Bilibili Q1 FY2024 net profit -749 million yuan, down 19.25% year-on-year

On May 23rd, Bilibili (Stock Code: BILI) announced its financial report, showing that the company’s net profit attributable to ordinary shareholders for the first quarter of fiscal year 2024 was -¥7.49 billion, a decrease of 19.25% year-over-year; operating revenue was ¥5.665 billion, an increase of 11.74% year-over-year.

Bilibili Inc. was incorporated on December 23, 2013, under the laws of the Cayman Islands. The company is a leading video community and an iconic brand among China’s younger generation. According to iResearch reports, in 2020, users aged 35 and below accounted for over 86% of the company’s monthly active users, a higher proportion than other major Chinese video platforms. Videos connect people to the world in an intuitive, vivid way and convey a large amount of information, quickly becoming the primary medium for communication, entertainment, and information dissemination. The company refers to the trend of integrating videos into various daily life scenarios as “videoization.” Videoization will bring about a vast pan-video market. According to iResearch, by 2025, the number of video users in China will exceed 1,180.2 million, with the resulting market revenue surpassing RMB 1.8 trillion. As the preferred video community for China’s younger generation, the company believes it can seize the huge market opportunities brought by the era of “videoization.” The company is a comprehensive video community offering a wide range of rich content to meet the diverse interests of young people. The brand proposition is “All the videos you’re interested in are on Bilibili.” The company has built its community around culturally inclined users, high-quality content, talented content creators, and strong emotional bonds among them. Within the community, users and content creators can discover diverse content based on different interests and interact. Content categories include lifestyle, gaming, entertainment, anime, technology, and knowledge, among many others. The company also supports a wide range of video consumption scenarios, centered on professional user-generated videos (PUGV), supplemented by live streaming, professional organization-generated videos (OGV), and more. The company has become a home for multicultural and hobby enthusiasts, as well as a destination for discovering Chinese youth culture trends and phenomena.

(Source: Tonghuashun (300033) iFinD)