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Bilibili, Inc. Class Z (9626) AI Stock Analysis
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Bilibili, Inc. Class Z
(HKEX:9626)
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.
Bilibili, Inc. Class Z (9626) vs. iShares MSCI Hong Kong ETF (EWH)
- Market Cap
- HKD 41.62B
- Dividend Yield
- ―
- Average Volume (3M)
- 3.97M
- Price to Earnings (P/E)
- 23.4
- Beta (1Y)
- 1.96
- Revenue Growth
- 10.65%
- EPS Growth
- 621.86%
- Country
- Hong Kong
- Employees
- 8,423
- Sector
- Communication Services
- Sector Strength
- 60
- Industry
- Internet Content & Information
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 optio...
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 websi...
Bilibili, Inc. Class Z Earnings Call Summary
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.
Q2-2026 Updates
Positive Updates
Negative 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
Financials show a clear inflection: 2025 returned to profitability alongside strong revenue acceleration and expanding gross margin. Cash generation is a standout strength with strongly positive and improving operating cash flow and free cash flow. Offsetting factors are still-thin net profitability, a sharp increase in debt in 2025, and historical volatility/earlier losses that make durability the main risk.
Income Statement
74PositiveBalance Sheet
66PositiveCash Flow
81Very 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 | 1.61B | 3.55B | 1.19B | -1.67B | -3.61B | -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 | 5.32B | 4.26B | -1.06B | -6.65B | -6.33B |
| Operating Cash Flow | 0 | 7.15B | 6.01B | 266.62M | -3.91B | -2.65B |
| Investing Cash Flow | 0 | -9.34B | -138.09M | 1.76B | 10.61B | -24.58B |
| Financing Cash Flow | 0 | 4.09B | -2.83B | -5.07B | -4.35B | 30.39B |
Bilibili, Inc. Class Z Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9626, the sentiment is Negative. The current price of 100.70 is below the 20-day moving average (MA) of 110.60, below the 50-day MA of 117.92, and below the 200-day MA of 164.32, indicating a bearish trend. The MACD of -5.13 indicates Positive momentum. The RSI at 30.82 is Neutral, neither overbought nor oversold. The STOCH value of 9.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9626.
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.
Latest Risks Added
3 New RisksBilibili, Inc. Class Z Peers Comparison
Overall Rating
HK:079980Outperform
HK:999978Outperform
HK:240071Outperform- HK:962668Neutral
HK:077741Neutral
HK:111941Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| HK:0799 | 80Outperform | HKD 3.14B | 5.36 | 17.09% | 5.45% | -1.22% | 1.26% |
| HK:9999 | 78Outperform | HKD 562.72B | 14.79 | 20.04% | 2.60% | 10.15% | -1.91% |
| HK:2400 | 71Outperform | HKD 17.37B | 10.13 | 38.10% | 1.11% | 5.88% | 13.11% |
| HK:9626 | 68Neutral | HKD 42.17B | 23.41 | 9.84% | ― | 10.65% | 621.86% |
| Sector * | 60Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% |
| HK:0777 | 41Neutral | HKD 3.99B | 21.35 | 2.93% | 13.31% | -15.56% | ― |
| HK:1119 | 41Neutral | HKD 686.94M | 95.66 | 0.56% | ― | 4.87% | ― |
* Communication Services Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| HK:9626 | Bilibili, Inc. Class Z | 100.70 | -135.30 | -57.33% | |
| HK:0799 | Igg (OTC) | 2.73 | -0.49 | -15.09% | |
| HK:0777 | NetDragon Websoft Holdings | 7.51 | -3.35 | -30.82% | |
| HK:1119 | iDreamSky Technology Holdings Limited | 0.30 | -0.52 | -63.25% | |
| HK:9999 | Netease Inc | 176.70 | -38.31 | -17.82% | |
| HK:2400 | XD, Inc. | 36.06 | -34.29 | -48.74% |
Bilibili, Inc. Class Z Corporate Events
Bilibili Shareholders Approve Tencent Subscription and Repurchase Deal
Bilibili shareholders have overwhelmingly approved a special resolution authorizing a Tencent subscription and share repurchase agreement, along with a concurrent repurchase transaction, at an extraordinary general meeting held on October 28, 2026. T...
Bilibili Registers Shares for Expanded Incentive Plans with U.S. SEC
Bilibili Inc. has filed a Form S-8 registration statement with the U.S. Securities and Exchange Commission to register securities underlying awards granted or to be granted under its Amended and Restated 2018 Share Incentive Plan, Second Amended and...
Bilibili Grants New RSUs to Bolster Long-Term Growth and Talent Retention
Bilibili Inc. has granted 4,580,801 restricted share units under its Second Amended and Restated 2018 Share Incentive Plan to employees and service providers, equal to about 1.09% of its total shares. The RSUs, priced at nil and referenced to a marke...
Bilibili Completes US$500 Million Convertible Notes Offering and Share Buyback
Bilibili Inc. has completed a US$500 million offering of convertible senior notes due 2031 and a concurrent repurchase of about US$100 million of its Class Z ordinary shares. The transaction is part of the company’s broader capital management s...
Bilibili Prices US$700 Million Convertible Notes and Launches Capital Actions
Bilibili Inc. has priced an aggregate US$700 million issuance of convertible senior notes due 2031, offered to non-U.S. qualified institutional buyers under Regulation S. The move underscores the company’s continued use of capital markets to su...
Bilibili Releases Q2 2026 Unaudited Results and Warns on Forward-Looking Risks
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 sharehol...
Bilibili Boosts Profit and Advertising Revenue on Rising User Engagement
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 billion...
Bilibili Sets August 27 Board Meeting and Q2 2026 Earnings Call
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. the...
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.
Date of analysis: Aug 28, 2026