Bilibili's 2024 revenue rose 19.1% to RMB 26.83 billion as mobile games grew 39.5%

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

In a Form 20-F filed on Mar 25, 2025, Bilibili, whose platform carries videos, live broadcasts and mobile games, reported net revenues of RMB 26.83 billion for 2024, up 19.1% from RMB 22.53 billion in 2023; RMB is the Chinese yuan. The 20-F is the annual report a company based outside the US files with the SEC, and this one covered the year that ended Dec 31, 2024.1^,2^,3^,4^,5^,6^,7

The operating loss narrowed to RMB 1.34 billion from RMB 5.06 billion the year before. Gross profit rose 61.2% to RMB8,774.0 million, according to the company's discussion of its results. The net loss attributable to Bilibili's shareholders was RMB 1.35 billion, against RMB 4.82 billion the year before; counting the share of other holders in its subsidiaries, the net loss was RMB 1.36 billion, against RMB 4.81 billion. The loss per diluted share was RMB 3.23, against RMB 11.67.8^,9^,10^,11^,12^,13^,14^,15^,16

Mobile games brought in RMB 5.61 billion, up 39.5% from RMB 4.02 billion in 2023, and made up 20.9% of net revenues. The company said the increase was mainly due to the strong performance of San Guo: Mou Ding Tian Xia, an exclusively licensed game launched in June 2024. The filing described its mobile games as mainly from third-party developers, either exclusively distributed, for which it handled the launch, servers, promotion and customer service, or jointly operated. Sales and marketing expenses rose 12.4% to RMB4,401.7 million, which the company ties mainly to more marketing for its exclusively licensed games. Research and development expenses fell 17.5% to RMB3,685.2 million; the company points to fewer research and development staff in 2024 and to one-off termination expenses of certain game projects in the fourth quarter of 2023. Bilibili said it planned to keep introducing new mobile games and improving its existing ones, which it believed would stabilize mobile games revenue.17^,18^,19^,20^,21^,22^,23^,24^,25

Mobile games revenue was RMB 5.02 billion in 2022 and RMB 4.02 billion in 2023, before the rise in 2024. Its next annual report, a 20-F filed on Apr 16, 2026, showed an operating income of $160.8 million for 2025; that report gave the 2024 operating loss as $184.12 million in US dollars.26^,19^,17^,27^,28^,29

Our records hold this 20-F's management discussion and analysis but not its notes to the financial statements or its exhibits, and they keep one value for each period, so they cannot tell whether the year-earlier figures were restated.30^,31