哔哩哔哩-W(09626) - 2024 - 年度业绩

Financial Performance - For the fiscal year ending December 31, 2024, Bilibili reported a net revenue of RMB 26,831,525, representing a 19.1% increase from RMB 22,527,987 in 2023[7] - Gross profit for the same period increased by 61.2%, reaching RMB 8,773,963 compared to RMB 5,441,865 in 2023[7] - The net loss for the fiscal year was RMB 1,363,651, a reduction of 71.7% from the previous year's net loss of RMB 4,811,713[7] - Adjusted operating loss improved significantly to RMB 60,848, compared to an adjusted operating loss of RMB 3,384,962 in 2023, marking a 98.2% improvement[7] - Total revenue for 2024 reached RMB 26.8 billion, representing a year-on-year growth of 19%[12] - Gross profit increased by 61% year-on-year, with the gross margin rising to 32.7%[12] - Operating loss narrowed to RMB 1.3 billion, a 73% improvement from RMB 5.1 billion in 2023[40] - Adjusted operating loss was RMB 608 million, a 98% reduction from RMB 3.4 billion in 2023[41] - Net loss was RMB 1.4 billion, a 72% decrease from RMB 4.8 billion in 2023[44] Revenue Streams - Advertising revenue increased by 28% year-on-year, driven by continuous optimization of advertising products and infrastructure upgrades[12] - Mobile game revenue grew by 40% year-on-year, attributed to innovative breakthroughs in strategy games[12] - Revenue from value-added services grew by 11% year-on-year, totaling RMB 11 billion[18] - The mobile gaming business generated RMB 5.6 billion in revenue, reflecting a 40% year-on-year growth, driven by the successful launch of the strategy game "Three Kingdoms: Strategize the World" in June 2024[32] User Engagement - Daily active users (DAUs) reached approximately 104 million, while monthly active users (MAUs) exceeded 341 million, reflecting year-on-year growth of 6% and 4% respectively[13] - Average user engagement time was 102 minutes per day, contributing to a 12% increase in total user watch time[13] - Daily video views on the platform reached 4.3 billion, marking a year-on-year increase of 19%[14] - The number of official members increased by 12% to 258 million, with a strong user retention rate of approximately 80%[16] Assets and Liabilities - Total current assets increased by 5.5% to RMB 19,756,055 from RMB 18,727,039 in 2023[7] - Total non-current assets decreased by 10.3%, from RMB 14,432,028 in 2023 to RMB 12,942,445 in 2024[7] - Total assets slightly decreased by 1.4%, from RMB 33,159,067 in 2023 to RMB 32,698,500 in 2024[7] - Total liabilities decreased by 0.9%, from RMB 18,754,800 in 2023 to RMB 18,594,587 in 2024[7] - Total equity attributable to shareholders decreased by 2.1%, from RMB 14,404,267 in 2023 to RMB 14,103,913 in 2024[7] Operational Efficiency - Operating expenses totaled RMB 10.1 billion, a decrease from RMB 10.5 billion in 2023[28] - Total operating expenses amounted to RMB 10.1 billion, a decrease of 4% compared to RMB 10.5 billion in 2023[36] - Sales and marketing expenses were RMB 4.4 billion, an increase of 12% from RMB 3.9 billion in 2023, primarily due to increased marketing expenses for exclusive licensed games[37] - Research and development expenses were RMB 3.7 billion, a decrease of 18% from RMB 4.5 billion in 2023, mainly due to a reduction in the number of R&D personnel and one-time termination costs for certain game projects in Q4 2023[39] Cash Flow and Investments - As of December 31, 2024, cash and cash equivalents, time deposits, and short-term investments totaled RMB 16.5 billion, up from RMB 15.0 billion as of December 31, 2023[46] - The company generated operating cash flow of RMB 6.0 billion in 2024, compared to RMB 266.6 million in 2023[47] Corporate Governance and Compliance - The company emphasizes the use of non-GAAP financial metrics to provide a clearer understanding of its operational performance and trends[8] - The company has confirmed compliance with the corporate governance code as per listing rules during the reporting period[130] - The independent directors have confirmed their independence according to the relevant listing rules[182] - The company has a strong management team led by experienced executives, including CFO Fan Xin, who has a background in finance and accounting[176] Strategic Focus and Future Plans - The company has adopted a "community-first" development strategy, focusing on continuous investment in quality content to attract the younger generation[166] - The company plans to invest further in optimizing advertising infrastructure and products to attract a diverse range of advertisers in 2025[26] - The company is focused on developing the necessary technology for its operations, including advertising solutions and software design[89] Risks and Challenges - The company operates in a rapidly evolving industry and cannot guarantee successful implementation of commercialization strategies or development of new strategies to generate sustainable revenue and profits[69] - The company faces uncertainties regarding the enforcement of antitrust and competition laws, which may impact its business operations[72] - The company is at risk of penalties if the Chinese government deems its operational structure agreements non-compliant with foreign investment regulations[84] Shareholder Information - The company did not declare any annual dividends for the fiscal year ending December 31, 2024[143] - The company has no distributable reserves as of December 31, 2024[148] - The company reported that less than 10% of total revenue came from its top five customers for the fiscal year ending December 31, 2024[131]