Bilibili Inc. Announces Third Quarter 2025 Financial Results

SHANGHAI, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the third quarter ended September 30, 2025. Third Quarter 2025 Highlights: Average daily active users (DAUs) were 117.3 million, representing an increase of 9% year over year.Total net revenues were RMB7.69 billion (US$1.08 billion), representing an increase of 5% year over year, including RMB2.57 billion (US$361.0 million) in advertising revenues, which increased by 23% year over year.Gross profit was RMB2.82 billion (US$395.8 million), representing an increase of 11% year over year. Gross profit margin reached 36.7%, improving from 34.9% in the same period of 2024.Net profit was RMB469.4 million (US$65.9 million), compared with a net loss of RMB79.8 million in the same period of 2024. Net profit margin was 6.1%, compared with a net loss margin of 1.1% in the same period of 2024.Adjusted net profit1 was RMB786.3 million (US$110.5 million), representing an increase of 233% year over year. Adjusted net profit margin1 was 10.2%, improving from 3.2% in the same period of 2024. “We maintained strong momentum in the third quarter, led by remarkable community growth and continued financial progress,” said Mr. Rui Chen, Chairman and Chief Executive Officer of Bilibili. “Each of our core user metrics reached all-time highs in the third quarter. DAUs increased by 9% year over year to 117 million, monthly active users were up 8% to 376 million, and monthly paying users also grew by 17% to 35 million. During the quarter, average daily time spent also reached a record high of 112 minutes, up 6 minutes year over year. This solid user growth and deeper engagement reflect over a decade of focus on high-quality content and the distinctive community experience we have cultivated. As we grow with our users, their engagement increasingly translates into commercial value. We will keep reinforcing this healthy cycle across our user and commercial ecosystem, where a vibrant community directly fuels business growth and creates long-term value for all of our stakeholders.” Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “A year ago, Bilibili turned profitable on a non-GAAP basis. Building on that milestone, we have continued to grow our businesses and meaningfully improved our financials throughout 2025. In the third quarter, total revenues grew by 5% year over year to RMB7.69 billion, with 23% growth in advertising revenues. Gross profit rose by 11% year over year, and our gross profit margin expanded to 36.7%, marking the 13th quarter of consecutive growth. Through increased operating leverage and disciplined cost management, our non-GAAP net profit surged by 233% year over year to RMB786 million in the third quarter. Our non-GAAP net profit margin expanded to 10.2% in the third quarter, a substantial improvement from 3.2% in the same period of 2024. This continued momentum reinforces our ability to maintain a healthy balance sheet and positions us to reinvest in innovation and capture new opportunities in the evolving technology landscape.” Third Quarter 2025 Financial Results Total net revenues. Total net revenues were RMB7.69 billion (US$1.08 billion), representing an increase of 5% from the same period of 2024. Value-added services (VAS). Revenues from VAS were RMB3.02 billion (US$424.6 million), representing an increase of 7% from the same period of 2024, mainly attributable to increased revenues from premium memberships and other value-added services. Advertising. Revenues from advertising were RMB2.57 billion (US$361.0 million), representing an increase of 23% from the same period of 2024, mainly attributable to the Company’s improved advertising product offerings and enhanced advertising efficiency. Mobile games. Revenues from mobile games were RMB1.51 billion (US$212.2 million), representing a decrease of 17% from the same period of 2024, mainly attributable to the high prior-year comparison baseline following the successful launch of the Company’s exclusively licensed game, San Guo: Mou Ding Tian Xia. IP derivatives and others. Revenues from IP derivatives and others were RMB582.3 million (US$81.8 million), representing an increase of 3% from the same period of 2024. Cost of revenues. Cost of revenues was RMB4.87 billion (US$683.7 million), representing an increase of 2% from the same period of 2024. The increase was mainly due to higher revenue sharing costs and was partially offset by lower content costs. Revenue-sharing costs, a key component of cost of revenues, were RMB3.04 billion (US$426.5 million), representing an increase of 4% from the same period of 2024. Gross profit. Gross profit was RMB2.82 billion (US$395.8 million), representing an increase of 11% from the same period of 2024, mainly attributable to the growth in total net revenues and relatively stable costs related to platform operations, as the Company enhanced its monetization efficiency. Total operating expenses. Total operating expenses were RMB2.46 billion (US$346.1 million), representing a decrease of 6% from the same period of 2024. Sales and marketing expenses. Sales and marketing expenses were RMB1.05 billion (US$147.6 million), representing a decrease of 13% from the same period of 2024. The decrease was attributable to lower mobile games marketing expenses. General and administrative expenses. General and administrative expenses were RMB508.7 million (US$71.5 million), remaining stable compared with the same period of 2024. Research and development expenses. Research and development expenses were RMB904.5 million (US$127.1 million), remaining stable compared with the same period of 2024. Profit/(loss) from operations. Profit from operations was RMB353.9 million (US$49.7 million), compared with a loss of RMB66.7 million in the same period of 2024. Adjusted profit from operations1. Adjusted profit from operations was RMB687.9 million (US$96.6 million), representing an increase of 153% from the same period of 2024. Total other income/(expenses), net. Total other income was RMB100.7 million (US$14.1 million), compared with total other expenses of RMB21.5 million in the same period of 2024. Income tax benefit. Income tax benefit was RMB14.8 million (US$2.1 million), compared with RMB8.4 million in the same period of 2024. Net profit/(loss). Net profit was RMB469.4 million (US$65.9 million), compared with a net loss of RMB79.8 million in the same period of 2024. Adjusted net profit1. Adjusted net profit was RMB786.3 million (US$110.5 million), representing an increase of 233% from the same period of 2024. Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted earnings per share were RMB1.13 (US$0.16) and RMB1.05 (US$0.15), respectively, compared with basic and diluted net loss per share of RMB0.19 each in the same period of 2024. Adjusted basic and diluted earnings per share were RMB1.89 (US$0.27) and RMB1.75 (US$0.25), respectively, compared with RMB0.57 each in the same period of 2024. Net cash provided by operating activities. Net cash provided by operating activities was RMB2.02 billion (US$283.2 million), compared with RMB2.23 billion in the same period of 2024. Cash and cash equivalents, time deposits and short-term investments. As of September 30, 2025, the Company had cash and cash equivalents, time deposits and short-term investments of RMB23.49 billion (US$3.30 billion). Share Repurchase Program Pursuant to the Company’s two-year US$200 million share repurchase program, which was approved by the Board of Directors in November 2024, the Company had repurchased a total of 6.4 million of its listed securities as of September 30, 2025, for a total cost of US$116.4 million. As of September 30, 2025, the remaining amount of Board authorization for the Company’s share repurchase program was approximately US$83.6 million. Change of Joint Company Secretary and Process Agent Ms. Lai Ying Tung has been appointed as Joint Company Secretary and an authorized representative of the Company for accepting the service of process and notices on behalf of the Company in Hong Kong pursuant to Rule 19.05(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and under Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), effective November 13, 2025. Ms. Lai replaces Ms. Chau Hing Ling Anita, who stepped down from these roles, effective on the same date. Ms. Chau has confirmed she has no disagreement with the Board and that there are no other matters relating to her resignation that need to be brought to the attention of shareholders or The Stock Exchange of Hong Kong Limited. Mr. Xin Fan, Chief Financial Officer, continues to serve as the Company's other Joint Company Secretary. Ms. Lai is currently a manager of corporate services of Vistra Corporate Services (HK) Limited and she has nearly 10 years of experience in corporate secretarial, providing a full range of corporate and compliance services to listed and private companies. She currently assists with corporate secretarial affairs of certain companies listed on the Main Board of the Hong Kong Stock Exchange. Ms. Lai obtained a master’s degree in Corporate Governance from Hong Kong Metropolitan University. She has been an associate member of The Hong Kong Chartered Governance Institute and of The Chartered Governance Institute in the United Kingdom since 2021. 1 Adjusted profit from operations, adjusted net profit, adjusted net profit margin and adjusted basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.” Conference Call The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 13, 2025 (8:00 PM Beijing/Hong Kong Time on November 13, 2025). Details for the conference call are as follows: All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call. Additionally, a live webcast of the conference call will be available on the Company’s investor relations website at http://ir.bilibili.com, and a replay of the webcast will be available following the session. About Bilibili Inc. Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with “All the Videos You Like” as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and a frontier for promoting Chinese culture around the world. For more information, please visit: http://ir.bilibili.com. Use of Non-GAAP Financial Measures The Company uses non-GAAP measures, such as adjusted profit/(loss) from operations, adjusted net profit/(loss), adjusted net profit/(loss) margin, adjusted net profit/(loss) per share and per ADS, basic and diluted and adjusted net profit/(loss) attributable to the Bilibili Inc.’s shareholders in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, income tax related to intangible assets acquired through business acquisitions, gain/loss on fair value change in investments in publicly traded companies, and loss on repurchase of convertible senior notes. The Company calculates adjusted net profit/(loss) margin by dividing the adjusted net profit/(loss) by revenue for the same period. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP and therefore, may not be comparable to similar measures presented by other companies. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.” Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1190 to US$1.00, the exchange rate on September 30, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred to could be converted into US$ or RMB, as the case may be, at any particular rate or at all. 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,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, outlook and quotations from management in this announcement, as well as Bilibili’s strategic and operational plans, contain forward-looking statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: results of operations, financial condition, and stock price; Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili’s ability to maintain its culture and brand image within its addressable user communities; Bilibili’s ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law. For investor and media inquiries, please contact: In China: Bilibili Inc.Juliet YangTel: +86-21-2509-9255 Ext. 8523E-mail: ir@bilibili.com Piacente Financial Communications Helen WuTel: +86-10-6508-0677E-mail: bilibili@tpg-ir.com In the United States: Piacente Financial Communications Brandi PiacenteTel: +1-212-481-2050E-mail: bilibili@tpg-ir.com BILIBILI INC.Unaudited Condensed Consolidated Statements of Operations(All amounts in thousands, except for share and per share data) For the Three Months Ended For the Nine Months Ended September30, June30, September30, September30, September30, 2024 2025 2025 2024 2025 RMB RMB RMB RMB RMB Net revenues: Value-added services (VAS)2,821,269 2,836,596 3,022,526 7,916,066 8,666,462 Advertising2,094,427 2,448,888 2,569,930 5,800,502 7,016,453 Mobile games1,822,609 1,612,333 1,510,739 3,812,786 4,854,227 IP derivatives and others567,315 439,873 582,266 1,568,010 1,489,257 Total net revenues7,305,620 7,337,690 7,685,461 19,097,364 22,026,399 Cost of revenues(4,758,434) (4,661,844) (4,867,533) (13,111,617) (13,993,527)Gross profit2,547,186 2,675,846 2,817,928 5,985,747 8,032,872 Operating expenses: Sales and marketing expenses(1,202,407) (1,048,189) (1,050,774) (3,165,062) (3,265,938)General and administrative expenses(505,386) (509,631) (508,669) (1,525,202) (1,533,938)Research and development expenses(906,072) (866,414) (904,537) (2,765,893) (2,612,428)Total operating expenses(2,613,865) (2,424,234) (2,463,980) (7,456,157) (7,412,304)(Loss)/profit from operations(66,679) 251,612 353,948 (1,470,410) 620,568 Other (expenses)/income: Investment loss, net (including impairments)(70,957) (56,875) (70,336) (186,890) (189,414)Interest income91,279 101,639 122,526 324,830 318,338 Interest expense(17,824) (35,506) (42,135) (69,207) (110,212)Exchange losses(5,909) (11,710) (21,683) (79,244) (45,052)Debt extinguishment loss- (2) - (20,980) (2)Others, net(18,134) (4,518) 112,321 36,305 105,966 Total other (expenses)/income, net(21,545) (6,972) 100,693 4,814 79,624 (Loss)/profit before income tax(88,224) 244,640 454,641 (1,465,596) 700,192 Income tax benefit/(expense)8,419 (26,357) 14,760 13,011 (23,185)Net (loss)/profit(79,805) 218,283 469,401 (1,452,585) 677,007 Net loss attributable to noncontrolling interests290 719 829 15,825 3,123 Net (loss)/profit attributable to the Bilibili Inc.'s shareholders(79,515) 219,002 470,230 (1,436,760) 680,130 Net (loss)/profit per share, basic(0.19) 0.52 1.13 (3.45) 1.62 Net (loss)/profit per ADS, basic(0.19) 0.52 1.13 (3.45) 1.62 Net (loss)/profit per share, diluted(0.19) 0.51 1.05 (3.45) 1.58 Net (loss)/profit per ADS, diluted(0.19) 0.51 1.05 (3.45) 1.58 Weighted average number of ordinary shares, basic417,849,446 419,443,582 417,467,814 416,475,386 418,989,673 Weighted average number of ADS, basic417,849,446 419,443,582 417,467,814 416,475,386 418,989,673 Weighted average number of ordinary shares, diluted417,849,446 437,370,780 454,956,127 416,475,386 439,461,086 Weighted average number of ADS, diluted417,849,446 437,370,780 454,956,127 416,475,386 439,461,086 The