哔哩哔哩-W(09626) - 2024 - 中期业绩

Financial Performance - For the six months ended June 30, 2024, total net revenue was RMB 11.79 billion, an increase of 14% compared to RMB 10.37 billion for the same period in 2023[2]. - Advertising revenue for the same period was RMB 3.71 billion, up 30% from RMB 2.84 billion year-over-year[2]. - Gross profit for the six months ended June 30, 2024, was RMB 3.44 billion, a 47% increase from RMB 2.33 billion in the prior year, resulting in a gross margin of 29.2% compared to 22.5%[2]. - Net loss narrowed to RMB 1.37 billion for the six months ended June 30, 2024, a 37% improvement from RMB 2.18 billion in the same period of 2023[2]. - Adjusted net loss for the same period was RMB 726.9 million, a 64% reduction from RMB 1.99 billion year-over-year[2]. - Total net revenue for the first half of the year reached RMB 11.79 billion, a year-on-year increase of 14%[6]. - Advertising and value-added service revenues grew by 30% and 14% respectively, indicating effective monetization of user traffic[6]. - Gross profit increased by 47% year-on-year, with gross margin rising from 22.5% to 29.2%[6]. - Adjusted operating loss and net loss narrowed significantly by 60% and 64% respectively[6]. - Revenue from value-added services reached RMB 5.09 billion, a year-on-year increase of 14%[10]. - The operating loss for the six months ended June 30, 2024, was RMB 1.40 billion, narrowing by 47% from RMB 2.65 billion in the same period of 2023[24]. User Metrics - Daily active users (DAUs) averaged 102.3 million, an 8% increase from 95.1 million in the prior year[2]. - Daily average video views increased by 20% to over 4.9 billion, reflecting a vibrant content ecosystem[7]. - The number of official members increased to 243.1 million, a year-on-year growth of 13%[8]. - Monthly active users averaged 338.6 million, representing year-on-year growth of 6%[6]. Cash Flow and Liquidity - Operating cash flow for the six months ended June 30, 2024, was RMB 2.39 billion, compared to an outflow of RMB 651.2 million in the same period of 2023[2]. - As of June 30, 2024, the company's cash and cash equivalents, time deposits, and short-term investments totaled RMB 13.91 billion, down from RMB 15.04 billion as of December 31, 2023[28]. - The net cash used in operating activities for the six months ended June 30, 2023, was RMB (651,158) thousand, while for the same period in 2024, it was RMB 2,388,237 thousand, indicating a significant turnaround[44]. - Cash and cash equivalents decreased to RMB 3,732,504 thousand as of June 30, 2024, from RMB 7,191,821 thousand as of December 31, 2023, indicating a liquidity contraction[41]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 31.32 billion, a decrease of 5.6% from RMB 33.16 billion at the end of 2023[3]. - Total liabilities decreased by 5.4% to RMB 17.74 billion as of June 30, 2024, from RMB 18.75 billion at the end of 2023[3]. - Shareholders' equity totaled RMB 13.58 billion, down 5.7% from RMB 14.40 billion at the end of 2023[3]. - The total accounts payable increased to RMB 4,566,128 thousand as of June 30, 2024, from RMB 4,333,730 thousand as of December 31, 2023[50]. Operational Efficiency - Operating costs for the six months ended June 30, 2024, were RMB 8.35 billion, a 4% increase from RMB 8.04 billion in the same period of 2023, mainly due to increased revenue-sharing costs[21]. - Operating expenses for the six months ended June 30, 2024, totaled RMB 4.84 billion, a decrease of 3% from RMB 4.98 billion in the same period of 2023[23]. - The company reported a significant decrease in other income, netting only RMB 26,359 thousand for the six months ended June 30, 2024, compared to RMB 530,157 thousand for the same period in 2023[39]. Future Outlook and Strategy - The company plans to enhance commercialization capabilities and integrate various value-added services to unlock more monetization potential from its content library[15]. - The company has transitioned its secondary listing on the Hong Kong Stock Exchange to a primary listing, effective October 3, 2022, enhancing its market presence[45]. Shareholder Information - The company has not established a dividend policy and does not plan to pay any cash dividends in the foreseeable future[32]. - The board of directors did not recommend any dividends for the six months ended June 30, 2023, and 2024[55]. - The company did not declare any interim dividend for the six months ended June 30, 2024[38].