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Bilibili

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00700

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80700

09626

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In the prior piece, Dolphin Research reviewed Meitu's history, product suite, and competitive landscape in depth. This follow-up focuses on Meitu's growth potential.1) Will large models eat Meitu's lunch? To evaluate its growth, we must ask how vertical platforms defend against general-purpose platforms.As seen across internet cycles, a few lucky players evolved into 'small but mighty' vertical champions. Tencent Music, Kanzhun, and even Bilibili endure thanks to distinctive attributes. Most others faded into the background, becoming stepping stones as tech giants broadened their ecosystems...

TENCENT

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BILIBILI-W

MEITU

Tencent HK SDR 10to1

Meitu: A bumpy 'small‑but‑beautiful' story — where is the bottom?

Today’s Key News Recap

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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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Alibaba HK SDR 5to1

NIO Inc. USD OV

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

Conference Minutes

AIGC

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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Baidu HK SDR 10to1

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SMIC HK SDR 5to1

Tencent Music

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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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CATL HK SDR 30to1

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...

Destiny Tech100

Apple

Taiwan Semiconductor

Gen Digital

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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...

Inter

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?

Qianwen APP Serves as Exclusive Sponsor for Bilibili New Year's Eve Gala, Launches New Year AI Creative Activities

Bilibili Launches Radio Host Support Program

Bilibili Launches New Game 'Sparkle Up, Lumi!'

JPMorgan Increases Holdings in Bilibili to 16.19%

Caitong Securities Gives Bilibili a 'Buy' Rating and Outlines Future Revenue Projections

Bilibili Reports 233% Q3 Net Profit Increase, Sets New MAU Record

Bilibili Clarifies Membership Fee Rumors and Announces Financial Reports

Bilibili shares gap down at opening

Citi Reduced Holdings in Bilibili Shares

JPMorgan Increases Its Long Position in Bilibili

Norges Bank Reduces Bilibili Shares

BofA Securities Maintains Buy Rating on Bilibili With Target Price Cut

Shanghai San E Information Technology Co., Ltd. Acquired by Bilibili with Legal Representative Change

Norges Bank Increased Holdings of Bilibili-W Stocks

JPMorgan Reduces Bullish Position on Bilibili

Eastern Securities and Goldman Sachs Maintain Buy Rating on Bilibili

Bilibili Signs Comprehensive Cooperation Agreement with Jinjiang Original

Bilibili Reports Significant Ad Revenue Growth in Q3 2025 Financials

Guohai Securities Maintains Buy Rating on Bilibili with Target Price

Bilibili Reports Q3 2025 Revenue Growth of 5% and Net Profit Increase of 233%

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In the prior piece, Dolphin Research reviewed Meitu's history, product suite, and competitive landscape in depth. This follow-up focuses on Meitu's growth potential.1) Will large models eat Meitu's lunch? To evaluate its growth, we must ask how vertical platforms defend against general-purpose platforms.As seen across internet cycles, a few lucky players evolved into 'small but mighty' vertical champions. Tencent Music, Kanzhun, and even Bilibili endure thanks to distinctive attributes. Most others faded into the background, becoming stepping stones as tech giants broadened their ecosystems...

Bilibili Inc. (09626.HK, BILI.US) Q3 2025 Earnings Conference Call

Bilibili Inc. (09626.HK, BILI.US) Q2 2025 Earnings Conference Call

Bilibili Inc. (09626.HK, BILI.US) Q1 2025 Earnings Conference Call

Bilibili Inc. (09626.HK, BILI.US) Fourth Quarter and Full Year 2024 Earnings Conference Call