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Investor Presentation Aug 2026
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2 This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, outlook and quotations from management in this announcement, as well as Bilibili’s strategic and operational plans, contain forward-looking statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: results of operations, financial condition, and stock price; Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili’s ability to maintain its culture and brand image within its addressable user communities; Bilibili’s ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law. Safe Harbor Statement
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117mn DAUs (1) (2) 113mins Avg. daily time spent (1) (4) Notes: (1) In 26Q2 (2) Active users are counted as the sum of active users on our mobile apps and on PC during a given period. Active users on mobile apps refer to total number of mobile devices (including smart TV and other smart devices) that have launched our mobile apps during a given period. Active users on PC refer to the sum of valid logged-in users who visit our website at www.bilibili.com on PC and who engage in PC application during a given period, after eliminating duplicates (3) Paying users refer to users who make payments for various products and services on our platform, including purchases in mobile games offered on our platform and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer and the number of paying users of smart TVs towards our total paying users without eliminating duplicates. Average monthly paying users is calculated by dividing the sum of monthly paying users during the specified period by the number of months in the specified period (4) Average daily time spent per active user on our mobile apps is calculated by dividing the total time spent on our mobile apps (including smart TV and other smart devices) during the specified period (excluding time spent on Bilibili operating games, Bilibili Comic and Maoer) by the average number of active users per day during such period, further divided by the number of days during the specified period An Iconic Brand and a Leading Video Community for Young Generations 371mn MAUs (1) (2) 33mn+ MPUs (1) (3) 3
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Operational Highlights: Strong Growth of DAUs and Daily Time Spent 4 Average Daily Time Spent Per User (mins) DAUs (mn) 84 96 102 109 117 22Q2 23Q2 24Q2 25Q2 26Q2 89 94 99 105 113 22Q2 23Q2 24Q2 25Q2 26Q2 7% YOY 7% YOY
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7.6% 10.2% 10.6% 7.8% 8.9% 5 Financial Highlights: Improving Margins and Profits Note: (1) Excluding share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, income tax related to intangible assets acquired through business acquisitions, gain/loss on fair value change in investments in publicly traded companies, and gain/loss on repurchase of convertible senior notes Net Profit (1) (Non-GAAP; RMB mn) Gross Profit (RMB mn) NPM (1) GPM 10% YOY 2,676 2,818 3,081 2,773 2,955 25Q2 25Q3 25Q4 26Q1 26Q2 36.5% 36.7% 37.0% 37.1% 37.2% 25% YOY 561 786 878 585 704 25Q2 25Q3 25Q4 26Q1 26Q2
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Notes: (1) According to iResearch, industry related to video content on video-centric platforms and non-video-centric platforms as well as mobile games. Non-video-centric, e-commerce, browser, and other kinds of platforms include social media, instant messaging (2) According to iResearch, the average daily time spent on video-based content by China mobile internet users among Gen Z+ (people born in 1985-2009) population (3) According to iResearch, the per capita spending of Gen Z+ internet users in the video-based market 6 Golden Opportunity from Videolization Video becomes fundamental to information, entertainment and communication More Time Spent(2), More Spending(3) (RMB)(Hours per day) 4.5 5.7 2023 2030E 2,047 5,076 2023 2030E 2.5x +27% Massive Video-Based Industry(1) Infrastructure Supply Demand AI, 5G, and various video production tools More diversified content, more video content creators Rising demand and spending power for video-based content 1,242 2,940 2023 2030E 2.4x (RMB bn)
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Notes: (1) As of May 2026, according to Quest Mobile (2) In 26Q2 7 Unparalleled leadership in China’s young generation High-quality user base with strong consumer buying power 26.5 7 out of every 10 Gen Z+ (1985-2009) population in China are Bilibili users(1) Our Unparalleled Leadership in Gen Z+ The golden cohort and future of the video-based industry Average age of our active user base(2) 51% of our users are female with higher interest in commercial contents(1) 57% of our users live in tier-1 or 2 cities in China with higher demand for better quality of life(1) 46% of our DAUs viewed video and live commerce related content(2) 22.6 Average age of our new users(2)
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Commercialization Content Community Users Ever-growing ecosystem centered around PUGV Highly engaged, interactive and sticky User-centric with massive opportunities Aspiring and fast growing 8 The Story
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9 Multi Categories for Constantly Expanding Content Interests 26.5 2026 Content Community Commercialization Average user age 21 2018 Pan-Entertainment Pan-Knowledge Lifestyle + Consumption ACG GamesAnime Auto remix Enter- tainment Music Know- ledge Tech Handi- crafts Painting Daily life Sports Auto- mobile Baby & maternity Fashion Fitness Home decor Food Animals Farming Travel Infor- mation
