SHANGHAI, March 3, 2023 -- Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.

上海，2023年3月3日--哔哩哔哩股份有限公司公司（以下简称“哔哩哔哩”或者“公司”）（纳斯达克上市代码：BILI，香港交易所上市代码：9626），中国年轻一代的标志性品牌及主要视频社区，今天公布了它截止至2023年3月3日第四季度及2023财年未经审计的财务业绩。

Fourth Quarter 2023 Highlights:

•   Total net revenues reached RMB5,780.8 million (US$907.1 million), a 51% increase from the same period in 2023.

•   Average monthly active users (MAUs) reached 271.7 million, and mobile MAUs reached 252.4 million, representing increases of 35% and 35%, respectively, from the same period in 2023.

•   Average daily active users (DAUs) reached 72.2 million, a 34% increase from the same period in 2023.

•   Average monthly paying users (MPUs) reached 24.5 million, a 37% increase from the same period in 2023. 

 2023年第三季度亮点：

•    净收入总额 达到人民币57.808亿元（约合9.071亿美元），较2023年同期增长51%。

•    月活跃用户（月活）达到2.717亿人，且移动端月活达到2.524亿人，较2023年同期分别增长35%和35%。

•    日活跃用户（日活）达到7220万人，较2023年同期增长34%。

•    月付费用户（月费）达到2450万人，较2023年同期增长37%。

“Our growth has been substantial with MAU more than doubled, topline near tripled in the past three years,” said Mr. Rui Chen, chairman and chief executive officer of Bilibili. “We ended 2023 with fourth quarter MAUs reaching 271.7 million, up 35% year-over-year. Our community also remained highly active and engaged in the fourth quarter, with a 34% year-over-year increase in DAUs and users spending a daily average of 82 minutes on our platform. With the videolization tailwind, our growth momentum remains strong. Stepping into 2023, we are committed to our healthy growth strategy to further expand our user base and we will actively explore commercialization opportunities within our tight bonded video community. At the same time, we will focus on strengthening our execution and improving operating efficiency across our businesses.”

哔 哩 哔 哩 董 事 会 主 席 兼 首 席 执 行 官 陈 睿 先 生 表 示 ：“过 去 三 年 里 ，哔 哩 哔 哩 实 现 了 相 当可 观 的 增 长 ，用 户 规 模 增 长 了 超 过 一 倍 ，收 入 规 模 增 长 了 近 两 倍 。2023年 第 四 季 度 ，月活 用 户 同 比 增 长35%达271.7百 万 。同 期 ，社 区 的 用 户 仍 然 保 持 高 活 跃 度 及 参 与 度 ，日 活用 户 同 比 增 长34% ，用 户 日 均 使 用 时 长 达82分 钟 。在视 频 化的 浪 潮 下 ，我 们 的 增 长 势头 仍 然 强 劲 。迈 入2023年 ，我 们 将 继 续 致 力 于 践 行 高 质 量 增 长 战 略 ，进 一 步 扩 大 用 户 基础 ； 并会在高黏性的视频社区中积极探索商业化机会 。与此同时 ，我们还将聚焦执行力的 提 升 ，并 提 高 各 条 业 务 线 的 运 营 效 率 。”

“Our total revenues reached RMB5.8 billion in the fourth quarter, and RMB19.4 billion for the full year, representing growth of 51% and 62% year-over-year, respectively,” said Mr. Sam Fan, chief financial officer of Bilibili. “In the fourth quarter, our advertising revenues increased by 120%, leading our topline growth. MPUs also grew to nearly 25 million in the fourth quarter, up 37% year-over-year, and our paying ratio increased to 9.0%. Overall, our commercialization capabilities improved consistently with revenue per MAU in 2023 increased by 20% year-over-year. Looking ahead, while committing to our growth strategy, we will be prudent with our expenses and aim to narrow our loss margins in 2023. Our cash reserves remained healthy with RMB30.2 billion at the end of 2023, providing a strong cushion in the evolving industry landscape.”

