B站游戏业务的"支棱"状态从2024年延续到了2025年，虽然营收占比无法和上市之前的八成以上相提并论，但已经是营收增长和持续盈利的头 号功臣。 北京时间5月20日，B站发布了2025年第一季度未经审计的财务业绩。2025年第一季度，B站总营收达70.03亿元，同比增长24%，在上一季度基 础上增速加快；非美国通用会计准则（Non-GAAP）下，经调整净利润为3.62亿元，上年同期净亏损为4.56亿元。 游戏扛起大旗 B站的业务组成并不复杂。按照营收占比依次递减，分别为增值服务、广告、游戏、IP衍生品及其他；但如果按照同比增长百分比排序，从大 到小分别是游戏、广告、增值服务、IP衍生品及其他。其中，游戏营收为17.31亿元，同比大幅增长76%。 除了《FGO》《碧蓝航线》等保持稳定收入的长青游戏，贡献更大的其实是B站独家授权的SLG游戏（即策略游戏）《三国：谋定天下》。自 2024年第二季度上线以来，这款新游戏终结了B站游戏业务营收连续六个月同比下滑的局面。 第三方平台点点数据显示，截至2024年底，其下载量超过690万， App Store平台预估总收入超过1.32亿美元。2025年4月，《三国：谋定天下》 ...

Core Viewpoint - 2024 is a bustling year for China's internet industry, with a significant shift towards AI applications, overshadowing previous trends like the metaverse [3][4]. Financial Performance - Major internet companies reported their revenue and profit for 2024, showcasing varied growth rates across the board: - JD: Revenue of 115.88 billion, up 7%; Net profit of 41.4 billion, up 71% [5] - Alibaba: Revenue of 98.18 billion, up 6%; Net profit of 120.4 billion, up 20% [5] - Tencent: Revenue of 66.03 billion, up 8%; Net profit of 194.1 billion, up 68% [5] - Pinduoduo: Revenue of 39.38 billion, up 59%; Net profit of 112.4 billion, up 87% [5] - Xiaomi: Revenue of 36.59 billion, up 35%; Net profit of 2.45 billion, up 23% [5] - Baidu: Revenue of 13.31 billion, down 1%; Net profit of 2.38 billion, up 17% [5] - Kuaishou: Revenue of 12.69 billion, up 12%; Net profit of 1.53 billion, up 140% [5] - Bilibili: Revenue of 2.68 billion, up 19%; Net loss of 0.14 billion, up 72% [5] Gaming Sector - Tencent remains the leader in the gaming sector with revenue of 197.7 billion, up 10% [7]. - Bilibili's gaming revenue reached 5.6 billion, with a significant growth of 40% [8]. Video Sector - Tencent Video's subscription revenue grew by 3%, with 113 million subscribers [10]. - Bilibili's diverse monetization strategies led to a 500% increase in creator income [10]. E-commerce Sector - Alibaba's Taotian Group reported revenue of 136.1 billion, up 5% [12]. - JD's retail revenue reached 307.1 billion, up 14.7% [12]. - Pinduoduo's revenue for the quarter was 110.1 billion, with a profit of 108.4 billion, up 85% [12]. Smart Hardware - Xiaomi's smartphone revenue was 191.8 billion, up 23%, with a strong focus on high-end models [14]. - Revenue from electric vehicles reached 32.8 billion, contributing 9% to overall revenue [14]. Advertising Revenue - Kuaishou's online marketing services accounted for 57% of total revenue, reaching 72.4 billion, up 20% [16]. - Bilibili's advertising revenue grew by 28%, reaching 8.2 billion [16]. International Expansion - Tencent's international gaming revenue was 58 billion, up 9% [18]. - Xiaomi's overseas revenue reached 153.3 billion, accounting for 41.9% of total revenue [18]. AI Development - Baidu's non-online marketing revenue was 31.7 billion, up 12%, driven by AI cloud services [23]. - Tencent and Alibaba are also heavily investing in AI, with significant revenue growth in their respective AI services [24].