Felix Liu

Lincoln Kong

Xueqing Zhang

Lei Zhang

Yiwen Zhang

Miranda Zhuang

Qi Chen

Wei Fang

Yang Liu

- Bilibili Inc. reported a significant financial turnaround in the first half of 2025, achieving **net revenues of RMB14.34 billion**, a **21.6%** year-over-year increase, and a **net profit of RMB207.6 million**, compared to a net loss in the prior year period.  **[1723690_0001193125-25-216368_d70860dex991.htm:1]** **[1723690_0001193125-25-216368_d70860dex991.htm:3]** **[1723690_0001193125-25-216368_d70860dex991.htm:7]** **[1723690_0001193125-25-216368_d70860dex991.htm:9]** **[1723690_0001193125-25-216368_d70860dex991.htm:34]** 
- The company's gross profit grew by **51.7%** to **RMB5.21 billion**, expanding its gross margin to **36.4%** from 29.2% in the first half of 2024.  **[1723690_0001193125-25-216368_d70860dex991.htm:1]** **[1723690_0001193125-25-216368_d70860dex991.htm:3]** **[1723690_0001193125-25-216368_d70860dex991.htm:7]** 
- Revenue growth was primarily driven by mobile games, which increased by **68.0%** to **RMB3.34 billion**, and advertising, which rose by **20.0%** to **RMB4.45 billion**.  **[1723690_0001193125-25-216368_d70860dex991.htm:3]** **[1723690_0001193125-25-216368_d70860dex991.htm:7]** 
- User engagement also saw strong momentum, with daily active users (DAUs) averaging **108.0 million** (up 6% year-over-year) and monthly paying users reaching **31.8 million** (up 10% year-over-year) in the first half of 2025.  **[1723690_0001193125-25-216368_d70860dex991.htm:3]** **[1723690_0001193125-25-216368_d70860dex991.htm:4]** 
- To enhance liquidity, Bilibili Inc. issued **US$690.0 million** in convertible senior notes due 2030 in May 2025, resulting in approximately **US$678.1 million** in net proceeds.  **[1723690_0001193125-25-216368_d70860dex991.htm:9]** **[1723690_0001193125-25-216368_d70860dex991.htm:34]** **[1723690_0001193125-25-216368_d70860dex991.htm:44]**

Bilibili Inc. Reports Strong Financial Performance and User Growth in First Half of 2025

Bilibili (BILI)