事项：哔哩哔哩发布四季报。25Q4 公司收入达83.2 亿元（yoy+8%），较彭博预期高2.2%。Non-Gaap 归母净利润达8.8 亿元（yoy+94%），较彭博预期高10%。DAU 增速提升，广告库存位拓展驱动广告增速提升。25Q4 收入达30.4 亿元（yoy+27%），较彭博预期高4.5%。我们认为主要系：1）25Q4 DAU yoy+9.7%，快于25Q3 的9.3%；2）Q4 广告...
Source Link事项：哔哩哔哩发布四季报。25Q4 公司收入达83.2 亿元（yoy+8%），较彭博预期高2.2%。Non-Gaap 归母净利润达8.8 亿元（yoy+94%），较彭博预期高10%。DAU 增速提升，广告库存位拓展驱动广告增速提升。25Q4 收入达30.4 亿元（yoy+27%），较彭博预期高4.5%。我们认为主要系：1）25Q4 DAU yoy+9.7%，快于25Q3 的9.3%；2）Q4 广告...
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