Bilibili Inc. · NASDAQ:BILI
Bilibili — Q3 2025 Earnings Presentation
26 slides from Bilibili's earnings presentation, Nov 13, 2025
Slide 1: Investor Presentation
Investor Presentation November 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 117mn 376mn 35mn 112 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) 9% YOY 6% YOY 117 112 107 106 103 100 96 90 88 72 21Q3 22Q3 23Q3 24Q3 25Q3 21Q3 22Q3 23Q3 24Q3 25Q3 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) 11% 233% YOY YOY (1) GPM NPM 36.7% 10.2% 36.3% 36.5% 36.1% 34.9% 7.6% 2,788 2,818 5.8% 786 2,676 5.2% 2,547 2,539 3.2% 561 452 362 236 24Q3 24Q4 25Q1 25Q2 25Q3 24Q3 24Q4 25Q1 25Q2 25Q3 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) 55% 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 ~2.5mn +22% content creators earned income on Bilibili(1) content creators’ average income(2) Content creators’ growth map (3) 20%+ YOY 20%+ YOY 20%+ YOY 20%+ creators with YOY over 1mn followers creators wit
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) 18.5bn 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) 7% YOY 3,083 3,023 2,821 2,807 2,837 24Q3 24Q4 25Q1 25Q2 25Q3 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 Video commerce ad products Live commerce ad products 16
Slide 17: Advertising Revenues: Robust Growth with Great Potential
Content Community Commercialization Advertising Revenues: Robust Growth with Great Potential 23% YOY (RMB mn) 2,570 2,449 2,389 2,094 1,998 24Q3 24Q4 25Q1 25Q2 25Q3 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: 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+(1) copies sold Exclu
Slide 20: Our Financials
bibl OUR FINANCIALS
Slide 21: Solid Growth Driven by Diverse Revenue Mix
Solid Growth Driven by Diverse Revenue Mix (RMB mn) 7,734 7,685 7,306 6% 7,338 7,003 8% 8% 6% 6% 23% 20% 22% 25% 25% 31% 33% 33% 29% 29% 38% 40% 40% 39% 39% 24Q3 24Q4 25Q1 25Q2 25Q3 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 %) 36.3% 36.5% 36.7% 36.1% GPM 34.9% 6% 7% 7% 5% 6% 17% 17% 19% 18% 20% 40% 41% 40% 40% 38% 24Q3 24Q4 25Q1 25Q2 25Q3 Revenue-sharing costs (1) Content, server and bandwidth, 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) 32% Operating Margin 9% 32% 30% 8% 29% 28% 688 6% 573 5% 11% 10% 10% 463 10% 10% 4% 5% 4% 342 5% 5% 4% 272 16% 16% 16% 14% 13% 24Q3 24Q4 25Q1 25Q2 25Q3 24Q3 24Q4 25Q1 25Q
Slide 24: Consolidated Balance Sheets
Consolidated Balance Sheets (RMB mn) Dec 31, 2024 Sep 30, 2025 Assets Cash and cash equivalents 10,249 12,101 Time deposits 3,588 6,210 Restricted Cash 50 51 Accounts receivable, net 1,227 1,136 Prepayments and other current assets 1,935 2,327 Short-term investments 2,707 5,176 Total current assets
Slide 25: Consolidated Statements of Operations
Consolidated Statements of Operations (RMB mn) 24Q3 25Q2 25Q3 YOY Change Net revenues Value-added services 2,821 2,837 3,023 7% Advertising 2,094 2,449 2,570 23% Mobile games 1,823 1,612 1,511 -17% IP derivatives and others 567 440 581 3% Total net revenues 7,306 7,338 7,685 5% Cost of revenues (4,7
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