Operational Performance - Bilibili's DAUs reached 109 million in Q2 2025[4], a 7% year-over-year increase[6] - Average daily time spent per user increased to 105 minutes in Q2 2025[4], a 6% year-over-year increase[6] Financial Highlights - Gross profit margin (GPM) improved to 36.5% in Q2 2025[8] - The company achieved a non-GAAP net profit of RMB 561 million in Q2 2025[8] - Net profit margin (NPM) reached 7.6% in Q2 2025[8] - Gross profit increased by 46% year-over-year to RMB 2676 million in Q2 2025[8] Industry and User Base - The video-based industry is expected to grow significantly, with the market size projected to reach RMB 2940 billion by 2030[11] - Bilibili has a strong presence among Gen Z+ users in China, with 7 out of 10 being users of the platform[14] - 43% of DAUs viewed video and live commerce related content[14] Revenue Streams - Value-added services (VAS) revenue grew by 11% year-over-year[34] - Advertising revenue increased by 20% year-over-year[44] - Mobile game revenue increased by 60% year-over-year[54] - Total net revenues increased by 20% year-over-year to RMB 7338 million[70]

User Metrics - Bilibili's DAUs reached 107 million in 25Q1[4], showing steady growth from 60 million in 21Q1[6] - Average daily time spent per user was 108 minutes in 25Q1[4], increasing from 82 minutes in 21Q1[6] - Bilibili has 368 million MAUs[4] and 32 million MPUs[4] Financial Performance - Total net revenues reached RMB 7003 million in 25Q1, a 24% year-over-year increase[69] - Value-added services revenue was RMB 2807 million in 25Q1, up 11% year-over-year[69] - Advertising revenue grew to RMB 1998 million in 25Q1, a 20% year-over-year increase[69] - Mobile game revenue was RMB 1731 million in 25Q1, a significant increase of 76% year-over-year[69] - Gross profit margin improved to 363% in 25Q1[8], compared to 283% in 24Q1[8] - The company achieved a non-GAAP net profit of RMB 362 million in 25Q1[8] Market Opportunity - The video-based industry is projected to grow significantly, with the market size expected to reach RMB 2940 billion by 2030[11], a 24x increase from RMB 1242 billion in 2023[11]