Bilibili (BILI) Q2 2025 earnings summary

Executive summary

• Achieved 20% year-over-year revenue growth in Q2 2025, reaching RMB 7.34 billion, driven by strong performance in games and advertising.

• Delivered GAAP net profit of RMB 218 million and adjusted net profit of RMB 561 million, reversing prior year losses.

• User engagement reached record highs: DAUs up 7% to 109 million, MAUs up 8% to 363 million, and average daily time spent increased to 105 minutes.

• Offline events like Bilibili World attracted over 400,000 participants, reinforcing brand influence among young users.

Financial highlights

• Gross profit rose 46% year-over-year to RMB 2.68 billion, with gross margin expanding to 36.5% from 29.9%.

• Operating profit reached RMB 252 million, adjusted operating profit RMB 573 million, both up from losses last year.

• Adjusted net profit ratio improved to 7.6% in Q2 2025 from an adjusted net loss ratio of 4.4% a year ago.

• Generated RMB 2 billion in operating cash flow; cash and equivalents stood at RMB 22.3 billion as of June 30, 2025.

Outlook and guidance

• Gross margin expected to reach around 37% by Q4 2025, with a mid-term target of 40%-45%.

• Operating margin targeted at 10% adjusted in Q4 and 15%-20% mid-term.

• Continued focus on high-quality content, community engagement, and AI-driven monetization for sustainable growth.

• Positioned to benefit from the expanding video-based industry, with projected increases in user time spent and spending power by 2030.