Financial Data and Key Metrics - Total revenues increased by 16% year-over-year to RMB 6.13 billion in Q2 2024 [5] - Gross profit rose by 49% year-over-year to RMB 1.8 billion, with gross profit margin reaching 29.9%, up from 23.1% in Q2 2023 [6] - Adjusted operating loss and adjusted net loss narrowed by 69% and 72% year-over-year, respectively [6] - Operating cash flow reached a record RMB 1.75 billion in Q2 2024 [6] - Deferred revenue balance increased by RMB 738 million from Q1 2024 [6] Business Line Data and Key Metrics - Advertising revenue grew by 30% year-over-year, contributing 33% of total revenue [5][20] - Games revenue increased by 13% year-over-year to RMB 1.01 billion, driven by new launches and legacy titles [15][20] - Value-added services (VAS) revenue grew by 11% year-over-year to RMB 2.57 billion, with premium members reaching 22.3 million [18][20] Market Data and Key Metrics - DAUs increased by 6% year-over-year to 102 million, while MAUs grew to 336 million [7] - Users spent an average of 99 minutes daily on the platform, up from 94 minutes in Q2 2023 [11] - Video views increased by 18% year-over-year to over 4.8 billion daily [9] Company Strategy and Industry Competition - The company focuses on content, community, and commercialization, with a strategy to attract high-quality creators and expand monetization channels [9][10] - The success of the strategy game "San Guo: Mou Ding Tian Xia" marks a breakthrough in genre diversification and long-term game operation [16][17] - The company aims to achieve non-GAAP breakeven in Q3 2024 and improve profitability thereafter [6][21] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong growth in advertising and games businesses, driven by improved infrastructure and user engagement [12][15] - The company is confident in maintaining above-industry average advertising growth in the second half of 2024 [31] - Management emphasized the potential of AI applications in content creation and user experience enhancement [53][57] Other Important Information - The company celebrated its 15th anniversary, with nearly 70% of China's Gen Z+ population using the platform [8] - Bilibili held offline events "Bilibili World" and "Bilibili Macro Link," attracting over 250,000 participants [11] Q&A Session Summary Question: Drivers behind robust advertising growth and outlook for H2 2024 - Advertising growth was driven by healthy traffic growth and unlocking the commercial value of users, with a focus on infrastructure and vertical industry solutions [25][27][31] Question: Drivers for the successful launch of "San Guo: Mou Ding Tian Xia" and future game genres - The game's success was attributed to the company's strategy of reinventing games for younger audiences, with a focus on long-term operation and addressing user pain points [35][37][39] Question: Content strategy and consumption trends as user demographics evolve - The company is expanding content categories to cater to evolving user needs, with significant growth in consumption-related content such as home decor, automotive, and fashion [43][44][46] Question: Financial outlook for H2 2024 and mid-to-long term profitability - The company expects strong revenue growth in Q3 2024, driven by games and advertising, and aims to achieve meaningful operating profit on a non-GAAP basis [51] Question: AI applications and future potential - AI is being used to enhance content creation and user experience, with significant user engagement in AI-related content and partnerships with leading AI companies [53][57][59]

Investor Presentation August 2024 1 Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue," or other similar expressions. Among other things, quotations from m ...

Company Performance - Bilibili reported a quarterly loss of $0.09 per share, better than the Zacks Consensus Estimate of a loss of $0.10, and an improvement from a loss of $0.33 per share a year ago, indicating a 72.73% year-over-year improvement [1] - The company achieved revenues of $846.21 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.51% and showing a 11.76% increase from $757.02 million in the same quarter last year [1] - Over the last four quarters, Bilibili has exceeded consensus EPS estimates two times and revenue estimates three times [1] Market Performance - Bilibili shares have increased approximately 15.2% since the beginning of the year, while the S&P 500 has gained 17.8% during the same period [2] - The current Zacks Rank for Bilibili is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [4] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $1.01 billion, while for the current fiscal year, the estimate is -$0.07 on revenues of $3.72 billion [4] - The estimate revisions trend for Bilibili is mixed, and future earnings expectations will depend on management's commentary during the earnings call [2][3] Industry Context - The Internet - Services industry, to which Bilibili belongs, is currently ranked in the bottom 44% of over 250 Zacks industries, which may impact the stock's performance [5] - Another company in the same industry, Zscaler, is expected to report quarterly earnings of $0.69 per share, reflecting a year-over-year change of +7.8%, with revenues projected at $567.62 million, up 24.8% from the previous year [5][6]

SHANGHAI, China, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Highlights: Total net revenues were RMB6.13 billion (US$843.1 million), representing an increase of 16% year over year. Advertising revenues were RMB2.04 billion (US$280.4 million), representing a ...

