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

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HK

Bilibili, Inc. Class Z

(9626)

Rating:70Outperform
Price Target:
HK$203.00
▲(9.79%Upside)
Bilibili, Inc. is demonstrating robust growth and operational improvements, particularly in its advertising and gaming sectors, as evidenced by the earnings call and financial performance. Technical analysis indicates positive momentum, though caution is advised due to potential overbought conditions. Valuation concerns remain due to the negative P/E ratio and lack of a dividend yield.

Bilibili, Inc. Class Z (9626) vs. iShares MSCI Hong Kong ETF (EWH)

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:May 20, 2025
(Q1-2025)
|
% Change Since: 29.30%|
Next Earnings Date:Aug 14, 2025
Earnings Call Sentiment Positive
The earnings call presents a strong performance in terms of revenue growth across key segments such as advertising and gaming, supported by increased user engagement and successful monetization strategies. Despite the rise in sales and marketing expenses, the company achieved positive net profit and improved operating leverage, indicating a robust financial position.
Q1-2025 Updates
Positive Updates
Revenue Growth
Total revenues increased by 24% year-over-year to RMB7 billion, driven by strong performances in high-margin advertising and game businesses.
Advertising Revenue Increase
Advertising revenues grew 20% year-over-year to RMB2 billion, supported by product enhancements and infrastructure upgrades.
Game Revenue Surge
Game revenues rose by 76% year-over-year to RMB1.73 billion, attributed to the continued strong performance of the SLG title, San Guo: Mou Ding Tian Xia.
Gross Profit Margin Expansion
Gross profit increased by 58% year-over-year, with the gross profit margin expanding to 36.3% from 28.3% in the previous year.
User Engagement and Growth
DAUs reached 107 million, MAUs climbed to 368 million, and users' average daily time spent increased to a record 108 minutes.
Increase in Monthly Paying Users
Monthly paying users reached an all-time high of 32 million, reflecting users' willingness to pay for quality content.
Improvement in Operating Leverage
Operating profit was RMB15 million, and adjusted operating profit was RMB342 million, compared with losses in Q1 2024.
Positive Adjusted Net Profit
Sustained positive adjusted net profit of RMB362 million and narrowed GAAP net loss by 99% year-over-year in Q1.
Strong Content Creator Ecosystem
1.5 million creators made money on Bilibili during the quarter, with creators' total income from fan-charging programs up over 200%.
Negative Updates
Increased Sales and Marketing Expenses
Sales and marketing expenses increased 26% year-over-year to RMB1.17 billion, mainly due to a one-off marketing expense related to the partnership with CCTV and SLG game promotion.
Company Guidance
In the Bilibili First Quarter 2025 Financial Results and Business Update Conference Call, the company reported a 24% year-over-year increase in total revenues, reaching RMB7 billion, driven by robust growth in its advertising and gaming sectors. Advertising revenues rose by 20% to RMB2 billion, while gaming revenues surged by 76% to RMB1.73 billion. The increased focus on high-margin businesses allowed Bilibili to expand its gross profit margin to 36.3%, up from 28.3% in the previous year. The company achieved a positive adjusted net profit of RMB362 million and significantly reduced its GAAP net loss by 99% to RMB11 million. User engagement metrics were also strong, with daily active users (DAUs) reaching 107 million and monthly active users (MAUs) climbing to 368 million. The average daily time spent by users on the platform set a new record at 108 minutes, and monthly paying users hit an all-time high of 32 million. Additionally, Bilibili's content strategy and AI integration were highlighted as key drivers for future growth and monetization opportunities.

