嗶哩嗶哩
Bilibili (BILI US)
利潤端超預期，遊戲和廣告業務增長強勁
25Q2E takeaways: profits beat expectations on strong growth in gaming and advertising
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買入（維持評級） BUY (maintain) 
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投資要點/Investment Thesis
投資要點/Investment Thesis
公司發佈2025Q2財報。 25Q2收入為73.4億元，基本符合彭博一致預期。 經調整凈利潤為5.6億元，超彭博一致預期8.1%。
運營情況方面，用戶端：本季度DAU 1.09億; MAU 3.63億; MPU 3100萬; 使用者日均使用時長為105分鐘。 創作者端：本季度獲得收入的UP主數量約200萬，粉絲數超過1000/10000/100000/10000000的UP主數量均同比增長超20%，通過廣告獲得收入的UP主數量同比增長19%，通過直播獲得收入的UP主數量同比增長49%。
分業務看：
1）移動遊戲：本季度收入16.1億元，同比增長60%，主要由於《三國：謀定天下》的持續強勁表現，以及《命運 - 冠位指定》、《碧藍航線》兩款 遊戲的穩定貢獻，這兩款遊戲近期分別迎來上線9周年與8周年。 公司於5月31日推出第八賽季升級版本，新增玩法、角色與遊戲內活動，並輔以針對性營銷推廣。 通過優化新用戶引導流程、付費變現路徑與回歸用戶體驗，該遊戲的用戶活躍度與留存率均保持良好水準。 公司正推進新賽季開發、試點小遊戲產品，並計劃於今年晚些時候啟動《三國：謀定天下》的海外發行工作。 遊戲儲備方面，目前有多款遊戲處於審批階段，涵蓋多款二次元題材遊戲與休閒遊戲。
2）廣告：本季度收入24.5億元，同比增長20%，主要由於效果廣告收入強勁增長。 本季度eCPM同比提升超10%，效果廣告收入同比增長約30%。 公司持續推進廣告基礎設施建設，通過推薦算法、創意生成與智慧廣告投放優化廣告轉化效率。 公司對AIGC工具的升級助力廣告主規模化生成表現優異的廣告創意素材，本季度約10%的新增廣告標題與超30%的廣告封面通過這些工具製作。 公司推出智能廣告投放工具，可即時完成廣告預算分配、投放順序調整與效果監測。
3）VAS：本季度收入28.4億元，同比增長11%，主要由於直播和其他增值服務收入增加。 公司核心策略是優化直播業務運營，通過培育更多優質直播內容、豐富變現模式，支撐業務穩健增長。 付費會員業務保持穩定增長，期末會員數量達2370萬，其中超80%用戶選擇年度會員或自動續費方案。
4）IP及衍生品：本季度收入4.4億元，同比下降15%。
毛利率同比提升，盈利能力加強。 成本端，營業成本為46.6億元，其中收入分成成本為29.7億元。 毛利端，毛利潤為26.8億元，毛利率達36.5%，同比提升6.6pcts;利潤端，經調整凈利潤為5.6億元，同比扭虧為盈。
Cost and efficiency measures helped turn a profit in Q2E, alongside gaming and ad monetization. We suggest investors monitor the monetization pace. We expect Bilibili’s proprietary premium products and global distribution strategy would drive long-term profitability, and maintain our BUY call.
The gist: BUY
25Q2E results: revenue in line with BBG; non-GAAP net profit was 8% higher
Mobile games: revenue surges 60% with Three Kingdoms upgrades
Ads: AI upgrades raise sales conversion rates for performance-based ads
25Q2E results: revenue in line with BBG; non-GAAP net profit was 8% higher
Financials: Bilibili’s recently released 25Q2E results showed in-line revenue and a net profit turnaround in non-GAAP terms, while gross margin expanded yoy:
Revenue was RMB7.34bn, in line with the Bloomberg consensus forecast (BBG).
Non-GAAP net profit at RMB560m outperformed BBG by 8.1%; turning around from the loss trend a year ago.
Gross profit was RMB2.68bn, on gross margin of 36.5%, widening 6.6ppt yoy.
Operating cost was RMB4.66bn, including RMB2.97bn in revenue-sharing cost.
