Core Viewpoint - Bilibili (B站) has successfully transformed from a niche community platform to the largest PUGC video platform in China, with strong user engagement and a diversified revenue structure driving growth [1][2]. Group 1: User Engagement and Community - Bilibili has built a high-barrier, highly engaging video interest community, resulting in a strong emotional bond and trust between users and content creators (UP主) [1]. - As of Q3 2025, the platform's Monthly Active Users (MAU) and Daily Active Users (DAU) reached 376 million and 117 million, respectively, both hitting historical highs [1]. - The average user age has increased from 21 in 2018 to 26, indicating successful cross-generational expansion and a growing consumer base [1]. Group 2: Business Structure and Revenue Growth - Bilibili's revenue is driven by four main segments: value-added services, advertising, gaming, and IP derivatives, with value-added services being the largest revenue source [1]. - Advertising revenue grew by 21% year-on-year in the first three quarters of 2025, significantly outperforming the industry average due to algorithm improvements and community maturity [1]. - The gaming segment is expected to see substantial growth with the launch of the popular SLG mobile game "Three Kingdoms: Strategize the World" in 2024, breaking the platform's reliance on niche content [1]. Group 3: Financial Performance and Profitability - Bilibili achieved a significant financial turning point, with gross and net profit margins improving since 2023, and the company turning a profit in Q3 2024 [2]. - Content costs are only 10% of revenue, much lower than traditional long-video platforms, and marketing expenses have decreased to 16%, indicating a shift away from a "burning cash for growth" model [2]. - Operating cash flow turned positive in 2023, with further growth to 5.308 billion yuan in the first three quarters of 2025, reflecting a healthy self-sustaining capability [2]. Group 4: Investment Logic and Future Growth - The company maintains a positive profit forecast, with adjusted net profits expected to be 2.548 billion, 3.366 billion, and 4.576 billion yuan for 2025, 2026, and 2027, respectively [3]. - Bilibili's gaming and advertising sectors are poised for growth, with potential market expansion as the company transitions from niche to mainstream IP categories [3]. - The advertising monetization efficiency has significant room for improvement, with potential for substantial revenue increases if it aligns with industry averages [3].

Core Viewpoint - Bilibili's stock price surged over 6% following the announcement of its collaboration with the 2026 Spring Festival Gala, marking a significant engagement with youth creators on the platform [1][4][7]. Stock Performance - On February 11, Bilibili-W's stock rose by 6.41%, reaching a peak of 256.2 HKD per share [1][4]. - As of 10:44 AM, the stock was trading at 255.8 HKD per share, with a total trading volume of 15,660 shares [2]. Collaboration with Spring Festival Gala - The Central Radio and Television Station announced that Bilibili will feature its UP creators in the 2026 Spring Festival Gala for the first time [4][7]. - Bilibili UP creators, who are typically under 30 years old, contributed to the planning and production of the gala's documentary, representing various fields such as youth culture, creative content, and knowledge dissemination [4][7].

2026年02月10日 证券研究报告 | 哔哩哔哩（9626.HK)深度 跨越盈利拐点，A I应用与游戏品类扩张加速商业化价值释放 公司研究 · 深度研究 传媒 · 传媒 投资评级：优于大市（维持评级） 财务越过盈亏平衡线，利润进入加速释放期。1）财务数据的质变是B站重要的拐点时刻。受惠于高毛利广告及游戏业务占比的提升，公司毛利率与净利率自2023年起持续改善， 成功在2024年Q3实现单季利润转正，并预计在2025年实现全年扭亏为盈，开启利润加速释放期 ；2）B站独特的PUGV生态使其在成本端具备天然优势：2024年内容成本仅占营收 的10%，远低于传统长视频平台。同时营销费用率已降至16%，表明平台已脱离"烧钱换增长"阶段，依靠内生社区动力即可实现用户的长效留存 ；3）在现金流方面，公司经营 性现金流于2023年转正，2025年前三季度进一步增长至53.08亿元，健康的自身造血能力结合持续优化的治理结构，正推动B站从流量平台向高利润商业体演进。 投资逻辑：短期具备安全边际，长线成长空间持续打开；1）我们维持盈利预测，维持"优于大市"评级。预计公司2025/26/27年经调后净利润分别为25.48/33.6 ...

Core Viewpoint - The collaboration between the Central Radio and Television Station and Bilibili marks the first time that UP creators will participate in the Spring Festival Gala, aiming to attract a younger audience [2] Group 1: Collaboration Details - The Spring Festival Gala will feature UP creators from Bilibili, with an average age of under 30, representing various fields such as knowledge dissemination, entertainment, and youth culture [2] - The involvement of Bilibili UP creators is expected to bring more youthful content to the Gala, enhancing its appeal to younger generations [2] Group 2: Industry Insights - According to Bao Ran, a member of the Broadcasting and Television Network Audio-Visual Professional Committee, Bilibili UP creators are characterized by their youth, high education levels, and deep engagement in their areas of interest [2] - The collaboration is seen as a strategic move by the Spring Festival Gala to connect with younger audiences, leveraging the understanding that UP creators have of youth culture [2]