Bilibili, Inc. Class Z Financial Statement Overview

Summary
Bilibili, Inc. shows positive revenue growth and improved cash flow positions. However, consistent net losses and negative net profit and EBIT margins pose challenges. The balance sheet remains robust with moderate leverage, supporting future growth potential.
Income Statement
70
Positive
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
65
Positive
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
75
Positive
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.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue26.83B22.53B21.90B19.38B12.00B
Gross Profit8.77B5.44B3.85B4.04B2.84B
EBITDA1.19B-1.67B-5.02B-3.95B-1.07B
Net Income-1.35B-4.82B-7.51B-6.81B-3.05B
Balance Sheet
Total Assets32.70B33.16B41.83B52.05B23.87B
Cash, Cash Equivalents and Short-Term Investments16.54B15.04B19.56B30.22B12.76B
Total Debt5.05B7.64B15.30B19.02B8.44B
Total Liabilities18.59B18.75B26.59B30.34B16.08B
Stockholders Equity14.11B14.39B15.24B21.70B7.60B
Cash Flow
Free Cash Flow4.26B-1.06B-6.65B-6.33B-1.49B
Operating Cash Flow6.01B266.62M-3.91B-2.65B753.10M
Investing Cash Flow-138.09M1.76B10.61B-24.58B-8.91B
Financing Cash Flow-2.83B-5.07B-4.35B30.39B8.34B

Bilibili, Inc. Class Z Technical Analysis

Technical Analysis Sentiment
Positive
Last Price184.90
Price Trends
50DMA
156.00
Positive
100DMA
153.90
Positive
200DMA
153.96
Positive
Market Momentum
MACD
7.15
Negative
RSI
72.82
Negative
STOCH
79.53
Neutral
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 184.9 is above the 20-day moving average (MA) of 168.15, above the 50-day MA of 156.00, and above the 200-day MA of 153.96, indicating a bullish trend. The MACD of 7.15 indicates Negative momentum. The RSI at 72.82 is Negative, neither overbought nor oversold. The STOCH value of 79.53 is Neutral, 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

Overall Rating
UnderperformOutperform
Sector (66)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
70
Outperform
HK$70.15B-4.30%20.62%87.94%
66
Neutral
¥364.46B14.792.24%2.48%5.40%-15.25%
$629.44M8.5119.85%1.48%
$5.99B26.457.07%0.45%
€161.04M-34.71%
84
Outperform
HK$631.84B18.6423.90%2.10%0.85%6.37%
70
Outperform
HK$24.29B27.0038.63%0.80%44.92%
* Communication Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HK:9626
Bilibili, Inc. Class Z
184.90
59.60
47.57%
IGGGF
IGG
0.52
0.19
57.58%
KSFTF
Kingsoft
4.46
1.61
56.49%
DE:08IA
iDreamSky Technology Holdings Limited
0.09
-0.19
-67.86%
HK:9999
Netease Inc
209.00
67.04
47.22%
HK:2400
XD, Inc.
50.10
34.05
212.15%

Bilibili, Inc. Class Z Corporate Events

Bilibili Inc. Grants Over 3 Million RSUs to Employees
Jun 25, 2025

Bilibili Inc. has announced the grant of 3,088,943 Restricted Share Units (RSUs) to 291 selected employees, including two independent non-executive directors, under its Second Amended and Restated 2018 Share Incentive Plan. This grant represents approximately 0.75% of the company’s total shares. The vesting period for these RSUs varies, with some vesting as early as 2025 and others extending to 2031. The grants are in line with market practices and are subject to a clawback mechanism in certain circumstances, ensuring alignment with company policies and shareholder interests.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$152.00 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. Successfully Concludes Annual General Meeting with Key Resolutions Passed
Jun 20, 2025

Bilibili Inc. announced the results of its Annual General Meeting held on June 20, 2025, where all proposed resolutions were approved. Key outcomes included the re-election of Ni Li, Yi Xu, and Feng Li as directors, with significant support from shareholders. This successful meeting underscores the company’s stable governance and continued confidence from its investors, potentially strengthening its position in the competitive digital entertainment market.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$152.00 price target. To see the full list of analyst forecasts on Bilibili, Inc. Class Z stock, see the HK:9626 Stock Forecast page.

Bilibili Completes $690 Million Convertible Notes Offering
May 23, 2025

Bilibili Inc. has successfully completed the issuance of US$690 million in convertible senior notes due in 2030. This includes an additional US$90 million from the initial purchasers’ option. Additionally, the company completed a concurrent offering of 10,281,240 Class Z ordinary shares borrowed from non-affiliate third parties. These financial maneuvers are expected to bolster Bilibili’s capital structure and potentially enhance its market positioning.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$249.00 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. Raises $678.1 Million Through Convertible Notes Offering
May 22, 2025

Bilibili Inc. announced the successful exercise of an option by initial purchasers to buy an additional US$90 million in convertible senior notes, raising total net proceeds of US$678.1 million. The funds will be used to enhance Bilibili’s content ecosystem, improve monetization efficiency, and support its share repurchase program, potentially impacting its market position and shareholder value.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$122.00 price target. To see the full list of analyst forecasts on Bilibili, Inc. Class Z stock, see the HK:9626 Stock Forecast page.

