Bilibili’s first-quarter 2025 revenue rose 24% to RMB7.00 billion, with mobile games up 76%

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.

On May 20, 2025, Bilibili reported unaudited results for the first quarter ended March 31, 2025, with total net revenues of RMB7.00 billion (US$965.1 million), an increase of 24% from the same period of 2024. The Shanghai company, listed on Nasdaq and in Hong Kong, attached the release to a Form 6-K, the report that foreign companies listed in the United States file for news they make public, and filed it with the SEC that day. The release’s dollar amounts are conversions at RMB7.2567 to US$1.00, the rate on March 31, 2025.1^,2^,3^,4^,5

Mobile games revenues were RMB1.73 billion, up 76% from the same period of 2024, which the company put down mainly to the strong performance of its exclusively licensed game San Guo: Mou Ding Tian Xia. Advertising revenues were RMB2.00 billion, up 20%; value-added services were RMB2.81 billion, up 11%; and IP derivatives and others were RMB467.1 million, down 4%. Sales and marketing expenses rose 26% to RMB1.17 billion, which Bilibili tied to one-off marketing for its partnership with CCTV for the 2025 Spring Festival Gala and to higher promotion spending for San Guo: Mou Ding Tian Xia.6^,7^,8^,9^,10^,11

Gross profit rose 58% to RMB2.54 billion, a margin of 36.3% against 28.3% in the same period of 2024. Profit from operations was RMB15.0 million, against a loss from operations of RMB818.6 million a year earlier. The net loss, which includes the part that belongs to noncontrolling interests, was RMB10.7 million, narrowing by 99% from a net loss of RMB764.6 million a year earlier; RMB9.1 million of it was attributable to Bilibili’s shareholders and RMB1.6 million to noncontrolling interests, the other owners of its subsidiaries. Bilibili also reported an adjusted net profit of RMB361.5 million, compared with an adjusted loss of RMB455.9 million in the same period of 2024. Adjusted net profit is the company’s own measure, not defined under U.S. GAAP; it leaves out share-based compensation, amortization of intangible assets from acquisitions and the related income tax, gains or losses on the fair value of investments in publicly traded companies, and gains or losses on repurchases of convertible senior notes. Net cash provided by operating activities was RMB1.30 billion, compared with RMB637.7 million in the same period of 2024.12^,13^,14^,15^,16^,17^,18^,19^,20^,21

Average daily active users were 106.7 million, against 102.4 million a year earlier. Chairman and chief executive Rui Chen said daily time spent per user hit a record of 108 minutes and monthly paying users an all-time high of 32 million. The release also said the board approved splitting its Nominating and Corporate Governance Committee into two distinct committees, effective from May 20, 2025.22^,23^,24^,25

In its annual report on Form 20-F filed on Mar 25, 2025, Bilibili had given 2024 revenue of $3.68 billion and an operating loss of $184.12 million. Its annual report for 2025, which came out later, gave revenue of $4.34 billion and operating income of $160.8 million for that year.26^,27^,28^,29^,30