智通财经APP获悉，大和发布研报称，哔哩哔哩-W(09626)2025年第一季度调整后利润较市场预期高出30%，主要因营运支出低于预期。这也是连续第三个季度实现正收益。大和基于哔哩哔哩长期盈利能力进展的清晰前景，将其2025至2026年每股盈利预测上调9%至14%，重申“买入”评级，将目标价从230港元上调至240港元。
管理层强调持续提升变现效率，并继续专注于盈利且可持续的增长。第一季度毛利率扩展至36.3%，同比增长8个百分点，反映出收入组合向高利润率板块(广告和游戏)的有利转移。营运费用同比适度增长4%。管理层维持其40%至45%的中长期毛利率目标，以及15%的长期经营利润率目标。
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