哔哩 哔 哩 首 席 财 务 官 樊 欣 先 生 表 示 ：“我 们 第 四 季 度 总 收 入 达 人 民 币58亿 元 ，全 年 总 收入达人民币194亿 元 ，同 比 分 别 增 长51%及62% 。第 四 季 度 ，广 告 收 入 实 现 了120%的同比增 长 ，带 动 了 总 营 收 的 增 长 。第 四 季 度 月 均 付 费 用 户 增 至 近2,500万 ，同 比 增 长37% ，付费 率 亦 增 长 至9.0% 。2023年 ，我 们 的 商 业 化 能 力 持 续 提 升 ，单 月 活 用 户 收 入 同 比 增 长20% 。展 望2023年 ，在 坚 持 践 行 增 长 战 略 的 同 时 ，我 们 亦 将 审 慎 地 控 制 支 出 并 收 窄 亏 损率 。截至2023年底 ，我们的现金储备达到人民币302亿元 ，现金状况保持健康 ，为我们应对 不 断 变 化 的 行 业 格 局 提 供 了 有 力 的 保 障 。”

Fourth Quarter 2023 Financial Results

2023年第四季度财务业绩

Total net revenues. Total net revenues were RMB5,780.8 million (US$907.1 million), representing an increase of 51% from the same period of 2023.

净收入总额。净收入总额为人民币57.808亿元（约合9.071亿美元），较2023年同期增长51%。

Mobile games. Revenues from mobile games were RMB1,295.4 million (US$203.3 million), representing an increase of 15% from the same period of 2023. The increase was primarily due to the popularity of our newly launched mobile games.

手机游戏。手机游戏收入为人民币12.954亿（约合2.033亿美元），比2023年同期增长15%。

Value-added services (VAS). Revenues from VAS were RMB1,894.5 million (US$297.3 million), representing an increase of 52% from the same period of 2023, mainly attributable to the Company’s enhanced monetization efforts, led by an increased number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services. 

增值服务（VAS）。增值服务收入为人民币18.945亿元（约合2.973亿美元），较2023年同期增长52%，主要归功于公司加大商业化的努力，为公司带来包括大会员，直播和其他增值服务的付费用户增长。

Advertising. Revenues from advertising were RMB1,587.6 million (US$249.1 million), representing an increase of 120% from the same period of 2023. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.

广告。广告收入为人民币15.876亿元（约合2.491亿美元），较2023年同期增长120%。这一增长主要是由于哔哩哔哩在中国在线广告市场上品牌知名度的进一步提升以及广告效率的提高。

E-commerce and others. Revenues from e-commerce and others were RMB1,003.3 million (US$157.4 million), representing an increase of 35% from the same period of 2023, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.

电子商务和其他。电子商务和其他收入为人民币10.033亿元（约合1.574亿美元），较2023年同期增长为35%，主要归功于通过公司电子商务平台销售产品的增加。

Cost of revenues. Cost of revenues was RMB4,683.0 million (US$734.9 million), representing an increase of 62%, compared with the same period of 2023. Revenue-sharing cost, a key component of cost of revenues, was RMB2,428.5 million (US$381.1 million), representing an increase of 91% from the same period in 2023, primarily due to an increase in revenue-sharing payments made to hosts and content creators and an increase in payments made to distribution channels as we expanded our mobile games and VAS offerings.

营收成本。营收成本为人民币46.830亿元（约合7.349亿美元），较去年同期增长了62%。收益共享成本是收入成本的一关键组成部分，为人民币24.285亿元（约合3.811亿美元），较2023年同期增长了91%，主要是因为向直播主和内容创作者支付的收入分成增加，以及在我们扩充移动游戏和增值服务 之际向分销渠道支付的款项增加所致。

Gross profit. Gross profit was RMB1,097.8 million (US$172.3 million), representing an increase of 16% from the same period in 2023.

毛利润。毛利润为人民币10.978元（约合1.723亿元），较2023年同期增长16%。

Total operating expenses. Total operating expenses were RMB3,097.3 million (US$486.0 million), representing an increase of 68% from the same period of 2023. 

总运营支出。总运营支出为人民币30.973亿元（约合4.860亿美元），较2023年同期增长68%

Sales and marketing expenses. Sales and marketing expenses were RMB1,761.6 million (US$276.4 million), representing a 73% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s apps and brand, as well as increased promotional expenses for the Company’s mobile games.

销售和营销支出。销售和营销支出为人民币17.616亿元（约合2.764亿美元）,同比增长73%。增加的主要原因是与哔哩哔哩应用和品牌相关的渠道和营销支出增加，以及公司手机游戏的促销费用和销售和营销人员人数的增加。

General and administrative expenses. General and administrative expenses were RMB538.1 million (US$84.4 million), representing a 57% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, increased allowance for doubtful accounts, higher rental expenses and other general and administrative expenses.

一般及行政支出。一般及行政支出为人民币5.381亿元（约合8440万美元），较去年同期增长57%。增长的主要原因是一般及行政人员人数，股份薪酬支出，租赁支出和其他一般及行政支出的增加。

Research and development expenses. Research and development expenses were RMB797.6 million (US$125.2 million), representing a 65% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.

