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1124 | Dolphin Research Focus: 🐬 Macro/Industry 1. On November 21st, Hang Seng Indexes Company announced the results of its quarterly review, with the changes to be implemented after the market closes on December 5, 2025, and effective from December 8, 2025. Among the changes, Dolphin Research is particularly interested in Leapmotor being included in the Hang Seng TECH Index, and Hesai Technology being added to the Hang Seng Composite Index. Inclusion in the indices will bring passive capital inflows to both companies, enhancing stock liquidity and market attention. Leapmotor rose nearly 6% today, while Hesai increased by over 8%...

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Ali Qianwen surpasses ten million downloads; Hang Seng Index adjusts, Leapmotor and Hesai surge｜Today's Important News Recap

Conference Minutes

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The following is a summary compiled by Dolphin Research regarding the Q3 2025 earnings call minutes for $Bilibili(BILI.US). For financial report commentary, please refer to &#34;Bilibili: Ecosystem Continues to Recover, the Small Station Grows Again.&#34; 1. Review of Core Financial Information: The third quarter achieved solid financial performance. As the revenue structure shifts towards high-profit businesses, total net income increased by 5% year-on-year to RMB 7.7 billion, with value-added services contributing approximately 39%, advertising business contributing 33%, gaming business contributing 20%, and IP business contributing 8%...

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Bilibili (Minutes): Content payment is an important growth engine for the future

Financial Analysis

On November 14th, after the Hong Kong stock market closed, $Bilibili(BILI.US) released its Q3 2025 financial report. Overall, it slightly exceeded expectations, with highlights in advertising revenue, profits, and user metrics, while gaming and live streaming were relatively weak. The market reaction on the day of the report was muted, mainly due to the broader market impact, and some funds might have been concerned about the lack of short-term guidance surprises. Specifically: 1. Healthy expansion of the user ecosystem: This is considered the biggest highlight of the financial report by Dolphin Research. Q3 is the peak season during the summer vacation, and Bilibili's monthly active users (MAU) increased by 13 million compared to the previous quarter...

Bilibili: Is the Little Broken Station Going to Develop Again?

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1113 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump signed a temporary federal government funding bill passed by both houses of Congress at the White House, ending the longest federal government shutdown in history that lasted 43 days. In the short term, it can restart federal services, issue back pay to employees, alleviate the impact on people's livelihood such as aviation delays and welfare interruptions, and resume the release of economic data to stabilize market expectations. However, the bill is only a temporary solution and does not address core differences such as healthcare subsidies and the remaining 9 annual appropriations, so there is still a risk of a shutdown after January 30...

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Alibaba's 'Qianwen' plans to revamp to catch up with ChatGPT; Baidu's Kunlun Chip Supernode unveiled | Today's Important News Recap

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1021 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. U.S. President Trump and Australian Prime Minister Albanese signed a critical minerals agreement at the White House. The core of the agreement includes each party investing $1 billion within six months to support mining and processing projects, establishing a price floor mechanism, and introducing indirect participation from Japan. The focus is on resources such as rare earths, gallium, and graphite, aiming to counter China's influence in the rare metals sector. This move is a key step for the West in restructuring the resource supply chain, attempting to break China's dominant advantage in the smelting and processing stages. However, Australia's shortcomings in processing technology and high costs are difficult to resolve in the short term...

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Game Boosts Bilibili's Surge; Amazon AWS Services Experience Major Outage | Today's Important News Recap

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1009 | Dolphin Research Key Focus: 🐬 Stock 1, $BILIBILI-W(09626.HK) Bilibili rose over 7%. In terms of news, on September 10th this year, Bilibili first revealed a new Three Kingdoms-themed casual asymmetric competitive card game &#34;Three Kingdoms: Hundred Generals&#34;, and scheduled to start testing in October. Previously, the game &#34;Three Kingdoms: Strategy Under Heaven&#34; exclusively represented by the company performed excellently, and the market is full of expectations for its subsequent game product reserves. In addition, recently OpenAI released Sora2, sparking market attention on AI video generation technology...

