Core Viewpoint - Bilibili Inc. reported a 3% increase in total net revenues for both the fourth quarter and fiscal year 2023, highlighting growth in advertising and value-added services despite a net loss that narrowed significantly compared to the previous year [2][11][15]. Financial Performance - Total net revenues for Q4 2023 were RMB6.3 billion (US$894.3 million) and RMB22.5 billion (US$3.2 billion) for the full year, both reflecting a 3% increase year-over-year [2][11]. - Advertising revenues reached RMB1.9 billion (US$271.7 million) in Q4 2023, up 28% year-over-year, and RMB6.4 billion (US$903.1 million) for the year, up 27% [2][11]. - Value-added services (VAS) revenues were RMB2.9 billion (US$402.4 million) in Q4 2023, a 22% increase, and RMB9.9 billion (US$1.4 billion) for the year, a 14% increase [2][11]. - Gross profit for Q4 2023 was RMB1.7 billion (US$233.8 million), up 33% year-over-year, with a gross profit margin of 26.1%, improving from 20.3% in the same period last year [2][11][12]. - The net loss narrowed to RMB1.3 billion (US$182.6 million) in Q4 2023, a 13% improvement, and RMB4.8 billion (US$677.7 million) for the year, a 36% improvement [2][11][15]. Operational Efficiency - Operating cash flow was positive at RMB640.4 million (US$90.2 million) in Q4 2023, compared to negative RMB707.3 million in the same period last year [10][12]. - The company reduced operating expenses by 17% year-over-year in Q4 2023 and 14% for the full year, contributing to improved financial metrics [3][12][13]. User Engagement - Average daily active users (DAUs) exceeded 100 million in Q4 2023, representing an 8% increase from the same period in 2022, with users spending over 95 minutes daily on the platform [3][11]. - Over 3 million content creators earned income on Bilibili in 2023, a 30% increase compared to 2022, indicating a strengthening community ecosystem [3][11]. Future Outlook - The company aims to continue enhancing its commercialization strategy and monetization products in 2024, focusing on creating value for users, creators, and shareholders [3][11].

Financial Performance - For Q4 2023, total net revenue reached RMB 6.3 billion (approximately $894.3 million), a 3% increase year-over-year[7] - Advertising revenue for Q4 2023 was RMB 1.9 billion (approximately $271.7 million), up 28% year-over-year, while for the full year 2023, it reached RMB 6.4 billion (approximately $903.1 million), a 27% increase[7] - Value-added services revenue for Q4 2023 was RMB 2.9 billion (approximately $402.4 million), a 22% increase year-over-year, and for the full year 2023, it totaled RMB 9.9 billion (approximately $1.4 billion), a 14% increase[7] - Gross profit for Q4 2023 was RMB 1.7 billion (approximately $233.8 million), a 33% increase year-over-year, with a gross margin of 26.1%, up from 20.3% in the same period last year[8] - The net loss for Q4 2023 was RMB 1.3 billion (approximately $182.6 million), narrowing by 13% year-over-year, while the full year net loss was RMB 4.8 billion (approximately $677.7 million), a 36% reduction[8] - Adjusted net loss for Q4 2023 was RMB 555.8 million (approximately $78.3 million), a 58% year-over-year reduction, and for the full year, it was RMB 3.4 billion (approximately $480.9 million), down 49%[8] - Net revenue for the fiscal year was RMB 22.5 billion (USD 3.2 billion), a 3% increase compared to 2022[14] - Net loss narrowed to RMB 4.8 billion (USD 677.7 million), a 36% improvement compared to the previous year[17] - Adjusted net loss was RMB 3.4 billion (USD 480.9 million), a 49% reduction year-over-year[17] - Operating loss was RMB 5.1 billion (USD 713.3 million), a 39% decrease from 2022[17] User Engagement - Daily active users (DAUs) reached 100.1 million in Q4 2023, an 8% increase compared to the same period in 2022[8] - The number of content creators earning revenue on the platform exceeded 3 million in 2023, a 30% increase from 2022[9] Cash Flow and Expenses - The company achieved positive operating cash flow for the full year 2023, with Q4 operating cash flow at RMB 640.4 million (approximately $90.2 million)[8] - Total operating expenses were RMB 3 billion (USD 417.6 million), a decrease of 17% year-over-year, with sales and marketing expenses down 11%[12] - R&D expenses were RMB 4.5 billion (USD 629.2 million), a decrease of 6% year-over-year, due to a reduction in R&D personnel[17] - Net cash provided by operating activities was RMB 266.6 million (USD 37.6 million), compared to RMB 3.9 billion used in 2022[18] Future Outlook - The company plans to continue driving community growth and commercialization in 2024, aiming to create value for users, creators, and shareholders[10] - The company will hold an earnings conference call on March 7, 2024, at 7:00 AM EST[19] Market and Investment - The total unredeemed principal amount of convertible preferred bonds was USD 861.8 million (RMB 6.1 billion) as of December 31, 2023[18] - The fair value change loss on investments in listed companies for the three months ended September 30, 2023, was RMB 137,358 thousand, an increase from RMB 59,688 thousand in the same period of 2022[33] Non-GAAP Measures - The company uses non-GAAP financial measures to assess its operating performance, excluding certain expenses[21] Currency and Exchange Rate - The exchange rate used for conversions is RMB 7.0999 to USD 1.00 as of December 29, 2023[23] Risks and Uncertainties - Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ significantly[24]

