Bilibili, Inc. Class Z (HK:9626)
:9626
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Bilibili, Inc. Class Z
(9626)
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Rating:64Neutral
Price Target:
HK$167.00
▼(-30.59% Downside)
Action:Reiterated
Date:05/20/26
The score is driven primarily by improving financial performance (return to profitability and strong cash flow) and a positive earnings outlook centered on accelerating ads and margin expansion. These are tempered by weak technicals (below key moving averages with negative MACD) and a relatively high P/E that leaves less room for execution missteps, especially with higher AI investment spending and games revenue volatility.
Positive Factors
Strong cash generation and liquidity
Operating and free cash flow turned strongly positive and improved into 2025, while cash and short‑term investments (~RMB24.2bn) and a completed $200m buyback provide durable liquidity. This cash cushion supports reinvestment, buybacks, and buffers against cyclicality over the next several quarters.
Negative Factors
Games revenue volatility and hit dependence
Mobile games are lumpy and dependent on breakout titles; a 12% YoY decline highlights volatility. Pipeline launches are in testing/soft‑launch and not yet proven, so near‑to‑medium term revenue and cash contribution from games remains uncertain and can swing aggregate results.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation and liquidity
Operating and free cash flow turned strongly positive and improved into 2025, while cash and short‑term investments (~RMB24.2bn) and a completed $200m buyback provide durable liquidity. This cash cushion supports reinvestment, buybacks, and buffers against cyclicality over the next several quarters.
Read all positive factors
Bilibili, Inc. Class Z (9626) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$61.95B
Dividend YieldN/A
Average Volume (3M)6.35M
Price to Earnings (P/E)75.7
Beta (1Y)2.28
Revenue Growth11.37%
EPS GrowthN/A
CountryHK
Employees8,088
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.53
Shares Outstanding336,928,650
10 Day Avg. Volume5,856,262
30 Day Avg. Volume6,353,506
Financial Highlights & Ratios
PEG Ratio-0.34
Price to Book (P/B)4.66
Price to Sales (P/S)2.46
P/FCF Ratio13.64
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$238.40Price Target Upside-0.92% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)8.05
Revenue Forecast (FY)HK$37.96B
Bilibili, Inc. Class Z Business Overview & Revenue Model
Company Description
Bilibili Inc. provides online entertainment services for the young generations in the People's Republic of China. Its platform offers a range of content, including video services, mobile games, and value-added service, as well as ACG-related comic...
How the Company Makes Money
Bilibili primarily makes money through multiple monetization channels tied to its content platform and user community. (1) Advertising: The company sells marketing and advertising services to brands, monetizing traffic across its app and website t...
Bilibili, Inc. Class Z Earnings Call Summary
Earnings Call Date:May 19, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call presented a strong quarter with clear improvements in user engagement, advertising momentum, creator monetization and a robust profitability recovery (turning to net profit and significant adjusted profit growth). AI was positioned as a strategic accelerator with early signs of benefit to engagement and ad efficiency. Notable near-term headwinds include a 12% YoY decline in game revenues, modest VAS growth, and elevated AI-related CapEx/R&D spending that will weigh on near-term costs. Overall, the highlights—broad-based engagement gains, accelerating ad revenues, creator ecosystem strength, margin expansion and positive cash position—outweigh the lowlights, though execution on the game pipeline and ROI from AI investments will be key to sustain momentum.Positive Updates
User Engagement and Growth
Daily active users (DAUs) reached 115 million, up 8% year-over-year; monthly active users (MAUs) were 376 million. Average daily time spent hit a record 119 minutes (up 11 minutes YoY), driving a 19% year-over-year increase in total user time spent. Official members totaled 291 million with an ~80% 12-month retention rate.
Negative Updates
Mobile Games Revenue Decline
Game revenues were RMB 1.5 billion, down 12% year-over-year and flat quarter-over-quarter. The YoY decline was attributed to a high base from last year's San Guo title, signaling volatility and dependency on hit releases.
