BILIBILI(BILI)2025-03-25 11:00Financial Performance - Total revenues for 2024 increased by 19% year over year to RMB 26.8 billion, driven by a 28% growth in advertising revenues and a 40% increase in mobile games revenues[19] - Gross profit for 2024 reached RMB 8.8 billion, representing a 61.2% year-over-year increase, with a gross profit margin expanding to 32.7%[19] - The net loss for 2024 was reduced by 72% to RMB 1.4 billion, marking a significant improvement in financial performance[19] - Total net revenues for 2024 were RMB 26.8 billion, an increase of 19% from RMB 22.5 billion in 2023[39] - Gross profit for 2024 was RMB 8.8 billion, representing an increase of 61% from RMB 5.4 billion in 2023[45] - Loss from operations narrowed to RMB 1.3 billion, a 73% improvement from RMB 5.1 billion in 2023[50] - Net loss for 2024 was RMB 1.4 billion, narrowing by 72% from RMB 4.8 billion in 2023[54] User Engagement - Daily Active Users (DAUs) averaged nearly 104 million in 2024, while Monthly Active Users (MAUs) surpassed 341 million, reflecting year-over-year growth of 6% and 4%, respectively[20] - Average daily video views on the platform reached 4.3 billion, a 19% increase year over year, indicating strong user engagement[21] - The number of monthly active content creators reached approximately 4.0 million, contributing to 20.7 million average monthly video submissions[22] Revenue Breakdown - Revenues from Value-Added Services (VAS) increased by 11% year over year to RMB 11.0 billion, with over 22.7 million premium members by the end of 2024[26] - Total advertising revenues reached RMB 8.2 billion in 2024, reflecting a 28% year-over-year increase, with performance-based advertising growing by over 40%[28] - Revenues from mobile games reached RMB 5.6 billion in 2024, increasing 40% year over year, driven by the successful launch of the strategy game San Guo: Mou Ding Tian Xia[30] - Revenues from value-added services (VAS) were RMB 11.0 billion, representing an increase of 11% from RMB 9.9 billion in 2023[40] - Revenues from advertising were RMB 8.2 billion, representing an increase of 28% from RMB 6.4 billion in 2023[41] - Revenues from mobile games were RMB 5.6 billion, representing an increase of 40% from RMB 4.0 billion in 2023, driven by the success of the game San Mou[42] Corporate Governance - The Company has complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules during the Reporting Period[148] - The auditor confirmed that the disclosed continuing connected transactions have not exceeded the annual caps set by the Company[140] - The company has confirmed compliance with all applicable code provisions of the Corporate Governance Code during the Reporting Period[201] - The company has a commitment to high corporate governance standards to safeguard shareholder interests and enhance corporate value[200] - The roles of chairman and chief executive officer are held by Mr. Rui Chen, which the board believes ensures consistent leadership and effective strategic planning[201] - The board will reassess the division of roles between chairman and chief executive officer periodically[202] - The company has adopted a securities dealing code that aligns with the Model Code for regulating dealings by directors and relevant employees[204] - The company has received annual confirmations of independence from each independent director, affirming their independence[197] Risks and Challenges - The Company incurred significant losses in the past and may not be able to maintain profitability in the future[75] - The Company operates in a fast-evolving industry and may struggle to implement successful commercialization strategies[75] - The Company is subject to risks related to cybersecurity, which could materially affect its business and reputation[75] - The PRC government's regulations could significantly limit the Company's ability to offer securities to investors[77] - The trading price of the Company's listed securities has been volatile, which could result in substantial losses for investors[79] - The Company generated a large amount of data and must comply with PRC laws regarding privacy and cybersecurity[75] Shareholder Information - As of December 31, 2024, the WVR Beneficiaries held a total of 83,715,114 Class Y Ordinary Shares, representing 71.6% of voting rights in the Company[143] - Mr. Rui Chen controlled 49,299,006 Class Y Ordinary Shares, representing 42.1% of the voting rights in the Company as of December 31, 2024[144] - The Company generated less than 10% of total revenue from its five largest customers combined during the fiscal year ended December 31, 2024[149] Financial Transactions - The Company had cash and cash equivalents of RMB 16.5 billion as of December 31, 2024, compared to RMB 15.0 billion as of December 31, 2023[56] - The company repurchased a total of 839,167 ADSs for an aggregate consideration of US13.4 million of convertible senior notes remained outstanding[180] - The Group completed the repurchase of US419.1 million (RMB3.0 billion) of December 2026 Notes in November 2024[180] - The net proceeds from the issuance of the December 2026 Notes were US786.1 million (RMB5,594.8 million) after costs[178] - The net proceeds from the issuance of the April 2026 Notes were US$488.2 million (RMB3,356.1 million) after costs[177] Social Responsibility - The Company is committed to social responsibility and sustainable growth, as detailed in its Environmental, Social and Governance Report[80] - The Group made charitable donations of RMB25.7 million during the Reporting Period[157] Dividend Policy - The Board did not recommend the distribution of an annual dividend for the fiscal year ended December 31, 2024[160] - The company does not have a dividend policy and intends to retain most of its available funds for business operations and expansion[203] - The company did not have any distributable reserves as of December 31, 2024[164] - No equity-linked agreements were entered into by the Group during the Reporting Period[159]