平台（72.18%）、QQ（56.94%）、小红书 ...

所以，在不同平台上，信息并不对称，用户会因为偏好和习惯专注于某一平台，从而形成一种信息壁垒。正 是这种信息壁垒让我们有了抢占资源和热点的机会。 那么接下来你可以思考一下:你会更倾向于在哪个平台投入更多时间?这个平台有什么"特长"?我可以利用这一 优势去挖掘和嗅探关于哪方面的什么热点？ 虽然现在我们都在说抖音、快手、小红书、视频号等平台，但实际上我们会把更多的时间偏向在某一个平 台，抖音也好，小红书也罢，因为人的时间和精力都是有限的，他看不过这么多东西来。这就造成了一种平 台之间的信息壁垒，这种信息壁垒来源于平台之间的兴趣分布差异，以及用户无法同时覆盖多个平台的信 息。 也就说，除了抖音平台还好点，综合性较强以外，其他许多平台更像是"偏科生"，这就让某个平台的某些特定 领域的信息会走在前面，能更快感知到热点并进行快速布局。 那么什么样的资源是某个平台先有，其他平台暂时没有的呢?比如说B站上面的人群更倾向于游戏等领域。如 果你是B站的用户群体，你平时会把更多的时间偏向刷哔站，因为植物大战僵尸杂交版的作者是在B站首发 的，也是一直在B站活跃，那么你肯定就会比其他平台用户群体先感知到这方面的信息，提前嗅到这个热点。 ...

Core Insights - Doubao Mobile Assistant faced operational challenges shortly after its launch, particularly with WeChat, which was forced offline due to security measures [1][2] - The assistant is currently in a technical preview phase and is not aimed at the general consumer market, focusing instead on industry and AI enthusiasts [2] Group 1: Product Launch and Features - Doubao Mobile Assistant was officially launched on December 1, exclusively for the Nubia M153 smartphone, priced at 3499 yuan, and is currently sold out [2] - The assistant allows users to automate tasks such as ordering food, booking flights, and responding to WeChat messages, all while running in the background [2] Group 2: Security and Privacy Concerns - Doubao Mobile Assistant's operations triggered security alerts from WeChat, leading to account restrictions, which the company attributed to existing security measures [1] - Doubao emphasized that it does not engage in any hacking activities and requires user authorization to access sensitive functions [1] Group 3: Industry Implications - The rise of AI assistants like Doubao has led to conflicts with third-party apps, as these assistants may be perceived as bots, triggering security protocols [4][5] - Other smartphone manufacturers, such as Vivo and OPPO, have also faced similar issues with their AI assistants being restricted by apps like WeChat and Bilibili [5][6] - The broader industry is witnessing legal disputes, such as Amazon's lawsuit against Perplexity AI, highlighting tensions between AI innovation and established platforms [6]

Core Viewpoint - The article emphasizes the significance of the Hongmeng ecosystem, highlighting the collaborative efforts of developers and partners in building a robust Chinese operating system, which is now gaining momentum and user adoption [3][21]. Group 1: Event Overview - The Hongmeng Starry Night Gala, co-hosted by the Central Radio and Television Station and the Guangdong Provincial Government, aims to celebrate Chinese technology and the contributions of users, developers, and ecosystem partners [3][5]. - The gala is not merely a celebration but a tribute to the spirit of developers and the collective journey of the Hongmeng ecosystem [3][5]. Group 2: Challenges in System Development - Developing an operating system is extremely challenging, especially in a market dominated by established players, making it hard for users and developers to transition to a new system [7][9]. - The article illustrates the complexities faced by applications like "Yuezhengyi," which has 2.6 million users and processes over 10 million messages daily, emphasizing the risks involved in adapting to the Hongmeng system [7][9]. Group 3: Growth and Collaboration - The growth of the Hongmeng ecosystem is marked by significant milestones, with the number of terminals reaching over 23 million and the open-source code exceeding 130 million lines, showcasing the community's contributions [14][22]. - The collaboration among developers has been crucial, with the number of Hongmeng terminals growing from 0 to 10 million in ten months, and then to 20 million in just two months, indicating a rapid adoption rate [13][14]. Group 4: Future Prospects - The article suggests that the most challenging phase of building the Hongmeng ecosystem has passed, and the future looks promising with increasing user engagement and application development [21][22]. - The ecosystem is positioned as a unique opportunity for developers to contribute to a homegrown system, with the potential to reshape industry standards and practices [22].

