SG-BILI@EC2612A(29350.HK)

Last Updated 08:00:00
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BILI (Trans): Capex +RMB 1bn; trim opex to partially offset

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09626
+3.65%
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BILI
+1.76%
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+3.65%
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BILI: Sell-Down Scare, Margin Erosion? Games to the Rescue!

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BILI: Sell-down scare overblown? Gaming to the rescue

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Bilibili Keeps China's Gen Z Locked In For 119 Minutes Daily

benzinga_article·
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benzinga_article·
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BILI 1Q26 First Take: Q1 results were broadly in line. Ads, one of the two core pillars, beat expectations. That said, Dolphin Research is slightly disappointed that MAUs rose by only ~10 mn QoQ during a seasonal peak, below last year, which may reflect calendar shifts around CNY and school holidays; we will look for color on the call. 1) Total revenue was RMB 7.5 bn (+6.7% YoY). Ads did the heavy lifting. (1) Ads were the standout, accelerating to nearly +30% YoY, helped by robust AI and game advertiser demand amid heightened competition. Q1 saw a race for AI entry points, and BILI, a mainstream channel for AI app performance marketing, naturally benefited. Ad load still has room to rise, and the platform recently added a new slot — pause ads. (2) Games declined 12% YoY on a high base. Q1 was driven by the HK/Macau/Taiwan launch of 'Sanmou', which targets smaller markets and tracked stably. With 'Three Kingdoms: Hundred-Battle Cards' planned for end-Q2 and two more titles in 2H, the new-game cycle is approaching. (3) VAS grew 3.7% YoY, pressured by live-streaming, and premium members declined QoQ. IP-led DTC commerce continued to contract, down 4% YoY and below expectations. That said, the segment is small, so the overall impact is limited. 2) OP came in at RMB 170 mn with a 2.2% OPM. Q1 margins typically dip QoQ on e-commerce off-season effects on ads, heavier marketing, and annual bonus payouts, but this quarter’s sequential decline was steeper than usual. The key difference is increased AI investment, with R&D reversing three years of tightening (mainly from game R&D cuts) to grow 9% YoY this quarter. 3) BILI repurchased 2.5 mn shares in Q1 for $60 mn at an avg $24. The 2-yr $200 mn buyback authorized in 2024 has been completed as of quarter-end. Net cash stood at RMB 19.3 bn (~$2.8 bn), leaving ample room for further buybacks; watch for management’s roadmap on shareholder returns on the call. The market was rattled two days ago by Tencent’s plan to sell high-valuation investment assets to fund its own buybacks, which sent its shares lower. Tencent holds about 10% of BILI. $Bilibili(BILI.US) $BILIBILI-W(09626.HK)

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*BILIBILI-W 1Q Adj. Net Profit Climbs 63.4% YoY to RMB593M

AASTOCKS News·
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+3.65%
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AASTOCKS News·
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BILIBILI-W Rises Nearly 5% Ahead of Results

AASTOCKS News·
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AASTOCKS News·
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BOCI: Tencent Stake Sale Concerns Weigh on BILIBILI-W ; Profit Expected to Sustain Growth

AASTOCKS News·
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AASTOCKS News·
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Pre-market trend | BILIBILI-W (9626.HK) experienced a significant drop on May 15, breaking through key levels, is the short interest accelerating under the cold wave for Chinese concept stocks?

Technical Forecast·
HK
09626
+3.65%
SZ
159805
+1.83%
SH
516190
+1.73%
Technical Forecast·
HK
09626
+3.65%
SZ
159805
+1.83%
SH
516190
+1.73%
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