Core Viewpoint - Bilibili (BILI) is experiencing a potential stock bounce, with support around the $13 region, ahead of its second-quarter earnings report [1] Group 1: Stock Performance and Analysis - BILI is currently within one standard deviation of its 126-day moving average, having remained above it 80% of the time over the past two months and within the last 10 trading days [1] - Historical data shows that after similar signals in the past three years, BILI was higher one month later once, with a gain of 11.1% [1] - The stock has had mixed post-earnings reactions over the last two years, averaging a 9.3% swing regardless of direction, while the current options market is pricing in a 14.6% move [1] Group 2: Short Interest and Market Dynamics - Short interest represents 5.1% of BILI's available float, indicating potential for an unwinding that could support the stock [2] - It would take shorts nearly three days to cover their positions based on BILI's average trading pace [2]

2024 年 8 月 5 日 公司研究 《三国：谋定天下》新赛季开启，关注盈亏平衡进展 ——哔哩哔哩（BILI.O）2Q24 业绩前瞻 要点 2Q24 业绩前瞻：1）我们预计公司 2Q24 营收为 61.1 亿元人民币（yoy+15%）， 分业务来看，预计游戏\VAS\广告\电商四大业务收入分别为 9.6 亿元（yoy+8%）、 26.5 亿元（yoy+15%）、20.1 亿元（yoy+28%）、4.8 亿元（yoy-11%）。2） 预计 2Q24 实现毛利润 18.0 亿元，对应毛利率 29.5%，预计各项费用合计同比 基本持平，预计实现经调整净亏损 3.4 亿元。 观点：24 年公司基本面边际改善，主要来自游戏超预期+Q3 扭亏为盈预期。 游戏：B 站独代 SLG 手游《三国：谋定天下》（简称《三谋》）第一批次服务 器 S2 赛季于 8 月 3 日正式开启。1）内容更新：新增武将及战法，新增英雄话 本等玩法；S2 开启后，主公需要重新起名并选择职业，并落洲。2）排名跟踪： 根据七麦数据 IOS 游戏畅销榜，6.13-7.3，畅销榜前 5；7.4-7.25，畅销榜前 15； 后续因 S1 赛季进入尾声，游戏 ...

SHANGHAI, China, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Bilibili Inc. ("Bilibili" or the "Company") (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it will report its second quarter 2024 unaudited financial results on Thursday, August 22, 2024, before the open of U.S. markets. The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 22, 2024 (8:00 PM Beijing/Hong Kong Time on August 22, ...

SHANGHAI, China, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it will report its second quarter 2024 unaudited financial results on Thursday, August 22, 2024, before the open of U.S. markets. The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 22, 2024 (8:00 PM Beijing/Hong Kong Time on August 22, ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to $20.00 from the previous $17.00, indicating a potential upside of 19.7% from the current price of $16.71 [1][3][9]. Core Insights - The report slightly raises the revenue forecast for Q2 2024 by 1% to RMB 6.135 billion, reflecting a year-on-year growth of 16%, primarily driven by new game releases exceeding expectations [2][3]. - The performance of the game "Three Kingdoms" has been strong, leading to an upward revision of the annual game revenue forecast to RMB 54 billion for 2024 and RMB 67 billion for 2025, with expected growth rates of 34% and 23% respectively [2][3]. - The company is focusing on enhancing its advertising capabilities and expanding its e-commerce initiatives, which are expected to contribute positively to revenue growth [2][3]. Financial Summary - The company reported revenues of RMB 21.899 billion in 2022, with projections of RMB 22.528 billion in 2023, RMB 26.585 billion in 2024, and RMB 30.207 billion in 2025, indicating a growth trajectory [4][10]. - The net loss is expected to narrow from RMB 6.692 billion in 2022 to RMB 3.425 billion in 2023, and further to RMB 478 million in 2024, with a projected return to profitability in 2025 [4][10]. - The gross margin is anticipated to improve from 17.6% in 2022 to 30.8% in 2024, reflecting operational efficiencies and increased revenue from advertising [10][11]. Revenue Breakdown - The revenue from mobile games is projected to grow from RMB 4.021 billion in 2023 to RMB 5.405 billion in 2024, while value-added services (VAS) and advertising revenues are also expected to see significant increases [7][10]. - The report highlights that advertising revenue is expected to grow by 26% year-on-year in Q2 2024, driven by improved ad distribution strategies and product enhancements [2][7]. Market Position - The company is positioned favorably within the entertainment content sector, with a market capitalization of approximately $5.37 billion and a 52-week price range between $8.94 and $19.07 [5][9]. - The report emphasizes the potential for further growth in the gaming and advertising sectors, particularly with the upcoming launch of new games and enhancements in advertising technology [2][3].

