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Bilibili, Inc. Class Z (HK:9626)
:9626
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Bilibili, Inc. Class Z
(9626)
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Rating:71Outperform
Price Target:
HK$219.00
▼(-0.73% Downside)
Bilibili, Inc. demonstrates strong financial performance with significant revenue growth and improved cash flow, supported by positive earnings call sentiment. However, high valuation metrics and consistent net losses pose risks. The technical indicators suggest a bullish trend, further supporting the stock's potential.
Bilibili, Inc. Class Z (9626) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$89.97B
Dividend YieldN/A
Average Volume (3M)6.46M
Price to Earnings (P/E)389.8
Beta (1Y)2.26
Revenue Growth22.43%
EPS GrowthN/A
CountryHK
Employees8,088
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)1.40
Shares Outstanding332,615,900
10 Day Avg. Volume4,132,533
30 Day Avg. Volume6,459,934
Financial Highlights & Ratios
PEG Ratio0.57
Price to Book (P/B)3.94
Price to Sales (P/S)2.07
P/FCF Ratio13.03
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$214.00Price Target Upside-2.99% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering5
Bilibili, Inc. Class Z Business Overview & Revenue Model
Company DescriptionBilibili 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 and audio content. The company's video services include professional user generated videos, occupationally generated videos, and live broadcasting. Bilibili Inc. was founded in 2009 and is headquartered in Shanghai, the People's Republic of China.
How the Company Makes MoneyBilibili generates revenue through several key streams. The primary source of income is its value-added services (VAS), which include premium membership subscriptions, live broadcasting, and other interactive features that users pay for to enhance their viewing experience. Additionally, the company earns from mobile games by partnering with developers to distribute games on its platform, sharing in-game purchase revenues. Advertising is another significant revenue stream, where Bilibili offers various advertising solutions across its platform. The company also benefits from e-commerce and other innovative monetization avenues such as content licensing and IP development. Strategic partnerships with content creators and gaming companies further bolster its revenue streams, allowing Bilibili to tap into new markets and expand its digital entertainment offerings.
Bilibili, Inc. Class Z Earnings Call Summary
Earnings Call Date:Aug 21, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 13, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant growth in revenues, particularly in games and advertising, alongside strong user engagement and successful events. Challenges remain in the approval of new games, but overall, the company's metrics indicate a positive trend.Q2-2025 Updates
Positive Updates
Strong Revenue Growth
Total net revenues for the second quarter grew by 20% year-over-year to RMB 7.3 billion, driven by the continued strength of Core Games and Advertising businesses.
Significant Growth in Games Revenue
Games revenues rose 60% year-over-year to RMB 1.6 billion, propelled by new seasons of popular SLG title, San Guo.
Advertising Revenue Increase
Advertising revenues increased 20% year-over-year to RMB 2.4 billion, supported by greater AI integration.
Increase in Gross Profit and Margin
Gross profit increased by 46% year-over-year, with gross margin expanding to 36.5% from 29.9% in the same period last year.
Record High User Engagement
DAUs reached 109 million, up 7% year-over-year, and MAUs grew by 8% to 363 million. Average daily time spent rose to 105 minutes, up 6 minutes compared to the same period last year.
Successful Bilibili World Event
Over 400,000 participants attended the 3-day Bilibili World event, 60% more than last year, making it one of the largest offline animation expos in China.
Continued Expansion in AI and Content Creation
Watch time for AI-related content grew 61% year-over-year. AI advertiser demand increased by about 150%.
Negative Updates
Limited New Game Approvals
The company currently has 4 to 5 games waiting for licensing approval, indicating potential delays in expanding the gaming portfolio.
