Bilibili Inc. · NASDAQ:BILI
Bilibili — Q4 2025 Earnings Presentation
26 slides from Bilibili's earnings presentation, March 2026
Slide 1: Investor Presentation
Investor Presentation March 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “antici
Slide 3: Enrich the everyday life of young generations in China
Enrich the everyday life of young generations in China 113mn 366mn 36mn 107mins DAUs (1) (2) MAUs (1) (2) MPUs (1) (3) Avg. daily time spent (1) (4) :
Slide 4: Operational Highlights: Steady Growth of DAUs and Daily Time Spent
Operational Highlights: Steady Growth of DAUs and Daily Time Spent DAUs Average Daily Time Spent Per User (mn) (mins) 10% YOY 8% YOY 113 107 103 100 99 96 95 93 82 72 21Q4 22Q4 23Q4 24Q4 25Q4 21Q4 22Q4 23Q4 24Q4 25Q4 4
Slide 5: Financial Highlights: Improving Margins and Profits
Financial Highlights: Improving Margins and Profits Gross Profit Net Profit(1) (RMB mn) (Non-GAAP; RMB mn) (1) GPM NPM 37.0% 10.6% 36.5% 36.7% 36.6% 10.2% 36.3% 8.5% 7.6% 32.7% -0.1% 2,588 11,114 5.2% 878 8,774 786 3,081 561 2,818 2,676 2,539 362 (39) 25Q1 25Q2 25Q3 25Q4 2024 2025 25Q1 25Q2 25Q3 25Q
Slide 6: Golden Opportunity from Videolization
Golden Opportunity from Videolization Video becomes fundamental to information, entertainment and communication Massive Video-Based Industry(1) More Time Spent(2), More Spending(3) (RMB bn) (Hours per day) (RMB) Infrastructure 2,940 AI, 5G, and various 5,076 video production tools +27% 5.7 2.4x 4.5
Slide 7: Our Unparalleled Leadership in Gen Z+
Our Unparalleled Leadership in Gen Z+ The golden cohort and future of the video-based industry Unparalleled leadership in China’s young generation High-quality user base with strong consumer buying power 49% of our users are female with higher interest in commercial contents(1) 60% of our users live
Slide 8: The Story
The Story User-centric with massive opportunities Commercialization Highly engaged, Ever-growing ecosystem Users centered around PUGV Aspiring and interactive and sticky fast growing Content Community 8
Slide 9: Multi Categories for Constantly Expanding Content Interests
Content Community Commercialization Home Fitness decor Food Fashion Know- ledge Baby & Music Tech Animals maternity Multi Categories for Constantly Auto- Enter- tainment Handi- crafts Expanding Content Interests Farming mobile Anime Games 21 26.5 Auto remix ACG Painting (1) Sports Travel 2018 2026 P
Slide 10: Robust Mechanism Attracts and Supports Content Creators
Content Community Commercialization Robust Mechanism Attracts and Supports Content Creators ~3mn +21% content creators earned income on Bilibili(1) content creators’ average income(2) Content creators’ growth map (3) 20%+ YOY 20%+ YOY 20%+ YOY 30% creators with YOY over 1mn followers creators with o
Slide 11: Highly Engaged and Sticky Community with a Strong Sense of Belonging
Content Community Commercialization Highly Engaged and Sticky Community with a Strong Sense of Belonging One Click Triple-Function Combo Like Coin- Add to Bullet-chat Commentary Share Following Virtual Fan Moment casting Favorite Gifting Charging ~80% 12-month retention rate (2) 16.2bn monthly inter
Slide 12: Commercialization Comes Naturally Around Users’ Interests
Content Community Commercialization Commercialization Comes Naturally Around Users’ Interests Users’ diverse, expanding interests Desired content and services fulfilling needs Create significant potential for monetization Advertising VAS AI-enabled algorithms Mobile IP Derivatives Games and Others B
Slide 13: Value-Added Services: Multi-Faceted Commercialization
Content Community Commercialization Value-Added Services: Multi-Faceted Commercialization Premium membership (1) 25mn+ Fan charging income (2) 100%+ Live broadcasting Premium membership Fan charging Natural extension of our Enjoy exclusive or advanced Support content creators and diversified content