Investment Rating - The report maintains a **Buy** rating for Bilibili (BILI US) with a target price of **$20.50**, implying a potential upside of **22.7%** from the current price of **$16.71** [1][3] Core Views - Bilibili's **community ecosystem** and **commercialization** are showing healthy growth, with **user stickiness** and **commercial value** improving due to the expansion of diversified content categories such as knowledge and consumer-related content [1] - The company's **commercial infrastructure** has been enhanced, leading to a **50% YoY increase** in the number of advertisers and a **100% YoY growth** in GMV from live-streaming e-commerce in 1H24 [1] - The **gaming business** has entered its third "five-year plan," focusing on both self-developed and agency games, with plans to launch at least two new long-term vertical games in the next five years [1] - The short-term catalyst for the stock is the **better-than-expected performance** of the mobile game *San Mou*, while the long-term outlook is positive due to the company's improving **commercialization capabilities** and **profitability** [1] Content Ecosystem - Bilibili has expanded its content categories beyond traditional strengths, with **knowledge and consumer-related content** growing rapidly, contributing to a **5 percentage point increase** in the share of diversified content video views [1][7] - In 1H24, video views (VV) for **automotive/travel/home improvement** categories grew by **48%/40%/43% YoY**, respectively, driving higher **creator revenue** and **user spending** on the platform [1][7] - **Creator revenue** increased by **32% YoY** in 1H24, with income from **Hua Huo orders/charging/classroom projects** growing by **31%/371%/52% YoY**, respectively [7] - The number of users with **spending behavior** on the platform grew by **71% YoY** in 1H24 [7] Commercialization Infrastructure - Bilibili has improved its **advertising infrastructure** through: 1) enhanced ad distribution by optimizing user experience and ad load rates, 2) better ad creatives using AIGC technology, 3) integrated ad tools like *Bi Huo Mobile*, which saw **300% YoY growth** in ad revenue in 1H24, and 4) improved data insights for advertisers via *B-Data* and *Z-Index* [1][8] - The number of advertisers on the platform increased by **50% YoY** in 1H24, with **game industry ad revenue** growing over **30% YoY** and **internet services/education/finance ad revenue** growing over **100% YoY** [8] - During the **618 shopping festival**, platform GMV grew by **146% YoY**, and ad revenue increased by over **30% YoY**, with new customer acquisition rates exceeding **50%** for e-commerce platforms [8] Gaming Business - The success of *San Mou* is attributed to its **differentiated positioning**, **reduced user burden** (shorter playtime and lower in-game item prices), and **innovative content** tailored for young users [9] - Bilibili's gaming strategy focuses on: 1) developing games that appeal to young users, 2) a dual approach of **self-development and agency**, 3) maintaining leadership in content-driven games, and 4) launching at least two new **long-term vertical games** in the next five years [1][9] - The company expects the gaming business to become a **major profit driver** in the long term, supported by the **long lifecycle** of SLG games and the team's commitment to **user experience** and **content quality** [9] Financial Performance - Revenue is expected to grow from **RMB 25.5 billion in FY24E** to **RMB 29.3 billion in FY26E**, with **gross margins** improving from **30.0% in FY24E** to **34.3% in FY26E** [2] - Adjusted net profit is projected to turn positive in **FY25E** at **RMB 1.16 billion**, increasing to **RMB 1.44 billion in FY26E** [2] - The company's **P/S ratio** is expected to decline from **2.0x in FY24E** to **1.7x in FY26E**, reflecting improving profitability [2] Valuation and Market Performance - Bilibili's stock has shown strong performance, with **1-month/3-month/6-month absolute returns** of **16.1%/45.6%/56.9%**, outperforming the market in relative terms [5] - The company's **market cap** stands at **$6.91 billion**, with **52-week high/low prices** of **$19.07/$8.94** [4]