港股异动 | 哔哩哔哩-W涨超3%，首季度利润端超市场预期，《三谋》内容更新带动流水增长
5月26日，哔哩哔哩-W盘中再涨超3%，华创证券发布研报指出，1Q25哔哩哔哩-W实现收入70亿元，YOY+24%，符合媒体一致预期；实现毛利润25.4亿元，YOY+58%，对应毛利率36.3%，符合媒体一致预期；实现NON-GAAP口径下归母净利润3.62亿元，YOY扭亏为盈，超彭博一致预期。费用节约也一定程度促成了利润端的超预期，其中研发费用8.4亿元低于预期7%，销售费用11.7亿元，低于预期3%，整体费用开支较预期少4%。
该行续指，公司本季度实现收入17.3亿元，YOY+76%，QOQ-4%，略超媒体一致预期，预计主要由核心SLG产品《三国：谋定天下》带来的结构性增量所驱动。该作于4月12日开启S7赛季，首日位列国内IOS畅销榜第3。展望后续，按照单赛季50天计算，预计5月底更新S8“隆中对”赛季，将新增武将“(新)诸葛亮”、实装季节系统等。此外，预计周年庆将在季中发生，该行看好S8赛季内容更新带动流水增长。
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