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Alibaba forms a robotics AI team; Bilibili continues to rise｜Today's Important News Recap

0915 Dolphin Research Key Focus: 🐬 Macro/Industry 1. The National Bureau of Statistics released the macro data package for August. In August, the total retail sales of consumer goods reached 3,966.8 billion yuan, a year-on-year increase of 3.4%. Dolphin Research has published a detailed commentary titled &#34;Retail Sales Growth Continues to Hit New Lows, Where is the Problem?&#34; Overall, the growth rate of retail sales in July and August continued to slow down, hitting new lows. On one hand, the decline in state subsidies and poor automobile sales led to weaker product sales. On the other hand, the fierce competition in the food delivery sector has had a crowding-out effect on offline dining consumption, and it has also led to a decrease in the actual price paid by consumers per order...

New game on Bilibili 'Three Kingdoms: Hundred Generals' scheduled for testing; 'Ning Wang' surges wildly｜Today's important news recap

The following is the minutes of the Q2 2025 earnings call for $Bilibili(BILI.US) organized by Dolphin Research. For earnings interpretation, please refer to &#34;Bilibili: After Completing the 'Three Strategies', What's Next?&#34; 1. Core Information Review of the Financial Report: a. Guidance: Management will continue to focus on providing the best PUGV community experience to attract more users and achieve mutual growth. Meanwhile, the company plans to actively invest in commercialization initiatives to drive sustainable profitability. b. In the future, the company will continue to focus on its unique high-quality content...

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Bilibili (Minutes): Reaffirming the long-term operating profit margin target of 15-20%

After the Hong Kong stock market closed on August 21st Beijing time, $Bilibili(BILI.US) released its Q2 2025 financial report. Due to recent thorough communication with investors, overall revenue was in line with guidance, but recent high expectations led to some disappointment in game performance, while profits were quite good. Specifically: 1. Profit exceeded expectations: The highlight this time was still on the profit side, significantly surpassing market expectations, mainly due to lower marketing expenses. Although there were no new games in the second quarter, which should have resulted in lower marketing expenses, the anniversary event for &#34;Three Strategies&#34; and several season updates at the beginning of the year were not insignificant...

Bilibili: After the 'Three Strategies for a Pleasant Game', where is the next stop?

Bilibili 2Q25 Quick Interpretation: Bilibili's Q2 performance was generally acceptable. Except for the slightly underperforming IP e-commerce, the revenue side basically met expectations (optimistic funds might have higher expectations for games), and the profit side significantly exceeded expectations due to lower sales expenses, resulting in core operating profit being much higher than expected.1. Mid-to-high growth expectations for games: Q2 was still benefiting from the base effect of 'Three Strategies', hence the 60% growth rate, which is in line with the company's previous guidance.However, the second quarter originally had season updates and anniversary celebrations overlapping, so some optimistic funds might have had much higher expectations.From the deferred revenue perspective, Q2 was 4.24 billion, a 10% increase quarter-on-quarter. Although the growth rate was not as high as when 'Three Strategies' was first launched last year, it was slightly better than the fluctuations in the same season in previous years without any blockbuster new games.2. Steady growth in advertising: Q2 advertising growth rate was 20%, which is basically in line with the company's guidance, mainly driven by performance advertising.At the previous Investor Day, the company emphasized the empowerment and optimization of its advertising recommendation system by AI (AI-driven advertising grew by 140% year-on-year). In addition, Dolphin Research believes it is also related to the release of inventory itself.3. Continued expansion of user ecosystem: Q2 user metrics were also good, with monthly active users growing by 8% year-on-year, and user stickiness (DAU/MAU) remaining at around 30%. The average daily usage time per user during the period was 105 minutes, continuing to grow year-on-year.4. Restrained marketing, improved operational efficiency: There were no new games during the period, but the anniversary celebration of 'Three Strategies' also required some promotion. Marketing expenses in Q2 continued to decline quarter-on-quarter and remained flat year-on-year, spending less than market expectations.This ultimately led to profit release exceeding expectations, with GAAP core operating profit reaching 250 million, and a profit margin of 3.4%.In the company's tracked metrics, Non-GAAP operating profit was 540 million, with a profit margin of 7.3%, also exceeding consensus expectations. $Bilibili(BILI.US)$BILIBILI-W(09626.HK)

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Bilibili Reports Significant Profit Growth in Q3, Stock Price Rises in Response

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