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1、 UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON,D.C.20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16UNDER THE SECURITIES EXCHANGE ACT OF 1934For the month of May 2025Commission File Number:001-38429 Bilibili Inc.Building 3,Guozheng Center,No.485 Zhengli Roa

2、dYangpu District,Shanghai,200433Peoples Republic of China(Address of principal executive offices)Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.Form 20-FForm 40-F Exhibit IndexExhibit 99.1 Press ReleaseSIGNATURESPursuant to the r

3、equirements of the Securities Exchange Act of 1934,the registrant has duly caused this report to be signed on its behalf by theundersigned,thereunto duly authorized.BILIBILI INC.By:/s/Xin FanName:Xin FanTitle :Chief Financial OfficerDate:May 20,2025Exhibit 99.1Bilibili Inc.Announces First Quarter 20

4、25 Financial ResultsSHANGHAI,China,May 20,2025 Bilibili Inc.(“Bilibili”or the“Company”)(NASDAQ:BILI and HKEX:9626),an iconic brand and a leadingvideo community for young generations in China,today announced its unaudited financial results for the first quarter ended March 31,2025.First Quarter 2025

5、Highlights:Total net revenues were RMB7.00 billion(US$965.1 million),representing an increase of 24%year over year.Advertising revenues were RMB2.00 billion(US$275.3 million),representing an increase of 20%year over year.Mobile games revenues were RMB1.73 billion(US$238.6 million),representing an in

6、crease of 76%year over year.Gross profit was RMB2.54 billion(US$349.9 million),representing an increase of 58%year over year.Gross profit margin reached36.3%,improving from 28.3%in the same period of 2024.Net loss was RMB10.7 million(US$1.5 million),narrowing by 99%year over year.Adjusted net profit

7、1 was RMB361.5 million(US$49.8 million),compared with an adjusted net loss of RMB455.9 million in the sameperiod of 2024.Operating cash flow was RMB1.30 billion(US$179.4 million),compared with RMB637.7 million in the same period of 2024.Average daily active users(DAUs)were 106.7 million,compared wit

8、h 102.4 million in the same period of 2024.“We kicked off 2025 with strong financial results and healthy community metrics in the first quarter,”said Mr.Rui Chen,Chairman and Chief ExecutiveOfficer of Bilibili.“Our DAUs reached 107 million,while MAUs hit a new high of 368 million.As our user base ma

9、turedwith the average age risingto 26 in 2025users remained highly engaged and demonstrated growing spending power.Average daily time spent per user hit a record of 108minutes,and our monthly paying users reached an all-time high of 32 million.With the increasing value of our users and improved mone

10、tizationefficiency,our total net revenues for the first quarter grew 24%year over year to RMB7.0 billion.Building on this strong momentum,we will continueto unlock the potential of our community by offering more efficient and enhanced commercial solutions.As the go-to video platform for premiumconte

11、nt and a vibrant creative culture,Bilibili is uniquely positioned to capture emerging opportunities and sustain long-term growth.”Mr.Sam Fan,Chief Financial Officer of Bilibili,said,“In the first quarter,we accelerated revenue growth and expanded our margins.This was drivenby outstanding performance

12、s from our high-margin advertising and games businesses,which grew by 20%and 76%year over year,respectively.Grossprofit increased by 58%year over year,with our gross profit margin rising to 36.3%,up from 28.3%in the same period last year.Supported by ourrobust topline and margin gains,we sustained a

13、n adjusted net profit of RMB361.5 million.Our virtuous operating cycle continues to drive robustoperating cash flow,generating RMB1.30 billion in the quarter.Moving forward,we will continue to focus on profitable growth by scaling our businessand community through efficient,sustainable operations,an

14、d delivering long-term value to our shareholders.”First Quarter 2025 Financial ResultsTotal net revenues.Total net revenues were RMB7.00 billion(US$965.1 million),representing an increase of 24%from the same period of 2024.Value-added services(VAS).Revenues from VAS were RMB2.81 billion(US$386.9 mil

15、lion),representing an increase of 11%from the same period of2024,mainly attributable to increased revenues from live broadcasting and other value-added services.Advertising.Revenues from advertising were RMB2.00 billion(US$275.3 million),representing an increase of 20%from the same period of 2024,ma

16、inly attributable to strong revenue growth in performance-based advertising.Mobile games.Revenues from mobile games were RMB1.73 billion(US$238.6 million),representing an increase of 76%from the same period of 2024,mainly attributable to the strong performance of the Companys exclusively licensed ga

