Want to see HK:9626 full AI Analyst Report?
Top Page
Bilibili, Inc. Class Z
(9626)
Select Model
Select Model
Rating:68Neutral
Price Target:
HK$141.00
▲(10.59% Upside)
Action:Reiterated
Date:08/28/26
The score is driven primarily by improving financial performance (return to profitability and strong free-cash-flow generation) and a constructive earnings outlook with continued margin expansion and capital returns. These positives are moderated by weak technicals (price below key moving averages with negative MACD) and only fair valuation support given a 33.17 P/E and no dividend yield provided.
Positive Factors
Deepening user engagement and creator ecosystem
Bilibili is strengthening its two-sided content network: rising usage supports monetization, while faster creator output improves content breadth. This engagement and supply dynamic can reinforce community loyalty and competitive differentiation.
Negative Factors
Mobile gaming revenue remains under pressure
Games remain an important monetization stream, so a sharp decline exposes dependence on hit titles and difficult comparisons. New launches may help, but portfolio performance and retention remain execution risks for revenue stability.
Read all positive and negative factors
Positive Factors
Negative Factors
Deepening user engagement and creator ecosystem
Bilibili is strengthening its two-sided content network: rising usage supports monetization, while faster creator output improves content breadth. This engagement and supply dynamic can reinforce community loyalty and competitive differentiation.
Read all positive factors
Bilibili, Inc. Class Z (9626) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$52.34B
Dividend YieldN/A
Average Volume (3M)4.76M
Price to Earnings (P/E)28.6
Beta (1Y)2.28
Revenue Growth10.65%
EPS Growth621.86%
CountryHK
Employees8,423
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)3.65
Shares Outstanding338,988,370
10 Day Avg. Volume7,366,872
30 Day Avg. Volume4,760,116
Financial Highlights & Ratios
PEG Ratio-0.32
Price to Book (P/B)4.66
Price to Sales (P/S)2.39
P/FCF Ratio13.64
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$200.82Price Target Upside57.51% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)7.9
Revenue Forecast (FY)HK$38.33B
Bilibili, Inc. Class Z Business Overview & Revenue Model
Company Description
Bilibili Inc. provides online entertainment, primarily targeting the younger demographic across the People's Republic of China. Its comprehensive digital platform features a wide array of content, including various video services, mobile gaming op...
How the Company Makes Money
Bilibili generates revenue primarily by monetizing traffic, content consumption, and user engagement across its platform through multiple streams: (1) Advertising: The company sells performance and brand advertising inventory across its app and we...
Bilibili, Inc. Class Z Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q2-2026)
| Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call emphasized strong user engagement gains, robust advertising growth, continued margin expansion and meaningful AI-driven improvements, supported by healthy cash reserves and an active share repurchase program. Key positives include double-digit growth in ad revenue, improved conversion metrics, creator ecosystem expansion, and substantial profit inflection (net profit +55% YoY). Primary concerns are a 14% decline in game revenue (high prior-year base), modest overall revenue growth of 8% YoY, increased near-term R&D/AI spending, and macro/advertising market uncertainty which could pressure advertising and game monetization in the near term. On balance, the operational and profitability momentum outweighs the near-term headwinds.Positive Updates
User Growth and Engagement
DAUs increased 7% YoY to 117 million; MAUs reached 371 million. Average daily time spent rose to 113 minutes (from 105 minutes a year ago) and total time spent increased over 14% YoY, indicating deeper engagement.
Negative Updates
Decline in Game Revenues
Mobile game revenue declined 14% YoY to RMB 1.4 billion, mainly due to a high base from San Mou last year. Gaming now accounts for ~18% of total revenue and near-term headwinds weighed on this segment.
Read all updates
Q2-2026 Updates
Positive
Negative
User Growth and Engagement
DAUs increased 7% YoY to 117 million; MAUs reached 371 million. Average daily time spent rose to 113 minutes (from 105 minutes a year ago) and total time spent increased over 14% YoY, indicating deeper engagement.
