Bilibili Inc. released its 2025 interim report on September 25, 2025, showing total revenues of RMB 14.341 billion, representing a 21.62% year-over-year increase. The company achieved a net profit attributable to shareholders of RMB 210 million, marking a successful turnaround from losses in the previous year.

Net cash generated from operating activities reached RMB 3.291 billion, up 37.82% year-over-year. These results demonstrate that Bilibili Inc. has maintained profitability for four consecutive quarters since first achieving profitability in Q3 2024.

Strong Overall Financial Performance

For the first half of 2025, Bilibili Inc. recorded net revenues of RMB 14.34 billion, compared to RMB 11.79 billion in the same period last year, representing a 21.6% increase.

Gross profit surged to RMB 5.21 billion, marking a substantial 51.7% year-over-year growth. The gross profit margin improved for twelve consecutive quarters, reaching 36.5% in the second quarter.

The company posted a net profit of RMB 208 million, compared to a net loss of RMB 1.37 billion in the prior year period, successfully achieving profitability. Adjusted net profit reached RMB 923 million, also turning from loss to profit year-over-year.

Mobile Gaming Business Drives Growth

The mobile gaming segment delivered exceptional performance, generating RMB 3.34 billion in revenue for the first half, up 68.0% year-over-year. This robust growth was primarily driven by the outstanding performance of the exclusively licensed game "Three Kingdoms: Tactics."

Launched in June 2024, the game gained significant market traction in the Three Kingdoms SLG gaming sector through its "reduced grinding and spending" approach and "professional gameplay" features. Following its first anniversary update on June 13, 2025, the game achieved new daily active user highs for the year.

Bilibili Inc. Chairman and CEO Rui Chen stated that the company aims to develop "Three Kingdoms: Tactics" into a flagship product with a lifecycle exceeding five years. The company plans to launch a Traditional Chinese version for Hong Kong, Macao, and Taiwan markets by the end of 2025, with considerations for overseas expansion in Japan and South Korea next year.

Advertising Business Shows Steady Growth

The advertising business generated RMB 4.45 billion in revenue for the first half, up 20.0% year-over-year. Performance-based advertising revenue showed particularly strong growth, increasing over 30% year-over-year.

In the second quarter, advertising revenue reached RMB 2.45 billion, up 20% year-over-year. Gaming, digital home appliances, e-commerce, online services, and automotive sectors were the top five contributing industries.

During the 618 shopping festival, Bilibili Inc.'s overall gross merchandise value (GMV) increased 33% year-over-year, with the number of content creators achieving over RMB 10 million in sales GMV growing by more than 60%.

Vice Chairman and COO Ni Li noted that driven by government subsidies and the 618 festival, advertising revenue from small home appliances and digital products categories grew over 70% year-over-year.

Thriving User Ecosystem

In the first half of 2025, Bilibili Inc.'s community continued to expand. Daily active users reached 108 million, up 6% year-over-year, while monthly active users totaled 365.2 million, up 8% year-over-year.

User engagement strengthened further. Average daily usage time per active user reached 106 minutes, increasing by 4 minutes year-over-year. Monthly paying users reached 31.8 million, up 10% year-over-year.

In 2024, over 16 million users logged into Bilibili Inc. for more than 360 days annually, with 26 million users logging in every day of each month. The average user age is 26 years, while new users maintain an average age of 22 years.

Value-Added Services and IP Business

The value-added services business generated RMB 5.64 billion in revenue for the first half, up 10.8% year-over-year. As of the end of the second quarter, Bilibili Inc. had 23.7 million premium members, with over 80% being annual subscribers or auto-renewal users.

IP derivatives and other businesses recorded RMB 440 million in revenue for the second quarter, down 15% year-over-year. Despite this decline, Bilibili Inc. continues to actively explore IP monetization opportunities.

Bilibili Inc. continues to provide diverse monetization channels for content creators. In the first half, approximately 2 million creators earned revenue through advertising, live streaming, and tipping channels. The number of creators earning income through commercial partnerships and e-commerce increased 19% and 49% year-over-year, respectively.

Offline Events Expand Influence

Bilibili Inc.'s offline events have become a performance highlight. The "BiliBili World" event held in July this year set a new record for offline attendance, attracting over 400,000 participants.

Seventy percent of attendees came from outside Shanghai, with overseas passport holders accounting for 11% of ticket purchases, including users from over 20 countries and regions who traveled specifically to Shanghai for the event.

Chairman Chen stated: "BW not only boosted local offline consumption in Shanghai but has also become a new cultural landmark for the city." In terms of scale and influence, BW has become China's largest ACG gathering.

Financial Position and Shareholder Returns

As of June 30, 2025, the company held cash and cash equivalents, time deposits, and short-term investments totaling RMB 22.29 billion.

In the second quarter of 2025, the company generated positive operating cash flow of RMB 1.99 billion and completed approximately USD 100 million in share repurchases to enhance shareholder returns.

In May, the company completed the issuance of USD 690 million convertible senior notes due 2030, raising net proceeds of approximately USD 678 million. During the same period, the company repurchased 5.588 million Class Z ordinary shares for a total of USD 100 million, which have been cancelled.