Bilibili achieves full-year profitability for the first time

On the evening of March 5th, Bilibili (referred to as “Bilibili,” NASDAQ:BILI, HKEX:9626) announced its unaudited financial results for the fourth quarter and full year ending December 31, 2025. The financial report shows that Bilibili’s total revenue for 2025 reached 30.35 billion yuan, a 13% increase year-over-year; adjusted net profit was 2.59 billion yuan, marking the company’s first full-year profit; in the fourth quarter, total revenue was 8.32 billion yuan, up 8% year-over-year, with net profit increasing by 478% year-over-year.

Chairman and CEO Chen Rui stated that achieving full-year profitability in 2025 is a milestone for Bilibili’s development. Since its founding, Bilibili has committed to creating a thriving community for users, making it the best stage for high-quality creators. The platform-driven model of quality content and creators will lead to sustained growth and commercial value.

Community Ecosystem Continues to Prosper, User Base Steadily Grows

In 2025, Bilibili continued to focus on content ecosystem development around its interest-based community positioning. User scale accelerated growth for four consecutive quarters, with content categories continuously expanding. The creator community remained stable, and platform user engagement increased, forming an important foundation for platform development.

Financial data shows that in Q4 2025, Bilibili’s daily active users reached 113 million, a 10% increase year-over-year; monthly active users reached 366 million, up 8%; and average daily usage time per user increased to 107 minutes, up 8 minutes.

From content consumption data, total user watch time across the platform grew 19% year-over-year in Q4 2025; watch time for videos over 5 minutes increased 20% year-over-year, reflecting strong user demand for content. As of the end of Q4 2025, Bilibili had 284 million paying members, with an 80% retention rate at 12 months, providing a stable user base for various business operations.

In terms of content layout, Bilibili strengthened its traditional strengths in ACG (Anime, Comics, Games) and gaming, while also achieving good growth in AI, lifestyle, and consumer content, further diversifying its content ecosystem. In Q4 2025, ACG content watch time increased 12% year-over-year; gaming content watch time increased 24%. Leveraging content advantages, over 30 domestic and international game developers and more than 40 games chose Bilibili for exclusive launches in 2025.

The user base for lifestyle and consumer content also expanded further, with over 220 million users watching related content in 2025. In Q4, watch time for automotive technology content grew 68% year-over-year; parent-child and outdoor/trendy content increased 22% and 20%, respectively, indicating that user content consumption is extending toward more diverse and lifestyle-oriented topics.

AI content has become a new feature of Bilibili. As a community platform focused on AI content in China, Bilibili has over 120 million monthly users consuming AI-related content. In Q4, AI content watch time increased 53% year-over-year, with users engaging in AI technology exchanges, model evaluations, and application scenario discussions.

In July 2025, Bilibili launched the nationwide first “video podcast” category, which achieved initial user accumulation in Q4. The category now has over 67 million users, with total watch time exceeding 8 billion minutes, and has produced several top-tier programs such as “Lu Yu’s Slow Talk” and “Yu Qian: How Fresh Is It.”

Creators are a vital part of Bilibili’s community ecosystem. In 2025, both the creator community size and income levels increased, maintaining an active creative environment. In Q4, the number of UP creators with over 1,000 followers grew 30% year-over-year; nearly 3 million creators earned income through ads, live streaming, and user donations, with average creator income up 21%. Over 10 million users paid for content and support creators, reflecting increased willingness to pay for high-quality content.

Additionally, Bilibili continued to enrich its content supply through self-produced and curated premium content, creating a series of distinctive IPs. In Q4, Bilibili’s domestic animation content watch time increased 56% year-over-year. Notable events include the “Most Beautiful Night” New Year’s Eve gala, which set new online viewership records during the live broadcast, becoming an important New Year’s tradition for young people. During this year’s Spring Festival, Bilibili partnered again with the China Central Television Spring Festival Gala, with “Barrage Watching the Spring Festival Gala” becoming a new festive experience. During the live broadcast, 133 million barrage comments were sent, and the number of daily active users on New Year’s Eve increased 16% compared to last year. The “First Day of the Lunar New Year Gala,” launched by Bilibili for the first time, peaked at nearly 90 million viewers, trending on hot searches, and became an important platform for attracting users.

Diversified Business Strategy and Breakthroughs in Profitability

According to Bilibili, 2025 marked its first full-year profit, driven by continuous optimization of revenue structure. Revenue from value-added services, advertising, gaming, and IP derivatives and other businesses steadily grew, with higher-margin businesses increasing their share. Operational efficiency improvements also contributed to a significant breakthrough in profitability. Financial data shows that in 2025, the average monthly paying users reached 35.66 million, a 21% increase year-over-year, setting a new record. Revenue from value-added services accounted for 39%, advertising 37%, gaming 18%, and IP derivatives and others 6%, forming a diversified income structure.

Advertising became a key driver of revenue growth in 2025, with total advertising revenue reaching 10.06 billion yuan, up 23%. In Q4, advertising revenue was 3.04 billion yuan, a 27% increase year-over-year, maintaining 12 consecutive quarters of growth. Industry distribution of advertising revenue in Q4 included gaming, digital appliances, online services, e-commerce, and automotive, with notable growth in emerging fields: AI advertising revenue increased 180% year-over-year, and home improvement advertising grew nearly 80%.

In 2025, the number of advertisers on Bilibili continued to grow, with nearly 90% of top-tier advertisers retained. Through the “big open loop” strategy, the platform used AI technology to lower advertising deployment barriers and improve efficiency, further tapping into the consumption potential of young users. During the Double 11 shopping festival, the average new customer acquisition rate for advertising was 55%, and GMV for products over 1,000 yuan increased 63% year-over-year.

The gaming business maintained steady growth, with full-year revenue of 6.39 billion yuan, up 14%, and Q4 revenue of 1.54 billion yuan. Bilibili adheres to a long-term gaming strategy, with revenue from classic titles like “Fate/Grand Order” and “Azur Lane” remaining stable. “Three Kingdoms: Strategy for Victory” ranked among the top five iOS games for nine consecutive seasons after updates. Its self-developed game “Escape from Duckov” sold over 3 million copies in three weeks, ranking first among domestic games in 2025. Leveraging its content ecosystem, Bilibili achieved synergy between game content dissemination and game operations, becoming an important part of its revenue.

As a foundational revenue segment, value-added services maintained stable growth, providing continuous cash flow. In 2025, revenue from value-added services was 11.93 billion yuan, up 8% year-over-year; in Q4, revenue was 3.26 billion yuan, up 6%. Live streaming gross profit margin steadily increased, and the “Big Member” subscription service continued to grow, reaching 25.35 million members by the end of Q4, a 12% increase. About 80% of these members subscribed annually or via auto-renewal.

Operational efficiency improvements and business structure optimization directly boosted profitability. In Q4 2025, Bilibili’s adjusted net profit was 880 million yuan, up 94% year-over-year; gross profit increased 11%, achieving 14 consecutive quarters of sequential growth.

For the full year, Bilibili’s adjusted net profit was 2.59 billion yuan, marking its first full-year profit, and it generated 7.1 billion yuan in positive operating cash flow. Regarding shareholder returns, by the end of 2025, Bilibili had repurchased approximately $130 million worth of stock. As of December 31, 2025, the company held a total of 24.15 billion yuan in cash, cash equivalents, fixed deposits, and short-term investments, ensuring sufficient funds for future content development and business expansion.