17、me,San Guo:Mou Ding Tian Xia.IP derivatives and others.Revenues from IP derivatives and others were RMB467.1 million(US$64.4 million),representing a decrease of 4%from thesame period of 2024.Cost of revenues.Cost of revenues was RMB4.46 billion(US$615.2 million),representing an increase of 10%from t

18、he same period of 2024.Theincrease was mainly due to higher revenue-sharing costs and was partially offset by lower content costs.Revenue-sharing costs,a key component of costof revenues,were RMB2.67 billion(US$368.1 million),representing an increase of 19%from the same period of 2024,mainly due to

19、an increase inmobile games-related revenue-sharing costs.Gross profit.Gross profit was RMB2.54 billion(US$349.9 million),representing an increase of 58%from the same period of 2024,mainly attributableto the growth in total net revenues and relatively stable costs related to platform operations as th

20、e Company enhanced its monetization efficiency.Total operating expenses.Total operating expenses were RMB2.52 billion(US$347.8 million),representing an increase of 4%from the same period of2024.Sales and marketing expenses.Sales and marketing expenses were RMB1.17 billion(US$160.8 million),represent

21、ing a 26%increase from the sameperiod of 2024.The increase was primarily attributable to one-off marketing expenses related to the Companys partnership with CCTV for the 2025Spring Festival Gala as the exclusive bullet chat live broadcasting and content platform,as well as higher year-over-year prom

22、otion expenses for theCompanys exclusively licensed game,San Guo:Mou Ding Tian Xia.General and administrative expenses.General and administrative expenses were RMB515.6 million(US$71.1 million),representing a decrease of 3%compared with the same period of 2024.Research and development expenses.Resea

23、rch and development expenses were RMB841.5 million(US$116.0 million),representing a 13%decreasefrom the same period of 2024.The decrease was mainly attributable to improved research and development efficiency.Profit/(loss)from operations.Profit from operations was RMB15.0 million(US$2.1 million),com

24、pared with a loss of RMB818.6 million from thesame period of 2024.Adjusted profit/(loss)from operations1.Adjusted profit from operations was RMB342.5 million(US$47.2 million),compared with an adjusted lossfrom operations of RMB512.2 million from the same period of 2024.Total other(expenses)/income,n

25、et.Total other expenses were RMB14.1 million(US$1.9 million),compared with total other income ofRMB55.5 million in the same period of 2024.Income tax expense.Income tax expense was RMB11.6 million(US$1.6 million),compared with RMB1.6 million in the same period of 2024.Net loss.Net loss was RMB10.7 m

26、illion(US$1.5 million),narrowing by 99%year over year.Adjusted net profit/(loss)1.Adjusted net profit was RMB361.5 million(US$49.8 million),compared with an adjusted loss of RMB455.9 million in thesame period of 2024.Basic and diluted EPS and adjusted basic and diluted EPS1.Basic and diluted net los

27、s per share were RMB0.02(US$0.00)each,compared withbasic and diluted net loss per share of RMB1.80 each in the same period of 2024.Adjusted basic and diluted net profit per share were RMB0.86(US$0.12)and RMB0.85(US$0.12),respectively,compared with an adjusted basic and diluted net loss per share of

28、RMB1.06 each in the same periodof 2024.Net cash provided by operating activities.Net cash provided by operating activities was RMB1.30 billion(US$179.4 million),compared withRMB637.7 million in the same period of 2024.Cash and cash equivalents,time deposits and short-term investments.As of March 31,

29、2025,the Company had cash and cash equivalents,timedeposits and short-term investments of RMB17.40 billion(US$2.40 billion).Convertible Senior Notes.As of March 31,2025,the aggregate outstanding principal amount of April 2026 Notes,2027 Notes and December 2026Notes was US$13.4 million(RMB96.2 millio

30、n).Changes in Board CommitteesThe Companys board of directors(the“Board”)approved the separation of the Nominating and Corporate Governance Committee into two distinctcommittees.Effective from May 20,2025,the Nomination Committee and the Corporate Governance Committee will each operate under separat

31、echarters with defined functions and responsibilities.The Nomination Committee will comprise Mr.JP Gan,Mr.Eric He,Mr.Feng Li and Ms.Ni Li,with Mr.JP Gan serving as chairperson.The Corporate Governance Committee will comprise Mr.JP Gan,Mr.Eric He and Mr.Feng Li,with Mr.JPGan serving as chairperson.Ch

