Bilibili Inc. · NASDAQ:BILI
Bilibili — Q2 2025 Earnings Presentation
27 slides from Bilibili's earnings presentation, Aug 21, 2025
Slide 1: Investor Presentation
Investor Presentation August 2025
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 109mn 363mn 31mn 105 mins 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) 7% 6% YOY YOY 109 105 102 99 96 94 89 84 81 63 21Q2 22Q2 23Q2 24Q2 25Q2 21Q2 22Q2 23Q2 24Q2 25Q2 4
Slide 5: Financial Highlights: Improving Margins and Profits
Financial Highlights: Improving Margins and Profits Gross Profit Net Profit / (Loss) (1) (RMB mn) 46% (Non-GAAP; RMB mn) YOY (1) GPM NPM 36.5% 36.1% 36.3% 34.9% 7.6% 5.8% 5.2% 3.2% 29.9% 2,788 -4.4% 2,676 2,547 2,539 561 452 1,833 362 236 (271) 24Q2 24Q3 24Q4 25Q1 25Q2 24Q2 24Q3 24Q4 25Q1 25Q2 Note:
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 51% 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 26 Auto remix ACG Painting Sports Travel 2018 2025 Pan-Ent
Slide 10: Robust Mechanism Attracts and Supports Content Creators
Content Community Commercialization Robust Mechanism Attracts and Supports Content Creators ~2mn 100%+ 19% 49% content creators content creators’ total income number of content creators earned number of content creators earned received income on Bilibili(1) from Fan-Charging(2) through Sparkle adver
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) 15.9bn 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 VAS Advertising 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 Our additional unique value-added services Maoer Premium audio drama platform Premium course Paid course for more structured learning Bilibili Comic Pay to view comic platform Avatar decoration Enable personali
Slide 14: Value-Added Services Revenues with Solid Growth
Content Community Commercialization Value-Added Services Revenues with Solid Growth (RMB mn) 11% YOY 3,083 2,821 2,807 2,837 2,566 24Q2 24Q3 24Q4 25Q1 25Q2 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: 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 60%+ yoy increase in content creators’ income from video and live commerce(1) Video commerce ad products Live commerce ad products Note: (1) In 25H1 16
Slide 17: Advertising Revenues: Robust Growth with Great Potential
Content Community Commercialization Advertising Revenues: Robust Growth with Great Potential 20% YOY (RMB mn) 2,389 2,449 2,037 2,094 1,998 24Q2 24Q3 24Q4 25Q1 25Q2 17
Slide 18: 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 19: 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 RMB76bn+ market size of global SLG games(1) Tens of millions of existing SLG gamers in China Peer games have all ac
Slide 20: Mobile Game Revenues: Sustained Strong Growth
Content Community Commercialization Mobile Game Revenues: Sustained Strong Growth 60% (RMB mn) YOY 1,823 1,798 1,731 1,612 1,007 24Q2 24Q3 24Q4 25Q1 25Q2 20
Slide 21: Our Financials
bili OUR FINANCIALS
Slide 22: Robust Growth Driven by Diverse Revenue Mix
Robust Growth Driven by Diverse Revenue Mix (RMB mn) 20% YOY 7,734 7,306 6% 7,338 7,003 8% 6% 6% 6,127 23% 22% 8% 25% 25% 17% 31% 33% 29% 29% 33% 38% 40% 40% 39% 42% 24Q2 24Q3 24Q4 25Q1 25Q2 VAS Advertising Mobile games IP derivatives and others 22
Slide 23: Improving Cost Structure and Gross Margin
Improving Cost Structure and Gross Margin Cost of Revenues (as a percentage of revenue %) 36.1% 36.3% 36.5% 34.9% GPM 29.9% 6% 7% 5% 6% 8% 17% 19% 18% 20% 22% 40% 41% 40% 41% 38% 24Q2 24Q3 24Q4 25Q1 25Q2 Revenue-sharing costs (1) Content, server and bandwidth, staff costs (2) (3) (4) IP derivatives
Slide 24: Improving Operating Profits
Improving Operating Profits Operating Expenses(1) Operating Profit / (Loss) (1) (Non-GAAP; as a percentage of revenue %) (Non-GAAP; RMB mn) Operating Margin 35% 8% 6% 5% 32% 32% 4% 30% 29% -5% 573 463 11% 10% 10% 342 13% 10% 272 5% 4% 5% 5% 5% 16% 16% 16% 17% 14% (284) 24Q2 24Q3 24Q4 25Q1 25Q2 24Q2
Slide 25: Consolidated Balance Sheets
Consolidated Balance Sheets (RMB mn) Dec 31, 2024 June 30, 2025 Assets Cash and cash equivalents 10,249 10,676 Time deposits 3,588 7,396 Restricted Cash 50 51 Accounts receivable, net 1,227 1,084 Prepayments and other current assets 1,935 2,145 Short-term investments 2,707 4,219 Total current assets
Slide 26: Consolidated Statements of Operations
Consolidated Statements of Operations (RMB mn) 24Q2 25Q1 25Q2 YOY Change Net revenues Value-added services 2,566 2,807 2,837 11% Advertising 2,037 1,998 2,449 20% Mobile games 1,007 1,731 1,612 60% IP derivatives and others 517 467 440 -15% Total net revenues 6,127 7,003 7,338 20% Cost of revenues (
Slide 27: 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