BILIBILI-W：INSIDEINFORMATION-ANNOUNCEMENTOFTHEFIRSTQUARTER2025UNAUDITEDFINANCIALRESULTS.pdf

1、1Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia

2、nce upon the whole or any part of the contents of this announcement.Bilibili Inc.(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)(Stock Code:9626)INSIDE INFORMATIONANNOUNCEMENT OF THE FIRST QUARTER2025 UNAUDITED FINANCIAL RESULTSBili

3、bili Inc.(“Bilibili”or the“Company”)is pleased to announce its unaudited financial results for the first quarter ended March 31,2025(the“Q1 Results”)published in accordance with applicable rules of the U.S.Securities and Exchange Commission(the“SEC”).Attached hereto as Schedule I is the full text of

4、 the press release issued by the Company on May 20,2025(U.S.Eastern Time),in relation to the Q1 Results and the changes in board committees,some of which may constitute material inside information of the Company.This announcement contains forward-looking statements.These statements are made under th

5、e“safe harbor”provisions of the U.S.Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as“will,”“expects,”“anticipates,”“aims,”“future,”“intends,”“plans,”“believes,”“estimates,”“confident,”“potential,”“continue,”or other similar ex

6、pressions.Among other things,outlook and quotations from management in this announcement,as well as Bilibilis strategic and operational plans,contain forward-looking statements.Bilibili may also make written or oral forward-looking statements in its periodic reports to the SEC,in its interim and ann

7、ual reports 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 and in oral statements made by its officers,directors or employees to third parties

8、.Statements that are not historical facts,including but not limited to statements about Bilibilis beliefs and expectations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number of factors could cause actual results to differ materially from those

9、 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 condition and results of operations;Bilibilis ability to retain and increase the numbe

10、r 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 culture and brand image within its addressable user communities;Bilibilis ability

11、 to manage its costs and expenses;PRC governmental policies and regulations relating to the online entertainment industry,general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing.Further information regarding these and 2other risks

12、is included in the Companys filings with the SEC and the Hong Kong Stock Exchange.All information provided in this announcement and in the attachments is as of the date of the announcement,and the Company undertakes no duty to update such information,except as required under applicable law.The Compa

13、nys shareholders and potential investors are advised not to place undue reliance on the Q1 Results and to exercise caution in dealing in securities in the Company.By Order of the BoardBilibili Inc.Rui ChenChairmanHong Kong,May 20,2025As of the date of this announcement,the board of directors of the

14、Company comprises Mr.Rui CHEN as the chairman,Ms.Ni LI and Mr.Yi XU as directors,Mr.JP GAN,Mr.Eric HE,Mr.Feng LI and Mr.Guoqi DING as independent directors.3Schedule IBilibili Inc.Announces First Quarter 2025 Financial ResultsSHANGHAI,China,May 20,2025 Bilibili Inc.(“Bilibili”or the“Company”)(NASDAQ

15、:BILI and HKEX:9626),an iconic brand and a leading video community for young generations in China,today announced its unaudited financial results for the first quarter ended March 31,2025.First Quarter 2025 Highlights:Total net revenues were RMB7.00 billion(US$965.1 million),representing an increase

16、 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 increase of 76%year over year.Gross profit was RMB2.54 billion(US$349.9 million),representing a

17、n increase of 58%year over year.Gross profit margin reached 36.3%,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 profit1 was RMB361.5 million(US$49.8 million),compared with an adjusted net loss of RMB455.9 milli

18、on in the same period 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 with 102.4 million in the same period of 2024.“We kicked off 2025 with strong financial result

19、s and healthy community metrics in the first quarter,”said Mr.Rui Chen,Chairman and Chief Executive Officer of Bilibili.“Our DAUs reached 107 million,while MAUs hit a new high of 368 million.As our user base matured with the average age rising to 26 in 2025 users remained highly engaged and demonstr

20、ated growing spending power.Average daily time spent per user hit a record of 108 minutes,and our monthly paying users reached an all-time high of 32 million.With the increasing value of our users and improved monetization efficiency,our total net revenues for the first quarter grew 24%year over yea

21、r to RMB7.0 billion.Building on this strong momentum,we will continue to unlock the potential of our community by offering more efficient and enhanced commercial solutions.As the go-to video platform for premium content and a vibrant creative culture,Bilibili is uniquely positioned to capture emergi

22、ng opportunities and sustain long-term growth.”4Mr.Sam Fan,Chief Financial Officer of Bilibili,said,“In the first quarter,we accelerated revenue growth and expanded our margins.This was driven by outstanding performances from our high-margin advertising and games businesses,which grew by 20%and 76%y

