BILI Q4: Remains Focused on Quality Growth and Efficienc
@MaverickWealthBuilder：
Earnings ReviewQ4 MAUs of 326M, grew 20% y/y, but down 6.6M sequentially due to seasonality. DAU growth continued to outperform MAU, up 29% y/y to 92.8M (+2.5M q/q). But average MPUs grew slower at +15% y/y to 28.1M, driving the overall paying ratio to 8.6%, down 40bps y/y. Engagement metrics continued to grow: average daily time spent was 96 minutes in 4Q, +17% y/y; active creators grew 27% to 3.8M; monthly video submissions grew 61% to 17.6M, with average submissions per creator increased 27% y/y to 4.6; average total daily video views grew 77% to 3.9B, implying daily views per MAU of 12.0, up 48% y/y; average monthly interactions per MAU increased 12% y/y to 41.7.Revenue increased to 6.14B (+6.3% YoY), beating consensus of 6.11B; Gross income 2% above