<p><em>该视频平台利用人工智能和日益成熟的用户群体，在疲软的市场中实现了强劲的广告增长，但这种更高的变现推动也在考验其标志性的社区文化</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/26042835/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_26-5-2026_122619_thebambooworks.com_-1024x675.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/26042835/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_26-5-2026_122619_thebambooworks.com_-1024x675.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点</strong></h4>
<ul>
<li>哔哩哔哩的广告收入在第一季度增长了 30%，远超其总收入增长，而游戏和 IP 相关收入则出现下降</li>
<li>广告的强劲反映了公司忠实用户的更好变现、人工智能辅助的广告工具以及更具商业价值的受众</li>
</ul>
<p>中国的视频平台并不缺乏忠实客户的关注。它们面临的更大问题是如何将这种关注转化为盈利增长，因为广告商保持谨慎，内容成本依然高昂，而人工智能又成为无法避免的主要成本。</p>
<p>这使得 <strong>哔哩哔哩公司</strong> 的 最新季度报告（NASDAQ: BILI (9626.HK)）更值得关注。该公司最近才实现年度盈利，报告显示 2025 年首次实现全年盈利。现在，它必须证明这一盈利不仅仅是成本控制的结果，而是可以持续增长的东西。该公司的收入在第一季度增长了 7%，达到 74.7 亿元人民币（10.8 亿美元），其中广告收入增长了 30%，达到 25.9 亿元人民币。日活跃用户增长了 8%，达到 1.152 亿，平均每日使用时长为 119 分钟。</p>
<p>报告的其他部分则不那么令人印象深刻。增值服务，哔哩哔哩最大的业务板块，仅增长了 4%，达到 29.1 亿元人民币。移动游戏收入实际上下降了 12%，降至 15.2 亿元人民币，主要是因为去年的比较是由一款热门游戏推动的，而该游戏现在已进入更成熟的周期。知识产权（IP）衍生品和其他收入也下降了 4%，降至 4.482 亿元人民币。简单来说，广告是本季度的明星，而其余业务则显得逊色得多。</p>
<h4><strong>更具选择性的广告市场</strong></h4>
<p>哔哩哔哩的广告增长之所以突出，是因为其他主要中国互联网公司在中国经济放缓的背景下，广告收入仍在下降。<strong>百度</strong>（BIDU.US; 9888.HK）仍然严重依赖与其搜索业务相关的广告，第一季度在线营销收入下降了 22%。在线视频网站 <strong>爱奇艺</strong>（IQ.US）在本季度的在线广告收入也下降了 7%。</p>
<p>哔哩哔哩在这一重要领域实现强劲增长，即使许多其他平台录得下降，表明市场正在分化。广告商仍在对那些用户信号更明确、社区更强大、转化工具更好的平台进行支出，而这对缺乏这些特质的平台造成了不利影响。</p>
<p>哔哩哔哩广告增长的一部分来自于用户在平台上花费的时间增加。但其优势可能来自于这些用户关注的质量。</p>
<p>哔哩哔哩用户通常观看以游戏、科技、动画、产品评测、知识内容和创作者主导的讨论为中心的较长视频。这使得该平台对需要更详细解释和信任的广告类别非常有用，而不仅仅是快速曝光。其用户也在逐渐变老。管理层表示，平均用户年龄现在约为 26.5 岁，这个年龄段的个人消费能力和家庭决策影响力开始上升。</p>
<p>这使得哔哩哔哩处于一个人口统计的甜蜜点：其用户足够年轻，可以塑造趋势，但也越来越老，能够在电子产品、汽车、家用电器、人工智能工具和家居装饰等大宗商品上消费。</p>
<h4><strong>人工智能在两方面的帮助</strong></h4>
<p>人工智能是另一个对哔哩哔哩有利的因素，第一季度与人工智能相关的广告商预算同比增长超过 170%。人工智能还帮助哔哩哔哩更高效地销售广告。该公司表示，深入使用人工智能改善了广告匹配，推动了点击转化率（CTCVR）同比增长 25%，这是衡量广告表现的重要指标。哔哩哔哩还表示，人工智能生成内容（AIGC）创意工具正在帮助广告商制作更适合其社区的材料，提高了点击率。</p>
<p>哔哩哔哩并不是唯一一个拥有忠实用户的年轻平台。字节跳动的 <strong>抖音</strong> 规模更大，用户习惯于在其信息流中看到广告、直播、电商和本地服务。<strong>小红书</strong> 对广告商也有很强的吸引力，因为许多用户在这里寻找生活方式建议、产品发现、旅行创意和购物研究。</p>
<p>哔哩哔哩的优势则不同。用户通常将其视为一个围绕创作者、粉丝、游戏、科技和共享文化语言建立的视频社区，而不是购物指南或娱乐机器。其弹幕评论功能使得观众在观看视频时，评论在屏幕上滚动，增强了参与感。这有助于解释该网站的忠诚度，但也使得变现成为一项微妙的平衡艺术。</p>
<p>这种敏感性并不新鲜。2016 年，某些授权动漫作品的前贴片广告引发用户反感，导致董事长陈睿道歉，并承诺某些授权动漫将不再播放此类广告。今年四月，哔哩哔哩再次测试了界限，在其移动应用上推出了暂停广告。这种格式比前贴片或中插广告更为克制，广告仅在用户手动暂停视频时出现，创作者可以选择退出。但这仍然表明公司正在寻找新的广告插入方式。</p>
<h4><strong>成本压力依然存在</strong></h4>
<p>哔哩哔哩还需要继续增长广告收入以保护利润率，尤其是在其其他收入来源增长放缓甚至开始收缩的情况下。同时，公司也在努力控制支出。其运营支出在本季度仅增长了 3%，得益于销售和营销成本下降了 1%。研发支出增长了 9%，主要是由于对人工智能的投资，管理层还表示，全年与人工智能相关的资本支出可能增加约 10 亿元人民币。</p>
<p>今年早些时候，一份中国 媒体报道 引用了关于哔哩哔哩大规模裁员的网络传闻，包括一个广泛讨论的 60% 裁员的说法和研发中断。虽然 60% 的数字几乎肯定是高度夸大的，但这一事件仍值得一提，因为其传播符合行业的情绪：中国的互联网和娱乐公司正在努力为人工智能融资，同时捍卫利润率并削减较弱的业务。</p>
<p>这有助于解释为什么哔哩哔哩的投资故事现在看起来比传统视频同行如爱奇艺 (NASDAQ: IQ) 更具吸引力。哔哩哔哩有更清晰的广告变现故事，年轻但逐渐成熟的用户群体拥有更强的消费能力，盈利能力改善，并且由于其收入结构中的游戏与同行有所区别。除了 7% 的收入增长外，其调整后的净利润在最新季度增长了 62%，达到了 5.854 亿元人民币。相比之下，爱奇艺在该期间报告了 13% 的收入下降，并出现了净亏损。</p>
