Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/bilibili-inc">Bilibili </a>is successfully transitioning towards a more balanced and profitable business model, with advertising revenue growth and margin improvement being key highlights. The company's recent financial performance shows a clear path to sustainable profitability after years of heavy investment in user growth.</li>
 <li>The platform's core strength remains its highly engaged and unique user community, primarily composed of China's Gen Z+. This provides a durable, albeit narrow, competitive moat and an attractive demographic for advertisers, driving a 30% YoY increase in ad revenue in the latest quarter.</li>
 <li>Significant headwinds persist in the mobile gaming division, which saw a 12% YoY revenue decline. The company also faces intense competition across all segments and is subject to the unpredictable regulatory environment in China, creating a high-risk, high-reward investment profile.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Bilibili is successfully transitioning towards a more balanced and profitable business model, with advertising revenue growth and margin improvement being key highlights. The company's recent financial performance shows a clear path to sustainable profitability after years of heavy investment in user growth.
  The platform's core strength remains its highly engaged and unique user community, primarily composed of China's Gen Z+. This provides a durable, albeit narrow, competitive moat and an attractive demographic for advertisers, driving a 30% YoY increase in ad revenue in the latest quarter.
  Significant headwinds persist in the mobile gaming division, which saw a 12% YoY revenue decline. The company also faces intense competition across all segments and is subject to the unpredictable regulatory environment in China, creating a high-risk, high-reward investment profile.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>With consumption in the doldrums, one would expect none growing at double digits. This is actually not the case; </li>
<li>Further, how many Chinese Growth Equity names are accelerating in growth in the second half? Quite a lot;</li>
<li>We reiterate our view that Chinese Internet names are took-all winners with strong pricing power, which are showing when they need to. The weak market sentiment is self-fulfilling.</li>
</ul>


With consumption in the doldrums, one would expect none growing at double digits. This is actually not the case; 
Further, how many Chinese Growth Equity names are accelerating in growth in the second half? Quite a lot;
We reiterate our view that Chinese Internet names are took-all winners with strong pricing power, which are showing when they need to. The weak market sentiment is self-fulfilling.


How Many Chinese Growth Equity Names Are Growing at Double Digits?

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>BiliBili reported 1Q26 financial results: total revenue grew by 7% YoY to RMB7.47bn, in line with Bloomberg consensus estimate; adjusted net income was up by 63% YoY to RMB593mn, 11% ahead of consensus estimate thanks to investment income of RMB65mn.</li><li>User community saw healthy growth, with DAU/average daily time spent up by 8%/10% YoY in 1Q26, supported by Bili’s quality content, community-first strategy and AI empowerment.</li><li>Looking into 2Q26E, we expect total revenue to grow by 8% YoY, primarily fuelled by the strong ad revenue growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BiliBili reported 1Q26 financial results: total revenue grew by 7% YoY to RMB7.47bn, in line with Bloomberg consensus estimate; adjusted net income was up by 63% YoY to RMB593mn, 11% ahead of consensus estimate thanks to investment income of RMB65mn.User community saw healthy growth, with DAU/average daily time spent up by 8%/10% YoY in 1Q26, supported by Bili’s quality content, community-first strategy and AI empowerment.Looking into 2Q26E, we expect total revenue to grow by 8% YoY, primarily fuelled by the strong ad revenue growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - 1Q26 Review: Solid User Traffic Growth and Monetization Improvement

<ul><li>BiliBili announced 4Q25 financial results: total revenue was up by 8% YoY to RMB8.32bn, 2% ahead of Bloomberg consensus estimate mainly due to the stronger-than-expected performance of advertising business (+27% YoY); adjusted net income grew by 94% YoY to RMB878mn, 10% ahead of consensus estimate thanks to the operating leverage and effective opex control.</li><li>Looking ahead, we forecast total revenue to grow by 6%/8% YoY in 1Q26E/FY26E, mainly driven by the strong advertising business.</li><li>We expect margin expansion pace to slightly slow down in FY26E, as the company steps up AI investment, which shall yield long-term benefits on the user community, monetization and operating efficiency. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BiliBili announced 4Q25 financial results: total revenue was up by 8% YoY to RMB8.32bn, 2% ahead of Bloomberg consensus estimate mainly due to the stronger-than-expected performance of advertising business (+27% YoY); adjusted net income grew by 94% YoY to RMB878mn, 10% ahead of consensus estimate thanks to the operating leverage and effective opex control.Looking ahead, we forecast total revenue to grow by 6%/8% YoY in 1Q26E/FY26E, mainly driven by the strong advertising business.We expect margin expansion pace to slightly slow down in FY26E, as the company steps up AI investment, which shall yield long-term benefits on the user community, monetization and operating efficiency. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - AI to Drive Healthy Community Development and Monetization Improvement

<ul><li>Bilibili reported 3Q25 results: total revenue grew by 5% YoY to RMB7.69bn, in line with Bloomberg consensus estimate.</li><li>During the period, adjusted operating income was RMB688mn, up from RMB272mn in 3Q24 and 6% ahead of consensus estimate, mainly due to the effective control on S&amp;M expenses (- 13% YoY).</li><li>Looking into 4Q25E, we forecast total revenue to maintain 5% YoY growth, primarily driven by the strong advertising business, but partially offset by the decline in mobile games revenue. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili reported 3Q25 results: total revenue grew by 5% YoY to RMB7.69bn, in line with Bloomberg consensus estimate.During the period, adjusted operating income was RMB688mn, up from RMB272mn in 3Q24 and 6% ahead of consensus estimate, mainly due to the effective control on S&amp;M expenses (- 13% YoY).Looking into 4Q25E, we forecast total revenue to maintain 5% YoY growth, primarily driven by the strong advertising business, but partially offset by the decline in mobile games revenue. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - 3Q25 Results: Healthy Margin Expansion on Solid Ad Business...

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (BILI US)

Primer: Bilibili (BILI US) - Aug 2026

Bilibili is successfully transitioning towards a more balanced and profitable business model, with advertising revenue growth and margin...

αSK Primers

How Many Chinese Growth Equity Names Are Growing at Double Digits?

More Chinese growth equity names growing at double digit than single and more are accelerating in growth in C2H24. Pessimism can turn into self...

Blue Lotus Research Institute

Bilibili (BILI US) - 1Q26 Review: Solid User Traffic Growth and Monetization Improvement

BiliBili reported 1Q26 financial results: total revenue grew by 7% YoY to RMB7.47bn, in line with Bloomberg consensus estimate; adjusted net income...

CMB International

Bilibili (BILI US) - AI to Drive Healthy Community Development and Monetization Improvement

BiliBili announced 4Q25 financial results: total revenue was up by 8% YoY to RMB8.32bn, 2% ahead of Bloomberg consensus estimate mainly due to the...

CMB International

Bilibili (BILI US) - 3Q25 Results: Healthy Margin Expansion on Solid Ad Business...

Looking into 4Q25E, we forecast total revenue to maintain 5% YoY growth, primarily driven by the strong advertising business, but partially offset...

CMB International

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