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On August 22 (August 22, Eastern Time), Bilibili (referred to as "Bilibili") released its unaudited financial report for the second quarter ending June 30, 2024.

The financial report shows that in the second quarter, Bilibili's total revenue increased by 16% year-on-year to 6.13 billion yuan. Among them, advertising revenue increased by 30% year-on-year, and game revenue increased by 13% year-on-year. With the growth of high-gross-profit advertising and game businesses, B station's gross profit increased by 49% year-on-year in the second quarter, and the gross profit margin increased to 29.9% quarter-on-quarter for eight consecutive quarters. In addition, in the second quarter, B station achieved a positive operating cash flow of 1.75 billion yuan, and a cumulative positive operating cash flow of 2.4 billion yuan in the first half of the year.

In the second quarter, Bilibili's average daily active users reached 102 million, a year-on-year increase of 6%, and the average monthly active users reached 336 million. The average daily usage time increased from 94 minutes in the same period last year to 99 minutes.

After the release of the second quarter financial report, Bilibili's stock price rose by 5.6% in pre-market trading in the U.S. As of press time, the increase had narrowed to 3%.

Talking about the performance, Chen Rui, Chairman and CEO of Bilibili, said: "In the second quarter, while maintaining the healthy development of the community, multiple businesses grew rapidly and financial performance improved significantly. Among them, the advertising business maintained a strong year-on-year growth of 30% in the second quarter. In terms of games, our long-term classic products such as "Fate/Grand Order" ("FGO") and "Azur Lane" have shown extremely resilient vitality. At the same time, we also successfully released "Wuhua Mixin" and "Three Kingdoms: Conspiracy for the World" ("Three Conspiracy") in the second quarter, proving that as a content community, we have an ecological effect covering multiple categories and great value across long cycles."

In terms of users and content, data shows that in the second quarter, the B station community continued to grow healthily. The average daily video playback volume exceeded 4.8 billion times, an increase of 18% year-on-year, and the average monthly interaction volume exceeded 16.5 billion times. As of the end of the second quarter, 243 million users passed the entrance examination and became "official members" of B station, and the retention rate in the 12th month remained stable at around 80%.

In the second quarter, the average daily playback volume of automobile, home furnishing, fitness and other content increased by more than 40% year-on-year. With the growing demand for car purchases among young people, an average of more than 17 million users watch automobile content on Bilibili every day. At the same time, female users have shown strong demand for content consumption, driving the rapid growth of the average daily playback volume of fashion and beauty, mother and baby parenting and other content. Among them, the playback volume of mother and baby parenting related content increased by more than 80% year-on-year.

At the same time, creators' income has further increased. In the first half of the year, nearly 2.1 million UP hosts earned income on Bilibili, of which the total income from advertising and value-added services increased by 30% year-on-year; as more and more users are willing to pay for high-quality content, the income earned by UP hosts through classes increased by more than 40% year-on-year, and the income earned through workshops and charging maintained a triple-digit year-on-year growth.

In terms of revenue structure, in the second quarter, Bilibili's total revenue increased by 16% year-on-year to 6.13 billion yuan. Among them, value-added services, advertising, games, IP derivatives and other businesses contributed 42%, 33%, 17% and 8% of the revenue respectively, showing a healthy revenue structure.

In terms of advertising business, in the second quarter, B's advertising revenue increased by 30% year-on-year to 2.04 billion yuan. In the first half of the year, the number of advertisers at B station increased by 50% year-on-year, and more advertisers from emerging industries joined B station, among which the coverage rate of AI manufacturers exceeded 90%. At the same time, B station still maintained a high growth rate in industries such as e-commerce and game advertising, and also achieved double-digit year-on-year growth in emerging industries such as Internet services, AI, and education. In terms of transaction ecology, B station adheres to the "big open loop" strategy. During the 618 period, the transaction volume of goods brought increased by more than 140% year-on-year, and the new customer rate in the fields of maternal and child care and household daily necessities exceeded 70%.

In terms of game business, in the second quarter, B station's game revenue increased by 13% year-on-year to 1.01 billion yuan. Among them, "FGO", which has been in operation for 8 years, returned to the top 10 of the iOS game best-selling list in July; "Azur Lane" set a new record in the number of active users during its 7th anniversary celebration.

In the second quarter, Bilibili released its first strategy game, Sanmo, which debuted at number 3 on the iOS best-selling game list on the day of its public beta test and remained in the top 10 for a month. On August 3, when the S2 season of Sanmo was launched, it returned to number 3 on the iOS best-selling list.

In terms of value-added service business, in the second quarter, Bilibili's value-added service business revenue also achieved a steady growth of 11% year-on-year, reaching 2.57 billion yuan. In terms of the VIP business, the number of VIP members maintained a steady growth. As of the end of the second quarter, the number of valid VIP members exceeded 22.3 million, a year-on-year increase of 9%, of which more than 80% were annual subscription or automatic renewal members.

With the growth of high-gross-profit businesses and the improvement of operating efficiency, the company's gross profit in the second quarter increased by 49% year-on-year to 1.8 billion yuan. The gross profit margin increased from 23.1% in the same period last year to 29.9% this quarter, achieving the eighth consecutive quarter of sequential improvement. The adjusted operating loss and adjusted net loss in the second quarter narrowed by 69% and 72% year-on-year, respectively.

In addition, the company achieved positive operating cash flow of 1.75 billion yuan in the second quarter, and a total of 2.4 billion yuan in positive operating cash flow in the first half of the year.

As of June 30, 2024, the company held cash and cash equivalents, time deposits and short-term investments totaling RMB 13.9 billion.