Bilibili (BILI) AI Stock Analysis

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Bilibili

(NASDAQ:BILI)

Rating:71Outperform

Price Target:

$23.50

▲(16.05%Upside)

Bilibili's overall stock score is driven by strong technical analysis and positive earnings call sentiment. The company shows significant revenue growth and improved cash flow, though profitability remains a challenge. While the valuation metrics are less favorable due to negative earnings, the bullish technical indicators and positive earnings guidance support a solid outlook.

Positive Factors

Gaming Performance

Mobile games revenue saw significant growth of 76% YoY to RMB1.73bn, supported by the successful performance of the SanMou title.

Profitability

Adjusted net income reached RMB362mn, improving from a net loss of RMB456mn in 1Q24, driven by GPM expansion and controlled R&D expenses.

Revenue Growth

Bilibili delivered a strong 1Q25, with both revenue and earnings beating expectations.

Negative Factors

Market Valuation

Overall top-line momentum is unexciting with ads growth story well known by investors and demanding valuation.

Revenue Momentum

Overall top-line momentum is unexciting with ads growth story well known by investors.

Bilibili (BILI) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$8.67B

Dividend YieldN/A

Average Volume (3M)4.27M

Price to Earnings (P/E)―

Beta (1Y)1.19

Revenue Growth21.11%

EPS Growth87.93%

CountryUS

Employees8,088

SectorCommunication Services

Sector Strength88

IndustryElectronic Gaming & Multimedia

Share Statistics

EPS (TTM)0.12

Shares Outstanding335,728,500

10 Day Avg. Volume4,193,482

30 Day Avg. Volume4,273,960

Financial Highlights & Ratios

PEG Ratio-1.82

Price to Book (P/B)4.22

Price to Sales (P/S)0.00

P/FCF Ratio19.98

Enterprise Value/Market CapN/A

Enterprise Value/RevenueN/A

Enterprise Value/Gross ProfitN/A

Enterprise Value/EbitdaN/A

Forecast

1Y Price Target

$24.57

Price Target Upside21.33% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering7

Bilibili Business Overview & Revenue Model

Company DescriptionBilibili Inc. is a leading online entertainment platform in China, primarily catering to the interests of the younger generation. The company operates in the internet content and information sector, offering a wide range of services including video streaming, mobile gaming, and live broadcasting. Bilibili is renowned for its vast library of user-generated content (UGC) and professionally generated content (PGC), encompassing genres like anime, gaming, and lifestyle, which fosters a dynamic community for content creators and consumers.

How the Company Makes MoneyBilibili generates revenue through a diversified model comprising several key streams. The primary source is mobile gaming, where the company collaborates with game developers to distribute and operate games, earning a share of the in-game purchases. Additionally, Bilibili monetizes through advertising services, leveraging its large and engaged user base to attract advertisers. The company also earns from live broadcasting by selling virtual items to viewers who support their favorite streamers. Furthermore, Bilibili offers premium memberships that provide users with exclusive content and features, contributing to its subscription revenue. Significant partnerships with content creators and media companies help enhance its content offerings, further driving user engagement and monetization.

Bilibili Earnings Call Summary

Earnings Call Date:May 20, 2025

(Q1-2025)

% Change Since: 12.56%|

Next Earnings Date:Aug 14, 2025

Earnings Call Sentiment Positive

The earnings call reflected a strong performance with significant revenue growth, improved profitability, and increased user engagement. Bilibili's advertising and game segments showed robust growth, and the company successfully narrowed its GAAP net loss. However, increased sales and marketing expenses posed a challenge.

Q1-2025 Updates

Positive Updates

Strong Revenue Growth

Total revenues increased by 24% year-over-year to RMB7 billion, driven by strong performances in advertising and game businesses.

Significant Increase in Gross Profit

Gross profit increased by 58% year-over-year, with a gross profit margin expanding to 36.3% from 28.3% in the previous year.

Game Revenue Surge

Game revenues rose 76% year-over-year to RMB1.73 billion, with strong performance from the SLG title San Mou.

Positive Adjusted Net Profit

Maintained a positive adjusted net profit of RMB362 million and narrowed GAAP net loss by 99% year-over-year.

Increased User Engagement

Daily Active Users (DAUs) reached 107 million, and Monthly Active Users (MAUs) climbed to 368 million, with average daily time spent reaching a record 108 minutes.

Advertising Revenue Growth

Advertising revenues increased by 20% year-over-year to RMB2 billion, with performance-based advertising growing by over 30%.

Negative Updates

Increased Sales and Marketing Expenses

Sales and marketing expenses increased 26% year-over-year, mainly due to a one-off marketing expense related to the Chinese New Year Gala and higher promotion expenses for the SLG game, San Mou.

Company Guidance

During the Bilibili First Quarter 2025 Financial Results and Business Update Conference Call, the company provided robust guidance, highlighting a 24% year-over-year increase in total revenues, reaching RMB7 billion. Advertising revenues rose by 20% to RMB2 billion, and game revenues surged 76% to RMB1.73 billion. The gross profit margin expanded to 36.3%, up from 28.3% the previous year. Daily active users (DAUs) reached 107 million, with monthly active users (MAUs) at 368 million, and users spent an average of 108 minutes on the platform daily. Monthly paying users hit a record 32 million, and the fan-charging program's revenue grew by over 200%. The company also reported a positive adjusted net profit of RMB362 million and reduced its GAAP net loss by 99% to RMB11 million. Additionally, Bilibili's advertising business saw a 20% revenue increase, supported by a 35% rise in the number of advertisers. The company anticipates sustained growth, leveraging its strong Gen Z+ user base, enhanced content quality, and AI-driven advertising innovations.

