Page 1

bilibili Bilibili Inc. Announces Second Quarter 2021 Financial Results August 19 , 2021 SHANGHAI , China , Aug. 19 , 2021 ( GLOBE NEWSWIRE ) Bilibili Inc. ( " Bilibili " or the " Company " ) ( NASDAQ : BILI and HKEX : 9626 ) , an iconic brand and a leading video community for young generations in China , today announced its unaudited financial results for the second quarter ended June 30 , 2021 . Second Quarter 2021 Highlights : -- • Total net revenues reached RMB4,495.3 million ( US $ 696.2 million ) , a 72 % increase from the same period in 2020 . • Average monthly active users ( MAUS ) reached 237.1 million , and mobile MAUS reached 220.5 million , representing increases of 38 % and 44 % , respectively , from the same period in 2020 . • Average daily active users ( DAUS ) reached 62.7 million , a 24 % increase from the same period in 2020 . • Average monthly paying users ( MPUs¹ ) reached 20.9 million , a 62 % increase from the same period in 2020 . " Our robust second quarter performance shows that our high - quality user growth strategy is working , " said Mr. Rui Chen , Chairman of the Board and Chief Executive Officer of Bilibili . " In the second quarter , our total MAUS reached 237.1 million , representing year - on - year growth of 38 % . At the same time , our users remain sticky and engaged , with the average user time spent on Bilibili rising to an impressive 81 minutes per user per day , the most we have seen in the second quarter throughout our operating history . Having celebrated our 12 - year anniversary in June , we are proud to say we have stayed true to our mission and root , that is to create an outstanding community for our users and content creators , and promote Chinese original content worldwide . Looking ahead , we hope to take on more social responsibility , increasing our facilitation of social development , bringing more fulfilling and positive cultural influence to society and introducing more ' Made - in - China ' content to the world . " Mr. Sam Fan , Chief Financial Officer of Bilibili , said , " We achieved another quarter of record high revenues of RMB4,495.3 million in the second quarter , up 72 % year - over - year . Our continuous growth was driven by a more balanced revenue mix , particularly from our advertising business , which grew by over 200 % year - over - year , representing 23 % of our total net revenues . Our MPUs also grew substantially , reaching 20.9 million and our paying ratio improved to 8.8 % , compared with 7.5 % in the same period last year . Our fundamentals continue to be strong with a cash reserve of RMB27.6 billion to support our long - term growth strategy . " Second Quarter 2021 Financial Results Total net revenues . Total net revenues were RMB4,495.3 million ( US $ 696.2 million ) , representing an increase of 72 % from the same period of 2020 . Mobile games . Revenues from mobile games were RMB1,233.2 million ( US $ 191.0 million ) , compared with RMB1,248.0 million in the same period of 2020 . Value - added services ( VAS ) . Revenues from VAS were RMB1,634.9 million ( US $ 253.2 million ) , representing an increase of 98 % from the same period of 2020 , mainly attributable to the Company's enhanced monetization efforts , led by increases in the number of paying users for the Company's value - added services including the premium membership program , live broadcasting services and other value - added services . Advertising . Revenues from advertising were RMB1,049.1 million ( US $ 162.5 million ) , representing an increase of 201 % from the same period of 2020 . This increase was primarily attributable to further recognition of Bilibili's brand name in China's online advertising market , as well as Bilibili's improved advertising efficiency . E - commerce and others . Revenues from e - commerce and others were RMB578.0 million ( US $ 89.5 million ) , representing an increase of 195 % from the same period of 2020 , primarily attributable to the increase in sales of products through the Company's e - commerce platform . Cost of revenues . Cost of revenues was RMB3,506.3 million ( US $ 543.1 million ) , representing an increase of 74 % , compared with the same period of 2020. Revenue - sharing cost , a key component of cost of revenues , was RMB1,746.7 million ( US $ 70.5 illion ) , representing an increase of 70 % from the same period in 2020 . Gross profit . Gross profit was RMB989.0 million ( US $ 153.2 million ) , representing an increase of 64 % from the same period in 2020 , which was primarily due to increased net revenues . Total operating expenses . Total operating expenses were RMB2,509.5 million ( US $ 388.7 million ) , representing an increase of 107 % from the same period of 2020 . Sales and marketing expenses . Sales and marketing expenses were RMB1,399.9 million ( US $ 216.8 million ) , representing a 107 % increase year - over - year . The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili's app and brand , as well as promotional expenses for the Company's mobile games and an increase in headcount in sales and marketing personnel . General and administrative expenses . General and administrative expenses were RMB435.9 million ( US $ 67.5 million ) , representing a 109 % increase year - over - year . The increase was primarily due to increased headcount in general and administrative personnel , increased share - based compensation expenses , higher rental expenses and other general and administrative expenses .