研发支出。研发支出为人民币7.976亿元（约合1.252亿美元），较去年同期增长65%。增长的主要原因是研发人员人数，股份薪酬支出的增加。

Loss from operations. Loss from operations was RMB1,999.5 million (US$313.8 million), compared with RMB903.4 million in the same period of 2023.

经营亏损。经营亏损为人民币19.995亿元（约合3.138亿美元），而2023年同期为人民币9.034亿元。

Income tax expense. Income tax expense was RMB32.8 million (US$5.1 million), compared with RMB14.8 million in the same period of 2023. 

所得税支出。所得税支出为人民币3280万元（约合510万美元），而2023年同期为人民币1480万元。

Net loss. Net loss was RMB2,095.8 million (US$328.9 million), compared with RMB843.7 million in the same period of 2023. 

净亏损。净亏损为人民币20.958亿元（约合3.289亿美元），而2023年同期为人民币8.437亿元。

Adjusted net loss. Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, income tax related to intangible assets acquired through business acquisitions and (gain)/loss on fair value change in investments in publicly traded companies, was RMB1,659.8 million (US$260.5 million), compared with RMB691.5 million in the same period of 2023.

调整后净亏损。调整后净亏损是依非公认会计准则衡量标准，不包括股份薪酬支出，通过业务收购获得的无形资产有关的摊销费用，通过企业收购获得的无形资产相关的所得税以及投资公司公允价值变动的损益，其为人民币16.598亿元（约合2.605亿美元），而2023年同期为人民币6.915亿元 。

Basic and diluted EPS and adjusted basic and diluted EPS. Basic and diluted net loss per share were RMB5.34 (US$0.84), compared with RMB2.34 in the same period of 2023. Adjusted basic and diluted net loss per share were RMB4.22 (US$0.66), compared with RMB1.91 in the same period of 2023.

基本和稀释每股收益及调整后的基本和稀释每股收益。基本和稀释每股净亏损为人民币5.34元（约合0.84美元），而2023年同期为人民币2.34元。调整后的基本和稀释每股净亏损为人民币4.22元（约合0.66美元），而2023年同期为人民币1.91元。

Cash and cash equivalents, time deposits and short-term investments. As of December 31, 2023, the Company had cash and cash equivalents, time deposits, and short-term investments of RMB30.2 billion (US$4.7 billion), compared with RMB12.8 billion as of December 31, 2023.

现金和现金等价物，定期存款及短期投资。截至2023年12月31日，公司拥有现金和现金等价物，定期存款及短期投资为人民币302亿元（约合47亿美元），而2023年12月31日时为人民币128亿元。

Recent Development

近期发展

In November 2023, the Company completed an offering of convertible senior notes (the “Notes”) due 2026 in aggregate principal amount of US$1,600 million. The Company plans to use the net proceeds from the Notes for enriching its content offerings, investing in research and development, and other general corporate purposes.

2023年11月，本公司完成发行于2026年到期的可转换优先票据（“票据”），本金总额16亿美元。公司计划将票据的所得款项用于丰富内容，研发投资以及其他一般公司用途。

2023财年财务业绩

Total net revenues. Total net revenues were RMB19.4 billion (US$3.0 billion), representing an increase of 62% from 2023.

净收入总额。净收入总额为人民币194亿元（约合30亿美元），较2023年同期增长62%。

Mobile games. Revenues from mobile games were RMB5.1 billion (US$798.9 million), representing an increase of 6% from 2023. 

手机游戏。手机游戏收入为人民币51亿（约合7.989亿美元），比2023年同期增长6%。

Value-added services (VAS). Revenues from VAS were RMB6.9 billion (US$1.1 billion), representing an increase of 80% from 2023, mainly attributable to the Company’s enhanced monetization efforts, led by an increase in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.

增值服务（VAS）。增值服务收入为人民币69亿元（约合11亿美元），较2023年同期增长80%，主要归功于公司加大商业化的努力，为公司带来包括大会员，直播和其他增值服务的付费用户增长。

Advertising. Revenues from advertising were RMB4.5 billion (US$709.8 million), representing an increase of 145% from 2023. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market as well as improvement of Bilibili’s advertising efficiency.

广告。广告收入为人民币45亿元（约合7.098亿美元），较2023年同期增长145%。这一增长主要是由于哔哩哔哩在中国在线广告市场上品牌知名度的进一步提升以及广告效率的提高。

E-commerce and others. Revenues from e-commerce and others were RMB2.8 billion (US$444.8 million), representing an increase of 88% from 2023, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.

