Summary of the Conference Call on Bilibili Company Overview - **Company**: Bilibili (B站) - **Industry**: Online Video and UGC (User Generated Content) Platform Key Points and Arguments Industry Context - The rapid development of AI technologies, particularly in the realm of multimedia content creation, is influencing the competitive landscape of online platforms, including Bilibili [1][2]. - The emergence of large models and updates from competitors like Alibaba and Kuaishou indicates a fast-paced evolution in the industry [1]. Bilibili's Position - Bilibili is currently the third-largest UGC platform in China, following Douyin and Kuaishou, which highlights its strong market position despite being primarily focused on mid-length and professional content [3]. - The platform has maintained its appeal and user base through a commitment to quality content and community engagement, rather than solely relying on aggressive monetization strategies [4]. User Growth and Engagement - Bilibili has experienced a user growth rate of 8-9% in 2025, which is notable given the overall saturation of the internet user base in China [7]. - The average daily usage time per user has increased by 6% to approximately 120 minutes, indicating strong user engagement [8]. Content Ecosystem - The proportion of PUGV (Professional User Generated Video) content has risen significantly, reaching 96% in 2024, which differentiates Bilibili from other platforms [9]. - The number of active content creators has also seen consistent growth, contributing to a vibrant content ecosystem [9]. Financial Performance - Bilibili's revenue streams are diversified across advertising, value-added services, and gaming, with advertising growth consistently around 20% [12][13]. - The company achieved its first quarterly net profit in Q3 2020, marking a significant milestone in its financial journey [16]. - Cost management has improved, with a decrease in both absolute costs and cost-to-revenue ratios, enhancing profitability [17][18]. Future Growth Potential - Bilibili is positioned to expand into the broader gaming market, moving beyond its traditional focus on niche genres, which could significantly increase its market share [25][26]. - The advertising revenue potential is substantial, with current figures indicating that Bilibili captures less than 1% of the market share, suggesting significant room for growth [28]. AI Integration - The integration of AI technologies, particularly in content creation (e.g., AI-generated animations), is expected to enhance user experience and advertising efficiency [30][31]. - Bilibili's user demographic is increasingly receptive to AI-driven content, positioning the platform favorably for future growth [31]. Long-term Outlook - The average age of Bilibili's user base is increasing, which may enhance their purchasing power and engagement with monetizable content over time [22][23]. - The company is viewed as having a strong long-term growth trajectory, with the potential for significant appreciation in valuation as it capitalizes on its user base and content ecosystem [20][32]. Additional Important Insights - Bilibili's management structure and governance are stable, reducing operational risks [11]. - The platform's unique community and content strategy create a robust competitive moat against rivals [10]. This summary encapsulates the key insights from the conference call regarding Bilibili's current standing, growth potential, and strategic direction within the online video and UGC industry.

近年来，春晚越来越受到年轻人的欢迎，数据显示，24年春晚15-44岁的年轻用户占比达到51.59%。25 年春晚B站直播观看人数超过1亿，其中30岁以下年轻人占比为83%。在年轻人成为春晚观看主力军的同 时，春晚也在不断探索年轻化的内容。24年，在《看动画片的我们长大了》里，年轻人在春晚上合唱最 喜欢的动画主题歌；25年，与B站共创的《春意红包》全网播放量超过10亿，成为了海外播放量第二的 蛇年春晚节目。 智通财经APP获悉，周三，哔哩哔哩(BILI.US)盘前涨逾3%，报32.10美元。消息面上，2月10日，中央 广播电视总台《2026年春节联欢晚会》与春晚独家弹幕视频平台B站共同宣布：今年的春晚首次引入UP 主参与。春晚导演组在晚会策划过程中广泛征求意见，B站UP主积极参与讨论。此外，UP主还参与了 春晚纪录片的创作和拍摄，春晚后将在B站独家播出。 ...

