Latest news with #RuiChen

Bilibili Inc (BILI) Q1 2025 Earnings Call Highlights: Record Revenue Growth and Strategic AI ...

Yahoo

21-05-2025

Business
Yahoo

Bilibili Inc (BILI) Q1 2025 Earnings Call Highlights: Record Revenue Growth and Strategic AI ...

Total Revenue: RMB7 billion, up 24% year-over-year. Advertising Revenue: RMB2 billion, up 20% year-over-year. Games Revenue: RMB1.73 billion, up 76% year-over-year. Gross Profit: RMB2.54 billion, up 58% year-over-year. Gross Profit Margin: 36.3%, up from 28.3% in the same period last year. Adjusted Net Profit: RMB362 million. GAAP Net Loss: Narrowed by 99% year-over-year to RMB11 million. Operating Cash Flow: Over RMB1.3 billion in the first quarter. Cash and Cash Equivalents: RMB17.4 billion (US$2.4 billion) as of March 31, 2025. Daily Active Users (DAUs): 107 million. Monthly Active Users (MAUs): 368 million. Average Daily Time Spent: 108 minutes. Monthly Paying Users: 32 million. VAS Revenue: RMB2.81 billion, up 11% year-over-year. Warning! GuruFocus has detected 1 Warning Sign with BILI. Release Date: May 20, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Bilibili Inc (NASDAQ:BILI) reported a 24% year-over-year increase in total revenues, reaching RMB7 billion, driven by strong performances in advertising and game businesses. The company's gross profit increased by 58% year-over-year, with the gross profit margin expanding to 36.3%, up from 28.3% in the same period last year. Bilibili Inc (NASDAQ:BILI) achieved a positive adjusted net profit of RMB362 million and narrowed its GAAP net loss by 99% year-over-year. Daily active users (DAUs) reached 107 million, and monthly active users (MAUs) climbed to a new high of 368 million, with users spending an average of 108 minutes daily on the platform. The company saw a significant increase in AI-related content, with watch time more than doubling from the previous year, and a 400% increase in advertiser demand for AI-related ads. Despite narrowing losses, Bilibili Inc (NASDAQ:BILI) still reported a GAAP net loss of RMB11 million for the first quarter. Sales and marketing expenses increased by 26% year-over-year, primarily due to a one-off marketing expense related to the partnership with CCTV for the Chinese New Year Gala. The company's cost of revenues increased by 10% year-over-year to RMB4.46 billion, which could impact future profitability if not managed effectively. While the company is expanding its game portfolio, several new games are still awaiting approval, which could delay potential revenue streams. The company faces challenges in maintaining long-term user engagement and retention, particularly as it aims to sustain the popularity of its key game titles like San Mou. Q: What is Bilibili's plan to enhance quality content and the role of AI in this strategy? A: Rui Chen, Chairman and CEO, emphasized the focus on high-quality content, noting that users are increasingly seeking premium content that provides fulfillment. Bilibili aims to maintain its reputation for quality content, which is reflected in increased user engagement and willingness to pay for content. The company plans to leverage AI to enhance content creation and monetization, utilizing its vast repository of Chinese video content to gain a competitive edge in AI-related opportunities. Q: Can you discuss the performance and future expectations for the game "San Mou"? A: Rui Chen highlighted the goal of achieving a long-term operation for "San Mou," aiming for a lifecycle of at least five years. The game has shown strong user retention and engagement, with Season 7 marking a record high in daily active users. The upcoming Season 8 will feature significant updates to attract more players. Bilibili plans to expand "San Mou" to international markets and multiple devices, enhancing its reach and longevity. Q: What are the drivers behind Bilibili's advertising business growth, and what is the outlook? A: Rui Chen attributed the 20% year-over-year growth in advertising revenue to high-value users and strong brand association with quality content. The company has improved its ad infrastructure and AI capabilities, enhancing ad targeting and efficiency. Bilibili expects continued growth above industry average, driven by its premium content and increasing user value. Q: What is the outlook for Bilibili's margins for the rest of the year and mid-term targets? A: Xin Fan, CFO, reported a record gross margin of 33.3% in Q1, driven by high-margin gaming and advertising revenues. The company expects gradual improvement in both gross and net margins throughout the year. Mid-term, Bilibili aims for a gross profit margin of 40% to 45% and an operating margin of 15% to 20%. Q: How is Bilibili leveraging AI to improve its advertising business? A: Bilibili has upgraded its AI-related product capabilities to better understand user interests and improve ad targeting. The company has also enhanced its GenAI-assisted ad material creation, which has significantly increased ad efficiency. These improvements have contributed to a rise in performance-based ad revenue and overall advertising growth. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio

Yahoo

21-05-2025

Business
Yahoo

Bilibili Inc (BILI) Q1 2025 Earnings Call Highlights: Record Revenue Growth and Strategic AI ...