Company Guidance
During Bilibili's second quarter 2025 financial results call, the company reported a strong performance, with total net revenues increasing by 20% year-over-year to RMB 7.3 billion. This growth was driven by a 60% rise in games revenue to RMB 1.6 billion and a 20% increase in advertising revenue to RMB 2.4 billion. The company's gross profit surged 46% year-over-year, with a gross margin of 36.5%, up from 29.9% the previous year. Bilibili also achieved a GAAP net profit of RMB 218 million and an adjusted net profit of RMB 561 million. User engagement metrics showed significant growth, with daily active users (DAUs) reaching 109 million, a 7% increase, and monthly active users (MAUs) rising by 8% to 363 million. The average daily time spent on the platform increased to 105 minutes, reflecting a focus on high-quality content. AI integration played a crucial role in enhancing advertising efficiency, leading to a 30% increase in performance-based advertising revenue. The company also highlighted its successful Bilibili World event, which attracted over 400,000 participants. Looking ahead, Bilibili aims to focus on high-quality content and AI-driven initiatives to sustain growth and profitability.Bilibili, Inc. Class Z Financial Statement Overview
Summary
Bilibili, Inc. shows positive revenue growth and improved cash flow positions. While the company is progressing towards operational efficiency, consistent net losses pose challenges. The balance sheet remains robust with moderate leverage, supporting future growth potential.Income Statement
Bilibili, Inc. shows a positive revenue trend with a growth rate of 19.1% in 2024. The gross profit margin improved to 32.7%, indicating better cost management. However, the company remains unprofitable with a negative net profit margin of -5.0%. The EBIT margin is also negative at -5.0%, but EBITDA turned positive, suggesting operational improvements.70
Positive
Balance Sheet
Bilibili's balance sheet reflects a strong equity position with an equity ratio of 43.2%. The debt-to-equity ratio is moderate at 0.36, indicating manageable leverage. The return on equity remains negative due to net losses, highlighting profitability challenges.65
Positive
Cash Flow
Significant improvement in operating cash flow, reaching HKD 6.01 billion in 2024, and positive free cash flow of HKD 4.26 billion, indicating strong cash generation and effective capital management. The free cash flow to net income ratio is positive, reflecting cash flow health despite net losses.75
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.38B | 26.83B | 22.53B | 21.90B | 19.38B | 12.00B |
| Gross Profit | 10.55B | 8.77B | 5.44B | 3.85B | 4.04B | 2.84B |
| EBITDA | 1.01B | 1.19B | -1.67B | -5.02B | -3.95B | -1.07B |
| Net Income | 220.34M | -1.35B | -4.82B | -7.51B | -6.81B | -3.01B |
Balance Sheet | ||||||
| Total Assets | 38.79B | 32.70B | 33.16B | 41.83B | 52.05B | 23.87B |
| Cash, Cash Equivalents and Short-Term Investments | 22.29B | 16.54B | 15.04B | 19.56B | 30.22B | 12.76B |
| Total Debt | 9.82B | 5.05B | 7.64B | 15.54B | 19.22B | 8.59B |
| Total Liabilities | 24.64B | 18.59B | 18.75B | 26.59B | 30.34B | 16.08B |
| Stockholders Equity | 14.16B | 14.11B | 14.39B | 15.24B | 21.70B | 7.60B |
Cash Flow | ||||||
| Free Cash Flow | 3.29B | 4.26B | -1.06B | -6.65B | -6.33B | -1.49B |
| Operating Cash Flow | 3.29B | 6.01B | 266.62M | -3.91B | -2.65B | 753.10M |
| Investing Cash Flow | -7.19B | -138.09M | 1.76B | 10.61B | -24.58B | -8.91B |
| Financing Cash Flow | 4.30B | -2.83B | -5.07B | -4.35B | 30.39B | 8.34B |
Bilibili, Inc. Class Z Technical Analysis
Positive
220.60
Price Trends
192.89
Positive
178.16
Positive
162.40
Positive
Market Momentum
9.17
Negative
61.16
Neutral
83.12
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9626, the sentiment is Positive. The current price of 220.6 is above the 20-day moving average (MA) of 207.97, above the 50-day MA of 192.89, and above the 200-day MA of 162.40, indicating a bullish trend. The MACD of 9.17 indicates Negative momentum. The RSI at 61.16 is Neutral, neither overbought nor oversold. The STOCH value of 83.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | HK$714.77B | 20.60 | 24.23% | 1.69% | 2.48% | 19.49% | |
76 Outperform | $5.18B | 9.05 | 17.91% | 3.19% | 4.02% | -23.98% | |
71 Outperform | $47.30B | 24.86 | 7.25% | 0.40% | 15.08% | 84.20% | |
71 Outperform | HK$89.97B | 389.75 | 1.58% | ― | 22.43% | ― | |
67 Neutral | HK$38.13B | 25.70 | 57.06% | 0.51% | 51.87% | 4031.49% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
46 Neutral | HK$2.14B | ― | -27.26% | ― | -17.65% | 48.05% |
* Communication Services Sector Average
HK:9626
Bilibili, Inc. Class Z
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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.