Bilibili reports a CNY 1.12 billion operating profit for 2025 on revenue of CNY 30.35 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, a video community in China that also offers mobile games, reported revenue of CNY 30.35 billion for the year to Dec 31, 2025, up 13.1% from CNY 26.83 billion. It reported the figures in its annual report on Form 20-F, the yearly filing a foreign company with US-listed shares makes with the SEC, filed on Apr 16, 2026. Profit from operations was CNY 1.12 billion, against a loss from operations of CNY 1.34 billion a year earlier. Net income attributable to the company's shareholders was CNY 1.19 billion, against a loss of CNY 1.35 billion. Including non-controlling interests, the share of subsidiaries that other holders own, the group's net profit was CNY 1.19 billion, against a loss of CNY 1.36 billion. Diluted earnings per share, which count the shares that could still be issued, were CNY 2.74, against a loss of CNY 3.23 a share.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13^,14^,15^,16

Mobile games brought in CNY 6.39 billion, up 14.0% from CNY 5.61 billion. The company said in the filing that the rise came mainly from a full year of San Guo: Mou Ding Tian Xia, a game it had an exclusive licence for, and the launch of its in-house game Escape from Duckov in the fourth quarter. Advertising grew 22.8% to CNY 10.06 billion. Value-added services, which include virtual items sold for live broadcasts and premium memberships, grew 8.4% to CNY 11.93 billion, which the company put down mainly to other value-added services and premium memberships. IP derivatives and others, which primarily consist of sales of derivative merchandise on its e-commerce platform, fell 3.3% to CNY 1.97 billion.6^,17^,18^,19^,20^,21^,22^,23^,24^,25^,26^,27^,28^,29

Cost of revenues rose 6.5% to CNY 19.23 billion, mainly on higher revenue-sharing costs, partly offset by lower content costs. Revenue-sharing costs include fees paid to game developers, app stores and payment channels. Operating expenses fell 1.3% to CNY 9.99 billion. Bilibili spent CNY 822.71 million on share buybacks, against CNY 117.52 million a year earlier. Its cash, cash equivalents and restricted cash were CNY 12.23 billion at the end of 2025. In May 2025 it completed an offering of US$690 million in principal amount of 0.625% convertible senior notes due in 2030.30^,31^,32^,33^,34^,35^,36^,37^,5^,38

In 2024, revenue was CNY 26.83 billion, up from CNY 22.53 billion in 2023, and the loss from operations narrowed by 73.5%, from CNY 5.06 billion to CNY 1.34 billion. In the filing, management said it planned to launch more games and to take a more selective approach to content investment.39^,40^,41^,42^,10^,43^,44

Our records hold the text of the 20-F's management discussion but nothing else of the filing's text, so its notes to the financial statements and its exhibits are not read here. Our records keep one value for each period, so they cannot tell whether the year-earlier figures were restated.45^,46