32、arters of each communitee will be published on the Companys investor relations website at http:/ and TheStock Exchange of Hong Kong Limited website at www.hkexnews.hk.1 Adjusted profit/(loss)from operations,adjusted net profit/(loss),and adjusted basic and diluted EPS are non-GAAP financial measures

33、.For moreinformation on non-GAAP financial measures,please see the section“Use of Non-GAAP Financial Measures”and the table captioned“UnauditedReconciliations of GAAP and Non-GAAP Results.”Conference CallThe Companys management will host an earnings conference call at 8:00 AM U.S.Eastern Time on May

34、 20,2025(8:00 PM Beijing/Hong Kong Timeon May 20,2025).Details for the conference call are as follows:Event Title:Bilibili Inc.First Quarter 2025 Earnings Conference CallRegistration Link:https:/register-conf.media- participants must use the link provided above to complete the online registration pr

35、ocess in advance of the conference call.Upon registering,eachparticipant will receive a set of participant dial-in numbers and a personal PIN,which will be used to join the conference call.Additionally,a live webcast of the conference call will be available on the Companys investor relations website

36、 at http:/,and a replay ofthe webcast will be available following the session.About Bilibili Inc.Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China.Bilibili offers awide array of video-based content with All the Videos

37、You Like as its value proposition.Bilibili builds its community around aspiring users,high-quality content,talented content creators and the strong emotional bonds among them.Bilibili pioneered the“bullet chatting”feature,a live commentfunction that has transformed our users viewing experience by di

38、splaying the thoughts and feelings of audience members viewing the same video.TheCompany has now become the welcoming home of diverse interests among young generations in China and the frontier for promoting Chinese cultureacross the world.For more information,please visit:http:/.Use of Non-GAAP Fin

39、ancial MeasuresThe Company uses non-GAAP measures,such as adjusted profit/(loss)from operations,adjusted net profit/(loss),adjusted net profit/(loss)per share andper ADS,basic and diluted and adjusted net profit/(loss)attributable to the Bilibili Inc.s shareholders in evaluating its operating result

40、s and for financialand operational decision-making purposes.The Company believes that the non-GAAP financial measures help identify underlying trends in its businessby excluding the impact of share-based compensation expenses,amortization expense related to intangible assets acquired through busines

41、s acquisitions,income tax related to intangible assets acquired through business acquisitions,gain/loss on fair value change in investments in publicly tradedcompanies,and gain/loss on repurchase of convertible senior notes.The Company believes that the non-GAAP financial measures provide usefulinfo

42、rmation about the Companys results of operations,enhance the overall understanding of the Companys past performance and future prospects andallow for greater visibility with respect to key metrics used by the Companys management in its financial and operational decision-making.The non-GAAP financial

43、 measures are not defined under U.S.GAAP and are not presented in accordance with U.S.GAAP and therefore,may not becomparable to similar measures presented by other companies.The non-GAAP financial measures have limitations as analytical tools,and whenassessing the Companys operating performance,cas

44、h flows or liquidity,investors should not consider them in isolation,or as a substitute for net loss,cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S.GAAP.The Company mitigates these limitations by reconcil

45、ing the non-GAAP financial measures to the most comparable U.S.GAAP performance measures,all of which should be considered when evaluating the Companys performance.For more information on the non-GAAP financial measures,please see the table captioned“Unaudited Reconciliations of GAAP and Non-GAAPRes

46、ults.”Exchange Rate InformationThis announcement contains translations of certain RMB amounts into U.S.dollars(“US$”)at specified rates solely for the convenience of the reader.Unless otherwise stated,all translations from RMB to US$were made at the rate of RMB7.2567 to US$1.00,the exchange rate on

47、March 31,2025 setforth in the H.10 statistical release of the Federal Reserve Board.The Company makes no representation that the RMB or US$amounts referred to couldbe converted into US$or RMB,as the case may be,at any particular rate or at all.Safe Harbor StatementThis announcement contains forward-

48、looking statements.These statements are made under the“safe harbor”provisions of the U.S.Private SecuritiesLitigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as“will,”“expects,”“anticipates,”“aims,”“future,”“intends,”“plans,”“believes,”“estimates,”“c

49、onfident,”“potential,”“continue,”or other similar expressions.Among other things,outlook andquotations from management in this announcement,as well as Bilibilis strategic and operational plans,contain forward-looking statements.Bilibili mayalso make written or oral forward-looking statements in its