Financial Performance - Total net revenues for Q4 2023 were RMB6.3 billion (US$894.3 million), a 3% increase year over year, while total revenues for the fiscal year 2023 reached RMB22.5 billion (US$3.2 billion), also up 3% from 2022[2]. - Advertising revenues in Q4 2023 were RMB1.9 billion (US$271.7 million), representing a 28% year-over-year increase, and for the full year, advertising revenues were RMB6.4 billion (US$903.1 million), up 27% from 2022[2]. - Value-added services (VAS) revenues for Q4 2023 were RMB2.9 billion (US$402.4 million), a 22% increase year over year, with full-year VAS revenues at RMB9.9 billion (US$1.4 billion), up 14% from 2022[2]. - Gross profit for Q4 2023 was RMB1.7 billion (US$233.8 million), a 33% increase year over year, with a gross profit margin of 26.1%, improving from 20.3% in the same period last year[2]. - Total net revenues for the year ended December 31, 2023, were RMB 22,527,987, representing an increase from RMB 21,899,167 in 2022[24]. - Mobile games revenue for the year ended December 31, 2023, was RMB 4,021,137, a decrease from RMB 5,021,290 in 2022, reflecting a decline of approximately 20%[24]. - Value-added services (VAS) revenue increased to RMB 9,910,080 for the year ended December 31, 2023, up from RMB 8,715,170 in 2022, marking a growth of about 13.7%[24]. - Advertising revenue for the year ended December 31, 2023, was RMB 6,412,040, an increase from RMB 5,066,212 in 2022, representing a growth of approximately 26.6%[24]. - The company reported a gross profit of RMB 5,441,865 for the year ended December 31, 2023, compared to RMB 3,849,295 in 2022, representing an increase of approximately 41.5%[24]. Loss and Adjusted Loss - The net loss for Q4 2023 was RMB1.3 billion (US$182.6 million), narrowing by 13% year over year, while the full-year net loss was RMB4.8 billion (US$677.7 million), a 36% reduction from 2022[2]. - Adjusted net loss for Q4 2023 was RMB555.8 million (US$78.3 million), a 58% improvement year over year, and for the full year, adjusted net loss was RMB3.4 billion (US$480.9 million), narrowing by 49% from 2022[2]. - The net loss attributable to Bilibili Inc.'s shareholders for the year ended December 31, 2023, was RMB 4,822,321, compared to a net loss of RMB 7,497,013 in 2022, indicating an improvement of about 35.5%[24]. - The basic net loss per share for the year ended December 31, 2023, was RMB 11.67, a decrease from RMB 18.99 in 2022, reflecting a reduction of approximately 38.5%[24]. - The company reported an adjusted net loss of RMB 555.8 million for the year ended December 31, 2023, compared to an adjusted net loss of RMB 1.31 billion for the year ended December 31, 2022[31]. - Adjusted net loss per share decreased from RMB 3.31 for the year ended December 31, 2022, to RMB 8.29 for the year ended December 31, 2023, indicating a reduction in losses[33]. User Engagement - Average daily active users (DAUs) reached 100.1 million in Q4 2023, an 8% increase from the same period in 2022, with users spending over 95 minutes daily on the platform[3]. Cash Flow and Expenses - Operating cash flow for Q4 2023 was RMB640.4 million (US$90.2 million), compared to negative RMB707.3 million in the same period last year, marking a significant turnaround[2]. - Total operating expenses for the fiscal year 2023 decreased by 14% to RMB10.5 billion (US$1.5 billion), with sales and marketing expenses down 20% year over year[12][13]. - Total operating expenses for the year ended December 31, 2023, were RMB 10,506,052, down from RMB 12,207,239 in 2022, indicating a decrease of about 14%[24]. - Research and development expenses for the year ended December 31, 2023, were RMB 4,467,470, compared to RMB 4,765,360 in 2022, showing a decline of approximately 6.3%[24]. - Share-based compensation expenses totaled RMB 1,132,644 for the year ended December 31, 2023, up from RMB 1,040,683 in 2022, reflecting an increase of about 8.8%[26]. Assets and Liabilities - As of December 31, 2023, the company had cash and cash equivalents of RMB15.0 billion (US$2.1 billion) and outstanding convertible senior notes totaling US$861.8 million (RMB6.1 billion)[15]. - Total assets decreased from RMB 41.83 billion on December 31, 2022, to RMB 33.16 billion on December 31, 2023, a decline of approximately 20.7%[27]. - Total current liabilities increased from RMB 17.09 billion on December 31, 2022, to RMB 18.10 billion on December 31, 2023, an increase of approximately 5.9%[27]. - Cash and cash equivalents decreased from RMB 10.17 billion on December 31, 2022, to RMB 7.19 billion on December 31, 2023, a decline of approximately 29.5%[27]. - Total liabilities decreased from RMB 26.59 billion on December 31, 2022, to RMB 18.75 billion on December 31, 2023, a decline of approximately 29.6%[27]. - Long-term investments decreased from RMB 5.65 billion on December 31, 2022, to RMB 4.37 billion on December 31, 2023, a decline of approximately 22.7%[27]. Operational Efficiency - Loss from operations narrowed to RMB 1.30 billion for the three months ended December 31, 2023, compared to RMB 2.33 billion for the same period in 2022[31]. - Weighted average number of ordinary shares increased from 396.08 million for the year ended December 31, 2022, to 414.79 million for the year ended December 31, 2023[33].

