季度业绩前瞻 | 哔哩哔哩-W：多元内容生态驱动增长，预测第四季度营业收入78.74~89.58亿元

朝阳永续01-29

1. 哔哩哔哩-W 第四季度业绩预期怎么样？截至2026年01月29日，根据朝阳永续季度业绩前瞻数据：预测营业收入78.74~89.58亿元，同比增长1.8%~15.8%；预测净利润1.20~7.24亿元，同比增长33.7%~704.7%；预测经调整净利润3.52~8.97亿元，同比变动-22.3%~97.9%。关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定...

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认为：哔哩哔哩-W在25Q3实现营收76.85亿元，同比增长5.2%，经调整归母净利润达到7.86亿元，同比增长233%。毛利率同比增加1.8个百分点至36.7%。分业务来看，移动游戏收入下降17.1%，增值服务收入增长7.1%，广告收入超预期增长22.7%，IP衍生品及其他收入增长2.7%。《三国：谋定天下》稳健运营，新游《逃离鸭科夫》首月销量超300万份。预计《三国：百将牌》26Q1上线，满足年轻用户需求。核心用户群体推动社区发展，DAU、MAU、用户日均使用时 长和 月付费用户数均创新高，提升广告商业价值。预计未来三年公司收入和经调整归母净利润持续增长。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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