50、periodic reports to the U.S.Securities and Exchange Commission,in its interim and annualreports to shareholders,in announcements,circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited(the“Hong Kong Stock Exchange”),in press releases and other written materials

51、 and in oral statements made by its officers,directors or employees to thirdparties.Statements that are not historical facts,including but not limited to statements about Bilibilis beliefs and expectations,are forward-lookingstatements.Forward-looking statements involve inherent risks and uncertaint

52、ies.A number of factors could cause actual results to differ materially fromthose contained in any forward-looking statement,including but not limited to the following:results of operations,financial condition,and stock price;Bilibilis strategies;Bilibilis future business development,financial condi

53、tion and results of operations;Bilibilis ability to retain and increase thenumber of users,members and advertising customers,provide quality content,products and services,and expand its product and service offerings;competition in the online entertainment industry;Bilibilis ability to maintain its c

54、ulture and brand image within its addressable user communities;Bilibilis ability to manage its costs and expenses;PRC governmental policies and regulations relating to the online entertainment industry,generaleconomic and business conditions globally and in China and assumptions underlying or relate

55、d to any of the foregoing.Further information regardingthese and other risks is included in the Companys filings with the Securities and Exchange Commission and the Hong Kong Stock Exchange.Allinformation provided in this announcement and in the attachments is as of the date of the announcement,and

56、the Company undertakes no duty to updatesuch information,except as required under applicable law.For investor and media inquiries,please contact:In China:Bilibili Inc.Juliet YangTel:+86-21-2509-9255 Ext.8523E-mail:Piacente Financial CommunicationsHelen WuTel:+86-10-6508-0677E-mail:bilibilitpg-In the

57、 United States:Piacente Financial CommunicationsBrandi PiacenteTel:+1-212-481-2050E-mail:bilibilitpg-BILIBILI INC.Unaudited Condensed Consolidated Statements of Operations(All amounts in thousands,except for share and per share data)For the Three Months Ended March31,December31,March31,2024 2024 202

58、5 RMB RMB RMB Net revenues:Value-added services(VAS)2,528,909 3,083,071 2,807,340 Advertising 1,668,584 2,388,673 1,997,635 Mobile games 982,810 1,797,537 1,731,155 IP derivatives and others 484,297 464,880 467,118 Total net revenues 5,664,600 7,734,161 7,003,248 Cost of revenues (4,059,240)(4,945,9

59、45)(4,464,150)Gross profit 1,605,360 2,788,216 2,539,098 Operating expenses:Sales and marketing expenses (927,059)(1,236,593)(1,166,975)General and administrative expenses (531,777)(505,861)(515,638)Research and development expenses (965,120)(919,321)(841,477)Total operating expenses (2,423,956)(2,6

60、61,775)(2,524,090)(Loss)/profit from operations (818,596)126,441 15,008 Other income/(expenses):Investment loss,net(including impairments)(21,249)(283,191)(62,203)Interest income 133,207 110,150 94,173 Interest expense (31,574)(19,986)(32,571)Exchange(losses)/gains (58,060)10,529 (11,659)Debt exting

61、uishment loss (20,980)(17,649)Others,net 54,183 139,107 (1,837)Total other income/(expenses),net 55,527 (61,040)(14,097)(Loss)/profit before income tax expenses (763,069)65,401 911 Income tax(expense)/benefit (1,562)23,533 (11,588)Net(loss)/profit (764,631)88,934 (10,677)Net loss attributable to non

62、controlling interests 16,086 1,026 1,575 Net(loss)/profit attributable to the Bilibili Inc.s shareholders (748,545)89,960 (9,102)Net(loss)/profit per share,basic (1.80)0.22 (0.02)Net(loss)/profit per ADS,basic (1.80)0.22 (0.02)Net(loss)/profit per share,diluted (1.80)0.21 (0.02)Net(loss)/profit per

63、ADS,diluted (1.80)0.21 (0.02)Weighted average number of ordinary shares,basic 415,274,340 417,829,038 420,086,397 Weighted average number of ADS,basic 415,274,340 417,829,038 420,086,397 Weighted average number of ordinary shares,diluted 415,274,340 424,208,294 420,086,397 Weighted average number of

64、 ADS,diluted 415,274,340 424,208,294 420,086,397 The accompanying notes are an integral part of press release.BILIBILI INC.NOTES TO UNAUDITED FINANCIAL INFORMATION(All amounts in thousands,except for share and per share data)For the Three Months Ended March31,December31,March31,2024 2024 2025 RMB RM

65、B RMB Share-based compensation expenses included in:Cost of revenues 13,677 25,350 23,996 Sales and marketing expenses 12,560 18,524 16,417 General and administrative expenses 157,824 137,513 144,497 Research and development expenses 80,525 113,649 105,855 Total 264,586 295,036 290,765 BILIBILI INC.

