Q2 2025 Bilibili Inc Earnings Call Transcript
Key Points
- Total net revenues for the second quarter grew by 20% year over year to RMB7.3 billion, driven by strong performance in core games and advertising businesses.
- Games revenues rose 60% year over year to RMB1.6 billion, supported by new seasons of popular titles.
- Advertising revenues increased 20% year over year to RMB2.4 billion, with enhanced AI integration improving ad efficiency.
- Gross profit increased by 46% year over year, with gross margin expanding to 36.5% from 29.9% in the same period last year.
- DAUs reached a new high of 109 million, up 7% year over year, and MAUs grew by 8% to 363 million, indicating strong user engagement.
- Despite revenue growth, the company faces risks and uncertainties that could impact future performance, as noted in their SEC and Hong Kong Stock Exchange filings.
- The cost of revenues increased by 9% year over year to RMB4.7 billion, which could pressure profit margins if not managed effectively.
- R&D expenses were RMB866 million, down 3% year over year, which might impact future innovation and product development.
- The company is heavily reliant on its Gen Z plus audience, which could pose a risk if user preferences shift.
- While the company has a strong presence in China, its international expansion, particularly in gaming, is still in early stages and faces competitive challenges.
Good day and welcome to the Bilibili second-quarter 2025 financial results and business updates conference call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Juliet Yang, Executive Director of Investor Relations. Please go ahead.
Thank you, operator. During this call, we'll discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties including those mentioned in our most recent filing with the SEC and Hong Kong Stock Exchange.
The non-GAAP financial measure we provide are for comparison purpose only. The definition of this measure and the reconciliation table are available in the news release we issued earlier today.
As a reminder, this conference is being recorded. In addition, an investor
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