Bilibili Inc. (NASDAQ: BILI) reported fourth‑quarter and fiscal‑year 2025 results that marked the company’s first full year of GAAP profitability. Net revenue for the quarter rose to RMB 8.32 billion (US$1.19 billion), up 10% from the prior year, while net profit reached RMB 513.9 million (US$73.5 million). The full‑year revenue of RMB 30.35 billion (US$4.34 billion) and net profit of RMB 1.19 billion (US$170.3 million) reflected a 27% increase in advertising and a 6% rise in value‑added services, offsetting a 14% decline in mobile‑games revenue.
The advertising segment grew 27% year‑over‑year to RMB 3.04 billion, driven by higher‑margin ad placements and increased demand for data‑driven targeting. Value‑added services expanded 6% to RMB 3.26 billion, while mobile‑games revenue fell 14% to RMB 1.54 billion, a decline largely attributable to a tougher comparison with the launch of the licensed game San Guo: Mou Ding Tian Xia in the prior year.
Adjusted net profit surged 94% to RMB 878.4 million (US$125.6 million), and the adjusted net profit margin climbed to 10.6%. Operating expenses fell 3% year‑over‑year to RMB 2.58 billion, supporting the margin expansion. Gross margin for the quarter reached 37.0%, the thirteenth consecutive quarter of improvement, and the full‑year gross margin settled at 36.6%, up from 36.1% in 2024.
"2025 was a landmark year for Bilibili, marked by resurgent community growth and our first full year of GAAP profitability," said Chairman and CEO Rui Chen. He added that user metrics strengthened across the board, highlighted by four consecutive quarters of accelerating year‑over‑year daily active user growth. CFO Sam Fan noted, "As our monetization efficiency improved, we maintained disciplined cost control, further enhancing our operating leverage." He also said, "In the fourth quarter, we nearly doubled our adjusted net profit year over year and achieved a 10.6% adjusted net profit margin."
Management reiterated a positive outlook for 2026, emphasizing continued growth in advertising and value‑added services while maintaining disciplined cost management. The guidance signals confidence in sustaining the high‑margin, community‑driven business model that underpinned the first GAAP‑profitable year.
Investors responded positively to the results, citing the company’s first full year of GAAP profitability, robust advertising momentum, and margin expansion as key drivers of confidence in Bilibili’s future growth trajectory.
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