66、Unaudited Condensed Consolidated Balance Sheets(All amounts in thousands,except for share and per share data)December31,March31,2024 2025 RMB RMB Assets Current assets:Cash and cash equivalents 10,249,382 9,601,900 Time deposits 3,588,475 3,937,921 Restricted cash 50,000 50,950 Accounts receivable,n

67、et 1,226,875 1,007,515 Prepayments and other current assets 1,934,788 2,124,271 Short-term investments 2,706,535 3,856,835 Total current assets 19,756,055 20,579,392 Non-current assets:Property and equipment,net 589,227 522,109 Production cost,net 1,851,207 1,753,344 Intangible assets,net 3,201,012

68、3,199,545 Goodwill 2,725,130 2,725,130 Long-term investments,net 3,911,592 3,919,494 Other long-term assets 664,277 581,476 Total non-current assets 12,942,445 12,701,098 Total assets 32,698,500 33,280,490 Liabilities Current liabilities:Accounts payable 4,801,416 4,983,062 Salary and welfare payabl

69、es 1,599,482 1,200,571 Taxes payable 428,932 376,961 Short-term loan and current portion of long-term debt 1,571,836 1,818,124 Deferred revenue 3,802,307 3,848,682 Accrued liabilities and other payables 2,558,830 2,877,377 Total current liabilities 14,762,803 15,104,777 Non-current liabilities:Long-

70、term debt 3,264,153 3,264,089 Other long-term liabilities 567,631 531,276 Total non-current liabilities 3,831,784 3,795,365 Total liabilities 18,594,587 18,900,142 Total Bilibili Inc.s shareholders equity 14,108,397 14,386,407 Noncontrolling interests (4,484)(6,059)Total shareholders equity 14,103,9

71、13 14,380,348 Total liabilities and shareholders equity 32,698,500 33,280,490 BILIBILI INC.Unaudited Selected Condensed Consolidated Cash Flows Data(All amounts in thousands,except for share and per share data)For the Three Months Ended March31,December31,March31,2024 2024 2025 RMB RMB RMB Net cash

72、provided by operating activities 637,697 1,400,988 1,302,095 BILIBILI INC.Unaudited Reconciliations of GAAP and Non-GAAP Results(All amounts in thousands,except for share and per share data)For the Three Months Ended March31,December31,March31,2024 2024 2025 RMB RMB RMB(Loss)/profit from operations

73、(818,596)126,441 15,008 Add:Share-based compensation expenses 264,586 295,036 290,765 Amortization expense related to intangible assets acquired through business acquisitions 41,776 41,581 36,692 Adjusted(loss)/profit from operations (512,234)463,058 342,465 Net(loss)/profit (764,631)88,934 (10,677)

74、Add:Share-based compensation expenses 264,586 295,036 290,765 Amortization expense related to intangible assets acquired through business acquisitions 41,776 41,581 36,692 Income tax related to intangible assets acquired through business acquisitions (5,407)(5,358)(4,136)(Gain)/loss on fair value ch

75、ange in investments in publicly traded companies (13,186)14,177 48,869 Loss on repurchase of convertible senior notes 20,980 17,649 Adjusted net(loss)/profit (455,882)452,019 361,513 Net loss attributable to noncontrolling interests 16,086 1,026 1,575 Adjusted net(loss)/profit attributable to the Bi

76、libili Inc.s shareholders (439,796)453,045 363,088 Adjusted net(loss)/profit per share,basic (1.06)1.08 0.86 Adjusted net(loss)/profit per ADS,basic (1.06)1.08 0.86 Adjusted net(loss)/profit per share,diluted (1.06)1.07 0.85 Adjusted net(loss)/profit per ADS,diluted (1.06)1.07 0.85 Weighted average

77、number of ordinary shares,basic 415,274,340 417,829,038 420,086,397 Weighted average number of ADS,basic 415,274,340 417,829,038 420,086,397 Weighted average number of ordinary shares,diluted 415,274,340 424,208,294 425,602,954 Weighted average number of ADS,diluted 415,274,340 424,208,294 425,602,954