Operations:
User traffic: Daily active users (DAUs) averaged 109m in Q2, with 363m monthly active users (MAUs) and 31m monthly paying users (MPUs), while daily time per user averaged 105 minutes.
Content creators: The platform had 2m creators generating revenue in Q2, of which the number of ad revenue contributors rose 19% yoy and livestream revenue contributors increased 49% yoy. And the number of content creators with 1,000, 10,000, 100,000, and 1,000,000 followers rose 20% yoy in each of these segments.
Mobile games: revenue surges 60% with Three Kingdoms upgrades
Financials: Revenue in this segment came to RMB1.61bn in Q2, up 60% yoy, as evergreen title Three Kingdoms: Conquer the World continued to engage players, along with stable growth at Fate Grand Order and Azur Lane, which recently celebrated their 9th and 8th anniversaries, respectively.
Three Kingdoms: Conquer the World: The game launched a season 8 upgrade on 31 May with new gameplay, characters, and in-game activities, supplemented by targeted marketing promotions. To retain players, the company improved the onboarding and paid monetization processes, as well as the returning user experience. Bilibili is developing a new season and a mini-games pilot, with plans to release the title in the international market later this year.
Games pipeline: Bilibili has several titles under review, including anime-themed and casual games.
Advertising: AI upgrades boost sales conversion rates for performance-based ads
Financials: Revenue rose 20% yoy to RMB2.45bn in Q2, driven by strong growth in performance-based ads, while eCPM increased more than 10% yoy, as performance-based ad revenue increased about 30% yoy.
Operations: The company improved the advertising infrastructure by raising sales conversion efficiency: tweaking recommendation algorithms, creative content generation, and smart ad delivery. Upgrades to its AIGC tools are helping advertisers generate high-performing creative assets at scale. About 10% of new ad headlines and over 30% of ad covers were created using these tools in Q2. Bilibili also launched smart ad placement tools that enable real-time budget allocations, placement sequencing, and performance monitoring.
Other businesses: livestream boosts bolster VAS gains
VAS: Revenue came to RMB2.84bn in Q2, up 11% yoy, mostly driven by livestreams and other value-added services. Bilibili’s core strategy is to optimize livestream operations and maintain growth through quality content while beefing up its monetization model. Paid membership growth is stable with 23.7m members as of the quarter’s end, with more than 80% of paying members opting for either annual or auto-renewal plans.
IP merchandise: Revenue from the business was RMB440m in Q2, down 15% yoy.
投資建議/Investment Ideas
投資建議：我們認為，公司降本增效成果顯著，本季度實現扭虧為盈，長期有望受益於“自研精品，全球發行”戰略，未來建議持續關注商業化進程。 考慮到公司新遊戲發佈節奏的不確定性，我們預測2025-2027年的收入分別為301/326/356億元（前值301/330/360億元），Non-GAAP凈利潤為23/33/46億元（前值23/35/50億元），維持“買入”評級。
Valuation and risks
Bilibili made good strides in cutting costs and boosting efficiencies, which helped turn the loss trend a year ago to profit in 25Q2E. We expect it will benefit long-term from its proprietary premium offerings and global distribution strategy. We recommend that investors monitor its monetization progress. Factoring in the uncertainty of the company’s game release schedule, we forecast revenue of RMB30.1bn/32.6bn/35.6bn (previously RMB30.1bn/33.0bn/36.0bn) for 2025/26/27E, with non-GAAP net profit at RMB2.3bn/ 3.3bn/4.6bn (previously RMB2.3bn/3.5bn/5.0bn). We maintain our BUY rating.
風險提示：DAU/MAU增長速度不及預期; 中概股監管政策進一步趨嚴; 數據監管政策進一步趨嚴; DAU/MAU進一步下滑; 商業化恢復進程不達預期，遊戲研發和上線不及預期。
Risks include: less-than-expected DAU and MAU growth; persistent declines in DAU and MAU metrics; tightening regulatory policy on foreign-listed Chinese stocks; tightening data regulations; a weaker recovery than expected in monetization; and worse-than-expected game development and launch outcomes.
Email: research@tfisec.com
TFI research report website:
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