Group 1 - The core point of the article is the collaboration between the Central Radio and Television Station and Bilibili (B站) for the 2026 Spring Festival Gala, marking the first time that UP creators from Bilibili will participate in the event [1] - Bilibili representatives stated that the participating UP creators have an average age of under 30 and represent various fields such as knowledge popularization, lifestyle entertainment, and youth culture [1] - The committee member from the Broadcasting and Television Network Audio-Visual Professional Committee highlighted that Bilibili UP creators are generally young, highly educated, and deeply engaged in their areas of interest, making them well-suited to connect with the younger audience [1] Group 2 - The collaboration aims to bring more youthful content to the Spring Festival Gala, enhancing its appeal to younger generations and creating a shared cultural memory [1]

Core Viewpoint - Bilibili (B站) has successfully collaborated with the Spring Festival Gala for the second time, showcasing its growing influence and integration into mainstream media [2][39]. Group 1: Collaboration with Spring Festival Gala - Bilibili has partnered with the Spring Festival Gala, allowing several content creators (UP主) to participate and contribute to the event's planning and production [2][4]. - This collaboration aligns with CCTV's initiative to make the Spring Festival Gala more inclusive and relatable to younger audiences by involving content creators [4][39]. Group 2: Content Creators' Role - The inclusion of UP主 marks the first time self-media creators have appeared on the national gala, highlighting a shift in content creation dynamics [10][39]. - The article discusses the differences between UP主 and other short video creators, emphasizing that UP主 often produce more substantial and original content that aligns with traditional media values [12][30]. Group 3: Quality of Content - The article critiques the quality of some short video content, arguing that many lack originality and depth, which is why UP主 are favored for such collaborations [13][28]. - Bilibili's UP主 are recognized for their educational and engaging content, which resonates well with audiences and contributes positively to cultural discourse [30][39]. Group 4: Cultural Impact - The article suggests that the efforts of UP主 are increasingly recognized by mainstream culture, indicating a broader acceptance of diverse content in traditional media [39][40]. - The engagement and discussions generated by quality content on Bilibili reflect a growing appreciation for meaningful cultural contributions in the digital age [38][39].

Core Viewpoint - The 2026 Spring Festival Gala will for the first time involve Bilibili UP owners in its production and planning process, indicating a shift towards more interactive and community-driven content creation [1][1]. Group 1: Collaboration and Participation - The Spring Festival Gala's director team actively sought opinions during the planning phase, allowing Bilibili UP owners to contribute to discussions [1][1]. - UP owners will also be involved in the creation and filming of a documentary about the Spring Festival Gala, which will be exclusively released on Bilibili after the event [1][1].

当模型不再稀缺，真正稀缺的，是能把模型变成现金流的能力。 2月9日，摩根大通证券（中国）发布研究报告《中国人工智能行业：全球布局与模型创新驱动新一代领军者》，首次覆盖中国独立大模型厂商智谱与 MiniMax。 报告开宗明义：中国人工智能行业正从"百模大战"阶段，迈向以商业化落地能力、模型创新实力及全球化布局为决定成败之关键的阶段。中国AI市场 正在迅速整合， "具备实力且资金充足的模型开发商数量已从超200家缩减至不足10家。" 摩根大通犀利指出， 国内AI行业最大的利润池恐将流向掌握分发的平台巨头 ；而独立厂商的突围，则取决于谁能通过"结构性中立"找到生存缝隙 ——智谱向内深耕高合规的本地化部署，MiniMax向外拓展高溢价的全球市场。 这一判断的背景并不复杂。报告指出，随着模型训练成本、算力获取门槛和商业化难度持续上升，资本与算力的硬约束开始主导行业结构。换句话 说， 行业已经不再奖励"能不能做模型"，而是奖励"能不能长期活下来"。 在摩根大通看来，这一阶段的核心变化在于：模型能力逐步趋同；资金消耗呈指数级上升；客户开始更关注"交付能力、稳定性与可持续性"。 这意味着， 大模型竞争的主线，正在从技术竞赛， ...

Group 1 - Citigroup's long position in Bilibili Inc. increased from 5.43% to 5.52% as of February 4, 2026 [1]

2026年02月10日 证券研究报告 | 哔哩哔哩（9626.HK)深度 跨越盈利拐点，A I应用与游戏品类扩张加速商业化价值释放 公司研究 · 深度研究 传媒 · 传媒 投资评级：优于大市（维持评级） 证券分析师：张衡 证券分析师：熊莉 证券分析师：云梦泽 证券分析师：陈瑶蓉 021-60875160 021-61761067 021-60933155 021-61761058 S0980517060002 S0980519030002 S0980525110001 S0980523100001 zhangheng2@guosen.com.cn xiongli@guosen.com.cn yunmengze@guosen.com.cn chenyaorong@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 国内领先的PUGV平台，生态护城河持续筑牢。哔哩哔哩（B站）成立于2009年，历经十余年从二次元社群向全品类视频平台的成功"破圈"，现已发展为国内最大的基于UP主生 态的PUGC（专业用户生产内容）视频平台 。其核心竞争力在于构建了一个高壁垒、强关注且高粘性的视频兴趣社 ...