$哔哩哔哩(BILI)$
$哔哩哔哩-W(09626)$
Bilibili reported its first-ever H1 net profit (RMB 210m) in 2025—after years of billion-dollar losses.
Game revenue has now grown over 60% YoY for four straight quarters, while ad income jumped 23% with AI and auto verticals up 60%+.
Meanwhile, user quality is rising: average age at 26, paying users growing faster than MAU, and 12-month member retention at 80%.
Is the market still pricing Bilibili as a cash-burning community… while it’s quietly becoming a profitable attention platform?
(One Chart to Understand below 👇)
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