Yahoo

21-05-2025

Business
Yahoo

Q1 2025 Bilibili Inc Earnings Call

Juliet Yang; Investor Relations; Bilibili Inc Rui Chen; Chairman of the Board, Chief Executive Officer; Bilibili Inc Xin Fan; Chief Financial Officer; Bilibili Inc Lincoln Kong; Analyst; Goldman Sachs Xueqing Zhang; Analyst; China International Capital Corporation Limited Yiwen Zhang; Analyst; China Renaissance Felix Liu; Analyst; UBS Investment Bank Operator Good day and thank you and welcome to the Bilibili first-quarter 2025 financial results and business update conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Juliet Yang, executive director of Investor relations. Please go ahead. Juliet Yang Thank you, operator. During this call, we'll discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties including those mentioned in our most recent filings with the SEC and Hong Kong Stock Exchange. The non-GAAP financial measure will provide are for comparison purpose only. The definition of this measure and the reconciliation table are available in the news release we issued earlier today. As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at Joining us today from Bilibili senior management are Mr Rui Chen, Chairman of the Board and Chief Executive Officer; Ms Carly Li, Vice Chairwoman of the Board and Chief Operating Officer; and Mr Sam Fan, Chief Financial Officer. I will now turn the call to Mr. Chen. Rui Chen Thank you, Juliet, and thank you everyone for joining us today to discuss our 2025 first quarter results. We started 2025 on promising ground, delivering solid financial results and healthy community development in the first quarter. Our total revenues accelerated year-over-year, increasing by 24% to RMB7 billion, driven by strong performances in our high-margin advertising and game businesses. Advertising revenues were up 20% year-over-year to RMB2 billion, supported by our ongoing product enhancements and infrastructure upgrades, fueled by the sustained popularity of our SLG title San Mou. Our games revenues also rose 76% year-over-year to RMB1.73 billion. The continued top-line expansion in these high-margin businesses, combined with operating efficiency, provided us with greater operating leverage. In the first quarter, our gross profit increased by 58% year-over-year, with gross profit margin expanding to 36.3%, up from 28.3% in the same period last year. As a result, we sustained positive adjusted net profit of RMB362 million and narrowed our GAAP net loss by 99% year-over-year in the first quarter. While further strengthening our financial performance, we continued to grow our community and enhance user engagement. The successful collaboration with CCTV's Chinese New Year Gala also helps bring the Bilibili name to a broader audience. In the first quarter, DAUs reached 107 million, and MAUs climbed to a new high of 368 million. Meanwhile, our compelling and diverse content drove users' average daily time spent to a record 108 minutes. Next month, Bilibili will turn 16. Looking back, it has been an incredible journey, one that is truly unique. Over the years, our community has grown tremendously. What is most remarkable is that the sense of connection between users and creators and the welcoming, inspiring vibe that defines Bilibili has stayed the same. Over this time, our users have grown with us too. Today, the average age of our active users is 26, a life stage where consumption needs and purchasing power are both on the rise. As the go-to platform for Gen Z+ to discover high-quality, creative video content in China, we are in a great position to meet their evolving needs and unlock even more monetization opportunities. With that overview, let's take a closer look at our core pillars of content, community and commercialization. Beginning with content and community, as we look at today's video landscape, it's clear that people have more content than ever, especially with the explosion of short videos. But what really stands out is that people are craving and spending more time on high-quality content. At Bilibili, that has always been our focus. We have built a community known for the best content out there, and we will keep prioritizing and promoting quality above all else. This commitment is showing up in our numbers. In the first quarter, users spent an average of 108 minutes on our platform every day, compared to 105 minutes in the same period last year, marking a new record. Our monthly paying users also reached an all-time high of 32 million, as our users discover and connect with more quality content they love. Monthly interactions were nearly 16.7 billion in the first quarter, and our official member count reached 264 million by the end of Q1, up 12% from last year. On top of that, their 12-month retention rate stayed strong at around 80%. The quality of our content is also showing up in our content categories. Our core ACG content continues to thrive, and our game content is a great example. In the first quarter, game-related watch time increased 14% year-over-year, drawing in both long-time fans and new gamers who come to Bilibili for reviews, walkthroughs, and game IP content. As Gen Z+ users mature and their spending power increases, many are turning to Bilibili with real purchase intent, looking for trusted, unbiased recommendations. That's reflected in our travel and lodging and home appliance related content, with watch time growing by over 20% year-over-year in Q1. Additionally, being the hub for curious minds and the best knowledge video library, we saw a big surge in our AI-related content. More young people are coming to Bilibili to explore and learn about AI, and AI-related watch time more than doubled from Q1 last year, along with a 400% increase in advertiser demand. Behind all of this is our amazing creator community. By the end of Q1, the number of creators with over 1,000, 10,000, 100,000, and 1 million followers all grew by more than 20% year-over-year. About 1.5 million creators made money on Bilibili during the quarter, not just through ads or live streaming, but also by using our e-commerce tools and various fan-support programs. In fact, creators' total income from our fan-charging program was up over 200% in Q1, showing how users truly appreciate and are willing to pay for quality content. Lastly, our partnership with CCTV for the Chinese New Year Gala gave us a big boost in brand awareness. It both attracted new users and strengthened engagement with our existing community. What's more? Viewers can now revisit all the past Chinese New Year Galas right here on Bilibili. It's another great example of how we curate the quality content and deliver value through our unique community. Meanwhile, our self-produced Chinese anime, The Tales of Herding Gods, Mu Sheng Ji, was well received. It's garnered over 560 million views so far and is showing strong potential to become Bilibili's next long-lasting anime IP. We also released our self-produced title To Be Hero X, Tu Bian Yingxiong X, worldwide in April. It quickly gained traction, ranking number one on MyAnimeList for best spring title 2025. Now, let's talk about our commercial businesses and their progress. Our advertising business continued to deliver solid results in the first quarter, with revenues growing 20% year-over-year to RMB2 billion. As our users mature and have more spending power, they increasingly look to Bilibili for content that informs their lifestyle and consumption choices. This trust within our community and the influence of our quality content have become powerful drivers for advertisers. In the first quarter, the number of advertisers placing orders on our platform increased by more than 35% year-over-year. Meanwhile, we have been integrating a large language model to help us better understand users' interests and commercial intent, enabling more accurate ad targeting and smarter ad delivery. We also upgraded our AIGC ad content tools to help advertisers generate more tailored and effective ad titles and covers at scale, allowing them to reach users more efficiently through compelling and user-friendly storytelling. These enhancements have fueled the growth of our performance-based advertising, which grew by over 30% year-over-year in Q1, while brand and native ads continue to show steady momentum. Industry wise, we strengthened our position in core verticals, while attracting more advertisers from emerging sectors. In the first quarter, our top five ad verticals were games, Internet services, e-commerce, digital products and home appliances, and automotive. Powered by our vibrant and highly-engaged gaming community. Gaming ads continue to contribute a strong share of our ad revenues, with new formats like Bilibili mini games driving additional growth. Moreover, we saw a notable increase from sectors