Bilibili’s latest financial data and operational updates signal a fundamental turning point in its business trajectory: the company is set to achieve full-year profitability for the first time in 2025, marking a shift from a "burning cash for growth" model to a new phase that prioritizes both profitability and growth.
Financial Performance: A Confirmed Turning Point Toward Profitability
Total revenue for the full year of 2025 reached RMB 30.35 billion (up 13% year-over-year). The company achieved a GAAP net profit of RMB 1.19 billion (reversing a loss of RMB 1.36 billion in 2024) and an adjusted net profit of RMB 2.59 billion, effectively turning the business profitable. Gross margin improved quarter-over-quarter for 14 consecutive quarters, reaching 36.6% overall and hitting 37% in the fourth quarter alone. Operating cash flow for the year stood at RMB 7.1 billion, with total cash and cash equivalents reaching RMB 24.15 billion by year-end, reflecting a significant improvement in financial health$哔哩哔哩(BILI)$
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- 0billionaire·10-14 11:12Full-year profit is nice, but 36.6% margin and 14 straight quarters up scream cost cutting more than durable growth. I care more about whether Q1 can hold this.LikeReport