2021-08-19 09:24Financial Performance - Total net revenue reached RMB 4,495.3 million (USD 696.2 million), an increase of 72% year-over-year[2] - Total net revenue for the six months ended June 30, 2021, was RMB 8,396,327 thousand, representing a 70.5% increase compared to RMB 4,933,136 thousand for the same period in 2020[16] - Total net revenue for the second quarter of 2021 reached RMB 4,495,254 thousand, a 71.5% increase compared to RMB 2,617,601 thousand in the same period of 2020[40] - The company projects net revenue for Q3 2021 to reach between RMB 5.1 billion and RMB 5.2 billion[6] User Engagement - Monthly active users (MAUs) reached 237.1 million, a 38% increase year-over-year, while mobile MAUs reached 220.5 million, a 44% increase[2] - Daily active users (DAUs) reached 62.7 million, a 24% increase compared to the same period in 2020[26] - Average monthly paying users reached 20.9 million, a 62% increase year-over-year, with a paying ratio of 8.8% compared to 7.5% in the same period last year[2] Revenue Breakdown - Advertising revenue increased by 201% year-over-year to RMB 1,049.1 million (USD 162.5 million), accounting for 23% of total net revenue[3] - E-commerce and other revenue increased by 195% year-over-year to RMB 578.0 million (USD 89.5 million) due to increased product sales on the e-commerce platform[3] - Mobile games revenue for the six months ended June 30, 2021, was RMB 2,403,910 thousand, slightly up from RMB 2,398,590 thousand for the same period in 2020[16] - Advertising revenue for the six months ended June 30, 2021, reached RMB 1,763,836 thousand, a significant increase of 60.5% from RMB 1,097,109 thousand in the same period last year[16] - The company reported a significant increase in value-added services revenue, which reached RMB 1,634,943 thousand in the second quarter of 2021, compared to RMB 825,251 thousand in the same period of 2020[40] Operating Costs and Losses - Operating costs were RMB 3,506.3 million (USD 543.1 million), a 74% increase year-over-year[3] - Total operating expenses reached RMB 2,509.5 million (USD 388.7 million), a 107% increase year-over-year, driven by increased marketing and administrative costs[27] - Operating loss was RMB 1,520.6 million (USD 235.5 million), compared to RMB 610.1 million in the same period last year[5] - The company reported an operating loss of RMB 1,520,562 thousand for the second quarter of 2021, compared to an operating loss of RMB 610,118 thousand in the second quarter of 2020[40] - Net loss was RMB 1,121.8 million (USD 173.7 million), compared to RMB 570.9 million in the same period last year[5] - The net loss for the six months ended June 30, 2021, was RMB 2,026,672 thousand, compared to a net loss of RMB 1,523,631 thousand for the same period in 2020, indicating a worsening of approximately 33.1%[43] Cash and Investments - Cash and cash equivalents, term deposits, and short-term investments totaled RMB 27.6 billion (USD 4.3 billion) as of June 30, 2021, up from RMB 12.8 billion at the end of 2020[5] - Cash and cash equivalents increased to RMB 11,493,570 thousand as of June 30, 2021, up from RMB 4,678,109 thousand as of December 31, 2020[18] - Total assets as of June 30, 2021, were RMB 43,293,222 thousand, compared to RMB 23,865,608 thousand as of December 31, 2020, indicating a growth of 81.5%[18] - The total liabilities increased to RMB 17,858,433 thousand as of June 30, 2021, from RMB 16,083,404 thousand as of December 31, 2020[18] Research and Development - Research and development expenses were RMB 673.7 million (USD 104.3 million), a 104% increase year-over-year[4] - Research and development expenses for the second quarter of 2021 totaled RMB 673,679 thousand, an increase from RMB 330,628 thousand in the second quarter of 2020[41] Corporate Governance - The company confirmed compliance with the corporate governance code as stipulated in the Hong Kong Listing Rules as of June 30, 2021[22] - The Nomination and Corporate Governance Committee consists of independent non-executive directors, ensuring adherence to legal and regulatory requirements[23] - The committee has reviewed the company's governance policies and practices to ensure compliance with legal and regulatory requirements[48] Adjusted Metrics - The adjusted net loss and adjusted basic and diluted loss per share are non-GAAP financial metrics[6] - The adjusted net loss attributable to Bilibili Inc. shareholders was RMB 1,521,092 thousand, compared to RMB 2,024,133 thousand for the same period in 2020, representing a decrease of approximately 25%[19] - The adjusted net loss per share (basic) for the three months ended June 30, 2021, was RMB 2.23, compared to RMB 2.78 for the same period in 2020, indicating an improvement of about 20%[19] - The company emphasizes the use of non-GAAP financial measures to assess its operating performance, excluding stock-based compensation and other non-cash expenses[35]