targeting younger consumers as they enter new life stages with evolving needs. In the first quarter, ad revenues from home appliances and decorations grew by nearly 40% year-over-year. Similarly, AI-related ad revenues surged by 400% year-over-year, reflecting Bilibili's growing appeal to emerging industries, looking to engage our young, high-value user base through innovative ad formats. Turning to our game business, game revenues rose by 76% year-over-year to RMB1.73 billion, attributed to the continued strong performance of our (inaudible) title, San Guo: Mou Ding Tian Xia. Meanwhile, our legacy ACG titles, FGO and Azur Lane, continued to deliver stable revenues and demonstrated impressive longevity in the first quarter. We are encouraged to see that San Mou is evolving into a long-cycle title with enduring appeal. With our expanded game development capabilities and upgraded gameplay, San Mou's active users and engagement in Season 7 improved from previous seasons, demonstrating the game's continued draw for core SLG players. On May 31, we will kick-off Season 8, marking the game's biggest update since its initial launch. This highly anticipated anniversary edition will include a refreshed map, new characters, and special in-game events. These updates enhance the gaming experience and are designed to attract more younger players to the SLG genre. We expect this launch to mark a meaningful milestone in San Mou's continued growth and long-term success. The momentum behind San Mou also highlights our gaming community's strength and our ability to build differentiated experiences that resonate with diverse player groups. In addition to San Mou's international launch later this year, we have several new games in our pipeline awaiting approval. As we expand our game portfolio, we are focused on creating titles with lasting value by leveraging our leadership in the gaming space to reimagine gameplay for the next generation of gamers. And finally, let's look at our VAS business. Revenues from our VAS business increased by 11% year-over-year to RMB2.81 billion. Our live broadcasting business regained momentum during the first quarter, fueled by the supply of more quality content and more paying users. We also further refined our operations and incentive plan, which led to a meaningful improvement in the business' margin profile. We are also unlocking more value from our broader VAS portfolio. Gen Z+ users show a strong willingness to pay for content they care about. By the end of the quarter, premium memberships exceeded 23.5 million, with over 80% on annual or auto renew plans, a clear sign of user loyalty. In addition, revenues from our fan-charging program surged by over 200% year-over-year, highlighting the potential of our direct to creator monetization tools. And lastly, while we are making solid progress on our commercialization efforts, we are also staying true to our role as a responsible cultural brand and corporate citizen. In April, we published our 2024 ESG report, sharing the steps we are taking to create social value and build a more sustainable business. We are proud to have received an A rating from MSCI for our ESG performance. While we keep growing our ecosystem with high-quality content, we are also committed to pushing the industry forward through innovation, both in technology and storytelling, while continuing to spread positive energy and making a real difference in society. As we move through the year, we will focus on advancing our commercialization capabilities with more enhanced and efficient commercial offerings. At the same time, we will continue promoting high-quality content that defines our vibrant community. In addition, we are actively embracing GenAI to optimize user experience, monetization efficiency, and unlock new growth opportunities. With that, I will turn the call over to Sam to share more financial details. Sam, please go ahead. Xin Fan Thank you, Mr. Chen. Hello, everyone. This is Sam. In the interest of time on today's call, I will review our first quarter highlights. We encourage you to refer to our press release issued earlier today for a closer look at our results. In the first quarter, we accelerated revenue growth and further expanded our margins, fueled by the strong performance of our high-margin games and advertising businesses while sustaining positive non-GAAP net profit. Total net revenues for the first quarter were RMB7 billion, up 24% year-over-year. Our revenue breakdown by revenue stream for Q1 was approximately 40% VAS, 29% advertising, 25% mobile games, and 6% from our IP derivatives and other businesses. Our cost of revenues increased by 10% year-over-year to RMB4.46 billion in the first quarter, while our gross profit rose 58% year-over-year to RMB2.54 billion. Our gross profit margin reached 36.3% in Q1 compared with 28.3% in the same period last year. Our expanding gross profit and margin show how well our model adapts and scales as the business grows. Our total operating expenses increased 4% year-over-year to RMB2.52 billion. Sales and marketing expenses increased 26% year-over-year to RMB1.17 billion. The increase was mainly due to a one-off marketing expense related to our partnership with CCTV for the 2025 Chinese New Year Gala and higher year-over-year promotion expenses for our SLG game, San Mou. G&A expenses were RMB516 million, down 3% year-over-year. R&D expenses were RMB841 million, down 13% year-over-year, mainly related to R&D efficiency improvements. These efforts allowed us to maintain positive operating results. Our operating profit was RMB15 million, and our adjusted operating profit was RMB342 million, both compared with losses in Q1 2024. We also maintained a positive adjusted net profit of RMB362 million versus a loss in the prior-year period, and we narrowed our GAAP net loss by 99% year-over-year to RMB11 million. Our adjusted net profit ratio in the first quarter was 5% compared with an adjusted net loss ratio of 8% in the same period a year ago. Cash flow wise, we generated over RMB1.3 billion in operating cash flow in the first quarter. As of the 31st of March 2025, we had cash and cash equivalents, time deposits, and short-term investments of RMB17.4 billion, or US$2.4 billion. Thank you for your attention. We would now like to open the call to your questions. Operator, please go ahead. Operator Thank you. We will now begin the question-and-answer session. (Operator Instructions) Lincoln Kong, Goldman Sachs. Lincoln Kong (spoken in foreign language) Thank you, management, for taking my question. So, congrats on a very solid first quarter result. So, my question is about the content. I think last quarter, Rui Chen, you mentioned about to enhance building our quality content. So, what's our specific plan this year to increase the user mindset or quality contents? And in terms of the AI applications, is there any progress or specific rollout we should expect? Thank you. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) I think we're in the era where there is too much content, especially where the short video content is becoming increasingly abundant. Especially -- for example, you can even watch short video content on shopping apps. And what we have observed is that users are not lacking in content to watch, rather they are seeking high-quality content. And what we observe is that users are dedicating more time to engage with premium-quality content. The growing demand for quality content mirrors the changes in consumer habits. People are willing to pay more -- pay for content that brings them a sense of fulfillment and quality. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) Quality content is what we have been focused on and stand for. I think Bilibili is probably one of the biggest content platform that holds the high-quality content standards. And when people come to Bilibili, what they are consuming stands for a long-term sense of fulfillment, not for a short-term stimulation or a hormone-driven type of satisfaction. And this will help Bilibili to stand and thrive in the next era of video competition. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) This is showing in our Q1 data. For example, in Q1, the average daily user time spent reached a historical high of 108 minutes. Additionally, users are increasingly willing to pay for premium content. Our average monthly paying user had a new record of 32 million, and revenue from our fan-charging feature grew over 200% year-over-year. And this is all highlighting the potential -- substantial revenue in video platform, which is people directly paying for content that they love and care about. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) Quality will stand for a place an even bigger and more important role in our strategy. Into 2025, we will continue to position high-quality content as one of Bilibili's most important attributes will also help our content creator, the talented content creator to gain spans more quickly and also receive better monetary rewards. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) Upholding high-quality as the standard, we can see the strategy working from the content category development. First of all, on the core ACG content, the pan knowledge content, and it's gradually evolving into lifestyle-related, consumption-related, all of these content categories are thriving and expanding on Bilibili. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) For me, personally, I learned great knowledge and consumption-related advice on Bilibili such as how to wash a duvet cover and how to pick a right sofa. This is very easy and transparent. I find the content in Bilibili super helpful and fulfilling. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) In addition to the content category involvement, we've also seen -- we are also providing various monetization avenues to help our quality content creators to make more money. For example, last month, I discovered this content creator with less than 1 million followers made over RMB1 million in a month through fan-charging program. And he's a knowledge sector content creator. Even though what he's talking about is quite niche and professional, probably won't bring his -- him a lot of followers, but if you do something really good in the segment category, you can also earn a lot of love and appreciation and even monetary rewards on Bilibili through our monetization avenues. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) Video content become a necessity in terms of spiritual consumption. We discover that the quality video in the longer-term will gradually pick up its potential and showing great value. Probably for people who just access -- have the access to a short video content or to do the video content, he might be attracted to those very short, stimulative content in a short period of time. But over a longer-time horizon, let's say, five years, people will naturally choose content that bring them a sense of fulfillment and those quality content. That's why we have been focused and will continue to focus on promoting quality content, fulfilling content. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) Lastly, I wanted to touch upon the high-quality content combined with the AI can bring great potential to our business. First of all, is that the quality content can transcend times. From early 2000 till now, we can easily see that only the quality content can live and continue to produce value. And currently, with the evolution of AI models, hinges on the access to high-quality training data. And Bilibili happens to own the world's largest repository of Chinese video content. The high-quality video content data will provide us a very unique and advantageous position in the time of AI-related opportunities. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) And currently, I would say the model itself has great computing power and inferencing power and all the historical text-based data corpus has already been provided to the of various different models. But can they generate something new and provide creative and additional information is what all of the video manufacturing is trying to resort. And from that aspect, Bilibili stands a great advantage because our video content carries a much more dense set of information. For example, when I asked our own AI model which mobile phone can take a better human portrait, and our AI model can analyze the historical video and -- video data and summarize and subtract the right information to provide me with that solution. And this is something Bilibili -- only Bilibili can do. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) Well, probably AI can fake a lot of text-based messages online as of now, but it's still a long way for AI to produce a high-quality, reliable, trustworthy video content. And from that perspective, Bilibili holds a very valuable data asset on that. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) And Bilibili holds a unique and leading offerings in certain content categories such as animation, gaming and knowledge. And this with the help of AI translation, we can easily multiply those values into multiple language and unleash much greater potential and value of that content categories. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) And also, from a commercial aspect, AI can also help us to improve our commercialization efficiency. I can elaborate on that in a later question if there's any. Yeah, that concludes Mr. Chen's, answer. Next question, please. Operator Xueqing Zhang, CICC. Xueqing Zhang (spoken in foreign language) Thank you, management, for taking my question. My question is about your game business. Can management reveal the performance of San Mou in Season 6 and 7? San Mou has been launched for one year in June. So, what are your expectations for the anniversary version? How does management view the growth rate of the game business in the second half of the year? And what's your game pipeline? Thank you. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) The most critical and important goal for San Mou operation team is to achieve a long-term healthy operation with at least five year or longer life cycle. And user retention is something that I care most about, and this is also the most important topic every time we have a staff meeting on this game operation. My ultimate goal is to help San Mou to become a game that the gamer can play for a lifetime. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) The season-based game system is one of the most important mechanism to help this game to sustain a long-term operation. Every game season we listen very carefully about users' feedback and adopt that into the next game design and promotion. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) The season-based game system is one of the most important mechanism to help this game to sustain a long-term operation. Every game season, we listen very carefully about users' feedback and adapt that into the next game's design and promotion. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) As a matter of fact, the first day of game Season 7 marks the highest DAU daily -- record in the year of 2025 and also represents how we are incorporating each new season to optimize the game design and attract and retain users. As one of the largest gaming content community in China, the Bilibili community itself empowers the long-term operation of San Mou. For example, we did a joint marketing campaign with San Mou with the leading game streamers, PDD and (inaudible). And the campaign was quite successful and helped us to attract a lot of new users and awaken a lot of the dormant users. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) And also, another example is our virtual streamers are actually attracting their followers to join Bilibili and do the live streaming sessions. And we find it quite interesting that one user probably has both ACG and SLG interest habits. And this is also bringing a lot of incremental new user to the game. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) Combined with those efforts and our operating strategy, we can see that San Mou, the current DAU level and paying ratio and ARPU has ranked among the top level in the industry. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) Later this month, on May 31, we will launch Season 8. And also, this marks the anniversary edition of San Mou. And we will start the campaign to celebrate the anniversary with refreshed map, major new characters and limited anniversary scheme features and a lot of interesting in-game events. And we hope this anniversary edition will bring San Mou to a new level and a long-lasting life cycle. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) Many people were asking me what's the next step after San Mou. My answer has always been, we wanted to be super focused on making San Mou sustainable and even more successful. I often said the next San Mou will be the next game season. We'll be focusing on making a better season each time and bringing new experience to our user. On top of that, we have two more initiatives with this game. One is, in the end of this year, we're looking to launch international version in traditional Chinese. This version is targeting for user are in Hong Kong, Taiwan and Macau. And the second initiative is that we are planning to bring San Mou into multiple devices. End of last Q4, we launched the PC version, which helped us to win over a lot of the PC user. The next step we are looking to bring this game on the mini game platform. This potentially will also open doors for us to attract new additional users. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) On top of San Mou, we will have two more important jobs to do. One is to sustain our legacy titles, one on our Azur Lane and FGO. We'll be celebrating Azur Lane's eighth year anniversary this month and celebrating FGO's ninth anniversary at end of the July. And for both of the game people, you might be very familiar with a very sustainable and successful long-term operation. And from time to time, we can witness a new incremental increase from those two games. And we believe with the anniversary promotion, we should be welcoming a new peak of DAUs and MAUs. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) The second strategy is on the new games. Currently, we have four to five games in line waiting for approval. We will also actively exploring more opportunities in new genres, similar to what we have done with San Mou to reinvent games, catering to new generations, new generation of gamers' preferences. We do think there are a few opportunities there, and we will continue to invest and explore. Okay, that concludes Mr. Chen's answer. Next question please. Operator Yiwen Zhang, China Renaissance. Yiwen Zhang (spoken in foreign language) So, first, congrats on the very solid print. So, my question regarding our advertising business. In Q1, we maintained 20% annual revenue growth, ahead of industry average. Can you elaborate what are the underlying drivers? Also, can you discuss how these drivers will play out in the future? And what is our outlook for ad growth here? Thank you. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) In Q1, our advertising business continued to grow at a rate that is above industry average, reaching RMB2 billion in revenue and up 20% year-over-year. Notably, our high-margin performance-based ads grew over -- by over 30% year-on-year and contributing significantly to our overall revenue growth and driving continued improvement in our gross margin. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) The key driving factor behind that growth is the combination of high-value user and our strong brand association with high-quality content. This year, our average user age has come to 26. The year of 26, the audiences represent an increasing disposable income and a diverse consumption scenario. On top of the spiritual consumption, they also come to various product consumption. And the professional in-depth nature of our content continues to foster deep connection with our users and content creators. And all of that is leading to a continued growth in ad revenue per DAU. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) In the past, we have stick on to the strategy of one horizontal, multiple vertical strategy. And the one horizontal refers to our product and infrastructure ability, and the multiple verticals refer to our integrated ad solution across different ad verticals. Let me elaborate on this a little bit. Within the one horizontal strategy, we have continuously to build a stronger ad infrastructure and product capabilities. And in Q1, what we have really improved is in the AI-related product improvement. We have continued to upgrade our marketing data infrastructure by using the multimodal AI ability to better understand our users' purchase intent and on category level interest, boosting our overall ad efficiency. We have also improved our deep conversion capabilities, leading to a greater budget allocation towards deep conversion campaigns. The proportion of deep conversion ad spend more than doubled in Q1 and leads to an increase in our performance-based ad, eCPM. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) Another big improvement is in our GenAI-assisted ad material creation, because Bilibili's product nature covers and ad materials are quite important in terms of improving click through rate and improving our ad efficiency. We have upgraded our commercial AIGC tools using those AI -- GenAI models to help advertisers to auto-generate cover images and titles that really align with Bilibili's user language and also creative style. Currently, AIGC created accounts for over 30% of the performance ad spend. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) But we talked a little bit our different ad verticals. First of all, games continue to remain our largest advertiser segment. And we continue to improve our conversion path and tools and increase our market share in the game market -- game ad market. And we also launched new formats such as Bilibili mini games and also in-stream game -- game live stream ads that help up new ad -- opening up new ad inventories and new opportunities. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) And secondly is that as our user matures and become age of 26 -- average age become 26, they have come to a life stage where they have to face a lot of choices in terms of consumption-related needs. And we have helped them and are also our trustworthy content creator have done a lot of reviews and walk-through and evaluations on those categories, and establish great connection between their followers. For example, in Q1, our home appliances related advertising revenue grew over 35%, and baby maternity and pets related advertisement revenue grew over 300% year-over-year. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) Lastly, on AI, as everybody know, Bilibili hosted the most curious minds who understand the AI-related knowledge. And Bilibili also hosts the largest AI-related knowledge type of video content. That's why almost all AI manufacturers and companies has put a lot of efforts in ad budget trying to connect with Bilibili users and convert them to become their users. That's why we've seen a big surge in AI-related advertising spending and also this help us to drive the overall online services sector become our top two ad verticals. Rui Chen (spoken in foreign language) Juliet Yang (interpreted) As for the guidance for the second half of this year, we're still quite confident to continue to grow at a pace that's above industry average, combined with our key advantage of high-quality premium content user mindset as well as the increasing user value, we remain very confident about our advertising business development and continue to expand our market share. Okay. Next question, please. Operator Felix Liu of UBS. Felix Liu (spoken in foreign language) Let me translate myself. First, thank you management for taking my questions and congratulations on the very strong Q1 results, especially the record level of profitability on both GP margin and then profit margin. The question is, first, on the margin trend in rest of this year, can management share your outlook on that? And my second question is on your mid-term GP margin and net profit margin target. Thank you. Xin Fan Thank you, Felix. This is Sam. I will take your question. In Q1, our gross margin reached a record high of 33.3%, making 11 consecutive quarters of improvement. The key contributors to this improvement include the growing share of high-margin gaming and advertising revenue, which account for, if you added that together, like 50% of the total revenue compared with 47% in Q1 last year. Secondly, the relatively fixed cost include content, staff, server cost, remain stable in terms of the absolute dollar value, further decline in the proportion of revenue from 25% last year to 20% this year, and gross margins of advertising in live broadcasting business have been improving in Q1. We are confident that both our gross margin and net margin will achieve gradually improvement throughout the year. In the mid- to long-term, we are confident that our gross profit margin will reach 40% to 45%. In Q1, the proportion of operating expenses to revenue declined from 43% last year to 36% this year. Our adjusted operating margin improved by negative 9% in the same period last year to 5% in Q1 this year. For 2025, we expect R&D and G&A expenses to remain stable, while marketing expenses will fluctuate with game promotion cycles. As a result, the operating expenses as a percentage of total revenues will continue to decline. Our long-term operating margin target remain the same; that will be 15% to 20%. Thank you for your question. Operator Thank you. And that concludes the question-and-answer session. Thank you, once again, for joining Bilibili's first quarter 2025 financial results and business update conference call today. If you have any further questions, please contact Juliet Yang, Bilibili's Executive IR Director or Piacente Financial Communications. Contact information for IR in both China and the U.S. can be found on today's press release. Thank you, and have a great day. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

