Bilibili, Inc. Class Z (9626) AI Stock Analysis

• Market Cap: HK$106.17B
• Dividend Yield: N/A
• Average Volume (3M): 6.35M
• Price to Earnings (P/E): 129.8
• Beta (1Y): 2.19
• Revenue Growth: 16.59%
• EPS Growth: N/A
• Country: HK
• Employees: 8,088
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): 1.92
• Shares Outstanding: 335,018,100
• 10 Day Avg. Volume: 5,856,262
• 30 Day Avg. Volume: 6,353,506
• PEG Ratio: 0.57
• Price to Book (P/B): 3.94
• Price to Sales (P/S): 2.07
• P/FCF Ratio: 13.03
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$226.86
• Price Target Upside: -11.17% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 18
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: HK$255.00 ▼(-0.16% Downside)

The score is primarily supported by improving operations and strong cash generation alongside solid revenue growth. It is tempered by continued net losses and expensive valuation (high P/E), while technicals show strong momentum but overbought signals that add near-term risk.

Positive Factors

Cash generation

Material operating cash flow and positive free cash flow provide durable funding for content investment, product development and marketing without relying on equity raises. Strong cash conversion supports strategic flexibility and bolsters resilience through game/content cycles.

Revenue and margin improvement

Sustained top-line growth with improving gross margin and a move to positive EBITDA indicate scalable monetization and better cost control. These structural trends suggest the business model can increasingly convert engagement into durable operating profitability over the medium term.

Large, engaged user base

High and rising DAUs/MAUs, strong paying-user growth and very high daily time spent reinforce network effects and content stickiness. A deep community increases ad yield, VAS conversion and cross-selling durability across games, live and e-commerce over many quarters.

Negative Factors

Persistent net losses

Despite cash flow gains, sustained negative net and EBIT margins mean accounting profitability lag persists. This limits retained earnings, compresses ROE and requires continued operating improvements to translate cash generation into reported profits and shareholder value.

Negative return on equity

A negative ROE signals the company is not yet effectively converting shareholder capital into profit. Even with moderate leverage, prolonged negative ROE undermines the economics of reinvesting internally and raises the bar for management to deliver sustainable returns.

Mobile games revenue volatility

Heavy reliance on mobile games introduces hit-driven revenue volatility and margin swings tied to title lifecycles. This structural concentration forces continual high investment in content/games or diversification to stabilize long-term revenue and cash-flow predictability.

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 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 Money

Bilibili generates revenue through multiple streams, primarily including advertising, premium membership subscriptions, and content monetization. The advertising revenue comes from brands that want to reach Bilibili's large and engaged user base. The premium membership provides users with enhanced features such as ad-free viewing and exclusive content, contributing to subscription revenue. Additionally, Bilibili earns from the sale of virtual goods and in-game purchases within its mobile gaming sector. The company also collaborates with content creators and licenses popular anime and gaming properties, which further diversifies its income sources. Strategic partnerships with various content producers and brands play a significant role in enhancing its offerings and driving growth.

Bilibili, Inc. Class Z Financial Statement Overview

Summary

Bilibili, Inc. demonstrates 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.

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.

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.

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	-3.82B	-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	5.15B	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

• Technical Analysis Sentiment: Positive
• Last Price: 255.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 255.4 is above the 20-day moving average (MA) of 213.14, above the 50-day MA of 208.10, and above the 200-day MA of 183.59, indicating a bullish trend. The MACD of 14.02 indicates Negative momentum. The RSI at 81.53 is Negative, neither overbought nor oversold. The STOCH value of 94.27 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 Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9999	80 Outperform	HK$655.20B	17.49	24.72%	2.22%	5.45%	32.55%
0799	70 Outperform	HK$4.49B	7.83	17.91%	3.82%	4.02%	-23.98%
9626	64 Neutral	HK$106.17B	129.75	5.32%	―	16.59%	―
3888	62 Neutral	$45.18B	27.17	6.19%	0.48%	-0.11%	12.80%
2400	61 Neutral	HK$41.84B	27.66	57.06%	1.18%	51.87%	4031.49%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
1119	39 Underperform	HK$1.34B	-2.46	-27.26%	―	-17.65%	48.05%

Bilibili, Inc. Class Z Corporate Events

Bilibili, Inc. Grants Over 2 Million RSUs to Key Employees

Bilibili, Inc. announced the grant of 2,014,815 restricted share units (RSUs) to 147 selected employees, including executive directors, under its Second Amended and Restated 2018 Share Incentive Plan. This move, representing approximately 0.49% of the company’s total shares, is aimed at incentivizing and retaining key personnel. The vesting of these RSUs is subject to performance targets for executive directors and includes a clawback mechanism under certain conditions. This strategic allocation of shares underscores Bilibili’s commitment to aligning employee performance with company growth, potentially impacting its market positioning and stakeholder interests.

The most recent analyst rating on (HK:9626) stock is a Hold with a HK$230.00 price target. To see the full list of analyst forecasts on Bilibili, Inc. Class Z stock, see the HK:9626 Stock Forecast page.

Bilibili Enters New IP Collaboration with Jinjiang Original

Bilibili, Inc. announced the signing of a Comprehensive Cooperation Framework Agreement with Jinjiang Original, effective from January 1, 2026, to December 31, 2028. This agreement involves collaboration on intellectual property (IP) rights, allowing Bilibili to acquire copyrights for various works and utilize them for adaptation, dissemination, and distribution. The agreement, which supersedes a previous arrangement, outlines transaction amounts based on negotiations considering commercial factors and market practices. This partnership is expected to enhance Bilibili’s content offerings and strengthen its position in the digital entertainment market.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$240.00 price target. To see the full list of analyst forecasts on Bilibili, Inc. Class Z stock, see the HK:9626 Stock Forecast page.

Bilibili Inc. Schedules Q3 2025 Earnings Announcement and Conference Call

Bilibili Inc. has announced that its board of directors will meet on November 13, 2025, to approve and announce the company’s unaudited financial results for the third quarter of 2025. The results will be published on the Hong Kong Stock Exchange website, and an earnings conference call will be held the same day to discuss the results, potentially impacting investor perceptions and market positioning.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$252.00 price target. To see the full list of analyst forecasts on Bilibili, Inc. Class Z stock, see the HK:9626 Stock Forecast page.