哔哩哔哩：一季度25年业绩超预期；预计二季度25年盈利势头将持续强劲-20250521

21 May 2025 CMB International Global Markets | Equity Research | Company Update Bilibili (BILI US) 1Q25 earnings beat; expect strong earnings momentum to continue in 2Q25 BiliBili announced 1Q25 financial results: total revenue was up by 24% YoY to RMB7.0bn, in line with Bloomberg consensus estimate; adjusted net income reached RMB362mn, up from net loss of RMB456mn in 1Q24 and ahead of consensus estimate of RMB248mn, thanks to the GPM expansion (+8ppt YoY) and prudent control in R&D expenses (-13% YoY). Fo ...