Slide 14: Value-Added Services Revenues with Solid Growth
Content Community Commercialization Value-Added Services Revenues with Solid Growth 8% YOY (RMB mn) 11,928 6% YOY 10,999 3,262 3,023 2,807 2,837 25Q1 25Q2 25Q3 25Q4 2024 2025 14
Slide 15: Advertising: Bilibili is Becoming a Go-To Platform for Advertisers
Content Community Commercialization Advertising: Bilibili is Becoming a Go-To Platform for Advertisers N-reach brand ads Customized and innovative Performance-based ads native ads with sales conversion add-on 15
Slide 16: Advertising Revenues: Robust Growth with Great Potential
Content Community Commercialization Advertising Revenues: Robust Growth with Great Potential 23% YOY (RMB mn) 10,058 27% YOY 8,189 3,042 2,570 2,449 1,998 25Q1 25Q2 25Q3 25Q4 2024 2025 16
Slide 17: Top Game Content Community with Strong Operation and Distribution Capabilities
Content Community Commercialization Top Game Content Community with Strong Operation and Distribution Capabilities Exclusive licensed games Jointly operated games Game-related content is the Most popular PUGV genre Most popular live broadcasting genre(1)(2) Go-to video community for gamers 40%+ DAUs
Slide 18: Expanding into Diverse Game Genres, Building Differentiated Evergreen Titles
Content Community Commercialization Expanding into Diverse Game Genres, Building Differentiated Evergreen Titles Exclusively Licensed Legacy Games Self-developed Game San Guo: Mou Ding Tian Xia Fate / (San Mou) Azur Lane Grand Order 1 8 9 Year Years Years Escape from Duckov 3mn copies sold in 3 week
Slide 19: Mobile Game Revenues: Solid Full-Year Growth
Content Community Commercialization Mobile Game Revenues: Solid Full-Year Growth (RMB mn) 14% YOY 6,395 5,610 -14% YOY 1,731 1,612 1,511 1,540 25Q1 25Q2 25Q3 25Q4 2024 2025 19
Slide 20: Our Financials
bili OUR FINANCIALS
Slide 21: Solid Growth Driven by Diverse Revenue Mix
Solid Growth Driven by Diverse Revenue Mix 30,348 7% (RMB mn) 26,832 8% 21% 8,321 6% 21% 7,685 7,338 7,003 8% 6% 18% 6% 20% 33% 22% 25% 30% 37% 33% 33% 29% 41% 39% 39% 39% 40% 39% 25Q1 25Q2 25Q3 25Q4 2024 2025 VAS Advertising Mobile games IP derivatives and others 21
Slide 22: Improving Cost Structure and Gross Margin
Improving Cost Structure and Gross Margin Cost of Revenues (as a percentage of revenue %) GPM 37.0% 36.5% 36.7% 36.1% 36.3% 5% 6% 7% 5% 6% 17% 17% 17% 18% 20% 41% 41% 38% 40% 40% 24Q4 25Q1 25Q2 25Q3 25Q4 Revenue-sharing costs (1) Content, server and brandwidth, staff costs(2) (3) (4) IP derivatives
Slide 23: Improving Operating Profits
Improving Operating Profits Operating Expenses(1) Operating Profit(1) (Non-GAAP; as a percentage of revenue %) (Non-GAAP; RMB mn) Operating Margin 10% 33% 32% 9% 29% 29% 8% 8% 28% 27% 2,442 838 -0.2% 5% 12% 10% 688 573 10% 10% 5% 5% 10% 10% 5% 4% 342 5% 4% 16% 14% 16% 14% 13% 13% (61) 25Q1 25Q2 25Q3
Slide 24: Consolidated Balance Sheets
Consolidated Balance Sheets (RMB mn) Dec 31, 2024 Dec 31, 2025 Assets Cash and cash equivalents 10,249 12,184 Time deposits 3,588 5,522 Restricted Cash 50 51 Accounts receivable, net 1,227 1,268 Prepayments and other current assets 1,935 2,078 Short-term investments 2,707 6,447 Total current assets
Slide 25: Consolidated Statements of Operations
Consolidated Statements of Operations (RMB mn) 24Q4 25Q3 25Q4 YoY Change FY24 FY25 YoY Change Net revenues Value-added services 3,083 3,023 3,262 6% 10,999 11,928 8% Advertising 2,389 2,570 3,042 27% 8,189 10,058 23% Mobile games 1,798 1,511 1,540 -14% 5,610 6,395 14% IP derivatives and others 464 5
Slide 26: Thank You
THANK YOU BILIBILI Investor Relations IR Contacts: IR Mini Program BILIBILI Inc. Juliet Yang Tel: +86-21-2509-9255 Ext. 8523 E-mail: ir@bilibili.com IR Website Piacente Financial Communications https://ir.bilibili.com Tel: +86-10-6508-0677 (In China) Tel: +1-212-481-2050 (In U.S.) E-mail: bilibili@t