Sep. 1 at 8:35 AM
$BILI reported 28% advertising growth, higher engagement and its 16th consecutive quarter of gross-margin expansion, while
$BZUN posted 7% revenue growth as brand-management revenue climbed 22%. Both point to improving monetization and operating efficiency across China’s online economy.
$HUYA may be the more interesting turnaround play: revenue grew 11% to RMB1.74B, game-related services, advertising and other revenue jumped 54%, gross profit rose 20%, and the company returned to GAAP profitability. Its business is diversifying beyond livestreaming into game publishing, in-game item sales, advertising and AI-powered content.