核心观点四季度B 站调整后净利润超预期。4Q24 收入77 亿元，同比增长22%；经调整净利润4.52 亿元，同比增长181.3%，超市场预期15%。驱动力一方面来自社区流量持续增长，四季度视频播放量同比增加14%，除夕夜日活较去年同期增长近20%；另一方面是三大业务维持较好增势，成本开支控制严格。1）效果广告、充电计划表现亮眼：四季度广告收入同比+24%，全年效果广告同比增速超40%，看好公司...
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