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$255.00
▲(5.99% Upside)
Action:ReiteratedDate:01/14/26
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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Bilibili, Inc. Class Z (9626) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$74.37B
Dividend YieldN/A
Average Volume (3M)6.35M
Price to Earnings (P/E)62.4
Beta (1Y)2.28
Revenue Growth16.59%
EPS GrowthN/A
CountryHK
Employees8,088
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)2.20
Shares Outstanding335,944,270
10 Day Avg. Volume5,856,262
30 Day Avg. Volume6,353,506
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$238.27Price Target Upside-0.97% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)8.12
Revenue Forecast (FY)HK$37.67B
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 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. ...
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
70
Positive
Balance Sheet
65
Positive
Cash Flow
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 | -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
Negative
240.60
Price Trends
222.39
Negative
215.46
Negative
204.31
Negative
Market Momentum
-12.02
Positive
36.06
Neutral
31.11
Neutral
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 192.01, above the 50-day MA of 222.39, and above the 200-day MA of 204.31, indicating a bearish trend. The MACD of -12.02 indicates Positive momentum. The RSI at 36.06 is Neutral, neither overbought nor oversold. The STOCH value of 31.11 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$4.16B | 7.47 | 17.91% | 3.82% | 4.02% | -23.98% | |
73 Outperform | HK$536.69B | 18.22 | 24.72% | 2.22% | 5.45% | 32.55% | |
69 Neutral | HK$29.95B | 18.73 | 49.47% | 1.18% | 51.87% | 4031.49% | |
64 Neutral | HK$74.37B | 62.43 | 8.04% | ― | 16.59% | ― | |
62 Neutral | HK$31.53B | 9.26 | 8.02% | 0.48% | -0.11% | 12.80% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
39 Underperform | HK$939.30M | 10.57 | -27.26% | ― | -17.65% | 48.05% |
* Communication Services Sector Average
HK:9626
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Bilibili, Inc. Class Z Corporate Events
Bilibili, Inc. Grants Over 2 Million RSUs to Key Employees
Dec 15, 2025
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...
Bilibili Enters New IP Collaboration with Jinjiang Original
Nov 20, 2025
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, allow...
Bilibili Inc. Schedules Q3 2025 Earnings Announcement and Conference Call
Oct 23, 2025
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 Exc...
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.