Bilibili FY2025 Q4 Earnings Release

Investor
Presentation
March2026

2
Thisannouncement containsforward-looking statements. Thesestatements aremade under the“safe harbor” provisions ofthe U.S . Private
Securities LitigationReformActof1995 .These forward-looking statements canbeidentified byterminology suchas“will,” “expects,”
“anticipates,” “aims,”“future,” “intends,” “plans,”“believes,” “estimates,” “confident,”“potential,”“continue,”orother similar expressions .Among
other things, quotations frommanagement inthis announcement, Bilibili’sstrategic andoperational plans,contain forward-looking statements.
Bilibili mayalsomake written ororal forward -looking statements inits periodic reportstothe U.S. Securities andExchange Commission, inits
interim andannual reports toshareholders, inannouncements, circularsorother publications madeonthe website ofThe Stock Exchange of
Hong KongLimited (the“Hong KongStock Exchange”), inpress releases andother written materials andinoral statements madebyitsofficers,
directors oremployees tothird parties .Statements thatarenothistorical facts,including butnotlimited tostatements aboutBilibili’s beliefsand
expectations, areforward -looking statements .Forward -looking statements involveinherent risksanduncertainties .A number offactors could
cause actualresults todiffer materially fromthose contained inany forward -looking statement, includingbutnotlimited tothe following :results of
operations, financialcondition, andstock price;Bilibili’s strategies ;Bilibili’s futurebusiness development, financialcondition andresults of
operations ;Bilibili’s abilitytoretain andincrease thenumber ofusers, members andadvertising customers, providequalitycontent, products and
services, andexpand itsproduct andservice offerings ;competition inthe online entertainment industry;Bilibili’s abilitytomaintain itsculture and
brand image withinitsaddressable usercommunities ;Bilibili’s abilitytomanage itscosts andexpenses ;PRC governmental policiesand
regulations relatingtothe online entertainment industry,generaleconomic andbusiness conditions globallyandinChina andassumptions
underlying orrelated toany ofthe foregoing .Further information regardingtheseandother risksisincluded inthe Company’s filingswiththe
Securities andExchange Commission andtheHong KongStock Exchange .All information providedinthis presentation isas ofthe date ofthe
presentation, andtheCompany undertakes noduty toupdate suchinformation, exceptasrequired underapplicable law.
Safe Harbor Statement

113mn
DAUs (1) (2)
36mn
MPUs (1) (3)
107min s
Avg. daily time spent (1) (4)
366m n
MAUs (1) (2)
:
Enrich the everyday life of young generations in China

Operational Highlights: SteadyGrowth of DAUs and Daily Time Spent
4
Average Daily Time Spent Per User
(mins)
DAUs
(mn )
72
93
100 103
11 3
21Q4 22Q423Q424Q425Q4
82
96 95 99
107
21Q422Q423Q424Q425Q4
8%
YOY
10%
YOY

5.2%7.6%10.2%
10.6%
NPM
5
Financial Highlights:ImprovingMargins and Profits
Note:
(1)Excluding share- based compensation expenses, amortization expense related to intangible assets acquired through business acquisi tions, income tax related to intangible assets acquired through business acquisitions, gain/loss on fair value
change in investments in publicly traded companies, and gain/loss on repurchase of convertible senior notes
Net Profit (1)
(Non -GAAP; RMB mn)
Gross Profit
(RMB mn)
(1)
362
561
786
878
25Q1 25Q225Q325Q4
2,539 2,676 2,818
3,081
25Q1 25Q2 25Q3 25Q4
36.3%36.5% 36.7%37.0%
GPM
8,774 11,114
2024 2025
(39)
2,588
2024
2025
32.7% 36.6% –
0.1% 8.5%