<p>但哔哩哔哩最大的优势也是其约束。其广告增长依赖于用户相信该平台仍然与同行不同。第一季度显示，哔哩哔哩可以销售更多广告，尤其是当这些广告与其内容文化相符的类别相关时。更棘手的问题是，该平台在开始感觉不再像许多忠实用户所熟知和喜爱的哔哩哔哩之前，还能吸收多少广告。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

哔哩哔哩

哔哩哔哩-W

<p>哔哩哔哩公司报告称，第一季度广告收入增长了 30%，显著超过了总收入增长的 7%。该平台的日活跃用户增加了 8%，用户平均每天花费 119 分钟。尽管广告表现强劲，但移动游戏和增值服务等其他领域的增长较慢。哔哩哔哩在谨慎市场中吸引广告主的能力凸显了其独特的社区驱动方法，并借助增强广告效率的人工智能工具。该公司旨在在控制成本措施之外维持盈利能力</p>

<p><em>The video platform is using AI and a maturing user base to post strong advertising growth in a weak market, but that higher monetization push is also testing its signature community culture</em></p>
<div class="lb-trans"><p><em>该视频平台利用人工智能和日益成熟的用户群体，在疲软的市场中实现了强劲的广告增长，但这种更高的变现推动也在考验其标志性的社区文化</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/26042835/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_26-5-2026_122619_thebambooworks.com_-1024x675.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/26042835/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_26-5-2026_122619_thebambooworks.com_-1024x675.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways</strong></h4>
<div class="lb-trans"><h4><strong>关键要点</strong></h4>
</div><ul>
<li>Bilibili's advertising revenue rose 30% in the first quarter, far outpacing its total revenue growth, while games and IP-related revenue declined</li>
<li>The ad strength reflects better monetization of the company's loyal users, AI-assisted ad tools and a more commercially valuable audience</li>
</ul>
<div class="lb-trans"><ul>
<li>哔哩哔哩的广告收入在第一季度增长了 30%，远超其总收入增长，而游戏和 IP 相关收入则出现下降</li>
<li>广告的强劲反映了公司忠实用户的更好变现、人工智能辅助的广告工具以及更具商业价值的受众</li>
</ul>
</div><p>China's video platforms are not short of attention from their loyal customer bases. Their harder problem is converting that attention into profitable growth, as advertisers stay cautious, content remains expensive and AI becomes another major cost they can't avoid.</p>
<div class="lb-trans"><p>中国的视频平台并不缺乏忠实客户的关注。它们面临的更大问题是如何将这种关注转化为盈利增长，因为广告商保持谨慎，内容成本依然高昂，而人工智能又成为无法避免的主要成本。</p>
</div><p>That's what makes the latest quarterly report from <strong>Bilibili Inc.</strong> (NASDAQ: BILI) (9626.HK) all the more worth watching. The company only recently crossed into annual profitability, reporting its first full-year profit in 2025. Now, it has to prove that profit wasn't just a cost-control story, but is something that can keep growing. The company's revenue rose 7% to 7.47 billion yuan ($1.08 billion) in the first quarter, led by a 30% rise in advertising revenue to 2.59 billion yuan. Daily active users rose 8% to 115.2 million, with average daily time on the service at 119 minutes.</p>
<div class="lb-trans"><p>这使得 <strong>哔哩哔哩公司</strong> 的 最新季度报告（NASDAQ: BILI (9626.HK)）更值得关注。该公司最近才实现年度盈利，报告显示 2025 年首次实现全年盈利。现在，它必须证明这一盈利不仅仅是成本控制的结果，而是可以持续增长的东西。该公司的收入在第一季度增长了 7%，达到 74.7 亿元人民币（10.8 亿美元），其中广告收入增长了 30%，达到 25.9 亿元人民币。日活跃用户增长了 8%，达到 1.152 亿，平均每日使用时长为 119 分钟。</p>
