格隆汇5月21日｜哔哩哔哩(BILI.US)盘前涨1.76%，报18.47美元。公司昨晚公布财报显示，2025年第一季度营收同比升24%至70亿元(人民币，下同)；经调整净利润录得3.6亿元，同比扭亏为盈；均超市场预期。一季度毛利率创下新高，提高8个百分点至36.3%，也是连续11个季度逐步提升。

绩后大和发报告指，哔哩哔哩第一季度调整后利润入比市场预期高出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。毛利率扩展至36.3%，按年增长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。基于哔哩哔哩长期盈利能力进展的清晰前景，大和将其2025至2026年每股盈利预测上调9%至14%。

招银国际亦指，展望2Q25，预计哔哩哔哩将维持20%的同比营收增长，且利润率进一步改善，主要受广告和手游业务的强劲增长带动。该行将FY25-27非GAAP净利润预测上调至22/32/41亿元(前值：18/27/37亿元)，反映公司利润率持续改善的趋势。该行微调基于SOTP的目标价至26.5美元(前值：26.4美元)，维持“买入”评级。(格隆汇)

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