Notes:(1) According to iResearch, industry related to video content on video-centric platforms and non-video-centric platforms as well as mobile games. Non- video-centric, e- commerce, browser, and other kinds of platforms include social media, instant messaging (2) According to iResearch, the average daily time spent on video- based content by China mobile internet users among Gen Z+ (people born in 1985- 2009) population (3) According to iResearch, the per capita spending of Gen Z+ internet users in the video- based market 6
Golden Opportunity from Videolization
Video becomes fundamental to information, entertainment and communication
More Time Spent (2) , More Spending (3)
(RMB)
(Hours per day)
4.5 5.7
2023
2030E
2,047 5,076
2023
2030E
2.5x
+27%
Massive Video-Based Industry (1)
Infrastructure
Supply
Demand
AI, 5G, and various
video production tools
More diversified content,
more video content creators
Rising demand and spending power
for video- based content
1,242 2,940
2023
2030E
2.4x
(RMB bn)

Notes:(1) As of Nov 2025, according to Quest Mobile (2) Asofthe end of January 2026 (3) In 25Q4 7
Unparalleled leadership in China’s young generation High
-quality user base with strong consumer buying power
26.5
7 out of every 10 Gen Z+ (1985- 2009) population in China are Bilibili
users (1)
Our Unparalleled Leadership in Gen Z+
The golden cohort and future of the video- based industry
Average age of our active user base (2)
49%
of our users are femalewith higher
interest in commercial contents (1)
60%
of our users live in tier-1 or 2 cities
in China with higher demand for
better quality of life
(1)
43 %
of our DAUs viewed video and live
commerce related content (2)
22
Average age of our new users (3)

Commercialization
ContentCommunity
Users Ever
-growing ecosystem
centered around PUGV Highly
engaged,
interactive and sticky
User
-centric with
massive opportunities
Aspiring and fast growing
8
The Story

9
Multi Categories for Constantly Expanding Content Interests
26.5
2026
Content Community Commercialization
Average user age
21
2018
Pan-Entertainment
Pan -Knowledge
Lifestyle + Consumption ACG
Games Anime
Auto
remix
Enter –
tainment
Music
Know –
ledge
Tech
Handi –
crafts
Painting
Daily life
Sports
Auto –
mobile
Baby &
maternity
Fashion
Fitness Home decor
Food
Animals
Farming
Travel
Infor –
mation
(1)
Note:
(1) As of the end of January 2026

(1) In 2025, including cash incentive plan, live broadcasting, Sparkle and other ads, premium course, fan charging, Craftstudio, etc. (2) YOY growth in 2025 (3) Growth as of Dec 31, 2025 compared to Dec 31, 2024
Robust Mechanism Attracts and Supports Content Creators
ContentCommunity Commercialization
Supporting mechanism Up 100 Encouraging community AI-enabled algorithm Editing tools and tutoring
10
20%+
YOY
creators with
over
10k followers
creators with
over
100k followers
20%+
YOY
creators with
over
1mn followers
20%+
YOY
30%
YOY
creators with
over
1k followers
Content creators ’growth map
Sophisticated
Emerging Thriving
Rising
~3mn
content creators earned income on Bilibili (1)
+21%
content creators’ average income (2)
Notes:
(3)

Highly Engaged and Sticky Community with a Strong Sense of Belonging
Notes:(1) In 25Q4; Interactive features such as bullet chats, comments, likes, Bilibili moment posts and virtual gifting, etc. (2) As of Dec 31, 2025; To become an official member, user needs to take and pass a community entrance exam consisting of 100 questions covering comm unity etiquette and various topics
Share
Bullet
-chat
Commentary
FollowingVirtual
Gifting Moment
Fan
Charging
16.2bn
monthly interactions (1)
One Click Triple -Function Combo
Coin –
casting Add to
Favorite
Like
11
284mn
official members (2)
~80% 12-
month retention rate (2)
0%
20% 40%
60% 80%
100%
0 36912
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
ContentCommunity Commercialization

Commercialization Comes Naturally Around Users’ Interests
Desired content and services fulfilling needs
Users’ diverse, expanding interests
Content
Community Commercialization
Mobile
Games VA S
Advertising
IP Derivatives
and Others
Create significant
potential for monetization
Better understand users’ consumption needs and preference
AI-enabled
algorithms
12

Value-Added Services: Multi -Faceted Commercialization
Live broadcasting
Natural extension of our
diversified content platform Premium membership
Enjoy exclusive or advanced high quality content
Content Community Commercialization
13
Fan charging
Support content creators and
access to exclusive PUGV content
Premium membership (1)
25mn +
Fan charging income (2 )
100%+
注：
(1) AsofDec 31,2025
(2) YOY growth in 2025