</div><p>The rest of the report was less impressive. Value-added services, Bilibili's largest segment, rose just 4% to 2.91 billion yuan. Mobile games revenue actually fell 12% to 1.52 billion yuan, mainly because last year's comparison was lifted by a hit game that has since entered a more mature part of its cycle. Intellectual property (IP) derivatives and other revenue also fell 4% to 448.2 million yuan. Put simply, advertising was the star of the quarter, while the rest of its business was much less impressive.</p>
<div class="lb-trans"><p>报告的其他部分则不那么令人印象深刻。增值服务，哔哩哔哩最大的业务板块，仅增长了 4%，达到 29.1 亿元人民币。移动游戏收入实际上下降了 12%，降至 15.2 亿元人民币，主要是因为去年的比较是由一款热门游戏推动的，而该游戏现在已进入更成熟的周期。知识产权（IP）衍生品和其他收入也下降了 4%，降至 4.482 亿元人民币。简单来说，广告是本季度的明星，而其余业务则显得逊色得多。</p>
</div><h4><strong>A more selective ad market</strong></h4>
<div class="lb-trans"><h4><strong>更具选择性的广告市场</strong></h4>
</div><p>Bilibili's ad growth stands out because other major Chinese internet names are still showing falling ad revenue as advertisers rein in their marketing budgets in China's slowing economy. <strong>Baidu</strong> (BIDU.US; 9888.HK), still heavily exposed to advertising tied to its search business, reported a 22% decline in online marketing revenue in the first quarter. Online video site <strong>iQiyi</strong> (IQ.US) also reported its online ad revenue fell 7% during the quarter.</p>
<div class="lb-trans"><p>哔哩哔哩的广告增长之所以突出，是因为其他主要中国互联网公司在中国经济放缓的背景下，广告收入仍在下降。<strong>百度</strong>（BIDU.US; 9888.HK）仍然严重依赖与其搜索业务相关的广告，第一季度在线营销收入下降了 22%。在线视频网站 <strong>爱奇艺</strong>（IQ.US）在本季度的在线广告收入也下降了 7%。</p>
</div><p>Bilibili's ability to post strong growth for that important segment, even as many others record declines, suggests the market is splitting. Advertisers are still spending on platforms with clearer user signals, stronger communities and better conversion tools, to the detriment of platforms lacking those qualities.</p>
<div class="lb-trans"><p>哔哩哔哩在这一重要领域实现强劲增长，即使许多其他平台录得下降，表明市场正在分化。广告商仍在对那些用户信号更明确、社区更强大、转化工具更好的平台进行支出，而这对缺乏这些特质的平台造成了不利影响。</p>
</div><p>Part of Bilibili's ad growth came from the growing amount of time its users spent on the service. But its edge may come from the quality of the attention of those users.</p>
<div class="lb-trans"><p>哔哩哔哩广告增长的一部分来自于用户在平台上花费的时间增加。但其优势可能来自于这些用户关注的质量。</p>
</div><p>Bilibili users often watch longer videos centered on games, technology, animation, product reviews, knowledge content and creator-led discussions. That makes the platform useful for ad categories that require more detailed explanation and trust, rather than just quick exposure. Its users are also getting older. Management said the average user is now about 26.5 years old, an age when personal spending power and household decision-making influence begin to rise.</p>
<div class="lb-trans"><p>哔哩哔哩用户通常观看以游戏、科技、动画、产品评测、知识内容和创作者主导的讨论为中心的较长视频。这使得该平台对需要更详细解释和信任的广告类别非常有用，而不仅仅是快速曝光。其用户也在逐渐变老。管理层表示，平均用户年龄现在约为 26.5 岁，这个年龄段的个人消费能力和家庭决策影响力开始上升。</p>
</div><p>That puts Bilibili in a demographic sweet spot: its users are young enough to shape trends, but increasingly old enough to spend on big-ticket items like electronics, cars, home appliances, AI tools and home decoration.</p>
<div class="lb-trans"><p>这使得哔哩哔哩处于一个人口统计的甜蜜点：其用户足够年轻，可以塑造趋势，但也越来越老，能够在电子产品、汽车、家用电器、人工智能工具和家居装饰等大宗商品上消费。</p>
