Bilibili Investor Presentation: March 2026

Key insights

6 takeaways

01
Bilibili achieved a significant financial turnaround in 2025, reporting an adjusted net profit of 2.59 billion RMB compared to previous losses.See it on page 5
02
Total net revenues for 2025 reached 30.35 billion RMB, representing a 13% year-over-year increase driven by 23% growth in advertising and 14% growth in mobile games.See it on page 19
03
The platform reached 366 million monthly active users and 113 million daily active users by late 2025, maintaining a 70% penetration rate among China’s Gen Z+ population.See it on page 7
04
Gross profit margins expanded to 37% by the end of 2025, attributed to disciplined cost management and a shift in the revenue mix.See it on page 5
05
User engagement remains high, with an average daily time spent of 107 minutes and a 12-month retention rate of approximately 80%.See it on page 11
06
The creator economy on the platform has scaled to over 3 million income-earning content creators supported by AI-enabled tools and algorithmic distribution.See it on page 10

Summary

Bilibili’s March 2026 investor presentation outlines the company’s strategic position as a leading video-centric platform targeting China’s younger generations. The primary thesis centers on the platform's ability to leverage a highly engaged, sticky user base to drive sustainable commercialization through a diversified revenue model. By focusing on professional user-generated video (PUGV) and community-driven interactions, the company aims to capitalize on the ongoing "videolization" of the digital economy, where video content serves as a fundamental pillar for entertainment, information, and consumption.

Operational metrics highlight a robust ecosystem, with 366 million monthly active users (MAUs) and 113 million daily active users (DAUs) as of late 2025. User engagement remains a core strength, characterized by an average daily time spent of 107 minutes and a 12-month retention rate of approximately 80%. The platform maintains a strong demographic foothold, with 70% of China’s Gen Z+ population utilizing the service. This audience is supported by a creator economy comprising over 3 million income-earning content creators, whose growth is facilitated by AI-enabled tools and sophisticated algorithmic distribution.

Financial performance reflects a transition toward profitability and improved margins. Total net revenues reached 30.35 billion RMB in 2025, a 13% year-over-year increase, driven by strong growth in advertising (up 23%) and mobile games (up 14%). Gross profit margins expanded to 37% by the end of 2025, supported by disciplined cost management and a shift in revenue mix. The company reported an adjusted net profit of 2.59 billion RMB for the 2025 fiscal year, marking a significant turnaround from the previous year’s losses. These results underscore the effectiveness of the platform’s multi-faceted monetization strategy, which integrates advertising, value-added services, and gaming into a cohesive, interest-based user experience.