YouTube-Like Platform Bilibili Keeps China's Average 26-Year-Old More Engaged Than Ever, Stock Soars

Yahoo

20-05-2025

Business
Yahoo

YouTube-Like Platform Bilibili Keeps China's Average 26-Year-Old More Engaged Than Ever, Stock Soars

Bilibili Inc. (NASDAQ:BILI) on Tuesday announced its fiscal first-quarter results, revealing a 24% year-over-year increase in quarterly revenue to $965.1 million (7 billion Chinese yuan), surpassing the analyst consensus estimate of $947.72 million. The Chinese video-sharing platform's adjusted EPADS of 12 cents beat the analyst consensus estimate of 6 cents. Bilibili is often compared to YouTube due to its focus on long-form video content, user-generated content, and interactive features like live streams. Also Read: Average daily active users (DAUs) reached 106.7 million from 102.4 million a year ago. In the quarter, average monthly active users (MAUs) reached 368 million, with users spending an average of 108 minutes daily on the platform. Rui Chen, Chairman and Chief Executive Officer of Bilibili, said, 'Our DAUs reached 107 million, while MAUs hit a new high of 368 million. As our user base matured, with the average age rising to 26 in 2025, users remained highly engaged and demonstrated growing spending power. Average daily time spent per user hit a record of 108 minutes, and our monthly paying users reached an all-time high of 32 million.' Revenues from mobile games were $238.6 million, up by 76% Y/Y, mainly attributable to the strong performance of the company's exclusively licensed game, San Guo: Mou Ding Tian Xia. Value-added services (VAS) revenues grew 11% Y/Y to $386.9 million, mainly attributable to increased revenues from live broadcasting and other value-added services. Advertising revenues increased by 20% Y/Y to $275.3 million, mainly attributable to strong revenue growth in performance-based advertising. Revenue from IP derivatives and others decreased by 4% Y/Y to $64.4 million. Gross profit margin reached 36.3%, improving from 28.3% Y/Y. Adjusted net profit was $49.8 million, compared with an adjusted net loss of $62.83 million in the same period of 2024. Bilibili held $2.40 billion in cash and equivalents as of March 31, 2025. It generated $179.4 million in operating cash flow for the quarter. Price Action: BILI stock is trading higher by 5.67% to $18.98 premarket at last check Tuesday. Read Next:Image via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article YouTube-Like Platform Bilibili Keeps China's Average 26-Year-Old More Engaged Than Ever, Stock Soars originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Yahoo

