Bilibili achieves full-year profitability for the first time

On the evening of March 5th, Bilibili (referred to as “Bilibili,” NASDAQ:BILI, HKEX:9626) announced its unaudited financial results for the fourth quarter and full year ending December 31, 2025. The financial report shows that Bilibili’s total revenue for 2025 reached 30.35 billion RMB, a 13% increase year-over-year; adjusted net profit was 2.59 billion RMB, marking the company’s first full-year profit; in the fourth quarter, total revenue reached 8.32 billion RMB, an 8% increase, with net profit up 478% year-over-year.

Chairman and CEO Chen Rui stated that achieving full-year profitability in 2025 is a milestone for Bilibili’s development. Since its founding, Bilibili has committed to creating a thriving community for users, making it the best stage for high-quality creators. The platform-driven model of quality content and creators will lead to sustained growth and commercial value.

Community Ecosystem Continues to Thrive, User Base Steadily Grows

In 2025, Bilibili continued to focus on content ecosystem development around its interest-based community positioning. User scale accelerated for four consecutive quarters, with content categories continuously expanding. The creator community remained stable, and platform user engagement increased, forming an important foundation for platform growth.

Financial data shows that in Q4 2025, Bilibili’s daily active users (DAU) reached 113 million, a 10% increase year-over-year; monthly active users (MAU) reached 366 million, up 8%; and average daily usage time per user increased to 107 minutes, an 8-minute rise.

Content consumption data indicates that in Q4 2025, total user watch time across the platform grew 19% year-over-year, with video playtime over 5 minutes increasing 20%, reflecting strong user demand for platform content. As of the end of Q4 2025, Bilibili had 284 million paying members, with an 80% retention rate over 12 months, providing a stable user base for various business operations.

In terms of content layout, Bilibili strengthened its traditional strengths in ACG (Anime, Comics, Games) and gaming, while also achieving good growth in AI, lifestyle, and consumer content, further highlighting its diversified content ecosystem. In Q4 2025, ACG content watch time increased 12% year-over-year, and gaming content watch time grew 24%. Leveraging content advantages, over 30 domestic and international game developers and more than 40 games chose Bilibili for exclusive launches in 2025.

The user base for lifestyle and consumer content also expanded further, with over 220 million users watching related content in 2025. In Q4, watch time for automotive technology content increased 68% year-over-year; parent-child and outdoor trend content grew 22% and 20%, respectively, reflecting a shift toward more diversified and lifestyle-oriented content consumption.

AI content has become a new feature of Bilibili. As a domestic community platform focused on AI content, Bilibili has over 120 million monthly users consuming AI-related content. In Q4, AI content watch time increased 53% year-over-year, with users engaging in AI technology exchanges, model evaluations, and application scenario discussions.

In July 2025, Bilibili launched the nationwide first “video podcast” category, which achieved initial user accumulation in Q4. The category now has over 67 million users, with total watch time exceeding 8 billion minutes, and has produced several top-tier programs such as “Lu Yu’s Slow Talk” and “Yu Qian: How Fresh Is It?”

Creators are a vital part of Bilibili’s community ecosystem. In 2025, both the number of creators and their income levels increased, maintaining an active creation environment. In Q4, the number of UP creators with over 1,000 followers grew 30% year-over-year. Throughout 2025, nearly 3 million creators earned income through ads, live streaming, and user donations, with average creator income up 21% year-over-year. Over 10 million users paid for content and support creators, indicating a rising willingness to pay for high-quality content.

Additionally, Bilibili continued to enrich its content supply through self-produced and curated high-quality content, creating a series of distinctive IPs. In Q4, the watch time for domestic creative content increased 56%. Notably, the “Most Beautiful Night” New Year’s Eve gala set new online viewership records during the live broadcast, becoming an important annual event for young people welcoming the new year. During this year’s Spring Festival, Bilibili partnered again with the China Central Television Spring Festival Gala, with “Danmaku Watching the Spring Festival Gala” becoming a new festive experience. During the live broadcast, 133 million danmaku comments were sent, and the daily active users on the day increased 16% compared to last year’s New Year’s Eve. The “First Day of the Lunar New Year Gala,” launched for the first time by Bilibili, peaked at nearly 90 million viewers, trending on hot searches, and became a key content driver for attracting users.

Diversified Business Strategy and Breakthroughs in Profitability

According to Bilibili, 2025 marked its first full-year profit, driven by continuous optimization of revenue structure. Growth in value-added services, advertising, gaming, and other business segments, along with improved operational efficiency, contributed to a substantial breakthrough in profitability. Financial data shows that in 2025, the average monthly paying users reached 35.66 million, a 21% increase, setting a new record. Revenue streams were diversified, with value-added services, advertising, gaming, and IP derivatives and other businesses contributing 39%, 37%, 18%, and 6% of total revenue, respectively.

Advertising became a key driver of revenue growth in 2025, with total advertising revenue reaching 10.06 billion RMB, a 23% increase. In Q4, advertising revenue was 3.04 billion RMB, up 27%, maintaining 12 consecutive quarters of year-over-year growth. The top five industries for advertising in Q4 were gaming, digital appliances, online services, e-commerce, and automotive, with emerging sectors showing significant growth—AI advertising revenue increased 180% year-over-year, and home improvement advertising grew nearly 80%.

In 2025, the number of advertisers on Bilibili continued to grow, with nearly 90% of million-level advertisers retained. Through the “big open loop” strategy, the platform used AI technology to lower barriers for ad placement, improve efficiency, and further tap into the consumption potential of young users. During the Double 11 shopping festival, the average new customer rate for advertising campaigns across industries reached 55%, and GMV for products over 1,000 RMB increased 63% year-over-year.

The gaming business maintained steady growth, with full-year revenue of 6.39 billion RMB, up 14%, and Q4 revenue of 1.54 billion RMB. Bilibili adheres to a long-term gaming strategy, with classic titles like “Fate/Grand Order” and “Azur Lane” maintaining stable revenues. “Three Kingdoms: Strategy and Conquest” ranked in the top five iOS games for nine consecutive seasons after updates. Its self-developed game “Escape from Duckov” sold over 3 million copies within three weeks of launch, ranking first among domestic games in 2025. Leveraging its content ecosystem, Bilibili has achieved synergy between game content dissemination and game operations, becoming an important part of its revenue.

As a foundational revenue segment, value-added services maintained stable growth, providing continuous cash flow. In 2025, revenue from value-added services reached 11.93 billion RMB, up 8% year-over-year; in Q4, revenue was 3.26 billion RMB, up 6%. The gross margin of live streaming services steadily improved, and the paid membership business continued to grow. By the end of Q4, Bilibili had 25.35 million paid members, up 12%, with about 80% subscribing annually or on auto-renewal.

Operational efficiency improvements and business structure optimization directly enhanced profitability. In Q4 2025, Bilibili reported an adjusted net profit of 880 million RMB, up 94% year-over-year; gross profit increased 11%, marking 14 consecutive quarters of sequential growth.

For the full year, Bilibili achieved an adjusted net profit of 2.59 billion RMB, its first annual profit, and generated 7.1 billion RMB in positive operating cash flow. Regarding shareholder returns, by the end of 2025, Bilibili had repurchased approximately $130 million worth of stock. As of December 31, 2025, the company held a total of 24.15 billion RMB in cash, cash equivalents, fixed deposits, and short-term investments, ensuring sufficient funds for future content development and business expansion.