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Shares of Bilibili declined despite the Chinese video-sharing and gaming platform finally turning a profit last year for the first time, fueled by a surge in advertising revenue.
The company’s Hong Kong-listed stock fell 1.5 percent to HKD 207.40 (USD 26.52) per share as of 10:30 a.m. local time, after earlier dropping as much as 4.9 percent. Its U.S. ticker on NASDAQ [BILI] dropped 7.1 percent to USD 25.55 yesterday.
For the year ending December 31, Bilibili reported a net profit of 1.2 billion yuan (USD 174 million), reversing a net loss of 1.4 billion yuan the previous year. Revenue increased by 13 percent to 30.4 billion yuan (USD 4.4 billion).
Advertising income soared 23 percent to 10.1 billion yuan, gaming revenue grew 14 percent to 6.4 billion yuan, and value-added services—including memberships and livestreaming—rose 8 percent to 11.9 billion yuan.
2025 marked a key milestone for the company as it posted its first full-year profit under standard accounting principles, according to the CEO and chairman, Chen Rui.
Looking ahead, the company will prioritize two main goals: strengthening its high-quality content ecosystem and supporting creators to extend their content lifecycle while increasing revenue opportunities, Chen said during the earnings call.
Over the past year, Bilibili integrated artificial intelligence into its platform ecosystem. By utilizing advanced large language models, the company enhanced content discovery and ad delivery precision. AI-powered tools for content creators and advertisers have also lowered the barriers to producing content and placing ads.
“AI is a transformative force that can deepen user engagement, enhance distribution efficiency, and expand creative opportunities,” the company stated. Last year, monthly paying users hit a record high of 34 million, mainly driven by gaming and value-added services.
The growth in users was attributed to the steady expansion of high-quality content offerings on the platform, according to Chen.
In the fourth quarter, net profit jumped 478 percent year-over-year to 510 million yuan (USD 73.9 million). Revenue increased 8 percent to 8.3 billion yuan. Advertising revenue rose 27 percent to 3 billion yuan, value-added services grew 6 percent to 3.3 billion yuan, while gaming revenue declined 14 percent to 1.5 billion yuan.
The boost in advertising revenue was driven by the platform’s expanding ecosystem, increased user base, creator activity, and proactive strategies like raising ad load ratios, improving ad efficiency, and deploying AI-generated content tools, according to Dolphin Investment Research. Favorable industry trends—such as popularity in short dramas, mini-games, and AI-driven products—also aligned well with the platform’s user demographic.
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