Read all updates
Q1-2026 Updates
Positive
Negative
User Engagement and Growth
Daily active users (DAUs) reached 115 million, up 8% year-over-year; monthly active users (MAUs) were 376 million. Average daily time spent hit a record 119 minutes (up 11 minutes YoY), driving a 19% year-over-year increase in total user time spent. Official members totaled 291 million with an ~80% 12-month retention rate.
Read all positive updates
Company Guidance
Management said AI investments will continue to drive engagement, advertising efficiency and margin expansion while remaining capital‑disciplined: Q1 revenue was RMB7.5bn (+7% YoY) with ad RMB2.6bn (+30%), VAS RMB2.9bn (+4%) and games RMB1.5bn (−12%); gross profit RMB2.8bn (+9%) and gross margin 37.1% (15th straight quarter of expansion); operating profit RMB167m (>10x YoY) and adjusted operating profit RMB524m (adj op margin 7.0% vs 4.9%); net profit RMB202m (vs a loss of RMB11m) and adjusted net profit RMB585m (adj net margin 7.8% vs 5.2%). They reiterated mid‑to‑long‑term targets of ~45% gross margin and 15–20% operating profit ratio, expect Q2 ad growth to remain rapid, see further room for net margin improvement, and disclosed AI-related CapEx rising ~RMB1.0bn for the year (Q1 CapEx +80% YoY to ~RMB200m; P&L impact ~RMB500m) to be partially offset by OpEx efficiencies. Supporting KPIs cited include DAUs 115m (+8%), MAUs 376m, avg daily time spent 119 minutes (+11 min; total time spent +19%), MPUs 34.4m (+7%), premium members 24.8m (+5%, ~80% on annual/auto renew), 291m official members (80% 12‑month retention), >17bn monthly interactions, creator DAUs +6% and submissions +19%, creators >1,000 followers +30%, avg creator income +24%, ad CTCVR +25% YoY, automated ad penetration ~85%, PC/OTT ad rev +50%+, search/mini programs >2x, and select verticals with AI advertiser budgets +170% and home decoration ad spend +130%; cash and equivalents were RMB24.2bn (USD3.5bn) and the $200m buyback completed (9.9m shares repurchased; Q1 repurchase 2.5m shares for $60.3m).Bilibili, Inc. Class Z Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.38B | 29.56B | 26.83B | 22.53B | 21.90B | 19.38B |
| Gross Profit | 10.55B | 10.97B | 8.77B | 5.44B | 3.85B | 4.04B |
| EBITDA | 1.01B | 3.23B | 1.19B | -1.67B | -3.82B | -3.95B |
| Net Income | 220.34M | 1.16B | -1.35B | -4.82B | -7.51B | -6.81B |
Balance Sheet | ||||||
| Total Assets | 38.79B | 41.19B | 32.70B | 33.16B | 41.83B | 52.05B |
| Cash, Cash Equivalents and Short-Term Investments | 22.29B | 24.21B | 16.54B | 15.04B | 19.56B | 30.22B |
| Total Debt | 9.82B | 9.64B | 5.15B | 7.64B | 15.54B | 19.22B |
| Total Liabilities | 24.64B | 25.63B | 18.59B | 18.75B | 26.59B | 30.34B |
| Stockholders Equity | 14.16B | 15.58B | 14.11B | 14.39B | 15.24B | 21.70B |
Cash Flow | ||||||
| Free Cash Flow | 3.29B | 5.32B | 4.26B | -1.06B | -6.65B | -6.33B |
| Operating Cash Flow | 3.29B | 7.15B | 6.01B | 266.62M | -3.91B | -2.65B |
| Investing Cash Flow | -7.19B | -9.34B | -138.09M | 1.76B | 10.61B | -24.58B |
| Financing Cash Flow | 4.30B | 4.09B | -2.83B | -5.07B | -4.35B | 30.39B |
Bilibili, Inc. Class Z Technical Analysis
Negative
240.60
Price Trends
182.18
Negative
207.02
Negative
204.61
Negative
Market Momentum
-8.72
Positive
30.49
Neutral
12.69
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9626, the sentiment is Negative. The current price of 240.6 is above the 20-day moving average (MA) of 168.03, above the 50-day MA of 182.18, and above the 200-day MA of 204.61, indicating a bearish trend. The MACD of -8.72 indicates Positive momentum. The RSI at 30.49 is Neutral, neither overbought nor oversold. The STOCH value of 12.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9626.