Bilibili Prices $600 Million Convertible Senior Notes Offering
May 21, 2025

Bilibili Inc. has announced the pricing of its offering of US$600 million in convertible senior notes due in 2030. This move is part of a broader strategy that includes a concurrent delta offering and repurchase, with the notes being offered to qualified institutional buyers. The company has also granted an option to purchase an additional US$90 million in notes, signaling a strategic financial maneuver to strengthen its capital structure.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$122.00 price target. To see the full list of analyst forecasts on Bilibili, Inc. Class Z stock, see the HK:9626 Stock Forecast page.

Bilibili Announces $500 Million Convertible Notes Offering and Share Repurchase Plan
May 21, 2025

Bilibili Inc. has announced a proposed offering of $500 million in convertible senior notes due 2030, aimed at enhancing its content ecosystem and improving monetization efficiency. Concurrently, the company is launching a separate offering of its Class Z ordinary shares to facilitate hedging transactions for investors. The proceeds will also support a share repurchase program, reflecting the company’s confidence in its long-term strategy and mitigating potential negative impacts on share price.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$122.00 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. Announces $500 Million Convertible Notes Offering
May 21, 2025

Bilibili Inc. has announced the proposed offering of $500 million in convertible senior notes due in 2030. The announcement includes unaudited interim condensed consolidated financial statements for the first quarter of 2024 and 2025, alongside a management discussion and analysis of financial conditions and results of operations. This move is likely aimed at bolstering the company’s financial position and supporting its growth initiatives.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$122.00 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. Forms Nomination Committee to Strengthen Board Governance
May 20, 2025

Bilibili Inc. has established a Nomination Committee to enhance its board governance. The committee is tasked with identifying and recommending qualified individuals for board positions, advising on board composition, and overseeing board evaluations. This move is expected to strengthen Bilibili’s board operations and ensure compliance with Nasdaq and Hong Kong Stock Exchange listing rules, potentially improving the company’s strategic decision-making and stakeholder confidence.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$122.00 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. Strengthens Corporate Governance with New Committee Charter
May 20, 2025

Bilibili, Inc. has adopted a new charter for its Corporate Governance Committee, which aims to establish and recommend corporate governance principles to the Board. The committee, composed entirely of independent non-executive directors, will ensure compliance with Nasdaq and Hong Kong listing rules, oversee director and management training, and manage conflicts of interest. This move is expected to enhance Bilibili’s governance practices, potentially strengthening its position in the market and ensuring operations benefit all shareholders.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$122.00 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. Releases Q1 2025 Financial Results and Board Updates
May 20, 2025

Bilibili Inc. announced its unaudited financial results for the first quarter of 2025, highlighting changes in board committees. The announcement, made in compliance with U.S. SEC rules, underscores the company’s strategic and operational plans, which are subject to various risks and uncertainties inherent in the online entertainment industry.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$122.00 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. Announces Board and Committee Structure
May 20, 2025

Bilibili Inc. has announced the composition of its board of directors and the roles within its four key committees: Audit, Compensation, Nomination, and Corporate Governance. This structure is crucial for the company’s governance and strategic decision-making, potentially impacting its operational efficiency and industry positioning.

The most recent analyst rating on (HK:9626) stock is a Buy with a HK$122.00 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 Q1 2025 Earnings Release and Conference Call
May 6, 2025

Bilibili Inc. has announced that its board of directors will meet on May 20, 2025, to approve and release the company’s unaudited financial results for the first quarter of 2025. This announcement is significant for stakeholders as it provides insights into the company’s financial performance and strategic direction, with an earnings conference call scheduled to discuss the results in detail.

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.Date of analysis: Jul 16, 2025