Bilibili Financial Statement Overview

Summary

Bilibili demonstrates significant revenue growth and improved cash flow generation. However, continued net losses and negative profit margins indicate challenges in achieving profitability. The balance sheet shows moderate leverage and a stable equity position, but the negative return on equity highlights the impact of ongoing losses. Overall, while there are positive trends in revenue and cash flow, achieving profitability remains a key challenge.

Income Statement

Neutral

Bilibili's revenue showed strong growth with a 19.1% increase from 2023 to TTM. However, the company is facing challenges with profitability as indicated by a negative EBIT margin of -5.0% and a negative net profit margin of -5.0% for TTM. The gross profit margin stands at 32.7%, showing ability to cover costs, but not enough to offset operating expenses leading to negative net income.

Balance Sheet

Positive

The company has a relatively balanced capital structure with a debt-to-equity ratio of 0.34, indicating moderate leverage. The equity ratio is 43.2%, suggesting a stable asset base funded by equity. However, the return on equity is negative due to net losses, which is a concern for investors looking for profitability.

Cash Flow

Positive

Bilibili's free cash flow turned positive in the TTM, indicating improved cash-generating ability. The operating cash flow to net income ratio is strong at 1.77, showing effective cash conversion. The free cash flow to net income ratio also improved, suggesting operational efficiencies despite net income losses.

TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Breakdown
Income Statement		Total Revenue
28.17B	26.83B	22.53B	21.90B	19.38B	12.00B
	Gross Profit
9.71B	8.77B	5.44B	3.85B	4.04B	2.84B
	EBIT
-510.37M	-1.34B	-5.06B	-8.36B	-6.43B	-3.14B
	EBITDA
869.58M	1.19B	-1.67B	-5.02B	-3.95B	-1.07B
	Net Income Common Stockholders
-607.36M	-1.35B	-4.82B	-7.51B	-6.81B	-3.05B
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
17.40B	16.54B	15.04B	19.56B	30.22B	12.76B
	Total Assets
33.28B	32.70B	33.16B	41.83B	52.05B	23.87B
	Total Debt
5.08B	5.05B	7.64B	15.30B	19.02B	8.44B
	Net Debt
-4.52B	-5.20B	453.08M	5.13B	11.49B	3.76B
	Total Liabilities
18.90B	18.59B	18.75B	26.59B	30.34B	16.08B
	Stockholders Equity
14.39B	14.11B	14.39B	15.24B	21.70B	7.60B
Cash Flow		Free Cash Flow
3.02B	4.26B	-1.06B	-6.65B	-6.33B	-1.49B
	Operating Cash Flow
3.05B	6.01B	266.62M	-3.91B	-2.65B	753.10M
	Investing Cash Flow
-2.21B	-138.09M	1.76B	10.61B	-24.58B	-8.91B
	Financing Cash Flow
251.26M	-2.83B	-5.07B	-4.35B	30.39B	8.34B

Bilibili Technical Analysis

Technical Analysis Sentiment

Positive

Last Price20.25

Price Trends

50DMA

18.13

Positive

100DMA

18.97

Positive

200DMA

19.18

Positive

Market Momentum

MACD

0.64

Negative

RSI

57.41

Neutral

STOCH

78.26

Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BILI, the sentiment is Positive. The current price of 20.25 is above the 20-day moving average (MA) of 19.31, above the 50-day MA of 18.13, and above the 200-day MA of 19.18, indicating a bullish trend. The MACD of 0.64 indicates Negative momentum. The RSI at 57.41 is Neutral, neither overbought nor oversold. The STOCH value of 78.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BILI.

Bilibili Risk Analysis

Bilibili disclosed 105 risk factors in its most recent earnings report. Bilibili reported the most risks in the "Finance & Corporate" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added 0 New Risks

Bilibili Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NTES	85 Outperform	$81.92B	18.83	23.93%	2.08%	1.26%	6.84%
RBLX	72 Outperform	$68.13B	―	-460.30%	―	30.24%	27.61%
BILI	71 Outperform	$8.67B	―	-4.29%	―	21.11%	87.93%
EA	70 Outperform	$37.70B	35.40	16.13%	0.51%	-0.81%	-9.28%
PLTK	63 Neutral	$1.78B	12.64	-220.61%	8.73%	1.64%	-32.31%
Sector *	61 Neutral	$14.68B	5.92	-3.83%	7.51%	2.79%	-33.07%
TTWO	57 Neutral	$42.33B	―	-114.76%	―	5.31%	-15.57%

* Communication Services Sector Average

Performance Comparison

BILI

Bilibili

20.25

3.20

18.77%

Electronic Arts

151.00

13.86

10.11%

NTES

NetEase

128.67

39.65

44.54%

TTWO

Take-Two

238.50

83.52

53.89%

PLTK

Playtika Holding

4.56

-3.05

-40.08%

RBLX

Roblox

102.65

66.79

186.25%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.