Read all positive updates
Company Guidance
Management reiterated a confident outlook: they expect advertising to sustain healthy growth, game revenues to resume year‑over‑year growth in Q4, and mid‑to‑long‑term profitability targets of a 40–45% gross profit margin and a 15–20% operating margin; AI investment remains focused on video understanding, distribution and creation with a RMB 1.0 billion AI capex target (70–80% deployed in H1) and an expected RMB 500 million R&D impact for full‑year 2026; capital allocation includes a new two‑year USD 300 million share repurchase program (as of June 30, 1.9 million shares bought for USD 31 million; YTD purchases 5.8 million shares for USD 118 million, and management cited ~USD 180 million repurchased to date); balance sheet liquidity was RMB 24.3 billion (USD 3.6 billion).Bilibili, Inc. Class Z Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 31.19B | 30.35B | 26.83B | 22.53B | 21.90B | 19.38B |
| Gross Profit | 11.62B | 11.11B | 8.77B | 5.44B | 3.85B | 4.04B |
| EBITDA | 1.57B | 3.55B | 1.19B | -1.67B | -3.82B | -3.95B |
| Net Income | 1.53B | 1.19B | -1.35B | -4.82B | -7.51B | -6.81B |
Balance Sheet | ||||||
| Total Assets | 42.47B | 41.19B | 32.70B | 33.16B | 41.83B | 52.05B |
| Cash, Cash Equivalents and Short-Term Investments | 24.30B | 24.21B | 16.54B | 15.04B | 19.56B | 30.22B |
| Total Debt | 9.51B | 9.64B | 5.15B | 7.64B | 15.54B | 19.22B |
| Total Liabilities | 26.56B | 25.63B | 18.59B | 18.75B | 26.59B | 30.34B |
| Stockholders Equity | 15.95B | 15.58B | 14.11B | 14.39B | 15.24B | 21.70B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 5.32B | 4.26B | -1.06B | -6.65B | -6.33B |
| Operating Cash Flow | 0.00 | 7.15B | 6.01B | 266.62M | -3.91B | -2.65B |
| Investing Cash Flow | 0.00 | -9.34B | -138.09M | 1.76B | 10.61B | -24.58B |
| Financing Cash Flow | 0.00 | 4.09B | -2.83B | -5.07B | -4.35B | 30.39B |
Bilibili, Inc. Class Z Risk Analysis
Bilibili, Inc. Class Z disclosed 105 risk factors in its most recent earnings report. Bilibili, Inc. Class Z 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, Inc. Class Z Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | HK$3.55B | 5.99 | 17.09% | 4.81% | -1.22% | 1.26% | |
76 Outperform | HK$583.42B | 15.46 | 20.04% | 2.51% | 10.15% | -1.91% | |
71 Outperform | HK$19.86B | 11.46 | 37.85% | 0.97% | 5.88% | 13.11% | |
68 Neutral | HK$52.34B | 28.56 | 9.84% | ― | 10.65% | 621.86% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
52 Neutral | HK$3.96B | 21.05 | 2.92% | 13.66% | -15.56% | ― | |
52 Neutral | HK$980.59M | 145.82 | 0.56% | ― | 4.87% | ― |
* Communication Services Sector Average
HK:9626
Bilibili, Inc. Class Z
121.80
-72.20
-37.22%
HK:0799
IGG
3.06
-0.48
-13.58%
HK:0777
NetDragon Websoft Holdings
7.32
-2.50
-25.49%
HK:1119
iDreamSky Technology Holdings Limited
0.46
-0.60
-56.60%
HK:9999
Netease Inc
183.10
-41.48
-18.47%
HK:2400
XD, Inc.
40.16
-40.54
-50.24%
Bilibili, Inc. Class Z Corporate Events
Bilibili Releases Q2 2026 Unaudited Results and Warns on Forward-Looking Risks
Aug 27, 2026
Bilibili Inc. has reported its unaudited financial results for the second quarter ended June 30, 2026, prepared in line with U.S. Securities and Exchange Commission rules and released to the market as inside information. The company cautions share...
Bilibili Boosts Profit and Advertising Revenue on Rising User Engagement
Aug 27, 2026
Bilibili reported unaudited interim results for the six months ended June 30, 2026, showing total net revenues of RMB15.41 billion, up 7% year on year, with advertising revenues jumping 29% to RMB5.72 billion. Gross profit rose 10% to RMB5.73 bill...
Bilibili Sets August 27 Board Meeting and Q2 2026 Earnings Call
Aug 6, 2026
Bilibili’s board of directors has scheduled a meeting for August 27, 2026, in Hong Kong to approve the company’s unaudited financial results for the second quarter and first half of 2026. The results will be released around 6:00 p.m. t...
Bilibili Steps Up Buybacks Under US$300 Million Share Repurchase Program
Jun 30, 2026
Bilibili has provided an update on its two-year US$300 million share repurchase program launched in June 2026, underscoring ongoing efforts to return capital to shareholders. As of June 30, 2026, the company had repurchased a cumulative 1.9 millio...
Bilibili Grants New RSUs to Staff Under 2018 Share Incentive Plan
Jun 26, 2026
Bilibili Inc. has granted 1,890,627 restricted share units to certain employees under its Second Amended and Restated 2018 Share Incentive Plan, equivalent to about 0.45% of its total shares on a one-share-one-vote basis. The RSUs, with no purchas...
Bilibili Launches US$300 Million Share Buyback Program
Jun 24, 2026
Bilibili Inc., the Nasdaq- and Hong Kong-listed video platform popular with young Chinese users, has launched a new share repurchase program authorizing buybacks of up to US$300 million over the next 24 months. The company plans to repurchase both...
Bilibili Shareholders Back All Proposals at 2026 AGM
Jun 17, 2026
Bilibili Inc. reported that shareholders at its 17 June 2026 annual general meeting in Hong Kong approved all resolutions put forward by the board, including the receipt of audited financial statements for 2025. The strong support across both its ...
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.