20-05-2025

Business
Yahoo

Bilibili Inc. Announces First Quarter 2025 Financial Results

SHANGHAI, May 20, 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 first quarter ended March 31, 2025. First Quarter 2025 Highlights: Total net revenues were RMB7.00 billion (US$965.1 million), representing an increase of 24% year over year. Advertising revenues were RMB2.00 billion (US$275.3 million), representing an increase of 20% year over year. Mobile games revenues were RMB1.73 billion (US$238.6 million), representing an increase of 76% year over year. Gross profit was RMB2.54 billion (US$349.9 million), representing an increase of 58% year over year. Gross profit margin reached 36.3%, improving from 28.3% in the same period of 2024. Net loss was RMB10.7 million (US$1.5 million), narrowing by 99% year over year. Adjusted net profit1 was RMB361.5 million (US$49.8 million), compared with an adjusted net loss of RMB455.9 million in the same period of 2024. Operating cash flow was RMB1.30 billion (US$179.4 million), compared with RMB637.7 million in the same period of 2024. Average daily active users (DAUs) were 106.7 million, compared with 102.4 million in the same period of 2024. 'We kicked off 2025 with strong financial results and healthy community metrics in the first quarter,' said Mr. Rui Chen, Chairman and Chief Executive Officer of Bilibili. 'Our DAUs reached 107 million, while MAUs hit a new high of 368 million. As our user base matured—with the average age rising to 26 in 2025—users remained highly engaged and demonstrated growing spending power. Average daily time spent per user hit a record of 108 minutes, and our monthly paying users reached an all-time high of 32 million. With the increasing value of our users and improved monetization efficiency, our total net revenues for the first quarter grew 24% year over year to RMB7.0 billion. Building on this strong momentum, we will continue to unlock the potential of our community by offering more efficient and enhanced commercial solutions. As the go-to video platform for premium content and a vibrant creative culture, Bilibili is uniquely positioned to capture emerging opportunities and sustain long-term growth.' Mr. Sam Fan, Chief Financial Officer of Bilibili, said, 'In the first quarter, we accelerated revenue growth and expanded our margins. This was driven by outstanding performances from our high-margin advertising and games businesses, which grew by 20% and 76% year over year, respectively. Gross profit increased by 58% year over year, with our gross profit margin rising to 36.3%, up from 28.3% in the same period last year. Supported by our robust topline and margin gains, we sustained an adjusted net profit of RMB361.5 million. Our virtuous operating cycle continues to drive robust operating cash flow, generating RMB1.30 billion in the quarter. Moving forward, we will continue to focus on profitable growth by scaling our business and community through efficient, sustainable operations, and delivering long-term value to our shareholders.' First Quarter 2025 Financial Results Total net revenues. Total net revenues were RMB7.00 billion (US$965.1 million), representing an increase of 24% from the same period of 2024. Value-added services (VAS). Revenues from VAS were RMB2.81 billion (US$386.9 million), representing an increase of 11% from the same period of 2024, mainly attributable to increased revenues from live broadcasting and other value-added services. Advertising. Revenues from advertising were RMB2.00 billion (US$275.3 million), representing an increase of 20% from the same period of 2024, mainly attributable to strong revenue growth in performance-based advertising. Mobile games. Revenues from mobile games were RMB1.73 billion (US$238.6 million), representing an increase of 76% from the same period of 2024, mainly attributable to the strong performance of the Company's exclusively licensed game, San Guo: Mou Ding Tian Xia. IP derivatives and others. Revenues from IP derivatives and others were RMB467.1 million (US$64.4 million), representing a decrease of 4% from the same period of 2024. Cost of revenues. Cost of revenues was RMB4.46 billion (US$615.2 million), representing an increase of 10% 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 RMB2.67 billion (US$368.1 million), representing an increase of 19% from the same period of 2024, mainly due to an increase in mobile games-related revenue-sharing costs. Gross profit. Gross profit was RMB2.54 billion (US$349.9 million), representing an increase of 58% 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 RMB2.52 billion (US$347.8 million), representing an increase of 4% from the same period of 2024. Sales and marketing expenses. Sales and marketing expenses were RMB1.17 billion (US$160.8 million), representing a 26% increase from the same period of 2024. The increase was primarily attributable to one-off marketing expenses related to the Company's partnership with CCTV for the 2025 Spring Festival Gala as the exclusive bullet chat live broadcasting and content platform, as well as higher year-over-year promotion expenses for the Company's exclusively licensed game, San Guo: Mou Ding Tian Xia. General and administrative expenses. General and administrative expenses were RMB515.6 million (US$71.1 million), representing a decrease of 3% compared with the same period of 2024. Research and development expenses. Research and development expenses were RMB841.5 million (US$116.0 million), representing a 13% decrease from the same period of 2024. The decrease was mainly attributable to improved research and development efficiency. Profit/(loss) from operations. Profit from operations was RMB15.0 million (US$2.1 million), compared with a loss of RMB818.6 million from the same period of 2024. Adjusted profit/(loss) from operations1. Adjusted profit from operations was RMB342.5 million (US$47.2 million), compared with an adjusted loss from operations of RMB512.2 million from the same period of 2024. Total other (expenses)/income, net. Total other expenses were RMB14.1 million (US$1.9 million), compared with total other income of RMB55.5 million in the same period of 2024. Income tax expense. Income tax expense was RMB11.6 million (US$1.6 million), compared with RMB1.6 million in the same period of 2024. Net loss. Net loss was RMB10.7 million (US$1.5 million), narrowing by 99% year over year. Adjusted net profit/(loss)1. Adjusted net profit was RMB361.5 million (US$49.8 million), compared with an adjusted loss of RMB455.9 million in the same period of 2024. Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted net loss per share were RMB0.02 (US$0.00) each, compared with basic and diluted net loss per share of RMB1.80 each in the same period of 2024. Adjusted basic and diluted net profit per share were RMB0.86 (US$0.12) and RMB0.85 (US$0.12), respectively, compared with an adjusted basic and diluted net loss per share of RMB1.06 each in the same period of 2024. Net cash provided by operating activities. Net cash provided by operating activities was RMB1.30 billion (US$179.4 million), compared with RMB637.7 million in the same period of 2024. Cash and cash equivalents, time deposits and short-term investments. As of March 31, 2025, the Company had cash and cash equivalents, time deposits and short-term investments of RMB17.40 billion (US$2.40 billion). Convertible Senior Notes. As of March 31, 2025, the aggregate outstanding principal amount of April 2026 Notes, 2027 Notes and December 2026 Notes was US$13.4 million (RMB96.2 million). Changes in Board Committees The Company's board of directors (the "Board") approved the separation of the Nominating and Corporate Governance Committee into two distinct committees. Effective from May 20, 2025, the Nomination Committee and the Corporate Governance Committee will each operate under separate charters with defined functions and responsibilities. The Nomination Committee will comprise Mr. JP Gan, Mr. Eric He, Mr. Feng Li and Ms. Ni Li, with Mr. JP Gan serving as chairperson. The Corporate Governance Committee will comprise Mr. JP Gan, Mr. Eric He and Mr. Feng Li, with Mr. JP Gan serving as chairperson. Charters of each communitee will be published on the Company's investor relations website at and The Stock Exchange of Hong Kong Limited website at 1 Adjusted profit/(loss) from operations, adjusted net profit/(loss), 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 8:00 AM U.S. Eastern Time on May 20, 2025 (8:00 PM Beijing/Hong Kong Time on May 20, 2025). Details for the conference call are as follows: Event Title: Bilibili Inc. First Quarter 2025 Earnings Conference Call Registration Link: 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 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 our 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 the frontier for promoting Chinese culture across the world. For more information, please visit: 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) 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 gain/loss on repurchase of convertible senior notes. 