ContentCommunity Commercialization
(RMB mn)
Value- Added Services Revenues with Solid Growth
14
6%
YOY
2,807 2,837 3,023 3,262
25Q1 25Q2 25Q3 25Q4
10,999 11,928
2024 2025
8%
YOY

Content Community Commercialization
Advertising: Bilibili is Becoming a Go-To Platform for Advertisers
N-reach brand ads Customized and innovative
native ads Performance-
basedads
with sales conversion add- on
15

ContentCommunity Commercialization
Advertising Revenues: Robust Growth with Great Potential
(RMB mn)
16
27%
YOY
1,998 2,449
2,5703,042
25Q1 25Q225Q325Q4
8,18910,058
2024 2025
23%
YOY

Top Game Content Community with
Strong Operation and Distribution Capabilities
Content Community Commercialization
Strong distribution capabilities
coupled with growing advertising capabilities
Proven
long life cycle
IP operation capabilities
Notes:(1) In 25Q4 (2) In terms ofvideo or live broadcasting watch time on Bilibili
Jointly operated games
Exclusive licensed games
17
Go -to video community
for gamers
Game -related content is the
Most popular PUGV genre
Most popular live broadcasting genre
(1)(2)
40%+ DAUs
viewed game -related PUGVs
or live broadcasting
(1)

Expanding into Diverse Game Genres, Building Differentiated Evergreen Titles
18
Exclusively Licensed Legacy Games
San Guo:
Mou Ding Tian Xia
(San Mou)
Azur Lane F
ate /
Grand Order
NCard San Mou (Global Version) LumiMaster ……
Escape from
Duckov3mn copies sold in 3 weeks Year
1
Years
8
Years
9
Content Community Commercialization
Exclusively Licensed PipelineGames
Self-developed Game

ContentCommunity Commercialization
(RMB mn)
19
-14%
YOY
1,731
1,612 1,511 1,540
25Q1 25Q225Q325Q4
5,610 6,395
2024 2025
14%
YOY
Mobile Game Revenues: Solid Full -Year Growth

OUR
FINANCIALS

Solid Growth Driven by Diverse Revenue Mix
(RMB mn)
21
40%39%39%39%
29%
33%
33%37%
25%
22%
20%18%
6% 6%
8%6%
7,003 7,3387,6858,321
25Q1 25Q225Q325Q4
VAS Advertising Mobile games IP derivatives and others
41% 39%
30%
33%
21%
21%
8% 7%
26,832 30,348
2024 2025

Improving Cost Structure and Gross Margin
(1) Revenue-sharing costs consist of fees paid to game developers, distribution channels (app stores) and payment processors, as wel l as fees we pay to hosts of our live broadcasting program and content creators in accordance with our revenue-
sharing arrangements
(2) Content costs consist of amortized costs of self -produced and licensed content (3) Staff costs mainly consist of salaries and benefits for our employees involved in the operation of our app/websites, mobile game services and live broadcasting program (4) Server and bandwidth costs are the fees we pay to telecommunication carriers and other service providers for telecommunication s ervices, hosting our servers at their internet data centers, and providing content and application delivery services (5) Includecostofgoods soldassociated withourIP derivatives business,depreciation andothers
Notes:
Cost of Revenues
(1)
(2)(5)
(3) (4)
(as a percentage of revenue %)
22
41%
38%40%
40%41%
17%
20%18%
17%17%
6%
6%5%
7%5%
24Q4 25Q125Q225Q325Q4
Revenue-sharing costs Content, server and brandwidth, staff costs IP derivatives and others
36.1%36.3%36.5%
36.7%37.0%
GPM

16%14%
5%
5%
12%
10%
2024 2025
Operating Expenses (1)
(Non-GAAP; as a percentage of revenue %)
Improving Operating Profits
Operating Profit (1)
(Non-GAAP; RMB mn)
23 Note:
(1) Excluding share- based compensation expenses, amortization expense related to intangible assets acquired through business acquisi tions
32%
29%28%
27% 33%
29%
342
573
688
838
25Q125Q225Q325Q4
5% 8%
9%10%
Operating Margin
-0.2%
8%
(61)
2,442
2024
2025
16%
14%13%13%
5%
5%4%4%
10%
10%10%10%
25Q1 25Q225Q325Q4
Sales and marketing General and administrative Research and development

