金吾财讯 } 哔哩哔哩(BILI)逆势走低，报18.67美元，跌6.65%。港股股价四个月内腰斩。
消息面上，地缘政治紧张冲击港股科技股情绪，梧桐研究院指出，此类标的依赖稳定环境，外部扰动压制风险偏好。一季报显示，公司营收增长主要靠广告拉动，游戏、IP 等核心业务收入下滑，增长结构失衡明显。
光大证券国际策略师认为，哔哩哔哩业绩整体延续增长，但游戏业务倒退显著。主力游戏两年前推高基数后，今年增速放缓，市场担忧新游戏青黄不接，下半年新品储备成关键变量。
蓝水资本首席投资官表示，尽管收入、经调整净利润大增且毛利率上行，但哔哩哔哩游戏收入两位数下滑与同业增长形成反差。增长依赖广告，且或受益于 AI 流量投放，AI 研发能力不明，多重隐忧致股价承压，短期或继续探底。
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