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 RMB7.2567 to US$1.00, the exchange rate on March 31, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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 YangTel: +86-21-2509-9255 Ext. 8523E-mail: ir@ Piacente Financial Communications Helen WuTel: +86-10-6508-0677E-mail: bilibili@ In the United States: Piacente Financial Communications Brandi PiacenteTel: +1-212-481-2050E-mail: bilibili@ BILIBILI INC. Unaudited Condensed Consolidated Statements of Operations (All amounts in thousands, except for share and per share data) For the Three Months Ended March 31, December 31, March 31, 2024 2024 2025 RMB RMB RMB Net revenues: Value-added services (VAS) 2,528,909 3,083,071 2,807,340 Advertising 1,668,584 2,388,673 1,997,635 Mobile games 982,810 1,797,537 1,731,155 IP derivatives and others 484,297 464,880 467,118 Total net revenues 5,664,600 7,734,161 7,003,248 Cost of revenues (4,059,240 ) (4,945,945 ) (4,464,150 ) Gross profit 1,605,360 2,788,216 2,539,098 Operating expenses: Sales and marketing expenses (927,059 ) (1,236,593 ) (1,166,975 ) General and administrative expenses (531,777 ) (505,861 ) (515,638 ) Research and development expenses (965,120 ) (919,321 ) (841,477 ) Total operating expenses (2,423,956 ) (2,661,775 ) (2,524,090 ) (Loss)/profit from operations (818,596 ) 126,441 15,008 Other income/(expenses): Investment loss, net (including impairments) (21,249 ) (283,191 ) (62,203 ) Interest income 133,207 110,150 94,173 Interest expense (31,574 ) (19,986 ) (32,571 ) Exchange (losses)/gains (58,060 ) 10,529 (11,659 ) Debt extinguishment loss (20,980 ) (17,649 ) - Others, net 54,183 139,107 (1,837 ) Total other income/(expenses), net 55,527 (61,040 ) (14,097 ) (Loss)/profit before income tax expenses (763,069 ) 65,401 911 Income tax (expense)/benefit (1,562 ) 23,533 (11,588 ) Net (loss)/profit (764,631 ) 88,934 (10,677 ) Net loss attributable to noncontrolling interests 16,086 1,026 1,575 Net (loss)/profit attributable to the Bilibili Inc.'s shareholders (748,545 ) 89,960 (9,102 ) Net (loss)/profit per share, basic (1.80 ) 0.22 (0.02 ) Net (loss)/profit per ADS, basic (1.80 ) 0.22 (0.02 ) Net (loss)/profit per share, diluted (1.80 ) 0.21 (0.02 ) Net (loss)/profit per ADS, diluted (1.80 ) 0.21 (0.02 ) Weighted average number of ordinary shares, basic 415,274,340 417,829,038 420,086,397 Weighted average number of ADS, basic 415,274,340 417,829,038 420,086,397 Weighted average number of ordinary shares, diluted 415,274,340 424,208,294 420,086,397 Weighted average number of ADS, diluted 415,274,340 424,208,294 420,086,397 The accompanying notes are an integral part of 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 March 31, December31, March 31, 2024 2024 2025 RMB RMB RMB Share-based compensation expenses included in: Cost of revenues 13,677 25,350 23,996 Sales and marketing expenses 12,560 18,524 16,417 General and administrative expenses 157,824 137,513 144,497 Research and development expenses 80,525 113,649 105,855 Total 264,586 295,036 290,765 BILIBILI INC. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and per share data) December 31, March 31, 2024 2025 RMB RMB Assets Current assets: Cash and cash equivalents 10,249,382 9,601,900 Time deposits 3,588,475 3,937,921 Restricted cash 50,000 50,950 Accounts receivable, net 1,226,875 1,007,515 Prepayments and other current assets 1,934,788 2,124,271 Short-term investments 2,706,535 3,856,835 Total current assets 19,756,055 20,579,392 Non-current assets: Property and equipment, net 589,227 522,109 Production cost, net 1,851,207 1,753,344 Intangible assets, net 3,201,012 3,199,545 Goodwill 2,725,130 2,725,130 Long-term investments, net 3,911,592 3,919,494 Other long-term assets 664,277 581,476 Total non-current assets 12,942,445 12,701,098 Total assets 32,698,500 33,280,490 Liabilities Current liabilities: Accounts payable 4,801,416 4,983,062 Salary and welfare payables 1,599,482 1,200,571 Taxes payable 428,932 376,961 Short-term loan and current portion of long-term debt 1,571,836 1,818,124 Deferred revenue 3,802,307 3,848,682 Accrued liabilities and other payables 2,558,830 2,877,377 Total current liabilities 14,762,803 15,104,777 Non-current liabilities: Long-term debt 3,264,153 3,264,089 Other long-term liabilities 567,631 531,276 Total non-current liabilities 3,831,784 3,795,365 Total liabilities 18,594,587 18,900,142 Total Bilibili Inc.'s shareholders' equity 14,108,397 14,386,407 Noncontrolling interests (4,484 ) (6,059 ) Total shareholders' equity 14,103,913 14,380,348 Total liabilities and shareholders' equity 32,698,500 33,280,490BILIBILI INC. Unaudited Selected Condensed Consolidated Cash Flows Data (All amounts in thousands, except for share and per share data) For the Three Months Ended March 31, December 31, March 31, 2024 2024 2025 RMB RMB RMB Net cash provided by operating activities 637,697 1,400,988 1,302,095BILIBILI 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 March 31, December31, March 31, 2024 2024 2025 RMB RMB RMB (Loss)/profit from operations (818,596 ) 126,441 15,008 Add: Share-based compensation expenses 264,586 295,036 290,765 Amortization expense related to intangible assets acquired through business acquisitions 41,776 41,581 36,692 Adjusted (loss)/profit from operations (512,234 ) 463,058 342,465 Net (loss)/profit (764,631 ) 88,934 (10,677 ) Add: Share-based compensation expenses 264,586 295,036 290,765 Amortization expense related to intangible assets acquired through business acquisitions 41,776 41,581 36,692 Income tax related to intangible assets acquired through business acquisitions (5,407 ) (5,358 ) (4,136 ) (Gain)/loss on fair value change in investments in publicly traded companies (13,186 ) 14,177 48,869 Loss on repurchase of convertible senior notes 20,980 17,649 - Adjusted net (loss)/profit (455,882 ) 452,019 361,513 Net loss attributable to noncontrolling interests 16,086 1,026 1,575 Adjusted net (loss)/profit attributable to the Bilibili Inc.'s shareholders (439,796 ) 453,045 363,088 Adjusted net (loss)/profit per share, basic (1.06 ) 1.08 0.86 Adjusted net (loss)/profit per ADS, basic (1.06 ) 1.08 0.86 Adjusted net (loss)/profit per share, diluted (1.06 ) 1.07 0.85 Adjusted net (loss)/profit per ADS, diluted (1.06 ) 1.07 0.85 Weighted average number of ordinary shares, basic 415,274,340 417,829,038 420,086,397 Weighted average number of ADS, basic 415,274,340 417,829,038 420,086,397 Weighted average number of ordinary shares, diluted 415,274,340 424,208,294 425,602,954 Weighted average number of ADS, diluted 415,274,340 424,208,294 425,602,954Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Latest news with #RuiChen

Bilibili Inc (BILI) Q1 2025 Earnings Call Highlights: Record Revenue Growth and Strategic AI ...

Bilibili Inc (BILI) Q1 2025 Earnings Call Highlights: Record Revenue Growth and Strategic AI ...

Q1 2025 Bilibili Inc Earnings Call

YouTube-Like Platform Bilibili Keeps China's Average 26-Year-Old More Engaged Than Ever, Stock Soars

Bilibili Inc. Announces First Quarter 2025 Financial Results

Get Started Now: Download the App