Bilibili Inc. (Nasdaq: BILI) released its Q3 2025 financial report for the period ending September 30, 2025, on November 13, 2025. Despite a recent decline in its stock price, which is currently around USD 26.18, the report shows that the company has made significant progress in user growth and monetization, successfully achieving a positive net profit for the quarter, signaling its move toward scalable profitability.

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Steady Growth in Users and Revenue, Notable Optimization in Revenue Structure

The company’s advertising business performed outstandingly, with a 23% year-on-year increase, becoming the main driver of revenue growth. Value-added services revenue rose by 7%, benefiting from the growth of membership subscriptions and a more complete content payment ecosystem. Although total revenue increased by only 5%, the diversified monetization system is beginning to show its scale effect, with the company turning GAAP net profit from a loss into a gain.

Improved Profitability, Gross Margin Hits New Yearly High

Thanks to optimization of its cost structure and a higher proportion of high-margin businesses, Bilibili’s gross margin rose to 36.7%, up significantly from 34.9% in the same period last year. However, mobile game revenue declined by 17% year-on-year, posing pressure on overall growth and indicating that Bilibili still needs to deepen its integration of gaming and content ecosystems.

Breaking Through Content Commercialization, Profit Model Accelerates

From this quarter's performance, it is evident that Bilibili’s business model is transitioning from “traffic monetization” to “content monetization”, marking a crucial stage in its growth. Advertising and value-added services have become highlights, driving both GAAP and Non-GAAP net profits into positive territory, demonstrating the company’s higher-quality operational capability.

Future Outlook: Building the “Content Value Platform” is Key

Bilibili is accelerating its transformation from a “traffic platform” to a “content value platform”. Leveraging PUGC (professional user-generated content) and AI content generation technology, the company is reducing creation costs while enhancing the supply of quality content, resonating with both users and advertisers.

In terms of value-added services, Bilibili is diversifying its offerings, including new features such as role interactions, virtual streamers, and e-commerce collaborations, making user payments and consumption scenarios more diverse.

However, declining game revenues and high copyright and technology costs remain short-term profitability challenges. Going forward, the company’s ability to expand its content ecosystem while controlling costs will determine whether its profitability can continue to improve.

How to Buy Bilibili via on uSMART

After logging into the uSMART HK app, click the “Search” button in the top-right corner of the page, enter the ticker code (BILI.US), and navigate to the details page to view transaction details and historical trends. Click the “Trade” button in the bottom-right corner, select the trade type, and submit your order after filling in the transaction conditions.

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