近年来，春晚越来越受到年轻人的欢迎，数据显示，24年春晚15-44岁的年轻用户占比达到51.59%。25 年春晚B站直播观看人数超过1亿，其中30岁以下年轻人占比为83%。在年轻人成为春晚观看主力军的同 时，春晚也在不断探索年轻化的内容。24年，在《看动画片的我们长大了》里，年轻人在春晚上合唱最 喜欢的动画主题歌；25年，与B站共创的《春意红包》全网播放量超过10亿，成为了海外播放量第二的 蛇年春晚节目。 周三，哔哩哔哩(BILI.US)盘前涨逾3%，报32.10美元。消息面上，2月10日，中央广播电视总台《2026 年春节联欢晚会》与春晚独家弹幕视频平台B站共同宣布：今年的春晚首次引入UP主参与。春晚导演组 在晚会策划过程中广泛征求意见，B站UP主积极参与讨论。此外，UP主还参与了春晚纪录片的创作和 拍摄，春晚后将在B站独家播出。 ...

Core Viewpoint - The Hang Seng Index rose by 0.31%, while the Hang Seng Tech Index increased by 0.9% [1] Group 1: Company Performance - Bilibili saw an increase of over 5% in its stock price [1] - Tencent Music, Xiaomi Group, and Kingdee International each rose by over 4% [1] - BYD Company, WuXi Biologics, and New Oriental Education experienced gains of over 3% [1] Group 2: Company Declines - Pop Mart International fell by over 5% [1] - China Life Insurance declined by nearly 4% [1]

证券研究报告 | 2026年02月11日 优于大市 哔哩哔哩-W（09626.HK） 游戏大年及AI 应用推广有望助力公司 26 年广告收入与利润高 增长 公司研究·海外公司快评 传媒·数字媒体 投资评级：优于大市（维持） | 证券分析师： | 张伦可 | 0755-81982651 | zhanglunke@guosen.com.cn | 执证编码：S0980521120004 | | --- | --- | --- | --- | --- | | 证券分析师： | 张衡 | 021-60875160 | zhangheng2@guosen.com.cn | 执证编码：S0980517060002 | | 证券分析师： | 王颖婕 | 0755-81983057 | wangyingjie1@guosen.com.cn | 执证编码：S0980525020001 | 事项： 2026 年是游戏大年和 AI 应用投放大年，哔哩哔哩有望承接更多游戏及 AI 应用广告主投放预算。 国信互联网观点：哔哩哔哩有望承接更多游戏及 AI 应用广告主投放预算，带动收入与利润增长。需求看， B 站广告聚焦科技与游戏等垂类，我 ...

Core Viewpoint - Bilibili-W (09626) has seen a stock price increase of over 5%, currently trading at 252.8 HKD with a transaction volume of 1.05 billion HKD, driven by positive forecasts from Guosen Securities regarding advertising budgets from game and AI application sectors [1] Group 1: Gaming Industry Insights - The gaming industry is expected to experience rapid growth in game licenses, with a projected year-on-year increase of nearly 60% in 2025 for App/PC/console game licenses, excluding casual games, according to data from the National Press and Publication Administration [1] - In 2026, competition for promotional traffic among leading game manufacturers is anticipated to intensify, leading to an overall increase in industry budgets [1] - Guosen Securities estimates that Bilibili's gaming advertising revenue could achieve a year-on-year growth rate exceeding 30% in 2026 [1] Group 2: AI Application Advertising - In 2026, there is expected to be a significant increase in advertising budgets from AI application advertisers [1] - Bilibili's user base has a high overlap with the core audience of AI applications, making it an attractive platform for AI advertisers seeking high retention users [1]

智通财经APP获悉，哔哩哔哩-W(09626)涨超5%，截至发稿，涨5.16%，报252.8港元，成交额10.5亿港 元。 消息面上，国信证券发布研报称，哔哩哔哩有望承接更多游戏及AI应用广告主投放预算。游戏行业方 面，2025年游戏版号快速增长，据新闻出版署数据，25年App/PC/主机游戏版号数量同比增速近60% （不含休闲类游戏），预计2026年头部游戏厂商新游推广流量争夺更激烈、行业整体预算增加，该行测 算2026年B站游戏广告增速可实现超30%的同比增速。AI应用方面，26年AI应用广告主投流预算显著增 加，B站用户与AI核心客群重叠度高，AI应用广告主可在B站买到高留存用户。 ...