23、ear over year,respectively.Gross profit 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 our robust topline and margin gains,we sustained an adjusted net profit of RMB361.5 million.Our virtuous operating cycle continue

24、s to drive robust operating cash flow,generating RMB1.30 billion in the quarter.Moving forward,we will continue to focus on profitable growth by scaling our business and community through efficient,sustainable operations,and delivering long-term value to our shareholders.”First Quarter 2025 Financia

25、l 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 million),representing an increase of 11%from the same period of 2024,mainly attr

26、ibutable 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,mainly attributable to strong revenue growth in performance-based advertising.

27、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 game,San Guo:Mou Ding Tian Xia.IP derivatives and others.Revenues from IP deri

28、vatives and others were RMB467.1 million(US$64.4 million),representing a decrease of 4%from the same period of 2024.Cost of revenues.Cost of revenues was RMB4.46 billion(US$615.2 million),representing an increase of 10%from the same period of 2024.The increase was mainly due to higher revenue-sharin

29、g costs and was partially offset by lower content costs.Revenue-sharing costs,a key component of cost of revenues,were RMB2.67 billion(US$368.1 million),representing an increase of 19%from the same period of 2024,mainly due to an increase in mobile games-related revenue-sharing costs.Gross profit.Gr

30、oss profit was RMB2.54 billion(US$349.9 million),representing an increase of 58%from the same period of 2024,mainly attributable to the growth in total net revenues and relatively stable costs related to platform operations as the Company enhanced its monetization efficiency.Total operating expenses

31、.Total operating expenses were RMB2.52 billion(US$347.8 million),representing an increase of 4%from the same period of 2024.5Sales and marketing expenses.Sales and marketing expenses were RMB1.17 billion(US$160.8 million),representing a 26%increase from the same period of 2024.The increase was prima

32、rily attributable to one-off marketing expenses related to the Companys partnership with CCTV for the 2025 Spring Festival Gala as the exclusive bullet chat live broadcasting and content platform,as well as higher year-over-year promotion expenses for the Companys exclusively licensed game San Guo:M

33、ou 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.Research and development expenses were RMB841.5 million(US$116.0 millio

34、n),representing a 13%decrease from 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),compared with a loss of RMB818.6 million from the same period of 202

35、4.Adjusted profit/(loss)from operations1.Adjusted profit from operations was RMB342.5 million(US$47.2 million),compared with an adjusted loss from operations of RMB512.2 million from the same period of 2024.Total other(expenses)/income,net.Total other expenses were RMB14.1 million(US$1.9 million),co

36、mpared with total other income of RMB55.5 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 million(US$1.5 million),narrowing by 99%year over year.Adjusted

37、 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 the same period of 2024.Basic and diluted EPS and adjusted basic and diluted EPS1.Basic and diluted net loss per share were RMB0.02(US$0.00)each,compared with basic and

38、 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 RMB1.06 each in the same period of 2024.Net cash provided by

39、 operating activities.Net cash provided by operating activities was RMB1.30 billion(US$179.4 million),compared with RMB637.7 million in the same period of 2024.Cash and cash equivalents,time deposits and short-term investments.As of March 31,2025,the Company had cash and cash equivalents,time deposi

40、ts and short-term investments of RMB17.40 billion(US$2.40 billion).6Convertible Senior Notes.As of March 31,2025,the aggregate outstanding principal amount of April 2026 Notes,2027 Notes and December 2026 Notes was US$13.4 million(RMB96.2 million).Changes in Board CommitteesThe Companys board of dir

41、ectors(the“Board”)approved the separation of the Nominating and Corporate Governance Committee into two distinct committees.Effective from May 20,2025,the Nomination Committee and the Corporate Governance Committee will each operate under separate charters with defined functions and responsibilities

42、.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.JP Gan serving as chairperson.Charters of each committee will be published on the Co

43、mpanys investor relations website at http:/ and The Stock 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.For more information on non-GAAP financial measures

44、,please see the section“Use of Non-GAAP Financial Measures”and the table captioned“Unaudited Reconciliations 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 20,2025(8:00 PM Beijing/Hong Kong Time on May 20,

45、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 process in advance of the conference call.Upon regi

46、stering,each participant 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 at http:/,and a replay of the webcast will be a

47、vailable 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 a wide array of video-based content with All the Videos You Like as its value proposition.Bilibili bui

48、lds 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 comment function that has transformed our users viewing experience by displaying the thoughts and feelings of audienc

