Bilibili (B Station) released its financial report for the fourth quarter and the full year of 2025 on March 5. In 2025, Bilibili achieved its first full-year profit under Generally Accepted Accounting Principles (GAAP) in the United States, with a net profit of 1.19 billion yuan, completely reversing the loss of 1.36 billion yuan in 2024.
Total annual revenue reached 30.35 billion yuan, a year-on-year increase of 13%, with advertising business becoming the largest growth engine at a growth rate of 23%, reaching 10.06 billion yuan. Meanwhile, the gross margin increased significantly from 32.7% in 2024 to 36.6%, and the adjusted net profit margin jumped from -0.1% to 8.5%.
In the fourth quarter, the daily active users (DAU) reached 113 million, a year-on-year increase of 10%, marking four consecutive quarters of accelerated year-on-year growth; the average daily usage time per user reached 107 minutes, an increase of 8 minutes year-on-year, indicating continued user stickiness. The quarterly net profit was 514 million yuan, a year-on-year surge of 478%; the adjusted net profit margin reached 10.6%, nearly doubling from 5.8% in the same period last year.
Key data are as follows:
<blockquote>
Revenue Performance
<ul>
<li>Total annual revenue reached 30.35 billion yuan, a year-on-year increase of 13.0%, continuing double-digit growth. Among them, advertising revenue grew by 23.0% year-on-year, becoming the largest growth engine; value-added service revenue grew by 8.0% year-on-year; mobile game revenue grew by 14.0% year-on-year; IP derivative products and other revenue decreased by 3.0% year-on-year. The proportion of advertising revenue continued to increase, and the revenue structure further optimized.</li>
<li>Fourth-quarter revenue was 8.32 billion yuan, a year-on-year increase of 8.0%. Among them, advertising revenue grew by 27.0% year-on-year, continuing the acceleration trend; value-added service revenue grew by 6.0% year-on-year; mobile game revenue decreased by 14.0% year-on-year, mainly affected by the high base of exclusive licensed games in the same period last year; IP derivative products and other revenue grew by 3.0% year-on-year.</li>
</ul>
Profitability
<ul>
<li>Achieved a net profit attributable to the parent company of 1.19 billion yuan for the year, compared to a net loss of 1.36 billion yuan in 2024, achieving a complete turnaround; annual net profit margin of 3.9%. Under non-GAAP, the adjusted net profit was 2.59 billion yuan, compared to an adjusted net loss of 39 million yuan in 2024, with an adjusted net profit margin of 8.5%.</li>
<li>The fourth-quarter net profit attributable to the parent company was 514 million yuan, a year-on-year increase of 478%; net profit margin of 6.2%. Adjusted net profit was 878 million yuan, a year-on-year increase of 94%, with an adjusted net profit margin rising to 10.6%.</li>
<li>Annual operating profit was 1.12 billion yuan, compared to an operating loss of 1.34 billion yuan in 2024; fourth-quarter operating profit was 504 million yuan, a year-on-year increase of 299%, significantly improving profitability.</li>
<li>In terms of gross profit, the annual gross profit was 11.11 billion yuan, a year-on-year increase of 27%, with the gross margin rising from 32.7% in 2024 to 36.6%; fourth-quarter gross profit was 3.08 billion yuan, with a gross margin of 37.0%, a year-on-year increase of 0.9 percentage points.</li>
</ul>
Expense Structure
Annual operating expenses were CNY 9.99 billion, a year-on-year decrease of 1.0%, with a continuous optimization of the expense ratio.
<ul>
<li>
Annual sales and marketing expenses were CNY 4.39 billion, basically flat year-on-year; fourth-quarter sales and marketing expenses were CNY 1.13 billion, a year-on-year decrease of 9.0%, mainly due to reduced promotional expenses for mobile games.
</li>
<li>
Annual R&amp;D expenses were CNY 3.53 billion, a year-on-year decrease of 4.0%; fourth-quarter R&amp;D expenses were CNY 921 million, basically flat year-on-year.
</li>
<li>
Annual general and administrative expenses were CNY 2.06 billion, a year-on-year increase of 2.0%.
</li>
</ul>
Overall, the company effectively controlled expenses while achieving revenue growth, realizing the release of operating leverage.
