Below is Dolphin Research's Trans of $Bilibili(BILI.US) 1Q26 earnings call. For our earnings take, cf. 'Bilibili: A False Alarm on Stake Sale, Margin Erosion? Games to the Rescue'.

After the HK market close on May 19 (Beijing time), $Bilibili(BILI.US) released its Q1 2026 results, marking another ads-led quarter. Overall in line with expectations.

After the HK close on May 19 (Beijing time), Bilibili reported Q1 2026 results. It was another ad‑led print, broadly in line with expectations.

Advertising was the clear bright spot, with Q1 ad revenue up 30%, a slight beat despite a weak industry backdrop. Benefiting from buoyant AI and gaming demand and fierce competition for users, the company captured meaningful ad budgets.

This high‑growth phase should persist for a while, as those sectors remain hot and competition stays intense. In addition, Bilibili still has ad inventory to open up, providing incremental monetization room...

Below is the 4Q25 earnings call Trans for $Bilibili(BILI.US). For our earnings take, see 'Bilibili: Ads Resilient; Tough Stretch for the Platform'.

After the HK close on Mar 5 (Beijing time), $Bilibili(BILI.US) released its Q4 2025 results. Ads were the standout, while other businesses were average and broadly in line with expectations.

The following is a summary compiled by Dolphin Research regarding the Q3 2025 earnings call minutes for $Bilibili(BILI.US). For financial report commentary, please refer to "Bilibili: Ecosystem Continues to Recover, the Small Station Grows Again." 1. Review of Core Financial Information: The third quarter achieved solid financial performance. As the revenue structure shifts towards high-profit businesses, total net income increased by 5% year-on-year to RMB 7.7 billion, with value-added services contributing approximately 39%, advertising business contributing 33%, gaming business contributing 20%, and IP business contributing 8%...

On November 14th, after the Hong Kong stock market closed, $Bilibili(BILI.US) released its Q3 2025 financial report. Overall, it slightly exceeded expectations, with highlights in advertising revenue, profits, and user metrics, while gaming and live streaming were relatively weak. The market reaction on the day of the report was muted, mainly due to the broader market impact, and some funds might have been concerned about the lack of short-term guidance surprises. Specifically: 1. Healthy expansion of the user ecosystem: This is considered the biggest highlight of the financial report by Dolphin Research. Q3 is the peak season during the summer vacation, and Bilibili's monthly active users (MAU) increased by 13 million compared to the previous quarter...

The following is the minutes of the Q2 2025 earnings call for $Bilibili(BILI.US) organized by Dolphin Research. For earnings interpretation, please refer to "Bilibili: After Completing the 'Three Strategies', What's Next?" 1. Core Information Review of the Financial Report: a. Guidance: Management will continue to focus on providing the best PUGV community experience to attract more users and achieve mutual growth. Meanwhile, the company plans to actively invest in commercialization initiatives to drive sustainable profitability. b. In the future, the company will continue to focus on its unique high-quality content...

After the Hong Kong stock market closed on August 21st Beijing time, $Bilibili(BILI.US) released its Q2 2025 financial report. Due to recent thorough communication with investors, overall revenue was in line with guidance, but recent high expectations led to some disappointment in game performance, while profits were quite good. Specifically: 1. Profit exceeded expectations: The highlight this time was still on the profit side, significantly surpassing market expectations, mainly due to lower marketing expenses. Although there were no new games in the second quarter, which should have resulted in lower marketing expenses, the anniversary event for "Three Strategies" and several season updates at the beginning of the year were not insignificant...

The following is the minutes of the FY25Q1 earnings call for $Bilibili(BILI.US). For the earnings interpretation, please refer to "Bilibili: Games Supporting the Scene, User Return, Can the Small Station Revive?" 1. Core Information Review of the Earnings Report 1. Earnings continue to improve slightly: Thanks to better-than-expected game revenue and slightly restrained operating expenses, Bilibili withstood the seasonal fluctuations brought by advertising, ensuring positive profitability. 2. User growth returns to former levels: Since management emphasized the DAU metric, market expectations for Bilibili's traffic expansion have basically diminished. Therefore, this quarter saw a net increase of 28 million...