Core Insights - The launch of ByteDance's AI video generation model Seedance 2.0 is set to significantly impact the video industry, particularly the AI-driven comic drama sector, which is experiencing rapid growth due to advancements in AI technology [1][2][4] - Major companies like Tencent, Baidu, and others are entering the comic drama space, indicating a competitive landscape with various platforms developing their own independent comic drama applications [2][4] - The AI comic drama market is projected to grow substantially, with estimates suggesting a market size exceeding 22 billion by 2026, contributing significantly to the short drama industry's growth [7][22] Group 1: AI Technology and Cost Reduction - The core driving force behind the development of comic dramas is the reduction in production costs due to advancements in AI technology, with some companies reporting costs as low as 1,000 yuan per minute [1][17] - The production efficiency of AI comic dramas has improved dramatically, with costs dropping from 3,000-5,000 yuan per minute to as low as 200 yuan, allowing for a significant increase in output [21][17] - Companies like 酱油文化 have reported a monthly production capacity exceeding 100 comic dramas, with a high success rate of 60-70% for hits [21][17] Group 2: Market Dynamics and User Engagement - The comic drama sector has seen explosive growth, with over 700 billion views and 46,931 new comic dramas launched in 2025 alone [7][22] - The demographic for AI comic dramas is predominantly male, with over 65% of users being male and 85% under 40 years old, indicating a targeted approach to content creation [9][11] - The success of AI comic dramas is attributed to their ability to engage users emotionally, with popular themes often focusing on male-centric narratives and imaginative storylines [9][13] Group 3: Future Opportunities and Challenges - The potential for female audience engagement in AI comic dramas is significant, with a focus on developing content that appeals to women, particularly in genres like romance and historical drama [24][26] - The industry faces challenges such as content stability, the need for higher quality production, and the establishment of industry norms to prevent issues like plagiarism and employee exploitation [31][34] - The lack of standout IPs in the short drama market presents both a challenge and an opportunity for AI comic dramas to establish strong franchises and series [30][22]

智通财经APP获悉，2月10日，中央广播电视总台《2026年春节联欢晚会》与春晚独家弹幕视频平台B站(09626)共同宣布：今年的春晚首次引入UP主参 与。春晚导演组在晚会策划过程中广泛征求意见，B站UP主积极参与讨论。此外，UP主还参与了春晚纪录片的创作和拍摄。 据介绍，这些UP主平均年龄不超过30岁，是青年文化、创意内容、知识科普等多个领域的代表创作者，也是B站历年百大UP主的常客。作为春晚独家弹 幕视频平台，B站在2025年蛇年春晚与总台共创推出的节目《春意红包》全网播放量超过10亿，并且是海外播放量第二的蛇年春晚节目。 -皮得香晚 202 2°O x 弹幕畅聊更精彩 ...

Investment Rating - The investment rating for Bilibili-W (09626.HK) is "Outperform the Market" [1][4][13] Core Views - 2026 is expected to be a significant year for the gaming industry and AI application advertising, which will likely lead to increased advertising revenue and profits for Bilibili [2][3][5] - Bilibili is anticipated to capture more advertising budgets from gaming and AI application advertisers, driving revenue and profit growth [3][5] Revenue and Profit Forecast - Revenue projections for Bilibili are estimated at 30.2 billion, 32.6 billion, and 36.5 billion for the years 2025, 2026, and 2027 respectively [4][13] - Adjusted net profits are forecasted to be 2.5 billion, 3.4 billion, and 4.6 billion for the same years [4][13] Industry Insights - The gaming industry is expected to see a rapid increase in game approvals, with a nearly 60% year-on-year growth in the number of game approvals in 2025, excluding casual games [3][5] - Bilibili's gaming advertising is projected to achieve over 30% year-on-year growth in 2026 due to increased competition among top game publishers [3][5] - AI application advertising budgets are expected to increase significantly in 2026, with Bilibili's user base overlapping with core AI application audiences [3][5] User Engagement and Advertising Metrics - Bilibili's Daily Active Users (DAU) is expected to maintain a growth rate of over 5% in 2026, with improvements in AI technology enhancing ad load from 6.7% to 7.1% and a projected 5% increase in ECPM [6][7] - The advertising revenue growth for native and brand ads is expected to be in single digits due to macroeconomic influences [7]