Cash Flow and Asset Status
<ul>
<li>Annual net cash flow from operating activities was CNY 7.15 billion, a year-on-year increase of approximately 18.8%; fourth-quarter operating cash flow was CNY 1.84 billion, a year-on-year increase of approximately 31.4%.</li>
<li>As of December 31, 2025, the company had cash and cash equivalents, time deposits, and short-term investments totaling CNY 24.15 billion, with ample liquidity.</li>
</ul>
Business Segment Performance
<ul>
<li>Value-added services generated annual revenue of CNY 11.93 billion, a year-on-year increase of 8.0%; fourth-quarter revenue was CNY 3.26 billion, a year-on-year increase of 6.0%, mainly driven by growth in premium memberships and other value-added services.</li>
<li>Advertising business generated annual revenue of CNY 10.06 billion, a year-on-year increase of 23.0%; fourth-quarter revenue was CNY 3.04 billion, a year-on-year increase of 27.0%. Benefiting from improved advertising product supply and enhanced monetization efficiency, it became the core driver of growth.</li>
<li>Mobile games generated annual revenue of CNY 6.39 billion, a year-on-year increase of 14.0%, mainly driven by the annual contribution of &#34;Three Kingdoms: Strategy of the World&#34; and the launch of the self-developed game &#34;Escape from Duckkov.&#34; Fourth-quarter revenue was CNY 1.54 billion, a year-on-year decrease of 14.0%, affected by a high base.</li>
<li>IP derivatives and others generated annual revenue of CNY 1.97 billion, a year-on-year decrease of 3.0%; fourth-quarter revenue was CNY 477 million, a year-on-year increase of 3.0%.</li>
</ul>
Operational Indicators
<ul>
<li>
Fourth-quarter daily active users (DAU) reached 113 million, a year-on-year increase of 10%;
</li>
<li>
Monthly active users (MAU) reached 366 million, a year-on-year increase of 8%;
</li>
<li>
Average daily usage time per user reached 107 minutes, a year-on-year increase of 8%;
</li>
<li>
Monthly paying users reached a record high.
</li>
</ul>
Shareholder Returns
According to the USD 200 million share repurchase plan approved in November 2024, by the end of 2025, the company had repurchased a total of 7.0 million listed securities at a total cost of USD 131 million, including 0.6 million shares repurchased in the fourth quarter at a total cost of USD 14.7 million.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/39b2cac9-a05f-4ab4-a9e8-aa59d53fe49b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/39b2cac9-a05f-4ab4-a9e8-aa59d53fe49b.png"/>
</blockquote>
Chairman and CEO Chen Rui defined 2025 as a &#34;milestone year,&#34; attributing success to the long-term commitment to high-quality content: &#34;In an environment filled with 'fast-food' content, Bilibili's long-term adherence to high-quality content sets us apart.&#34;
CFO Fan Xin emphasized that with stronger profitability and a solid balance sheet, the company will enter 2026 with greater flexibility.
After the earnings report was released, Bilibili's stock price rose over 5% in pre-market trading, and as of the time of writing, it slightly retreated to 3.5%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/19012dd2-9351-4c4a-91d0-7d65c10ccd06.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/19012dd2-9351-4c4a-91d0-7d65c10ccd06.png"/>
<h2>User Growth: DAU Accelerates for Four Consecutive Quarters, Usage Time Hits New High</h2>
Bilibili's user scale and quality continue to rise. In the fourth quarter, DAU reached 113 million, a year-on-year increase of 10%, and MAU reached 366 million, a year-on-year increase of 8%.
More notably, the average daily usage time per user reached 107 minutes, an increase of 8% year-on-year. This improvement indicates that the platform's content ecosystem is attracting users to spend more time, providing a solid foundation for advertising monetization and paid conversion.
In terms of paid users, the number of monthly paying users reached a historical high. Revenue from premium memberships and other value-added services steadily increased, with fourth-quarter value-added service revenue reaching 3.26 billion yuan, a year-on-year increase of 6%; total annual value-added service revenue reached 11.93 billion yuan, an increase of 8%.
<h2>Advertising Business: Annual Revenue Exceeds 10 Billion, Becomes Strongest Growth Engine</h2>
The advertising business is the most dazzling highlight of this earnings report. In the fourth quarter, advertising revenue reached 3.04 billion yuan, a year-on-year increase of 27%, the highest growth rate among all business lines; total annual advertising revenue reached 10.06 billion yuan, a year-on-year increase of 23%, surpassing the 10 billion yuan mark for the first time.
Bilibili attributes the rapid growth of advertising revenue to the continuous optimization of advertising product supply and the improvement of advertising effectiveness. As brand advertisers increasingly value Bilibili's young user demographic, coupled with the platform's ongoing technological advancements in performance advertising, the growth logic of the advertising business has become relatively clear and sustainable.
<h2>Gaming Business: High Base Effect Suppresses Fourth Quarter, Yet Annual Growth Recorded</h2>
The mobile gaming business experienced a year-on-year decline in the fourth quarter, with revenue of 1.54 billion yuan, a decrease of 14%. Management explained that the main reason was the exclusive licensed game &#34;Three Kingdoms: Strategy of the World&#34; launching in the same period in 2024, resulting in a high base effect.
