1 季度利润超预期。哔哩哔哩1Q25 收入70 亿元（人民币），同比增24%，基本符合我们和市场预期。毛利率同/环比提升7.9/0.2 个百分点至36%，持续受益于收入结构改善。经调整归母净利润3.6 亿元，好于我们/市场预期的 2.9/2.5 亿元，部分得益于营销及研发费用管控。1 季度亮点：1）春晚合作带动MAU 环比净增2800 万/同比+8%。2）《三谋》基于赛季运营持续贡献稳定流水，拉动...
Source Link1 季度利润超预期。哔哩哔哩1Q25 收入70 亿元（人民币），同比增24%，基本符合我们和市场预期。毛利率同/环比提升7.9/0.2 个百分点至36%，持续受益于收入结构改善。经调整归母净利润3.6 亿元，好于我们/市场预期的 2.9/2.5 亿元，部分得益于营销及研发费用管控。1 季度亮点：1）春晚合作带动MAU 环比净增2800 万/同比+8%。2）《三谋》基于赛季运营持续贡献稳定流水，拉动...
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