Shanghai, Feb. 25, 2024 /PRNewswire/ -- China's leading venture capital firm Qiming Venture Partners announced its recent signing of the United Nations-supported Principles for Responsible Investment (PRI). By signing the PRI, Qiming has joined an international network of over 5,000 signatories that share a mission to shape a global sustainable financial system that ensures growth for investors, enterprises, environment, and the wider society. "The signing is a testimony to our commitment to Environmental, ...

SHANGHAI, China, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Bilibili Inc. ("Bilibili" or the "Company") (NASDAQ:BILI), an iconic brand and a leading video community for young generations in China, today announced that it is notifying holders of its 1.375% Convertible Senior Notes due 2026 (CUSIP No. 090040AB2) (the "Notes") that, pursuant to the Indenture dated as of April 5, 2019 (the "Indenture") relating to the Notes by and between the Company and Deutsche Bank Trust Company Americas, as trustee, each holder has ...

Group 1: US Stock Market Performance - The three major US stock indices experienced slight gains, with the Dow Jones up 0.37%, S&P 500 up 0.23%, and Nasdaq up 0.07% [1] - Popular Chinese concept stocks surged, with the Nasdaq Golden Dragon China Index rising nearly 6%, marking its largest single-day gain in over six months [1] - Major tech stocks showed mixed results, with Tesla rebounding over 2% and Apple continuing its two-day rise after launching Vision Pro, while Netflix and Meta fell over 1% [1] Group 2: Company-Specific Developments - Palantir's stock surged 30.8% following a strong earnings report driven by robust demand for its AI products, marking the company's first profitable year [1] - WeWork's founder Adam Neumann is attempting to buy back the company after its bankruptcy filing last November, with his new real estate firm Flow Global seeking to acquire WeWork or its assets [3][4] - WeWork may be forced to accept new bankruptcy loans due to slower-than-expected progress in rent negotiations [4] Group 3: Economic Policy Insights - Cleveland Fed President Mester expressed a willingness to consider three interest rate cuts this year if the US economy performs as expected, while remaining cautious about inflation uncertainties [2] - Mester noted that the current strong labor market and spending data provide the Fed with the flexibility to maintain interest rates at current levels [2]

The industry is witnessing a mixed bag of fortunes in the dynamic world of online streaming. Though industry bellwethers such as Netflix continue to shine, its competition is struggling, with many of them evolving into streaming stocks to sell. Moreover, certain streaming platforms are struggling remarkably in terms of their financials, with gross margins and revenue growth falling short of industry averages. This is a telling sign of underlying operational inefficiencies and a challenging market environmen ...

Group 1 - Proposed gaming regulations in China are expected to impact smaller developers more significantly than larger ones, while also leading to a reduction in overall online advertising revenue [1][2] - Online games are estimated to account for approximately 20% of the online advertising industry's revenue, indicating a direct correlation between gaming revenue and ad revenue [1] - Major game developers, such as NetEase, Tencent, and Bilibili, derive a substantial portion of their revenue from gaming, with NetEase being heavily reliant on this segment [1] Group 2 - The National Press and Publication Administration has recently approved over 100 new domestic games and 40 imported games, suggesting ongoing regulatory activity in the gaming sector [2] - Incentives for daily sign-ins and initial in-app purchases are common strategies used by online games to enhance user engagement and collect valuable user data [2] - The financial impact of the proposed regulations remains uncertain, particularly regarding whether they will apply to new games only or also to existing titles [2][3]

Investor Presentation November 2023 ...

Bilibili Inc. (NASDAQ:BILI) Q3 2023 Earnings Conference Call November 29, 2023 7:00 AM ET Company Participants Juliet Yang - Executive Director-Investor Relations Rui Chen - Chairman of the Board of Directors & Chief Executive Officer Sam Fan - Chief Financial Officer Conference Call Participants Zhang Xueqing - CICC Fang Wei - Mizuho Felix Liu - UBS Zhang Lei - Bank of America Operator Good day, and welcome to the Bilibili Third Quarter 2023 Financial Results and Business Update Conference Call. Today's co ...