Bilibili's mobile games revenue fell 17% to RMB1.51 billion in the third quarter of 2025

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 Nov 13, 2025, Bilibili announced results for the third quarter ended Sep 30, 2025. Mobile games revenue was RMB1.51 billion (US$212.2 million at the company's translation rate), down 17% from the same period of 2024. The company said the decrease was mainly due to a high comparison base from the prior year, following the launch of its exclusively licensed game San Guo: Mou Ding Tian Xia. Sales and marketing expenses were RMB1.05 billion, down 13%, which the company attributed to lower mobile games marketing expenses. Bilibili filed the results with the SEC the same day in a Form 6-K, the report a foreign private issuer files.1^,2^,3^,4^,5^,6

Total net revenues for the quarter were RMB7.69 billion, up 5% from a year earlier. Advertising revenue was RMB2.57 billion, up 23%, which the company put mainly down to improved advertising products and better advertising efficiency. Value-added services revenue was RMB3.02 billion, up 7%, mainly from premium memberships and other value-added services, and IP derivatives and others brought in RMB582.3 million, up 3%. Average daily active users were 117.3 million, up 9%. For comparison, mobile games revenue was RMB1.61 billion in the second quarter of 2025, and RMB4.85 billion in the nine months to Sep 30, 2025, against RMB3.81 billion in the same nine months of 2024.7^,8^,9^,10^,11^,12^,1

Gross profit for the quarter was RMB2.82 billion, up 11%, and the gross profit margin was 36.7%, against 34.9% in the same period of 2024. Net profit was RMB469.4 million, against a net loss of RMB79.8 million a year earlier, and the profit attributable to Bilibili's own shareholders, which leaves out non-controlling interests, was RMB470.2 million. Adjusted net profit, a non-GAAP measure the company defines itself, was RMB786.3 million, up 233%, and its margin was 10.2%, against 3.2% in the same period of 2024. The adjusted measures leave out share-based compensation expenses and other items the company lists, among them gains or losses on investments in listed companies. Net cash provided by operating activities was RMB2.02 billion, against RMB2.23 billion in the same period of 2024.13^,14^,15^,16^,17^,18^,19

At the end of the quarter the company held RMB23.49 billion in cash, time deposits and short-term investments. Under its two-year US$200 million share repurchase program, approved in November 2024, it had repurchased 6.4 million listed securities for US$116.4 million as of Sep 30, 2025. The release also reported that Lai Ying Tung became a joint company secretary and the company's authorized representative for service of process in Hong Kong, replacing Chau Hing Ling Anita, from Nov 13, 2025.20^,21^,22^,23

The release gave its figures in renminbi, and the company said its dollar amounts were translations at RMB7.1190 to US$1.00, the rate on Sep 30, 2025, made for the reader's convenience. The company called the quarter's figures unaudited.24^,1