Bilibili Inc. (NASDAQ:BILI) reported its first full year of profitability for fiscal 2025, with total net revenue reaching RMB30.35 billion ($4.34 billion), a 13% increase year over year, driven largely by a 23% jump in advertising revenue to RMB10.06 billion ($1.44 billion).
The company recorded an adjusted net profit of RMB2.59 billion ($370.0 million), compared with an adjusted net loss of RMB39.0 million in 2024.
In the fourth quarter, total net revenue came in at RMB8.32 billion ($1.19 billion), representing an 8% year-over-year increase. Advertising revenue rose 27% to RMB3.04 billion ($435.0 million), while value-added services revenue grew 6% to RMB3.26 billion ($466.4 million).
Revenue from mobile games fell 14% to RMB1.54 billion ($220.3 million), mainly reflecting tougher comparisons following the previous year’s launch of the title San Guo: Mou Ding Tian Xia.
Shares of the company gained 4.18% in pre-market trading after the results were released.
Adjusted net profit for the fourth quarter totaled RMB878.4 million ($125.6 million), marking a 94% year-over-year increase, while the adjusted net profit margin improved to 10.6% from 5.8% in the same quarter of 2024.
Gross margin expanded to 37.0%, up from 36.1% a year earlier.
“2025 was a landmark year for Bilibili, marked by resurgent community growth and our first full year of GAAP profitability,” said Rui Chen, Chairman and Chief Executive Officer. “Our user metrics strengthened across the board, highlighted by four consecutive quarters of accelerating year-over-year DAU growth.”
Average daily active users reached 113.0 million in the fourth quarter, an increase of 10% from the previous year, while average daily time spent per active user rose 8% to 107 minutes.
For the full fiscal year 2025, gross profit climbed 27% to RMB11.11 billion ($1.59 billion), with the gross margin improving to 36.6% from 32.7% in 2024.