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Bilibili (BILI) investor relations material
Bilibili Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved strong user and financial growth in Q3 2025, with record highs in DAUs (117.3 million, up 9% year-over-year), MAUs (376 million, up 8%), and user engagement metrics, driven by high-quality content and a vibrant community.
Monthly paying users reached 35 million, up 17% year-over-year, with premium memberships and fan charging programs as key drivers.
Net profit reached RMB 469.4 million, reversing a net loss in the same period last year.
Adjusted net profit surged 233% year-over-year to RMB 786 million, reflecting improved operational efficiency.
Advertising revenue grew 23% year-over-year, supported by AI-driven ad infrastructure and diversified advertiser base.
Financial highlights
Total net revenues rose 5% year-over-year to RMB 7.7 billion (US$1.08 billion).
Gross profit increased 11% year-over-year to RMB 2.82 billion, with gross margin expanding to 36.7% from 34.9%.
Non-GAAP operating profit surged 153% year-over-year to RMB 688 million, with a 9% margin.
Net cash provided by operating activities was RMB 2.02 billion.
Cash and equivalents stood at RMB 23.5 billion as of September 30, 2025.
Outlook and guidance
Gross margin expected to reach 37% in Q4, with a midterm target of 40%-45%.
Adjusted operating margin projected to improve to around 10% in Q4, with a midterm target of 15%-30%.
Management highlights robust growth opportunities in video-based content and commerce, with increasing user engagement and monetization potential.
Continued investment in high-quality revenue engines, new game development, and AI talent.
Focus on user growth, engagement, and monetization efficiency.
Mobile games revenue recovery plan
What sustains advertising revenue growth?
Balance of innovation investment and cost control
Duckov mobile/console strategy details
AI's long-term ad revenue impact
Path to 40-45% gross margin target
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Frequently asked questions
Bilibili Inc operates an online entertainment platform in China, offering a wide range of content including video sharing, mobile gaming, and live broadcasting. The company serves young audiences with content across various genres such as animation, comics, and games. Bilibili operates within the technology and media sectors, focusing on user-generated and professionally produced content. The company is headquartered in Shanghai, China, and its shares are listed on the NASDAQ.
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