Bilibili (BILI) Q4 2024 earnings summary

Executive summary

• Achieved first GAAP net profit in Q4 2024, with total revenues of RMB 7.73 billion (up 22% YoY) and full-year revenues of RMB 26.83 billion (up 19% YoY), marking a pivotal year for growth and profitability.

• Gross profit rose 68% YoY in Q4 to RMB 2.79 billion, with gross margin at 36.1% (up from 26.1% YoY); full-year gross profit reached RMB 8.8 billion.

• Adjusted net profit for Q4 was RMB 452 million, compared to a loss of RMB 555.8 million a year ago; full-year adjusted net loss narrowed by 99%.

• User engagement hit record highs: 103 million DAUs, 340 million MAUs, and 99 minutes average daily time spent in Q4.

• Platform represents nearly 70% of China's Gen Z+ population, with a strong focus on high-quality content and community.

Financial highlights

• Q4 gross profit margin rose to 36.1%, up 10 percentage points YoY, with gross profit up 68% YoY to RMB 2.8 billion.

• Q4 operating profit and net profit turned positive at RMB 126 million and RMB 89 million, respectively; adjusted operating profit was RMB 463 million.

• Operating cash flow for Q4 was RMB 1.4 billion; full-year operating cash flow surged to RMB 6.01 billion.

• Cash and equivalents stood at RMB 16.54 billion at year-end.

• Operating expenses as a percentage of revenue declined to 34% in Q4 2024 from 47% in Q4 2023.

Outlook and guidance

• 2025 strategy focuses on expanding margins, increasing profitability, and maintaining healthy community growth.

• Confident in maintaining above-industry advertising growth rates and further margin expansion, targeting long-term gross margin of 40%-45% and operating profit margin of 15%-20%.

• Plans to leverage AI and high-quality data assets for future growth and innovation, with management highlighting robust opportunities in video-based content.

• Focus remains on monetizing Gen Z+ user base and expanding video and live commerce as new growth drivers.