哔哩哔哩-W:25Q3广告加速 盈利持续改善

申万宏源研究
Nov 16, 2025

哔哩哔哩25Q3 实现营业收入76.9 亿元,同比增长5%,符合预期;调整后归母净利润7.9亿元(去年同期首次单季度盈利为2.4 亿元),超彭博一致预期22%,对应利润率10.2%,环比继续提升。投资要点:用户规模和时长历史新高。根据公司财报,25Q3,MAU 同比增长8%至3.76 亿,连续三个季度维持8%增速;DAU 同比增长9%至 1.17 亿,增长加速,D/M 提升至31%;用户日均使用...

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