</div><h4><strong>AI helps on both sides</strong></h4>
<div class="lb-trans"><h4><strong>人工智能在两方面的帮助</strong></h4>
</div><p>AI is another factor working in Bilibili's favor, with AI-related advertisers increasing their budgets by more than 170% year-on-year in the first quarter. AI is also helping Bilibili sell ads more efficiently. The company said deeper AI use improved ad matching, driving a 25% year-on-year increase in click-through conversion rates (CTCVR), an important metric for measuring an ad's performance. Bilibili also said AI generated content (AIGC) creative tools are helping advertisers produce materials better suited to its community, improving click-through rates.</p>
<div class="lb-trans"><p>人工智能是另一个对哔哩哔哩有利的因素，第一季度与人工智能相关的广告商预算同比增长超过 170%。人工智能还帮助哔哩哔哩更高效地销售广告。该公司表示，深入使用人工智能改善了广告匹配，推动了点击转化率（CTCVR）同比增长 25%，这是衡量广告表现的重要指标。哔哩哔哩还表示，人工智能生成内容（AIGC）创意工具正在帮助广告商制作更适合其社区的材料，提高了点击率。</p>
</div><p>Bilibili isn't the only youth platform with loyal users. ByteDance's <strong>Douyin</strong> has greater scale and a feed system where users are accustomed to ads, livestreaming, e-commerce and local services. <strong>Xiaohongshu</strong> has strong appeal to advertisers because many users go there for lifestyle advice, product discovery, travel ideas and shopping research.</p>
<div class="lb-trans"><p>哔哩哔哩并不是唯一一个拥有忠实用户的年轻平台。字节跳动的 <strong>抖音</strong> 规模更大，用户习惯于在其信息流中看到广告、直播、电商和本地服务。<strong>小红书</strong> 对广告商也有很强的吸引力，因为许多用户在这里寻找生活方式建议、产品发现、旅行创意和购物研究。</p>
</div><p>Bilibili's edge is different. Users often see it less as a shopping guide or entertainment machine and more as a video community built around creators, fandoms, games, technology and shared cultural language. Its bullet-comment feature, where viewer comments stream across the screen as users watch videos, makes the experience feel more participatory. That helps explain the site's loyalty, but also makes monetization a delicate balancing act.</p>
<div class="lb-trans"><p>哔哩哔哩的优势则不同。用户通常将其视为一个围绕创作者、粉丝、游戏、科技和共享文化语言建立的视频社区，而不是购物指南或娱乐机器。其弹幕评论功能使得观众在观看视频时，评论在屏幕上滚动，增强了参与感。这有助于解释该网站的忠诚度，但也使得变现成为一项微妙的平衡艺术。</p>
</div><p>The sensitivity is not new. In 2016, pre-roll ads on some licensed anime titles triggered user backlash, leading Chairman Chen Rui to apologize and promise that certain licensed anime would not carry such ads. This April, Bilibili again tested the boundary by rolling out pause ads on its mobile app. The format is more restrained than pre-roll or mid-roll ads, with ads only appearing when users manually pause a video, and creators allowed to opt out. But it still shows the company is looking for new places to insert advertising into the viewing experience.</p>
<div class="lb-trans"><p>这种敏感性并不新鲜。2016 年，某些授权动漫作品的前贴片广告引发用户反感，导致董事长陈睿道歉，并承诺某些授权动漫将不再播放此类广告。今年四月，哔哩哔哩再次测试了界限，在其移动应用上推出了暂停广告。这种格式比前贴片或中插广告更为克制，广告仅在用户手动暂停视频时出现，创作者可以选择退出。但这仍然表明公司正在寻找新的广告插入方式。</p>
</div><h4><strong>Cost pressure remains</strong></h4>
<div class="lb-trans"><h4><strong>成本压力依然存在</strong></h4>