49、e members viewing the same video.The Company has now become the welcoming home of diverse interests among young generations in China and the frontier for promoting Chinese culture across the world.For more information,please visit:http:/.7Use of Non-GAAP Financial MeasuresThe Company uses non-GAAP m

50、easures,such as adjusted profit/(loss)from operations,adjusted net profit/(loss),adjusted net profit/(loss)per share and per ADS,basic and diluted and adjusted net profit/(loss)attributable to the Bilibili Inc.s shareholders in evaluating its operating results and for financial and operational decis

51、ion-making purposes.The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses,amortization expense related to intangible assets acquired through business acquisitions,income tax related to in

52、tangible 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.The Company believes that the non-GAAP financial measures provide useful information about the Companys results of

53、 operations,enhance the overall understanding of the Companys past performance and future prospects and allow for greater visibility with respect to key metrics used by the Companys management in its financial and operational decision-making.The non-GAAP financial measures are not defined under U.S.

54、GAAP and are not presented in accordance with U.S.GAAP and therefore,may not be comparable to similar measures presented by other companies.The non-GAAP financial measures have limitations as analytical tools,and when assessing the Companys operating performance,cash flows or liquidity,investors sho

55、uld 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 reconciling the non-GAAP financial measure

56、s 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-GAAP Results.”Exchange Rate InformationTh

57、is 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 March 31,2025 set forth in the H.

58、10 statistical release of the Federal Reserve Board.The Company makes no representation that the RMB or US$amounts referred to could be converted into US$or RMB,as the case may be,at any particular rate or at all.8Safe Harbor StatementThis announcement contains forward-looking statements.These state

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

60、ue,”or other similar expressions.Among other things,outlook and quotations from management in this announcement,as well as Bilibilis strategic and operational plans,contain forward-looking statements.Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S

61、.Securities and Exchange Commission,in its interim and annual reports 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 and in oral statements ma

62、de by its officers,directors or employees to third parties.Statements that are not historical facts,including but not limited to statements about Bilibilis beliefs and expectations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number of factors

63、could cause actual results to differ materially from those 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 condition and results of ope

64、rations;Bilibilis ability to retain and increase the number 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 culture and brand image

65、 within its addressable user communities;Bilibilis ability to manage its costs and expenses;PRC governmental policies and regulations relating to the online entertainment industry,general economic and business conditions globally and in China and assumptions underlying or related to any of the foreg

66、oing.Further information regarding these and other risks is included in the Companys filings with the Securities and Exchange Commission and the Hong Kong Stock Exchange.All information provided in this announcement and in the attachments is as of the date of the announcement,and the Company underta

67、kes no duty to update such information,except as required under applicable law.9For 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 United States:Pi

68、acente Financial CommunicationsBrandi PiacenteTel:+1-212-481-2050E-mail:bilibilitpg-10BILIBILI INC.Unaudited Condensed Consolidated Statements of Operations(All amounts in thousands,except for share and per share data)For the Three Months Ended March 31,December 31,March 31,202420242025 RMBRMBRMBNet

69、 revenues:Value-added services(VAS)2,528,9093,083,0712,807,340 Advertising1,668,5842,388,6731,997,635 Mobile games982,8101,797,5371,731,155 IP derivatives and others 484,297464,880467,118 Total net revenues5,664,6007,734,1617,003,248Cost of revenues(4,059,240)(4,945,945)(4,464,150)Gross profit1,605,

70、3602,788,2162,539,098Operating 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)(2,661,775)(2,524,090)(Loss)/profit from ope

71、rations(818,596)126,44115,008Other income/(expenses):Investment loss,net(including impairments)(21,249)(283,191)(62,203)Interest income133,207110,15094,173 Interest expense(31,574)(19,986)(32,571)Exchange(losses)/gains(58,060)10,529(11,659)Debt extinguishment loss(20,980)(17,649)Others,net54,183139,

72、107(1,837)Total other income/(expenses),net55,527(61,040)(14,097)(Loss)/profit before income tax expenses(763,069)65,401911 Income tax(expense)/benefit(1,562)23,533(11,588)Net(loss)/profit(764,631)88,934(10,677)Net loss attributable to noncontrolling interests16,0861,0261,575 Net(loss)/profit attrib

73、utable 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 ADS,diluted(1.80)0.21(0.02)Weighted average number of ordinary shares,ba

