Bilibili's Q2 Revenue Surges 20% on Advertising, Gaming Growth

On August 21, Bilibili, a prominent video-sharing platform, released its unaudited financial report for the second quarter of 2025. The report revealed that the company's total revenue for the quarter reached 73.4 billion yuan, marking a 20% year-over-year increase. This growth was driven by a 20% increase in advertising revenue to 24.5 billion yuan and a 60% increase in gaming revenue to 16.1 billion yuan. The company's gross profit margin improved to 36.5%, up from 29.9% in the same period last year, and net profit reached 2.2 billion yuan, with adjusted net profit hitting a record high of 5.6 billion yuan.

Bilibili's user base continued to grow, with daily active users reaching 109 million, a 7% increase year-over-year, and monthly active users reaching 363 million, an 8% increase. The platform also saw a 9% increase in paying users to 31 million. The average daily usage time per user increased to 105 minutes, up from 99 minutes in the same period last year. The platform's "formal members," who have passed an entrance exam, increased by 11% to 270 million, with a 12-month retention rate of 80%.

Bilibili's content ecosystem continued to thrive, with a 25% increase in the playback time of anime and comic content. The second season of the animated series "Linglong" had over 330 million views, and the series had over 11 million subscribers. Bilibili World and Bilibili Marco Polo Link attracted over 400,000 participants from more than 20 countries and regions. Gaming content playback time increased by 21%, and AI content became the fastest-growing technology category, with a 61% increase in playback time and a 45% increase in daily uploads. Outdoor sports, travel, and parenting content also saw significant growth.

Bilibili's commercialization efforts continued to pay off, with a 20% increase in advertising revenue and a 60% increase in gaming revenue. The company's gross profit margin improved to 36.5%, up from 29.9% in the same period last year, and net profit reached 2.2 billion yuan, with adjusted net profit hitting a record high of 5.6 billion yuan. The company also generated 19.9 billion yuan in operating cash flow and completed a stock buyback of approximately 100 million US dollars, bringing its total cash and cash equivalents to 222.9 billion yuan.

Despite the strong financial performance, Bilibili's stock price fell by 7.2% in early trading on August 21. This decline may be attributed to investor concerns about the company's ability to maintain its growth momentum in the face of increasing competition and regulatory scrutiny. However, the company's management remains optimistic about its prospects, citing its strong content ecosystem and user base as key competitive advantages.

In summary, Bilibili's second-quarter financial report highlights the company's continued growth and success in the video-sharing market. The platform's strong user base, diverse content offerings, and effective commercialization strategies have positioned it as a leader in the industry. However, the recent stock price decline serves as a reminder of the challenges and uncertainties that the company faces in the competitive and rapidly evolving digital landscape.