B站隐忧:游戏营收三连降,日漫内容向哪去

财中社
Nov 17, 2025

11月13日,哔哩哔哩(BILI/09626,以下简称“B站”)披露了2025年三季报。数据显示,公司当季实现营收76.9亿元,同比增长5%,增速较前两季度23.63%和19.76%大幅放缓。三季度,B站盈利亮眼,调整后净利润达7.9亿元,同比激增233%,单季度净利润4.7亿元更创下历史峰值。但财报背后的隐忧同样突出,游戏业务收益呈现下滑态势,叠加内容生态遭遇的结构性瓶颈,已成为资本市场关注的...

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