哔哩哔哩：2025 年第四季度业绩超预期，用户参与度与广告业务表现健康，关注 AI 投资的长期收益；给予 “买入” 评级

6 March 2026 | 1:27AM HKT Equity Research Bilibili Inc. (BILI): First Take: 4Q25 a solid beat on healthy engagement and ads strength, eyes on AI investment for longer-term benefits; Buy Bilibili Inc. (BILI) reported revenue ahead of expectation at Rmb8.3bn (+8% yoy, +2% vs. GSe/Visible Alpha Consensus Data) and a non-GAAP EPADS beat at Rmb1.92, +6%/+5% vs. GSe/Visible Alpha Consensus Data respectively. Notably, the results came along with 1) DAU/MAU +9.7%/+7.6% yoy respectively at 113mn/366mn in 4Q25 (vs. D ...