Bilibili Q2 Earnings Exceed Estimates, Revenues Rise 20% YoY

Bilibili's Q2 earnings beat estimates with a 20% YoY revenue increase to RMB 7.34 billion. Mobile game revenues rose 60.1% YoY to RMB 1.61 billion, while value-added services revenues increased 10.6% YoY to RMB 2.84 billion. Advertising revenues rose 20.2% YoY to RMB 2.45 billion. Gross profit margin improved to 36.5%, and cash and cash equivalents totaled RMB 22.29 billion as of June 30, 2025.

Bilibili Inc. reported its second-quarter 2025 earnings, with total net revenues increasing by 20% year-over-year (YoY) to RMB 7.34 billion. This strong performance was driven by robust growth in mobile games, value-added services, and advertising revenues. Mobile game revenues surged by 60.1% YoY to RMB 1.61 billion, while value-added services revenues rose by 10.6% YoY to RMB 2.84 billion. Advertising revenues grew by 20.2% YoY to RMB 2.45 billion. The company's gross profit margin improved to 36.5%, and cash and cash equivalents stood at RMB 22.29 billion as of June 30, 2025.

Key highlights of Bilibili's Q2 2025 results include:
- Total Net Revenues: RMB 7.34 billion, up 20% YoY.
- Mobile Games Revenue: RMB 1.61 billion, up 60.1% YoY.
- Value-Added Services Revenue: RMB 2.84 billion, up 10.6% YoY.
- Advertising Revenue: RMB 2.45 billion, up 20.2% YoY.
- Gross Profit Margin: 36.5%.
- Cash and Cash Equivalents: RMB 22.29 billion.

Bilibili's Chairman and CEO, Mr. Rui Chen, commented on the quarter's performance, stating, "We furthered our healthy momentum in the second quarter with solid financial results and strong community engagement." The company's DAUs grew by 7% YoY to 109.4 million, while MAUs increased by 8% YoY to 363 million. Monthly paying users grew by 9% YoY to 31 million, with average daily time spent increasing to 105 minutes.

The company's Chief Financial Officer, Mr. Sam Fan, highlighted the financial improvements, noting that total net revenues grew by 20% YoY, with gross profit improving by 46% YoY and reaching RMB 2.68 billion. Net profit and adjusted net profit reached RMB 218.3 million and RMB 561.3 million, respectively. The company also generated a robust net operating cash flow of RMB 1.99 billion in the quarter.

Bilibili's strong Q2 results reflect the company's ability to capitalize on its growing user base and diversified revenue streams. However, the company faces risks and uncertainties, including increased costs of revenues and reliance on its Gen Z plus audience. The company is heavily reliant on its Chinese market, with international expansion still in its early stages.

References:
[1] https://finance.yahoo.com/news/bilibili-inc-bili-q2-2025-070706395.html
[2] https://kr-asia.com/pulses/156815
[3] https://finance.yahoo.com/news/bilibili-inc-announces-second-quarter-100000099.html