哔哩哔哩-WB站2025Q4财报点评：业绩超预期，广告业务/新游表现值得期待

长江证券03-13

事件描述25Q4B站实现营收83.2亿元，同比增长8%，实现毛利润30.8亿元，同比增长11%；毛利率同比增加0.98pct达37.0%；经调整净利润为8.8亿元，同比增长94%。事件评论收入端。1)B站25Q4广告业务收入30.4亿元，同比增长27%。增长主要得益于广告基建完善与AI技术深度融入商业算法带来的效率提升。25Q4广告投放前五行业为游戏/数码家电/网服(含AI广告主)/电商/汽车。...

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