Core Viewpoint - The article emphasizes the collective effort of millions of developers in building the HarmonyOS ecosystem, showcasing China's rapid technological advancement and collaborative spirit in innovation [3][5][23]. Group 1: HarmonyOS Ecosystem Development - The maturity and evolution of an operating system are achieved through continuous debugging, iteration, and optimization by developers, rather than through high-profile launch events [3][5]. - The HarmonyOS ecosystem has rapidly transitioned from technological independence to ecological prosperity, demonstrating remarkable "Chinese speed" [3][5]. - The upcoming "Harmony Starry Night Festival" symbolizes the collaborative spirit of the ecosystem, reflecting the strategic alignment between national direction and local government initiatives [5][6]. Group 2: Collective Efforts and Challenges - The development of HarmonyOS is characterized by a "one body, multiple faces" growth model, where speed, romance, and trust coexist and enhance each other [7][8]. - Developers have faced extreme challenges, such as high-pressure testing environments, which have contributed to the ecosystem's growth and resilience [8][10]. - The emotional connections formed during collaborative efforts, such as shared meals and team commitments, add a human touch to the technical achievements [10][11]. Group 3: Innovation and Experience Quality - The essence of HarmonyOS's acceleration lies in trust and collaboration among teams, which fosters a sustainable ecosystem [11][14]. - The ecosystem's maturity is not solely based on the quantity of applications but on the overall quality of user experience, transitioning from "usable" to "better usable" [14][21]. - HarmonyOS enhances operational efficiency and user experience through innovative features, such as WPS's "instant document opening" and seamless multi-device interactions [15][16]. Group 4: Cross-Device and Cross-Scenario Integration - HarmonyOS has evolved into a collaborative foundation that provides consistent experiences across various devices and scenarios, including travel, daily life, governance, finance, and entertainment [20][21]. - The system's distributed capabilities allow applications to deliver a unified experience across different devices, transforming isolated services into continuous life experiences [16][19]. Group 5: Long-term Commitment and Support - The HarmonyOS ecosystem represents a significant milestone in China's technological independence, supported by substantial investments in developer incentives and AI innovation [23]. - The ecosystem encourages participation from developers of all sizes and backgrounds, fostering an inclusive environment for innovation [23].

Core Viewpoint - Bilibili (B站) reported a total revenue of 76.9 billion RMB for Q3 2025, marking a 5% year-on-year increase, with adjusted net profit soaring by 233% to 7.9 billion RMB, driven by improved revenue structure and operational efficiency [1][2] Revenue Structure - Advertising revenue reached 25.7 billion RMB, accounting for 33% of total revenue, with a year-on-year growth of 23% [2][4] - Game revenue was 15.1 billion RMB, representing 20% of total revenue, but saw a decline of 17% year-on-year due to high comparison base from the previous year [2][4] - Value-added services generated 30.2 billion RMB, making up 39% of total revenue [2] - IP derivatives and other businesses contributed 5.8 billion RMB, accounting for 8% of total revenue [2] User Engagement and Growth - Daily active users reached 117 million, up 9% year-on-year, while monthly active users hit 376 million, increasing by 8% [4][5] - Average daily usage time per user was 112 minutes, an increase of 6 minutes year-on-year [4] - The number of paying users reached 35 million, growing by 17% year-on-year, indicating a strong willingness to pay for quality content [5] Content Diversity and User Behavior - The viewing time for long videos (over 5 minutes) grew by nearly 20%, highlighting user engagement with in-depth content [5][6] - Original domestic animation content saw a significant increase in viewing time, up nearly 104% year-on-year, alongside growth in categories like parenting education and AI content [6] Challenges Ahead - Bilibili faces challenges in balancing diverse user preferences and effectively converting user traffic into commercial value [9]

截至九月，万粉以上UP主数量同比增长超20%。在此基础上，创作者收入稳步提升。2025年前三季 度，近250万UP主在B站通过广告、直播、充电、课堂、小店等渠道获得收入，UP主的人均收入同比增 长22%。 B站董事长兼首席执行官陈睿表示：本季度，B站在社区生态与商业化双轮驱动下，实现了健康增长， 也证明了内容的价值。对于优质内容的长期投入，让B站成为了一个充满活力的社区，持续吸引着创作 者和用户的到来并长期留存。未来，我们将继续强化社区和商业的良性循环，促进社区繁荣，为用户创 造长期价值。 责任编辑：刘万里 SF014 11月13日晚间消息，哔哩哔哩公布截至2025年9月30日第三季度未经审计的财务报告。数据显示，2025 年第三季度，B站总营收为76.9亿元人民币，同比增长5%，增值服务、广告、游戏和IP衍生品及其他业 务分别贡献收入的39%、33%、20%和8%。 三季度，B站净利润从去年同期的亏损增至4.7亿元，净利润率为6.1%；调整后净利润为7.9亿元，同比 增加233%，调整后净利润率提升至10.2%。 用户数据方面，三季度，B站日均活跃用户达1.17亿，同比增长9%；月均活跃用户达3.76亿，同 ...