Bilibili Inc. · NASDAQ:BILI
Bilibili — Q4 2024 Earnings Presentation
28 slides from Bilibili's earnings presentation, February 2025
Slide 1: Investor Presentation
Investor Presentation February 2025 1
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 103mn 340mn 29mn 99 mins DAUs (1) (2) MAUs (1) (2) MPUs (1) (3) Avg. daily time spent (1) (4) :
Slide 4: Operational Highlights: Rapid Growth of DAUs and Daily Time Spent
Operational Highlights: Rapid Growth of DAUs and Daily Time Spent DAUs Average Daily Time Spent Per User (mn) (mins) 103 100 93 99 96 95 82 72 75 54 20Q4 21Q4 22Q4 23Q4 24Q4 20Q4 21Q4 22Q4 23Q4 24Q4 4
Slide 5: Financial Highlights: Improving Margins and Profits
Financial Highlights: Improving Margins and Profits Gross Profit Net Profit / (Loss) (1) (RMB mn) (Non-GAAP; RMB mn) YOY 68% 36.1% GPM 34.9% 452 29.9% 28.3% 2,788 236 26.1% 2,547 1,833 1,660 1,605 (271) (456) (556) 23Q4 24Q1 24Q2 24Q3 24Q4 23Q4 24Q1 24Q2 24Q3 24Q4 Note: (1) Excluding share-based com
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) 58% 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 25 Auto remix ACG Painting Sports Travel 2018 2024 Pan-Ent
Slide 10: Robust Mechanism Attracts and Supports Content Creators
Content Community Commercialization Robust Mechanism Attracts and Supports Content Creators ~3.1mn +21% +33% +68% content creators content creators’ total income number of content creators earned number of content creators earned received income on Bilibili(1) from advertising and VAS(2) through Spa
Slide 11: Highly Engaged and Interactive Community
Content Community Commercialization Highly Engaged and Interactive Community Interactive Features Frequently Engaged by Our Users One Click Triple-Function Combo Coin- Add to Bullet-chat Commentary Share Following Virtual Fan Moment Like Gifting Charging casting Favorite Highly Engaged Highly Intera
Slide 12: Highly Sticky Community with a Strong Sense of Belonging
Content Community Commercialization Highly Sticky Community with a Strong Sense of Belonging 258mn official members(1) ~80% 12-month retention rate(1)(2) (mn) 12% 100% YOY 258 80% 251 243 236 60% 230 40% 20% 0% 0 3 6 9 12 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 23Q4 24Q1 24Q2 24Q3 24
Slide 13: 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 VAS Advertising AI-enabled algorithms Mobile IP Derivatives Games and Others B
Slide 14: Value-Added Services: Multi-Faceted Commercialization
Content Community Commercialization Value-Added Services: Multi-Faceted Commercialization Our additional unique value-added services Maoer Premium audio drama platform Fan charging Support content creators and access to exclusive PUGV content Premium course Paid course for more structured learning B
Slide 15: Value-Added Services: Multi-Faceted Commercialization
Content Community Commercialization Value-Added Services: Multi-Faceted Commercialization 11% (RMB mn) YOY 10,999 8% YOY 9,910 3,083 2,821 2,529 2,566 24Q1 24Q2 24Q3 24Q4 2023 2024 15
Slide 16: 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 16
Slide 17: Video and Live Commerce: A New Growth Driver Integrating Content with Ads
Content Community Commercialization Video and Live Commerce: A New Growth Driver Integrating Content with Ads 150%+ YOY Total GMV from video and live commerce in 2024 Video commerce ad products Live commerce ad products 17
Slide 18: Advertising Revenues: Robust Growth with Great Potential
Content Community Commercialization Advertising Revenues: Robust Growth with Great Potential 28% YOY (RMB mn) 24% 8,189 YOY 6,412 2,389 2,037 2,094 1,669 24Q1 24Q2 24Q3 24Q4 2023 2024 18
Slide 19: 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 Go-to video community for gamers Game-related content is 2nd most popular PUGV genre Most popular live broadcasting genre (1) (2) 40%+ DA
Slide 20: A Long-term Opportunity: Reinventing Games for the New Generation of Gamers
Content Community Commercialization A Long-term Opportunity: Reinventing Games for the New Generation of Gamers San Guo: Mou Ding Tian Xia SLG games: a massive market opportunity RMB70bn+ market size of global SLG mobile games in 2023 (1) Tens of millions of existing SLG gamers in China Peer g
Slide 21: Mobile Game Revenues Sustained Strong Growth
Content Community Commercialization Mobile Game Revenues Sustained Strong Growth 40% YOY (RMB mn) 5,610 79% YOY 4,021 1,823 1,798 983 1,007 24Q1 24Q2 24Q3 24Q4 2023 2024 21
Slide 22: Our Financials
bili OUR FINANCIALS
Slide 23: Robust Growth Driven by Diverse Revenue Mix
Robust Growth Driven by Diverse Revenue Mix 26,832 (RMB mn) 8% 22,528 21% 10% 7,734 7,306 6% 18% 8% 6,127 23% 5,665 8% 30% 25% 9% 28% 17% 17% 31% 29% 33% 29% 41% 44% 38% 40% 45% 42% 24Q1 24Q2 24Q3 24Q4 2023 2024 VAS Advertising Mobile games IP derivatives and others 23
Slide 24: Improving Cost Structure and Gross Margin
Improving Cost Structure and Gross Margin Cost of Revenues (as a percentage of revenue %) 36.1% 34.9% GPM 29.9% 28.3% 26.1% 6% 7% 7% 8% 7% 17% 22% 19% 22% 25% 40% 41% 45% 40% 41% 23Q4 24Q1 24Q2 24Q3 24Q4 Revenue-sharing costs (1) Content, server and bandwidth, staff costs (2) (3) (4) IP derivatives
Slide 25: Improving Operating Profits
Improving Operating Profits Operating Expenses(1) Operating(Loss)/Profit (1) (Non-GAAP; as a percentage of revenue %) (Non-GAAP; RMB mn) 38% 36% 35% 32% 30% 463 272 11% 10% 14% 15% 13% 5% 4% 5% 5% 6% (284) 16% 16% (512) 18% 17% 16% (635) 23Q4 24Q1 24Q2 24Q3 24Q4 23Q4 24Q1 24Q2 24Q3 24Q4 Sales and ma
Slide 26: Consolidated Balance Sheets
Consolidated Balance Sheets (RMB mn) Dec 31, 2023 Dec 31, 2024 Assets Cash and cash equivalents 7,192 10,249 Time deposits 5,195 3,588 Restricted Cash 50 50 Accounts receivable, net 1,574 1,227 Prepayments and other current assets 2,063 1,935 Short-term investments 2,653 2,707 Total current assets 1
Slide 27: Consolidated Statements of Operations
Consolidated Statements of Operations (RMB mn) 23Q4 24Q3 24Q4 YoY Change FY23 FY24 YoY Change Net revenues Value-added services 2,857 2,821 3,083 8% 9,910 10,999 11% Advertising 1,929 2,094 2,389 24% 6,412 8,189 28% Mobile games 1,007 1,823 1,798 79% 4,021 5,610 40% IP derivatives and others 556 568
Slide 28: 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