Slide 1: Investor Presentation
Investor Presentation May 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: An Iconic Brand and a Leading Video Community for Young Generations
An Iconic Brand and a Leading Video Community for Young Generations 115mn 119mins DAUs (1) (2) Avg. daily time spent (1) (4) 376mn 34mn+ MAUs (1) (2) MPUs (1) (3) Notes: (1) In 26Q1 (2) Active users are counted as the sum of active users on our mobile apps and on PC during a given period. Active use
Slide 4: Operational Highlights: Strong Growth of DAUs and Daily Time Spent
Operational Highlights: Strong Growth of DAUs and Daily Time Spent DAUs Average Daily Time Spent Per User (mn) (mins) 8% 10% YOY YOY 119 115 107 108 105 102 95 96 94 79 22Q1 23Q1 24Q1 25Q1 26Q1 22Q1 23Q1 24Q1 25Q1 26Q1 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 36.3% 36.5% 36.7% 37.0% 37.1% 5.2% 7.6% 10.2% 10.6% 7.8% 9% 62% YOY YOY 3,081 878 2,818 2,773 786 2,676 2,539 561 585 362 25Q1 25Q2 25Q3 25Q4 26Q1 25Q1 25Q2 25Q3 25Q4 26Q1 Note: (1
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 50% of our users are female with higher interest in commercial contents(1) 51% 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 Sports Travel 2018 2026 Pan-E
Slide 10: Young and Flourishing Creator Ecosystem
Content Community Commercialization Young and Flourishing Creator Ecosystem ~44% +24% content creators aged under 24(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 over 100k followers creators
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) 17.1bn 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) 24mn+ Fan charging income (2) 50%+ 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 Steady Growth
Content Community Commercialization Value-Added Services Revenues with Steady Growth 4% (RMB mn) YOY 3,262 3,023 2,837 2,912 2,807 25Q1 25Q2 25Q3 25Q4 26Q1 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 30% (RMB mn) YOY 3,042 2,570 2,589 2,449 1,998 25Q1 25Q2 25Q3 25Q4 26Q1 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 2 9 10 Years Years Years Escape from Duckov surpassed 4mn copies so
Slide 19: Our Financials
bibl OUR FINANCIALS
Slide 20: Solid Growth Driven by Diverse Revenue Mix
Solid Growth Driven by Diverse Revenue Mix (RMB mn) 8,321 7,685 6% 7,338 7,472 7,003 8% 6% 6% 18% 6% 20% 20% 22% 25% 37% 33% 35% 33% 29% 39% 39% 40% 39% 39% 25Q1 25Q2 25Q3 25Q4 26Q1 VAS Advertising Mobile games IP derivatives and others 20
Slide 21: Improving Cost Structure and Gross Margin
Improving Cost Structure and Gross Margin Cost of Revenues (as a percentage of revenue %) GPM 37.0% 37.1% 36.5% 36.7% 36.3% 5% 5% 7% 5% 6% 17% 18% 17% 19% 20% 41% 38% 40% 40% 38% 25Q1 25Q2 25Q3 25Q4 26Q1 Revenue-sharing costs (1) Content, server and bandwidth, staff costs (2) (3) (4) IP derivatives
Slide 22: Improving Operating Profits
Improving Operating Profits Operating Expenses(1) Operating Profit(1) (Non-GAAP; as a percentage of revenue %) (Non-GAAP; RMB mn) % of revenue Operating Margin 32% 29% 28% 27% 30% 5% 8% 9% 10% 7% 838 10% 10% 11% 688 10% 10% 573 524 5% 4% 5% 5% 4% 342 16% 14% 13% 13% 15% 25Q1 25Q2 25Q3 25Q4 26Q1 25Q1
Slide 23: Consolidated Balance Sheets
Consolidated Balance Sheets (RMB mn) Dec 31, 2025 Mar 31, 2026 Assets Cash and cash equivalents 12,184 6,595 Time deposits 5,522 8,278 Restricted Cash 51 1 Accounts receivable, net 1,268 1,321 Prepayments and other current assets 2,078 2,173 Short-term investments 6,447 9,321 Total current assets 27
Slide 24: Consolidated Statements of Operations and Comprehensive (Loss)/Income
Consolidated Statements of Operations and Comprehensive (Loss)/Income (RMB mn) 25Q1 25Q4 26Q1 YoY Change Net revenues Value-added services 2,807 3,262 2,912 4% Advertising 1,998 3,042 2,589 30% Mobile games 1,731 1,540 1,523 -12% IP derivatives and others 467 477 448 -4% Total net revenues 7,003 8,3
Slide 25: Thank You
THANK YOU IR Contacts: BILIBILI Inc. Juliet Yang Tel: +86-21-2509-9255 Ext. 8523 E-mail: ir@bilibili.com Piacente Financial Communications Tel: +86-10-6508-0677 (In China) Tel: +1-212-481-2050 (In U.S.) https://ir.bilibili.com E-mail: bilibili@tpg-ir.com