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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:9626

Bilibili, Inc. Class Z

(9626)

Rating:71Outperform
Price Target:
HK$220.00
▲(25.07% Upside)
Bilibili, Inc. shows strong revenue growth and improved cash flow, supported by positive earnings call insights. Technical indicators are favorable, indicating bullish momentum. However, ongoing net losses and valuation concerns due to a negative P/E ratio weigh on the overall score.

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: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. 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
Neutral
Last Price175.90
Price Trends
50DMA
179.00
Positive
100DMA
160.35
Positive
200DMA
156.57
Positive
Market Momentum
MACD
2.67
Positive
RSI
45.80
Neutral
STOCH
27.60
Neutral
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 175.9 is below the 20-day moving average (MA) of 185.22, below the 50-day MA of 179.00, and above the 200-day MA of 156.57, indicating a neutral trend. The MACD of 2.67 indicates Positive momentum. The RSI at 45.80 is Neutral, neither overbought nor oversold. The STOCH value of 27.60 is Neutral, 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

Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
71
Outperform
HK$73.28B318.201.58%22.43%
60
Neutral
$43.56B4.52-13.01%4.07%1.87%-43.08%
$765.62M9.8019.85%3.00%
$6.31B25.997.25%0.39%
€232.24M-34.71%
78
Outperform
HK$673.71B18.9524.23%1.82%2.48%19.49%
67
Neutral
HK$38.45B42.3138.63%0.51%44.92%
* Communication Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HK:9626
Bilibili, Inc. Class Z
175.90
64.10
57.33%
IGGGF
IGG
0.67
0.27
67.50%
KSFTF
Kingsoft
4.44
1.75
65.06%
DE:08IA
iDreamSky Technology Holdings Limited
0.13
-0.11
-45.83%
HK:9999
Netease Inc
211.00
88.12
71.71%
HK:2400
XD, Inc.
77.10
57.87
300.94%

Bilibili, Inc. Class Z Corporate Events

Bilibili Inc. to Announce Q2 and Half-Year 2025 Financial Results
Aug 5, 2025

Bilibili Inc. has announced that its board of directors will meet on August 21, 2025, to approve and release the company’s unaudited financial results for the second quarter and half-year ending June 30, 2025. The announcement will be made public on the Hong Kong Stock Exchange website, followed by an earnings conference call hosted by the management to discuss the results. This announcement is significant as it provides insights into the company’s financial health and operational performance, potentially impacting investor sentiment and 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. 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: Aug 21, 2025