格隆汇发布哔哩哔哩4Q24更新报告

Bilibili (BILI, HK9626) announced its 4Q24 results prior to market open on February 20. In the fourth quarter of 2024, revenue grew by 22% y/y to US$1,067 Million. Non-GAAP profit attributable to shareholders slightly exceeded market expectations, while the company achieved its first-ever quarterly GAAP profit. Mobile gaming and advertising remain the primary growth drivers for Bilibili in the coming quarters. The highly anticipated S6 season of “San Mou” officially launched on February 22. However, deferred revenue on the balance sheet declined by 7% quarter-over-quarter in 4Q24, indicating that the game has passed its peak stage. Additionally, the new title “Jujutsu Kaisen Phantom Parade” performed below expectations, with monthly grossing ranging from US$14 Million to US$28 Million. Concerns persist regarding Bilibili’s future gaming pipeline.