Bilibili released its Q2 2025 financial report: Total revenue increased by 20% year-on-year, with adjusted net profit reaching 560 million yuan.

On August 21, Beijing Time (August 21, US Eastern Time), $Bilibili(BILI.US) announced its unaudited financial report for the second quarter ended June 30, 2025. The report shows that Bilibili's total revenue in Q2 2025 reached 7.34 billion yuan, a year-on-year increase of 20%.

In Q2, $BILIBILI-W(09626.HK) advertising revenue was 2.45 billion yuan, up 20% year-on-year; gaming revenue was 1.61 billion yuan, up 60% year-on-year. Improved operational efficiency and rapid growth in high-margin businesses drove Bilibili's gross profit up 46% year-on-year, with gross margin increasing for 12 consecutive quarters to 36.5%. Both net profit and adjusted net profit hit record highs, reaching 220 million yuan and 560 million yuan, respectively.

While commercialization efficiency improved significantly, Bilibili's community scale and vitality continued to grow. In Q2, Bilibili's average daily active users (DAU) reached 109 million, up 7% year-on-year, a record high; monthly active users (MAU) reached 363 million, up 8% year-on-year; monthly paying users reached 31 million, up 9% year-on-year. This quarter, Bilibili users averaged 105 minutes of daily usage, up 6 minutes year-on-year.

Bilibili's Chairman and CEO Chen Rui said: "Over the past 16 years, Bilibili has built a unique community ecosystem through high-quality content, supporting commercialization and achieving profitability. We believe that in any era, good content is scarce and has the power to transcend historical cycles. Therefore, Bilibili will continue to adhere to its high-quality content strategy, amplify its unique value, and promote the sustained prosperity of the community ecosystem and further commercialization."

Content Ecosystem Continues to Thrive, DAU Hits Record High

Bilibili's long-term commitment to high-quality content has driven sustained community prosperity. In Q2, Bilibili users averaged 105 minutes of daily usage, with video playtime over 5 minutes up about 20% year-on-year. As of June 30, the number of "formal members" who passed Bilibili's entry exam increased to 270 million, up 11% year-on-year, with their 12-month retention rate remaining at 80%.

Over the years, Bilibili has maintained extremely high user stickiness. In 2024, over 16 million users logged in to Bilibili more than 360 days a year, with 26 million users logging in daily. This year, while the average user age increased to 26, new users remained young, averaging 22 years old.

This quarter, Bilibili's niche content categories continued healthy growth. Anime and ACG content playtime grew 25% year-on-year. High-quality original content and large offline events further fueled young generation's passion for ACG. After the return of "The Island of Siliang" Season 2, views exceeded 330 million, with over 11 million followers. Bilibili World and Bilibili Macro Link (BW and BML) attracted over 400,000 offline participants from more than 20 countries and regions, becoming China's largest ACG festival.

In Q2, Bilibili's gaming content playtime increased 21% year-on-year. As China's largest gaming video community, Bilibili has become a must-win battleground for game developers. In June, Nintendo chose Bilibili as its exclusive video platform, inviting over 100 UP creators to debut the NS2. In early July, Hideo Kojima partnered exclusively with Bilibili for his first China tour, making BW his debut venue. Additionally, major domestic and international titles like "Return to Tang," "Battlefield 6," "Return Ring," and "CrossFire: Rainbow" chose Bilibili as their PV debut platform.

Moreover, AI content became Bilibili's fastest-growing tech category in Q2, with playtime up 61% year-on-year and daily submissions up 45%. All top 10 AI content creators by followers in China are Bilibili UP creators. Meanwhile, outdoor sports and travel content playtime grew 21% and 11% year-on-year, respectively, with guide submissions up 35%, spawning hit content in outdoor, cycling, climbing, and urban exploration. As users age, their expanding content needs have spurred more emerging categories on Bilibili. This quarter, early childhood education content playtime grew over 50% year-on-year. Learning parenting tips and watching educational animations on Bilibili has become a must for many new parents.

Meanwhile, Bilibili continues to provide creators with more diverse monetization channels to increase their income. The report shows that in the first half of the year, about 2 million UP creators earned income through ads, live streaming, charging, courses, and workshops. The number of UP creators earning income through Spark orders and e-commerce grew 19% and 49% year-on-year, respectively. Total income from charging increased over 100% year-on-year.

Commercialization Efficiency Improves Significantly, Ads and Gaming Continue Rapid Growth

In Q2, Bilibili's total revenue grew 20% year-on-year to 7.34 billion yuan. Value-added services, ads, gaming, and IP derivatives contributed 39%, 33%, 22%, and 6% of revenue, respectively, showing a healthy and diversified income structure.

In ads, Q2 revenue grew 20% year-on-year to 2.45 billion yuan. Brand ad revenue maintained steady growth, while performance ad revenue grew about 30% year-on-year. Gaming, digital appliances, e-commerce, online services, and automotive were the top five contributing industries. The high concentration, activity, and consumption of young users on Bilibili attracted many brands, driving advertiser numbers up over 20% year-on-year. Notably, home appliance content playtime grew 14% year-on-year, with small appliance and digital ad revenue up over 70% due to state subsidies and 618 promotions.

As a community that deeply influences user consumption, Bilibili's impact on brand perception and purchase decisions is increasingly evident. During 618, GMV for products over 1,000 yuan grew nearly 50% year-on-year, with the "Spark Plan" driving an average 60% new customer rate across industries.

In gaming, Q2 revenue reached 1.61 billion yuan, up 60% year-on-year, showcasing the value of long-term operation strategies. "Fate/Grand Order" celebrated its 9th anniversary, returning to the top 5 bestsellers; "Azur Lane" maintained stable users during its 8th anniversary. On May 31, "Three Kingdoms: Strategy" launched Season 8 with anniversary events, setting a yearly high for user activity. Moving forward, Bilibili will strengthen its top gaming community ecosystem, deepen long-term strategies, and bring users more high-quality, long-lifecycle games.

This quarter, value-added service revenue further increased to 2.84 billion yuan, up 11% year-on-year. With refined operations, rich content, and product optimizations, live streaming grew steadily, with gross margin continuing to rise. By Q2 end, Bilibili had 23.7 million premium members, over 80% of whom were annual or auto-renew subscribers.

With improved commercialization efficiency and breakthroughs in high-margin businesses, Q2 gross profit grew 46% year-on-year. Gross margin rose for 12 consecutive quarters, from 29.9% last year to 36.5% this quarter. The company continued profitability, with adjusted net profit at 560 million yuan.

In Q2, the company generated 1.99 billion yuan in positive operating cash flow and repurchased about $100 million in shares to enhance shareholder returns. As of June 30, 2025, the company held 22.29 billion yuan in cash, cash equivalents, term deposits, and short-term investments.