Bilibili, Inc. Class Z Risk Analysis
Bilibili, Inc. Class Z disclosed 105 risk factors in its most recent earnings report. Bilibili, Inc. Class Z reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bilibili, Inc. Class Z Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | HK$4.04B | 7.51 | 17.91% | 3.82% | -4.19% | 0.41% | |
73 Outperform | HK$563.19B | 24.64 | 22.14% | 2.22% | 6.96% | 14.02% | |
66 Neutral | HK$25.77B | 18.97 | 44.75% | 1.18% | 14.94% | 86.33% | |
64 Neutral | HK$61.95B | 75.73 | 8.04% | ― | 11.37% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
48 Neutral | HK$4.64B | 32.94 | 2.70% | 8.76% | -26.02% | -51.13% | |
46 Neutral | HK$815.44M | 58.07 | -27.26% | ― | -11.59% | ― |
* Communication Services Sector Average
HK:9626
Bilibili, Inc. Class Z
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Bilibili, Inc. Class Z Corporate Events
Bilibili Publishes Q1 2026 Unaudited Results and Flags Investor Caution
May 19, 2026
Bilibili Inc. has released its unaudited financial results for the first quarter ended March 31, 2026, prepared under U.S. Securities and Exchange Commission rules, and disclosed related changes to its board committees. The company cautioned share...
Bilibili Sets May 19 Board Meeting and Earnings Call for Q1 2026 Results
Apr 28, 2026
Bilibili Inc., a Cayman Islands–incorporated online entertainment platform focused on video, gaming, and youth-oriented digital content, operates under a weighted voting rights structure and is listed on the Hong Kong Stock Exchange. The boa...
Bilibili Files 2025 Form 20-F, Reinforcing Dual-Market Disclosure
Apr 16, 2026
Bilibili Inc., the Shanghai-based, Cayman Islands-incorporated operator listed in Hong Kong and on the Nasdaq Global Select Market, has disclosed its latest corporate governance details, including a board chaired by Rui Chen and composed of both e...
Bilibili Sets June AGM to Approve Accounts, Board Mandates and Share Issuance Authority
Apr 16, 2026
Bilibili Inc. has called its annual general meeting for June 17, 2026, in Shanghai, where shareholders will review and adopt the audited financial statements for the year ended December 31, 2025, and receive reports from the board and auditors. Th...
Bilibili Moves to Update Articles to Meet Hong Kong WVR Rules
Apr 16, 2026
Bilibili Inc. plans to adopt a new set of amended and restated articles of association to replace its existing constitutional documents, primarily to align with updated Hong Kong listing rules governing companies with weighted voting rights struct...
Bilibili Grants New RSUs to Staff Under 2018 Share Incentive Plan
Mar 26, 2026
Bilibili Inc. has granted 949,277 restricted share units to 102 employees under its Second Amended and Restated 2018 Share Incentive Plan, equal to about 0.23% of its total share capital on a one-share-one-vote basis. The RSUs, granted at no purch...
Bilibili Swings to Profit as Advertising Growth and Margins Improve in 2025
Mar 5, 2026
Bilibili Inc. reported solid top-line and profitability gains for 2025, underscoring progress in monetizing its large youth-focused video community. The company grew total net revenues 13% to RMB30.35 billion, driven by a 23% jump in advertising r...
Bilibili Releases Unaudited Q4 and FY2025 Results, Warns Investors on Risks
Mar 5, 2026
Bilibili Inc., a Cayman Islands-incorporated online entertainment platform operator listed in Hong Kong, has disclosed that its business is governed by weighted voting rights and is subject to regulatory oversight in both Hong Kong and the U.S. Th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.