However, looking at the entire year, the gaming business still recorded growth: annual mobile gaming revenue reached 6.39 billion yuan, a year-on-year increase of 14%. The continuous contribution from &#34;Three Kingdoms: Strategy of the World,&#34; along with the launch of the self-developed game &#34;Escape from Duckkov&#34; in the fourth quarter, brought new increments to the gaming business. The advancement of self-developed games shows that Bilibili is gradually reducing its reliance on externally licensed games.
<h2>Profit and Cost: Gross Margin Continues to Expand, Cost Control Shows Significant Results</h2>
The improvement in profitability has been consistent throughout the year. Annual gross profit reached 11.11 billion yuan, a year-on-year increase of 27%, and the gross margin increased from 32.7% to 36.6%. The core logic lies in the relatively stable operating costs of the platform, while the rapid growth of monetization revenue drives the accelerated release of gross profit
The total operating expenses for the year amounted to 9.99 billion yuan, a year-on-year decrease of 1%. Among them:
<ul>
<li>Sales and marketing expenses: 4.39 billion yuan, basically flat compared to last year;</li>
<li>R&amp;D expenses: 3.53 billion yuan, a year-on-year decrease of 4%, indicating that the company has made structural optimizations while maintaining technological investment;</li>
<li>General and administrative expenses: 2.06 billion yuan, a slight year-on-year increase of 2%.</li>
</ul>
The total equity incentive expenses for the year were 1.17 billion yuan, which is a non-cash expense. Excluding this item, the adjusted operating profit reached 2.44 billion yuan, while in 2024, there was an adjusted operating loss of 60.8 million yuan, showing a significant turnaround.
<h2>Cash Flow and Balance Sheet: Ample Cash Reserves, Steady Shareholder Returns</h2>
Bilibili's cash generation capability has significantly improved. The net cash flow from operating activities for the year reached 7.15 billion yuan, an increase of approximately 19% compared to 6.01 billion yuan in 2024.
The operating cash flow for the fourth quarter alone was 1.84 billion yuan, a year-on-year increase of 31%. As of December 31, 2025, the company held cash and cash equivalents, time deposits, and short-term investments totaling 24.15 billion yuan (approximately 3.45 billion USD), indicating a very robust balance sheet.
In terms of share buybacks, based on the two-year $200 million buyback plan approved in November 2024, Bilibili repurchased approximately 600,000 listed securities in the fourth quarter, costing $14.7 million; by the end of the year, a total of 7 million shares had been repurchased, with a total expenditure of $131.2 million, demonstrating management's confidence in the company's long-term value.
<h2>Outlook for 2026: AI Reshaping Content Ecosystem, New Growth Cycle Begins</h2>
Chen Rui specifically mentioned the strategic significance of AI in the financial report: &#34;As we enter 2026—a time when AI is reshaping content creation, community experience, and business efficiency—we are confident in seizing these opportunities to open a new chapter of sustainable growth.&#34;
This statement suggests that Bilibili will increase investment in AI-assisted content creation, personalized recommendation optimization, and advertising efficiency improvement, aiming to continue consolidating its differentiated competitive advantage in the increasingly fierce competition of the Chinese video market

BILI

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Bilibili's annual revenue reached 30.35 billion RMB, a year-on-year increase of 13%. Advertising revenue amounted to 10.06 billion RMB, a year-on-year increase of 23%. The company achieved a net profit attributable to shareholders of 1.19 billion RMB for the year, marking its first annual profit under U.S. Generally Accepted Accounting Principles. In the fourth quarter, revenue was 8.32 billion RMB, a year-on-year increase of 8.0%; net profit attributable to shareholders soared 478% to 514 million RMB. The fourth quarter DAU reached 113 million, a year-on-year increase of 10%, with monthly paying users hitting a record high

- Bilibili announced its Q4 and full-year 2025 financial results, achieving its first annual profit under GAAP with a net profit of 1.19 billion RMB, reversing a loss of 1.36 billion RMB in 2024.  
- Total annual revenue reached 30.35 billion RMB, a 13% year-on-year increase, driven primarily by a 23% surge in advertising revenue, while gross margins improved significantly.  
- Daily active users grew to 113 million, and the platform anticipates leveraging AI to enhance content creation and user engagement as it looks toward sustained growth in 2026.

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First time achieving annual profitability! Bilibili's Q4 revenue increased by 8% year-on-year, and adjusted net profit grew by 94% | Financial report insights