Bilibili, Inc. Class Z (HK:9626)
:9626
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Bilibili, Inc. Class Z
(9626)
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Rating:66Neutral
Price Target:
HK$180.00
▼(-25.19% Downside)
Action:ReiteratedDate:04/21/26
The score is primarily supported by the financial turnaround and strong cash generation, reinforced by a positive earnings call with improving margins and advertising momentum. These are tempered by an expensive P/E and mixed-to-weak technical positioning (below key longer-term moving averages with negative MACD).
Positive Factors
Strong cash generation and liquidity
Consistent positive operating and free cash flow in 2024–2025, plus a large cash stock, provide durable funding for product investment, buybacks and balance-sheet resilience. This cash runway improves flexibility to endure cyclicality and fund strategic initiatives over the next 2–6 months.
Negative Factors
Rising debt levels
A material rise in debt reduces financial flexibility and heightens refinancing and interest-rate risk. If margin or cash-flow improvements falter, elevated leverage could limit strategic options, increase financing costs and pressure the balance sheet over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation and liquidity
Consistent positive operating and free cash flow in 2024–2025, plus a large cash stock, provide durable funding for product investment, buybacks and balance-sheet resilience. This cash runway improves flexibility to endure cyclicality and fund strategic initiatives over the next 2–6 months.
Read all positive factors
Bilibili, Inc. Class Z (9626) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$71.33B
Dividend YieldN/A
Average Volume (3M)6.35M
Price to Earnings (P/E)35.9
Beta (1Y)2.28
Revenue Growth13.20%
EPS GrowthN/A
CountryHK
Employees8,088
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)2.20
Shares Outstanding336,923,650
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$239.21Price Target Upside-0.58% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)8.13
Revenue Forecast (FY)HK$37.75B
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:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive momentum across community engagement, advertising monetization and profitability milestones — notably the first full-year GAAP profit, consecutive margin expansion and robust ad growth — while acknowledging near-term headwinds in quarter-specific game revenue and measured VAS growth. Management emphasized continued AI investment and long-life operation for games, indicating confidence in sustainable growth. Overall, positive operational and financial progress outweighed the limited headwinds.Positive Updates
First Full-Year GAAP Profitability
Reported GAAP net profit of RMB 1.2 billion for FY2025 — the company's first full year of GAAP profitability, marking a major milestone in financial performance.
Negative Updates
Q4 Game Revenue Decline
Game revenues in Q4 declined 14% YoY to RMB 1.5 billion, attributed to a high prior-year base driven by San Mou (San Gou: Mou Ding Tian Xia). This quarter weakness highlights volatility in game-quarter comparatives despite full-year growth.
Read all updates
Q4-2025 Updates
Positive
Negative
First Full-Year GAAP Profitability
Reported GAAP net profit of RMB 1.2 billion for FY2025 — the company's first full year of GAAP profitability, marking a major milestone in financial performance.
Read all positive updates
Company Guidance
Management guided that they expect modest near‑term margin improvement—gross profit to tick up slightly quarter‑over‑quarter in Q1 2026 and adjusted operating margin to improve year‑over‑year—building on Q4 2025 results (Q4 revenue RMB 8.3 billion; gross profit margin 37.0%; adjusted operating profit margin 10.1%; adjusted net profit margin 10.6%); they highlighted advertising as the clearest growth opportunity with continued share gains driven by AI, said they will modestly increase AI investment and reinvest part of incremental profit into AI, and reiterated their mid‑to‑long‑term targets of 40–45% gross profit margin and 15–20% adjusted operating margin.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
Neutral
240.60
Price Trends
210.91
Negative
213.59
Negative
205.54
Negative
Market Momentum
-4.16
Negative
50.27
Neutral
86.50
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9626, the sentiment is Neutral. The current price of 240.6 is above the 20-day moving average (MA) of 187.47, above the 50-day MA of 210.91, and above the 200-day MA of 205.54, indicating a neutral trend. The MACD of -4.16 indicates Negative momentum. The RSI at 50.27 is Neutral, neither overbought nor oversold. The STOCH value of 86.50 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$3.53B | 7.47 | 17.91% | 3.82% | -4.19% | 0.41% | |
73 Outperform | HK$536.27B | 18.22 | 22.14% | 2.22% | 6.96% | 14.02% | |
69 Neutral | HK$31.84B | 18.73 | 44.75% | 1.18% | 14.94% | 84.38% | |
67 Neutral | HK$33.37B | 17.96 | 8.02% | 0.48% | -6.10% | 25.65% | |
66 Neutral | HK$71.33B | 35.85 | 8.04% | ― | 13.20% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
39 Underperform | HK$887.69M | -21.27 | -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 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...
Bilibili Sets March 5 Board Meeting and Earnings Call for 2025 Results
Feb 12, 2026
Bilibili Inc. has scheduled a board meeting for March 5, 2026, in Hong Kong to approve its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025. The company plans to publish these results around 6:00 p.m. the ...
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.