哔哩哔哩：广告业务成为核心引擎_老虎社区_美港股上老虎

哔哩哔哩：广告业务成为核心引擎

浦银国际研究03-10

浦银国际研究●整体业绩优于预期：公司4Q25整体业绩优于预期，并首次实现全年GAAP盈利，这标志着公司跨越了重要的商业化拐点。4Q25总营收人民币83.2亿元，同比增长8%，超出市场预期1.7%。在盈利端，毛利率持续扩张至37.0%，同比提升0.9个百分点。得益于高毛利业务占比的提升以及精细化的成本管控，调整后净利润达到8.78亿元，调整后净利率提升至10.6%，优于市场预期6.4%。●用户生态...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2618193690?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-10 17:10","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2618193690","market":"hk","top_or_hot":-1,"title":"哔哩哔哩：广告业务成为核心引擎","media":"浦银国际研究","content":"<div>\n<p>浦银国际研究●整体业绩优于预期：公司4Q25整体业绩优于预期，并首次实现全年GAAP盈利，这标志着公司跨越了重要的商业化拐点。4Q25总营收人民币83.2亿元，同比增长8%，超出市场预期1.7%。在盈利端，毛利率持续扩张至37.0%，同比提升0.9个百分点。得益于高毛利业务占比的提升以及精细化的成本管控，调整后净利润达到8.78亿元，调整后净利率提升至10.6%，优于市场预期6.4%。●用户生态...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260310174938a45e3490&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>哔哩哔哩：广告业务成为核心引擎</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n哔哩哔哩：广告业务成为核心引擎\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-10 17:10 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260310174938a45e3490&s=b><strong>浦银国际研究</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>浦银国际研究●整体业绩优于预期：公司4Q25整体业绩优于预期，并首次实现全年GAAP盈利，这标志着公司跨越了重要的商业化拐点。4Q25总营收人民币83.2亿元，同比增长8%，超出市场预期1.7%。在盈利端，毛利率持续扩张至37.0%，同比提升0.9个百分点。得益于高毛利业务占比的提升以及精细化的成本管控，调整后净利润达到8.78亿元，调整后净利率提升至10.6%，优于市场预期6.4%。●用户生态...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260310174938a45e3490&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BILI","symbol_name":"哔哩哔哩","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260310174938a45e3490&s=b","article_id":"2618193690","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260310174938a45e3490&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2618193690","pubTimestamp":1773133853,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"从业务结构来看，广告业务成为驱动4Q25营收超预期的核心引擎。相比之下，移动游戏业务收入同比下滑14%，主要受产品周期及高基数影响。以上内容节选自浦银国际证券于2026年3月9日发布的关于《哔哩哔哩：广告业务成为核心引擎》的研究报告。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BILI":"哔哩哔哩","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","SG9999001051.SGD":"United Asia Fund SGD","SG9999006597.SGD":"United China-India Dynamic Growth SGD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","BK1618":"Manus概念股","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","BK1588":"回港中概股","BK1095":"互动媒体与服务","BK1608":"元宇宙概念","09626":"哔哩哔哩-W","BK1104":"互动家庭娱乐","BK1615":"港股-互联网","BK1575":"同股不同权","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","BK1587":"次新股"},"translate_title":"Bilibili: Advertising Business Becomes the Core Engine","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09626":1.96,"BILI":1.96},"content_text":"浦银国际研究●整体业绩优于预期：公司4Q25整体业绩优于预期，并首次实现全年GAAP盈利，这标志着公司跨越了重要的商业化拐点。4Q25总营收人民币83.2亿元，同比增长8%，超出市场预期1.7%。在盈利端，毛利率持续扩张至37.0%，同比提升0.9个百分点。得益于高毛利业务占比的提升以及精细化的成本管控，调整后净利润达到8.78亿元，调整后净利率提升至10.6%，优于市场预期6.4%。●用户生态保持强劲增长动能，广告业务成为核心引擎：4Q25平台DAU达到1.13亿，同比增长10%，MAU达3.66亿，同比增长8%，单用户日均使用时长同比增长8%至107分钟，推动总用户时长同比增长19%。在高质量内容和良好的社区互动的驱动下，用户的付费意愿持续上涨，MPU同比增长24%至3600万，其中大会员数量同比增长11%，凸显平台生态优势。从业务结构来看，广告业务成为驱动4Q25营收超预期的核心引擎。四季度广告收入达到30.4亿元，同比大幅增长27%，优于市场预期3.2%。这主要得益于公司广告产品供应的改善、AI技术对投放效率的赋能，以及平台高质量用户基础带来的变现效益提升。增值服务收入同比稳健增长约6%。相比之下，移动游戏业务收入同比下滑14%，主要受产品周期及高基数影响。●投资风险：用户增长放缓；游戏业务不及预期；利润改善不及预期。以上内容节选自浦银国际证券于2026年3月9日发布的关于《哔哩哔哩（BILI.US/9626.HK）：广告业务成为核心引擎》的研究报告。欲览报告详情，请点击下方阅读原文。赵丹 （首席科技分析师）dan_zhao@spdbi.com(852) 2808 6436杨子超，CFA（科技分析师）charles_yang@spdbi.com(852) 2808 64091","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":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}