Bilibili reported a net profit of RMB1.19 billion for 2025, with mobile games revenue up 14% to RMB6.39 billion

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.

Bilibili, which calls itself a leading video community for young generations in China, announced its unaudited results for the fourth quarter and fiscal year 2025 on Mar 5, 2026, and filed them on Mar 6, 2026 in a Form 6-K, the report a foreign private issuer sends the US Securities and Exchange Commission. For the year it reported a net profit of RMB1.19 billion (US$170.3 million), against a net loss of RMB1.36 billion in 2024, and its chairman and chief executive, Rui Chen, called 2025 the company's first full year of GAAP profitability. GAAP is the US accounting standard the results follow; the net profit includes noncontrolling interests, and the profit attributable to Bilibili Inc.’s shareholders was also RMB1.19 billion.1^,2^,3^,4^,5^,6^,7

Net revenues for the year were RMB30.35 billion (US$4,339.7 million), up 13% from RMB26.83 billion a year earlier, and advertising revenues were RMB10.06 billion (US$1,438.3 million), up 23% from RMB8.19 billion. Profit from operations was RMB1.12 billion (US$160.8 million), against a loss from operations of RMB1.34 billion in 2024. Dollar figures are the company's translations at RMB6.9931 to US$1.00, the rate of Dec 31, 2025.8^,9^,10^,11^,12

Mobile games revenue was RMB6.39 billion (US$914.4 million) for fiscal 2025, up 14% from RMB5.61 billion a year earlier. Bilibili said the gain was mainly driven by the full-year contribution of its exclusively licensed game San Guo: Mou Ding Tian Xia and the launch of its in-house game Escape from Duckov in the fourth quarter of 2025. In the fourth quarter alone, mobile games revenue was RMB1.54 billion (US$220.3 million), down 14% from RMB1.80 billion a year earlier, which the company attributed to a high prior-year comparison following the launch of San Guo: Mou Ding Tian Xia.13^,14^,15

In the exchange announcement attached to the report, the company said Escape from Duckov, launched in October 2025, sold over 3 million copies in the first three weeks of its debut, and that legacy titles such as Fate Grand Order and Azure Lane brought in relatively steady revenues. The company also said average monthly paying users reached a record 34 million in 2025, driven by its games and value-added services, and listed games among its top five advertising verticals.16^,17^,18^,19^,20

Adjusted net profit, a non-GAAP measure the company defines itself, was RMB2.59 billion (US$370.0 million), against an adjusted net loss of RMB39.0 million in 2024. The adjusted figures leave out share-based compensation, amortization of intangibles acquired in acquisitions and the tax on them, gains and losses on the fair value of investments in listed companies, and a loss on repurchasing convertible notes. The company said the figures were unaudited and preliminary, with the audit of its financial statements still in progress.21^,22^,23

In the fourth quarter of 2025, net revenues were RMB8.32 billion (US$1,189.9 million), up 8% from RMB7.73 billion a year earlier, and average daily active users were 113.0 million, up 10%.24^,9

The annual report on Form 20-F that Bilibili filed afterwards gave the year's revenue as $4.34 billion and operating income as $160.8 million, in line with the dollar translations above.25^,26