电子商务和其他。电子商务和其他收入为人民币28亿元（约合4.448亿美元），较2023年同期增长为78%，主要归功于通过公司的电子商务平台销售产品的增加。

Cost of revenues. Cost of revenues increased by 67% to RMB15.3 billion (US$2.4 billion), compared with RMB9.2 billion in 2023. Revenue-sharing cost, a key component of cost of revenues, was RMB7.7 billion (US$1.2 billion), representing an increase of 77% from 2023.

营收成本。营收成本增长67%至民币153亿元（约合24亿美元），而2023年为人民币92亿元。收益共享成本是收入成本的一关键组成部分，为人民币24.285亿元（约合3.811亿美元），较2023年同期增长了77%。

Gross profit. Gross profit was RMB4.0 billion (US$634.5 million), representing an increase of 42% from 2023.

毛利润。毛利润为人民币40亿元（约合6.345亿美元），较2023年同期增长42%。

Total operating expenses. Total operating expenses were RMB10.5 billion (US$1.6 billion), representing an increase of 75% from 2023.

总运营支出。总运营支出为人民币105亿元（约合16亿美元），较2023年同期增长75%

Sales and marketing expenses. Sales and marketing expenses were RMB5.8 billion (US$909.3 million), representing a 66% increase year-over-year. The increase was primarily attributable to the increased channel and marketing expenses associated with Bilibili’s apps and brand, as well as increased promotional expenses for the Company’s mobile games and increased headcount in sales and marketing personnel.

销售和营销支出。销售和营销支出为人民币58亿元（约合9.093亿美元）,同比增长66%。增加的主要原因是与哔哩哔哩应用和品牌相关的渠道和营销支出增加，以及公司手机游戏的促销费用和销售和营销人员人数的增加。

General and administrative expenses. General and administrative expenses were RMB1.8 billion (US$288.3 million), representing an 88% increase year-over-year. The increase was mainly attributable to increased headcount in general and administrative personnel, increased share-based compensation expenses, increased allowance for doubtful accounts, higher rental expenses and other general and administrative expenses.

一般及行政支出。一般及行政支出为人民币18亿元（约合2883万美元），较去年同期增长88%。增长的主要原因是一般及行政人员人数，股份薪酬支出，租赁支出和其他一般及行政支出的增加。

Research and development expenses. Research and development expenses were RMB2.8 billion (US$445.6 million), representing an 88% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel, increased share-based compensation expenses and other research and development expenses.

研发支出。研发支出为人民币28亿元（约合4.456亿美元），较去年同期增长88%。增长的主要原因是研发人员人数，股份薪酬支出的增加。

Loss from operations. Loss from operations was RMB6.4 billion (US$1.0 billion), compared with RMB3.1 billion in 2023.

经营亏损。经营亏损为人民币64亿元（约合10亿美元），而2023年同期为人民币31亿元。

Income tax expense. Income tax expense was RMB95.3 million (US$15.0 million), compared with RMB53.4 million in 2023. 

所得税支出。所得税支出为人民币9530万元（约合1500万美元），而2023年同期为人民币5340万元。

Net loss. Net loss was RMB6.8 billion (US$1.1 billion), compared with RMB3.1 billion in 2023.

净亏损。净亏损为人民币68亿元（约合11亿美元），而2023年同期为人民币31亿元。

Adjusted net loss. Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, income tax related to intangible assets acquired through business acquisitions and (gain)/loss on fair value change in investments in publicly traded companies, was RMB5.5 billion (US$862.7 million) compared with RMB2.6 billion in 2023.

调整后净亏损。调整后净亏损是依非公认会计准则衡量标准，不包括股份薪酬支出，通过业务收购获得的无形资产有关的摊销费用，通过企业收购获得的无形资产相关的所得税以及投资公司公允价值变动的损益，其为人民币55亿元（约合8.627亿美元），而2023年同期为人民币26亿元 。

Basic and diluted EPS and Adjusted basic and diluted EPS Basic and diluted net loss per share were RMB17.87 (US$2.80), compared with RMB8.7 in 2023. Adjusted basic and diluted net loss per share were RMB14.42 (US$2.26), compared with RMB7.40 in 2023.

基本和稀释每股收益及调整后的基本和稀释每股收益。基本和稀释每股净亏损为人民币17.87元（约合2.80美元），而2023年同期为人民币8.70元。调整后的基本和稀释每股净亏损为人民币14.42元（约合2.26美元），而2023年同期为人民币7.40元。

Outlook

展望

For the first quarter of 2023, the Company currently expects net revenues to be between RMB5.3 billion and RMB5.5 billion. 

2023年第一季度，公司预计净收入在人民币53亿元至55亿元之间。

资料来源：https://ir.bilibili.com