(RMB mn)
Consolidated Balance Sheets
24
Dec 31, 2024 Dec 31, 2025
Assets
Cash and cash equivalents 10,249 12,184
Time deposits 3,588 5,522
Restricted Cash 50 51
Accounts receivable, net 1,227 1,268
Prepayments and other current assets 1,935 2,078
Short -term investments 2,707 6,447
Total current assets 19,756 27,550
Property and equipment, net 589 695
Production cost, net 1,851 1,600
Intangible assets, net 3,201 3,110
Goodwill 2,725 2,818
Long -term investments, net 3,912 4,762
Other long -term assets 665 633
Total non -current assets 12,943 13,618
Total assets 32,699 41,168
Liabilities
Accounts payable 4,801 5,497
Salary and welfare payables 1,599 1,710
Taxes payable 429 406
Short -term loan and currentportion of long-term debt 1,572 4,861
Deferred revenue 3,802 4,662
Accrued liabilities and other payables 2,559 3,191
Total current liabilities 14,762 20,327
Long -term debt 3,264 4,776
Other long -term liabilities 569 516
Total non -current liabilities 3,833 5,292
Total liabilities 18,595 25,619
Total Bilibili Inc.’s shareholders’ equity 14,108 15,573
Noncontrolling interests (4) (24)
Total shareholders’ equity 14,104 15,549
Total liabilities and shareholders’ equity 32,699 41,168

(RMB mn)
Consolidated Statements of Operations
25
24Q4 25Q3 25Q4 YoY Change FY24 FY25 YoY Change
Net revenues
Value-added services 3,083 3,023 3,262 6% 10,999 11,928 8%
Advertising
2,389 2,570 3,042 27% 8,189 10,058 23%
Mobile games
1,798 1,511 1,540 -14% 5,610 6,395 14%
IP derivatives and others
464 581 477 3% 2,034 1,967 -3%
Total net revenues
7,734 7,685 8,321 8% 26,832 30,348 13%
Cost of revenues (4,946) (4,867) (5,240) 6% (18,058) (19,234) 7%
Gross profit
2,788 2,818 3,081 11% 8,774 11,114 27%
Sales and marketing expenses (1,237) (1,051) (1,128) -9% (4,402) (4,394) 0%
General and administrative expenses
(506) (509) (528) 4% (2,031) (2,062) 2%
Research and development expenses
(919) (904) (921) 0% (3,685) (3,534) -4%
Total operating expenses
(2,662) (2,464) (2,577) -3% (10,118) (9,990) -1%
Profit/(loss) from operations 126 354 504 299% (1,344) 1,124 NA
Investment loss, net (including impairments) (283) (70) (53) -81% (470) (242) -48%
Interest income
110 123 114 3% 435 432 -1%
Interest expense
(20) (42) (40) 102% (89) (151) 69%
Exchange gains/(losses)
11 (22) (35) NA (69) (80) 17%
Debt extinguishment loss
(18) 0 0 NA (39) (0) NA
Others, net
139 112 18 -86% 176 125 -29%
Profit/ (loss) before income tax
65 455 508 677% (1,400) 1,208 NA
Income tax benefit/(expense) 24 14 6 -74% 36 (17) NA
Net profit/ (loss)
89 469 514 478% (1,364) 1,191 NA
Adjusted profit/(loss) from operations 463 688 838 81% (61) 2,442 NA
Adjusted net profit/(loss) 452 786 878 94% (39) 2,588 NA

BILIBILI Inc.
THANK YOU
IR Contacts:
PiacenteFinancial Communications
Juliet Yang
Tel: +86-21-2509- 9255 Ext. 8523
E-mail: ir@bilibili.com
Tel: +86 -10-6508- 0677 (In China)
Te l : + 1 -212-481 -2050 (In U.S.)
E-mail: bilibili@tpg-i r. c o m
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Mini Program
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