74、sic415,274,340417,829,038420,086,397Weighted average number of ADS,basic415,274,340417,829,038420,086,397Weighted average number of ordinary shares,diluted415,274,340424,208,294420,086,397Weighted average number of ADS,diluted415,274,340424,208,294420,086,397The accompanying notes are an integral pa

75、rt of press release.11BILIBILI INC.NOTES TO UNAUDITED FINANCIAL INFORMATION(All amounts in thousands,except for share and per share data)For the Three Months Ended March 31,December 31,March 31,202420242025 RMBRMBRMBShare-based compensation expenses included in:Cost of revenues 13,67725,35023,996 Sa

76、les and marketing expenses12,56018,52416,417 General and administrative expenses157,824137,513144,497 Research and development expenses80,525113,649105,855 Total264,586295,036290,765 12BILIBILI INC.Unaudited Condensed Consolidated Balance Sheets(All amounts in thousands,except for share and per shar

77、e data)December 31,March 31,20242025 RMBRMBAssetsCurrent assets:Cash and cash equivalents 10,249,3829,601,900 Time deposits3,588,4753,937,921 Restricted cash50,00050,950 Accounts receivable,net1,226,8751,007,515 Prepayments and other current assets 1,934,7882,124,271 Short term investments 2,706,535

78、3,856,835 Total current assets 19,756,05520,579,392 Non-current assets:Property and equipment,net 589,227522,109 Production cost,net 1,851,2071,753,344 Intangible assets,net 3,201,0123,199,545 Goodwill 2,725,1302,725,130 Long-term investments,net 3,911,5923,919,494 Other long-term assets664,277581,4

79、76 Total non current assets 12,942,44512,701,098 Total assets 32,698,50033,280,490 LiabilitiesCurrent liabilities:Accounts payable4,801,4164,983,062 Salary and welfare payables1,599,4821,200,571 Taxes payable428,932376,961 Short-term loan and current portion of long-term debt1,571,8361,818,124 Defer

80、red revenue3,802,3073,848,682 Accrued liabilities and other payables2,558,8302,877,377 Total current liabilities 14,762,80315,104,777 Non-current liabilities:Long-term debt3,264,1533,264,089 Other long-term liabilities567,631531,276 Total non-current liabilities3,831,7843,795,365 Total liabilities 1

81、8,594,58718,900,142 Total Bilibili Inc.s shareholders equity 14,108,39714,386,407Noncontrolling interests(4,484)(6,059)Total shareholders equity 14,103,91314,380,348 Total liabilities and shareholders equity 32,698,50033,280,490 13BILIBILI INC.Unaudited Selected Condensed Consolidated Cash Flows Dat

82、a(All amounts in thousands,except for share and per share data)For the Three Months Ended March 31,December 31,March 31,202420242025 RMBRMBRMBNet cash provided by operating activities637,6971,400,9881,302,095 14BILIBILI INC.Unaudited Reconciliations of GAAP and Non-GAAP Results(All amounts in thousa

83、nds,except for share and per share data)For the Three Months Ended March 31,December 31,March 31,202420242025 RMBRMBRMB(Loss)/profit from operations(818,596)126,44115,008Add:Share-based compensation expenses264,586295,036290,765Amortization expense related to intangible assets acquired through busin

84、ess acquisitions41,77641,58136,692 Adjusted(loss)/profit from operations(512,234)463,058342,465 Net(loss)/profit(764,631)88,934(10,677)Add:Share-based compensation expenses264,586295,036290,765Amortization expense related to intangible assets acquired through business acquisitions41,77641,581 36,692

85、Income tax related to intangible assets acquired through business acquisitions(5,407)(5,358)(4,136)(Gain)/loss on fair value change in investments in publicly traded companies(13,186)14,17748,869Loss on repurchase of convertible senior notes20,98017,649 Adjusted net(loss)/profit(455,882)452,019361,5

86、13 Net loss attributable to noncontrolling interests16,0861,0261,575 Adjusted net(loss)/profit attributable to the Bilibili Inc.s shareholders(439,796)453,045363,088 Adjusted net(loss)/profit per share,basic(1.06)1.080.86Adjusted net(loss)/profit per ADS,basic(1.06)1.080.86Adjusted net(loss)/profit

87、per share,diluted(1.06)1.070.85Adjusted net(loss)/profit per ADS,diluted(1.06)1.070.85Weighted average number of ordinary shares,basic415,274,340417,829,038420,086,397Weighted average number of ADS,basic415,274,340417,829,038420,086,397Weighted average number of ordinary shares,diluted415,274,340424,208,294425,602,954Weighted average number of ADS,diluted415,274,340424,208,294425,602,954