哔哩哔哩-2025 年第三季度初步分析 - 广告业务加速增长，运营杠杆推动经调整营业利润超预期；关注广告增长势头与《三国杀卡牌》表现

13 November 2025 | 7:36PM HKT Equity Research Bilibili Inc. (BILI): 3Q25 First Take: advertising accelerated and adj. OP ahead on operating leverage; eyes on ad momentum and Sanguo: Ncard Bilibili Inc. (BILI) reported largely inline revenue at Rmb7.7bn (+5% yoy, +1%/+0% vs. GSe/Visible Alpha Consensus Data) and non-GAAP EPADS ahead of expectation at Rmb1.73, +14%/+17% vs. GSe/Visible Alpha Consensus Data respectively. Goldman Sachs does and seeks to do business with companies covered in its research reports ...