Zheng Quan Shi Bao Wang·2025-02-21 08:36Core Insights - Bilibili's profitability significantly improved in Q4 2024, with a vibrant community ecosystem and strong overall performance [1][2] - The company achieved a revenue of 7.734 billion yuan in Q4 2024, representing a year-on-year growth of 21.8% [1] - Bilibili reported a net profit attributable to shareholders of 90 million yuan in Q4 2024, marking a turnaround from losses [1] - Adjusted net profit for Q4 2024 was 452 million yuan, with the company achieving profitability for two consecutive quarters under non-GAAP measures [1] - The gross margin for Q4 2024 reached 36.1%, an increase of nearly 10 percentage points year-on-year, and has shown a continuous quarter-on-quarter growth for ten consecutive quarters [1] Revenue Breakdown - For the full year 2024, Bilibili's total revenue was 26.832 billion yuan, a year-on-year increase of 19.1% [1] - The adjusted net profit for the full year was -39 million yuan, narrowing losses by 98.9% compared to the previous year [1] - The gaming business generated 5.610 billion yuan in revenue for the full year 2024, reflecting a year-on-year growth of 39.5% [1] - The new game "Three Kingdoms: Strategy of the World" performed well, contributing to stable operations and expected ongoing significant performance [1] - Advertising revenue for the full year reached 8.189 billion yuan, up 27.7% year-on-year, driven by product optimization and efficiency improvements [1] User Engagement - In Q4 2024, the Daily Active Users (DAU) and Monthly Active Users (MAU) were 103 million and 340 million, respectively, with an average daily usage time of 99 minutes [2] - The community ecosystem continues to thrive, with Bilibili's animated series "The Mortal Cultivation" accumulating over 3 billion views [2] Future Outlook - Analysts expect Bilibili's revenue to grow by 16.8%, 7.8%, and 6.1% in 2025, 2026, and 2027, reaching 31.340 billion, 33.800 billion, and 35.873 billion yuan, respectively [2] - The continued launch of new games and growth in high-margin advertising business are anticipated to drive revenue growth and improve profitability [2]