</div><p>Bilibili also needs to keep growing advertising to protect margins, especially as its other revenue sources post slower growth and even start to contract. At the same time, the company is trying to keep its expenses under control. Its operating expenses rose only 3% in the quarter, helped by a 1% decline in sales and marketing costs. R&amp;D spending rose 9%, mainly because of AI investment, and management also said full-year AI-related capital expenditure could rise by about 1 billion yuan.</p>
<div class="lb-trans"><p>哔哩哔哩还需要继续增长广告收入以保护利润率，尤其是在其其他收入来源增长放缓甚至开始收缩的情况下。同时，公司也在努力控制支出。其运营支出在本季度仅增长了 3%，得益于销售和营销成本下降了 1%。研发支出增长了 9%，主要是由于对人工智能的投资，管理层还表示，全年与人工智能相关的资本支出可能增加约 10 亿元人民币。</p>
</div><p>Earlier this year, a Chinese media report cited online rumors about major layoffs at Bilibili, including a widely discussed claim of a 60% headcount cut and R&amp;D disruption. While the 60% figure was almost certainly highly exaggerated, the episode is still worth mentioning as its spread fits the industry mood: China's internet and entertainment companies are trying to fund AI, while simultaneously defending margins and trimming weaker businesses.</p>
<div class="lb-trans"><p>今年早些时候，一份中国 媒体报道 引用了关于哔哩哔哩大规模裁员的网络传闻，包括一个广泛讨论的 60% 裁员的说法和研发中断。虽然 60% 的数字几乎肯定是高度夸大的，但这一事件仍值得一提，因为其传播符合行业的情绪：中国的互联网和娱乐公司正在努力为人工智能融资，同时捍卫利润率并削减较弱的业务。</p>
</div><p>This helps explain why Bilibili's investment story now looks more attractive than that of traditional video peers such as iQiyi (NASDAQ: IQ). Bilibili has a clearer ad monetization story, a young but maturing user base with greater spending power, improving profitability and some differentiation from its peers due to games in its revenue mix. In addition to its 7% revenue growth, its adjusted net profit rose 62% to 585.4 million yuan in the latest quarter. iQiyi, by contrast, reported a 13% revenue decline for the period and swung to a net loss.</p>
<div class="lb-trans"><p>这有助于解释为什么哔哩哔哩的投资故事现在看起来比传统视频同行如爱奇艺 (NASDAQ: IQ) 更具吸引力。哔哩哔哩有更清晰的广告变现故事，年轻但逐渐成熟的用户群体拥有更强的消费能力，盈利能力改善，并且由于其收入结构中的游戏与同行有所区别。除了 7% 的收入增长外，其调整后的净利润在最新季度增长了 62%，达到了 5.854 亿元人民币。相比之下，爱奇艺在该期间报告了 13% 的收入下降，并出现了净亏损。</p>
</div><p>But Bilibili's biggest advantage is also its constraint. Its ad growth depends on users believing the platform is still different from its peers. The first quarter showed Bilibili can sell more ads, especially when those ads are tied to categories that fit its content culture. The harder question is how much more advertising the platform can absorb before it starts to feel less like the Bilibili that many of its loyal users have grown to know and love.</p>
<div class="lb-trans"><p>但哔哩哔哩最大的优势也是其约束。其广告增长依赖于用户相信该平台仍然与同行不同。第一季度显示，哔哩哔哩可以销售更多广告，尤其是当这些广告与其内容文化相符的类别相关时。更棘手的问题是，该平台在开始感觉不再像许多忠实用户所熟知和喜爱的哔哩哔哩之前，还能吸收多少广告。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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Why Bilibili's Investment Story Looks More Attractive Now Vs. Traditional Peers

- 哔哩哔哩广告收入在第一季度增长 30%，显示出用户变现能力提升。  
- 用户日均时长达 119 分钟，忠实用户和 AI 工具助力增长。  
- 广告增长面临用户体验与盈利平衡的挑战。

为什么哔哩哔哩的投资故事现在比传统同行更具吸引力