Bilibili (BILI)

• Bilibili Inc. entered into a Comprehensive Cooperation Framework Agreement with Jinjiang Original on November 20, 2025, to collaborate on intellectual properties, including acquiring copyrights for adaptation, information network dissemination, advertisement, and distribution.
• The new agreement, effective from January 1, 2026, to December 31, 2028, supersedes an existing agreement and involves Bilibili paying licensing fees, procurement fees, and profit-sharing amounts to Jinjiang Original.
• Jinjiang Original is considered a connected person of Bilibili, making this a continuing connected transaction subject to reporting, announcement, and annual review requirements, but exempt from independent Shareholders’ approval.
• The annual caps for costs to be incurred by Bilibili under this agreement are RMB140 million for 2026, RMB145 million for 2027, and RMB150 million for 2028.

• Bilibili reported robust Q3 2025 financial results, with total net revenues increasing 5% year-over-year to RMB 7.7 billion and non-GAAP net profit surging 233% year-over-year to RMB 786 million.
• User engagement and monetization continued to grow, with Daily Active Users (DAUs) rising 9% to 117 million, Monthly Active Users (MAUs) up 8% to 376 million, and Monthly Paying Users (MPUs) reaching a record high of 35 million, a 17% year-over-year increase.
• Advertising revenue grew 23% year-over-year to RMB 2.6 billion, supported by advancements in ad infrastructure and the use of AIGC creative tools.
• The company launched a successful new game, "Escape From Duckov: Tao Li Ya Ke Fu," which sold over 3 million copies globally since its October debut, and plans to introduce several AI-powered applications later in 2025.
• Bilibili maintained a strong liquidity position with RMB 23.5 billion in cash and equivalents as of September 30, 2025, and has repurchased $116.4 million in shares under its ongoing program.

• Bilibili reported total net revenues of RMB 7.7 billion in Q3 2025, a 5% year-over-year increase, with gross profit growing 11% to RMB 2.8 billion and gross margin expanding to 36.7%.
• The company achieved significant profitability improvements, with non-GAAP operating profit surging 153% year-over-year to RMB 688 million and non-GAAP net profit increasing 233% year-over-year to RMB 786 million.
• User engagement metrics showed strong growth, with Daily Active Users (DAUs) rising 9% year-over-year to 117 million and Monthly Paying Users (MPUs) increasing 17% year-over-year to 35 million.
• Advertising revenue accelerated, growing 23% year-over-year to RMB 2.6 billion in Q3 2025, and the company anticipates Q4 Double 11 ad revenue to grow around 30% year-over-year.
• Bilibili expects gross profit margin to reach 37% in Q4 2025 and plans to fully utilize the remaining $83.6 million from its $200 million share repurchase program.

• Bilibili reported Q3 2025 total net revenues of RMB 7.7 billion, a 5% year-over-year increase, driven by 23% year-over-year growth in advertising revenue to RMB 2.6 billion.
• The company achieved significant profitability improvements, with gross profit increasing 11% year-over-year to RMB 2.8 billion and gross margin expanding to 36.7%. Non-GAAP operating profit surged 153% year-over-year to RMB 688 million, and non-GAAP net profit increased 233% year-over-year to RMB 786 million.
• User metrics reached all-time highs, with Daily Active Users (DAUs) rising 9% year-over-year to 117 million, Monthly Active Users (MAUs) growing 8% to 376 million, and Monthly Paying Users (MPUs) hitting a record 35 million, up 17% year-over-year.
• Bilibili expects its gross profit margin to reach 37% and adjusted operating margin to improve to around 10% in Q4 2025. The company also plans to fully utilize the remaining $83.6 million of its share repurchase program.

• Bilibili Inc. reported total net revenues of RMB7.69 billion (US$1.08 billion) for the third quarter ended September 30, 2025, representing a 5% increase year over year, with advertising revenues growing by 23% to RMB2.57 billion (US$361.0 million).
• The company achieved a net profit of RMB469.4 million (US$65.9 million) in Q3 2025, compared to a net loss of RMB79.8 million in the same period of 2024, and an adjusted net profit of RMB786.3 million (US$110.5 million), marking a 233% increase year over year.
• Gross profit margin expanded to 36.7% in Q3 2025, improving from 34.9% in the same period of 2024, representing the 13th consecutive quarter of growth.
• User engagement metrics reached all-time highs, with average daily active users (DAUs) increasing 9% year over year to 117.3 million and monthly paying users growing 17% to 35 million.
• As of September 30, 2025, Bilibili had repurchased 6.4 million of its listed securities for a total cost of US$116.4 million under its US$200 million share repurchase program, with approximately US$83.6 million remaining.

Bilibili demonstrated strong financial performance in Q3 2025, with total net revenues increasing and a significant turnaround from a net loss to net profit compared to the prior year, as detailed in the table below. The company achieved substantial growth in adjusted net profit and an expansion in gross profit margin, reflecting improved operating leverage and disciplined cost management. User engagement and growth remained robust, with average daily active users (DAUs), monthly active users (MAUs), and monthly paying users (MPUs) all reaching new highs. As of September 30, 2025, Bilibili continues its share repurchase program, with US$83.6 million of the authorized amount remaining.

Calculations for Q3 2024 user metrics:

• Average Daily Active Users (Millions): 117.3 million (Q3 2025) / 1.09 (9% YoY increase) = 107.61 million
• Monthly Active Users (Millions): 376 million (Q3 2025) / 1.08 (8% YoY increase) = 348.15 million
• Monthly Paying Users (Millions): 35 million (Q3 2025) / 1.17 (17% YoY increase) = 29.91 million

• 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.
• 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.
• 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.
• 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.
• 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.