accompanying notes are an integral part of this press release. BILIBILI INC.Notes to Unaudited Financial Information(All amounts in thousands, except for share and per share data) For the Three Months Ended For the Nine Months Ended September30, June30, September30, September30, September30, 2024 2025 2025 2024 2025 RMB RMB RMB RMB RMB Share-based compensation expenses included in: Cost of revenues26,781 26,314 27,418 58,828 77,728Sales and marketing expenses16,015 19,800 19,277 41,936 55,494General and administrative expenses133,825 137,165 141,341 430,681 423,003Research and development expenses120,490 101,568 109,225 289,731 316,648Total297,111 284,847 297,261 821,176 872,873 BILIBILI INC.Unaudited Condensed Consolidated Balance Sheets(All amounts in thousands, except for share and per share data) December31, September30, 2024 2025 RMB RMB Assets Current assets: Cash and cash equivalents10,249,382 12,101,172 Time deposits3,588,475 6,209,944 Restricted cash50,000 50,800 Accounts receivable, net1,226,875 1,135,917 Prepayments and other current assets1,934,788 2,326,997 Short-term investments2,706,535 5,176,449 Total current assets19,756,055 27,001,279 Non-current assets: Property and equipment, net589,227 636,554 Production cost, net1,851,207 1,618,295 Intangible assets, net3,201,012 2,939,518 Goodwill2,725,130 2,725,130 Long-term investments, net3,911,592 4,353,581 Other long-term assets664,277 658,749 Total non-current assets12,942,445 12,931,827 Total assets32,698,500 39,933,106 Liabilities Current liabilities: Accounts payable4,801,416 5,297,185 Salary and welfare payables1,599,482 1,526,485 Taxes payable428,932 419,005 Short-term loan and current portion of long-term debt1,571,836 1,636,078 Deferred revenue3,802,307 4,428,786 Accrued liabilities and other payables2,558,830 3,169,792 Total current liabilities14,762,803 16,477,331 Non-current liabilities: Long-term debt3,264,153 8,056,329 Other long-term liabilities567,631 507,797 Total non-current liabilities3,831,784 8,564,126 Total liabilities18,594,587 25,041,457 Total Bilibili Inc.’s shareholders’ equity14,108,397 14,899,296 Noncontrolling interests(4,484) (7,647)Total shareholders’ equity14,103,913 14,891,649 Total liabilities and shareholders’ equity32,698,500 39,933,106 BILIBILI INC.Unaudited Selected Condensed Consolidated Cash Flows Data(All amounts in thousands, except for share and per share data) For the Three Months Ended For the Nine Months Ended September30, June30, September30, September30, September30, 2024 2025 2025 2024 2025 RMB RMB RMB RMB RMB Net cash provided by operating activities2,225,629 1,989,265 2,016,188 4,613,866 5,307,548 BILIBILI INC.Unaudited Reconciliations of GAAP and Non-GAAP Results(All amounts in thousands, except for share and per share data) For the Three Months Ended For the Nine Months Ended September30, June30, September30, September30, September30, 2024 2025 2025 2024 2025 RMB RMB RMB RMB RMB (Loss)/profit from operations(66,679) 251,612 353,948 (1,470,410) 620,568 Add: Share-based compensation expenses297,111 284,847 297,261 821,176 872,873 Amortization expense related to intangible assets acquired through business acquisitions41,776 36,692 36,657 125,328 110,041 Adjusted profit/(loss) from operations272,208 573,151 687,866 (523,906) 1,603,482 Net (loss)/profit(79,805) 218,283 469,401 (1,452,585) 677,007 Add: Share-based compensation expenses297,111 284,847 297,261 821,176 872,873 Amortization expense related to intangible assets acquired through business acquisitions41,776 36,692 36,657 125,328 110,041 Income tax related to intangible assets acquired through business acquisitions(5,406) (4,136) (4,131) (16,220) (12,403)(Loss)/gain on fair value change in investments in publicly traded companies(17,778) 25,641 (12,894) 10,347 61,616 Loss on repurchase of convertible senior notes- 2 - 20,980 2 Adjusted net profit/(loss)235,898 561,329 786,294 (490,974) 1,709,136 Net (loss)/profit margin-1.1% 3.0% 6.1% -7.6% 3.1%Adjusted net profit/(loss) margin3.2% 7.6% 10.2% -2.6% 7.8% Net loss attributable to noncontrolling interests290 719 829 15,825 3,123 Adjusted net profit/(loss) attributable to Bilibili Inc.’s shareholders236,188 562,048 787,123 (475,149) 1,712,259 Adjusted net profit/(loss) per share, basic0.57 1.34 1.89 (1.14) 4.09 Adjusted net profit/(loss) per ADS, basic0.57 1.34 1.89 (1.14) 4.09 Adjusted net profit/(loss) per share, diluted0.57 1.29 1.75 (1.14) 3.92 Adjusted net profit/(loss) per ADS, diluted0.57 1.29 1.75 (1.14) 3.92 Weighted average number of ordinary shares, basic417,849,446 419,443,582 417,467,814 416,475,386 418,989,673 Weighted average number of ADS, basic417,849,446 419,443,582 417,467,814 416,475,386 418,989,673 Weighted average number of ordinary shares, diluted417,849,446 437,370,780 454,956,127 416,475,386 439,461,086 Weighted average number of ADS, diluted417,849,446 437,370,780 454,956,127 416,475,386 439,461,086

Bilibili Inc. Announces Third Quarter 2025 Financial Results

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