哔哩哔哩公司2025年第三季度未经审计的GAAP与非GAAP业绩调节表

For the month of November 2025 Commission File Number: 001-38429 Bilibili Inc. Building 3, Guozheng Center, No.485 Zhengli RoadYangpu District, Shanghai, 200433People’s Republic of China(Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F☒Form 40-F☐ BILIBILI INC. By:/s/ Xin FanName:Xin Fan Bilibili Inc. Announces Third Quarter 2025 Financial Results SHANGHAI, China, November13, 2025— Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI andHKEX: 9626), an iconic brand and aleading video community for young generations in China, today announced its unaudited financial results for the third quarter ended September30, Third Quarter 2025 Highlights: •Average daily active users (DAUs)were 117.3million, representing an increase of 9% year over year.•Total net revenueswere RMB7.69billion (US$1.08 billion), representing an increase of 5% year overyear, including RMB2.57billion(US$361.0 million) in advertising revenues, which increased by 23% year over year.•Gross profitwas RMB2.82billion (US$395.8 million), representing an increase of 11% year over year.Gross profit margin reached “We maintained strong momentum in the third quarter, led by remarkable community growth and continued financial progress,” said Mr.Rui Chen,Chairman and Chief Executive Officer of Bilibili. “Each of our core user metrics reached all-time highs in the third quarter. DAUs increased by 9% yearover year to 117million, monthly active userswere up 8% to 376million, and monthly paying users also grew by 17% to 35million. During the quarter,average daily time spent also reached a record high of 112 minutes, up 6 minutes year over year. This solid user growth and deeperengagement reflectover a decade of focus on high-quality content and the distinctive community experience we have cultivated. As we grow with our users, their Mr.Sam Fan, Chief Financial Officer of Bilibili, said, “A year ago, Bilibili turned profitable on anon-GAAP basis. Building on that milestone, we havecontinued to grow our businesses and meaningfully improved our financials throughout 2025. In the third quarter, total revenues grew by 5% year overyear toRMB7.69billion, with 23% growth in advertising revenues. Gross profit rose by 11% year over year, and our gross profit margin expanded to36.7%, marking the 13th quarter of consecutive growth. Through increased operating leverage anddisciplined cost management, our non-GAAP netprofit surged by 233% year over year to RMB786million in the third quarter. Our non-GAAP net profit margin expanded to 10.2% in the third quarter, a Third Quarter 2025 Financial Results Total net revenues.Total net revenues were RMB7.69billion (US$1.08 billion), representing an increase of 5% from the same period of 2024. Value-added services (VAS). Revenues from VAS were RMB3.02billion (US$424.6 million),representing an increase of 7% from the same period of2024, mainly attributable to increased revenues from premium memberships and other value-added services. Advertising.Revenues from advertising were RMB2.57billion (US$361.0 million), representing an increase of 23% from the same period of 2024,mainly attributable to the Company’s improved advertising product offerings and enhanced advertising efficiency. Mobile games.Revenuesfrom mobile games were RMB1.51billion (US$212.2 million), representing a decrease of 17% from the same period of 2024,mainly attributable to the high prior-year comparison baseline following the successful launch of the Company’sexclusively licensed game,San Guo: IP derivatives and others.Revenues from IP derivatives and others wereRMB582.3million (US$81.8 million), representing an increase of 3% from the Cost of revenues.Cost of revenues wasRMB4.87billion (US$683.7 million), representing an increase of 2% from the same period of 2024. Theincrease was mainly due to higher revenue sharing costs and was partially offset by lower content costs. Revenue-sharing costs, a key componentof cost Gross profit.Gross profit was RMB2.82billion (US$395.8 million), representing an increase of 11% from the same period of 2024, mainly attributableto the growth in total net revenues and relatively stable costs related to platform operations, as theCompany enhanced its monetization efficiency. Total operating expenses.Total operating expenses were RMB2.46billion (US$346.1million), representing a decrease of 6% from the same period of2024. Sales and marketing expenses. Sales and marketing expenses wereRMB1.05billion (US$147.6 million), representing a decrease of 13% from the sameperiod of 2024. The decrease was attributable to lower mobile games marketing expenses. Research and development expenses.Research and development expenses were RMB904.5million (US$127.1million), remaining stable compared withthe same period of 2024. Profit/(loss) from operations.Profit from operations was RMB353.9million(US$49.7 mil