【券商聚焦】中金：哔哩哔哩(BILI)净利润超预期 AI投入中长期有助提升内容生产力与商业化效率

金吾财讯03-06

金吾财讯 | 中金研报指出，哔哩哔哩(BILI)4Q25 Non-GAAP净利润超预期，广告收入同比提速至27.4%，受益于AI应用行业快速发展及广告供应效率提升；新游储备丰富，《三谋》繁中版已上线，《三国：百将牌》等有望年中落地；用户数连续四个季度同比提速，AI投入虽短期影响利润但中长期有助提升内容生产力与商业化效率。

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