New Street Research - Bilibili Inc. Sponsored ADR Class Z (BILI) BILI 4Q25 Results: Ads Could Remain Resilient in 2026

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New Street Research

Jin Yoon

BILI 4Q25 Results: Ads Could Remain Resilient in 2026

What’s new: Bilibili’s reported 4Q25 results that were above consensus and our expectations. Gaming revs could continue to be adversely impacted by tougher comps in San Mou. Ad growth could remain resilient in CY26 partly driven by further improvement in conversion and continued increase in user traffic. Margins could be partly impacted by investments in AI. We maintain our PT at USD29.

Analysts:
Jin Yoon

06/03/2026 1 EN

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Bilibili Inc. Sponsored ADR Class Z

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US0900401060 NASDAQ Stock Market Cayman Islands

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Analysts

Jin Yoon

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BILI 4Q25 Results: Ads Could Remain Resilient in 2026

Bilibili Inc. Announces Fourth Quarter and Fiscal Year 2025 Financial Results

Bilibili Inc. to Report Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results on Thursday, March 5, 2026

Besi: Another setback in Hybrid bonding adoption?

Grasping the AI Infra buildout (V): How can frontier labs fund rising compute costs?

Japanese Telcos – Q3 FY25 review: SB focusing less on customer share; this is positive

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