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(1) In 2025, content creators aged 18-23 (2) YOY growth in 26Q2 (3) Growth as of June 30, 2026 compared to June 30, 2025 Young and Flourishing Creator Ecosystem Content Community Commercialization Supporting mechanism Up 100 Encouraging community AI-enabled algorithm Editing tools and tutoring 10 20%+ YOY creators with over 10k followers creators with over 100k followers ~20% YOY creators with over 1mn followers ~20% YOY 30% YOY creators with over 1k followers Content creators’ growth map Sophisticated Emerging Thriving Rising ~44% content creators aged under 24(1) +21% content creators’ average income(2) Notes: (3)
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Highly Engaged and Sticky Community with a Strong Sense of Belonging Notes: (1) In 26Q2; Interactive features such as bullet chats, comments, likes, Bilibili moment posts and virtual gifting, etc. (2) As of June 30, 2026; To become an official member, user needs to take and pass a community entrance exam consisting of 100 questions covering community etiquette and various topics ShareBullet-chat Commentary Following Virtual Gifting MomentFan Charging 17.4bn monthly interactions(1) One Click Triple-Function Combo Coin- casting Add to FavoriteLike 11 299mn official members(2) ~80% 12-month retention rate(2) 0% 20% 40% 60% 80% 100% 0 3 6 9 12 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Content Community Commercialization
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Commercialization Comes Naturally Around Users’ Interests Desired content and services fulfilling needsUsers’ diverse, expanding interests Content Community Commercialization Mobile Games VASAdvertising IP Derivatives and Others Create significant potential for monetization Better understand users’ consumption needs and preference AI-enabled algorithms 12
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Content Community Commercialization Advertising: Bilibili is Becoming a Go-To Platform for Advertisers N-reach brand ads Customized and innovative native ads Performance-based ads with sales conversion add-on 13
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Content Community Commercialization Advertising Revenues: Robust Growth with Great Potential (RMB mn) 14 2,449 2,570 3,042 2,589 3,131 25Q2 25Q3 25Q4 26Q1 26Q2 28% YOY
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Value-Added Services: Multi-Faceted Commercialization Live broadcasting Natural extension of our diversified content platform Premium membership Enjoy exclusive or advanced high quality content Content Community Commercialization 15 Fan charging Support content creators and access to exclusive PUGV content Premium membership (1) 25.7mn Fan charging income (2) ~50% Note： (1) As of June 30, 2026 (2) YOY growth in 26Q2
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Content Community Commercialization Value-Added Services Revenues with Steady Growth 16 (RMB mn) 2,837 3,023 3,262 2,912 2,967 25Q2 25Q3 25Q4 26Q1 26Q2 5% YOY
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Top Game Content Community with Strong Operation and Distribution Capabilities Content Community Commercialization Strong distribution capabilities coupled with growing advertising capabilities Proven long life cycle IP operation capabilities Notes: (1) In 26Q2 (2) In terms of video or live broadcasting watch time on Bilibili Jointly operated gamesExclusively licensed games 17 Go-to video community for gamers Game-related content is the Most popular PUGV genre Most popular live broadcasting genre(1)(2) 40% DAUs viewed game-related PUGVs or live broadcasting(1)
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Expanding into Diverse Game Genres, Building Differentiated Evergreen Titles 18 Exclusively Licensed Games San Guo: Mou Ding Tian Xia (San Mou) Azur Lane Fate / Grand Order NCard San Wang Lumi Master …… Escape from Duckov surpassed 4mn copies sold Content Community Commercialization Pipeline Games Self-developed Game Ragnarok Online 3 Three Kingdoms: The Ravages of Time MISTBOUND: Guild Wars Card Game
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OUR FINANCIALS
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Solid Growth Driven by Diverse Revenue Mix 20 (RMB mn) 39% 39% 39% 39% 37% 33% 33% 37% 35% 39% 22% 20% 18% 20% 18% 6% 8% 6% 6% 6%7,338 7,685 8,321 7,472 7,940 25Q2 25Q3 25Q4 26Q1 26Q2 VAS Advertising Mobile games IP derivatives and others
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Improving Cost Structure and Gross Margin (1) Revenue-sharing costs consist of fees paid to game developers, distribution channels (app stores) and payment processors, as well as fees we pay to hosts of our live broadcasting program and content creators in accordance with our revenue- sharing arrangements (2) Content costs consist of amortized costs of self-produced and licensed content (3) Staff costs mainly consist of salaries and benefits for our employees involved in the operation of our app/websites, mobile game services and live broadcasting program (4) Server and bandwidth costs are the fees we pay to telecommunication carriers and other service providers for telecommunication services, hosting our servers at their internet data centers, and providing content and application delivery services (5) Include cost of goods sold associated with our IP derivatives business, depreciation and others Notes: Cost of Revenues (1) (2) (5)(3) (4) (as a percentage of revenue %) 21 36.5% 36.7% 37.0% 37.1% 37.2%GPM 40% 40% 41% 38% 39% 18% 17% 17% 19% 19% 5% 7% 5% 5% 5% 25Q2 25Q3 25Q4 26Q1 26Q2 Revenue-sharing costs Content, server and bandwidth, staff costs IP derivatives and others
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7.8% 9.0% 10.1% 7.0% 8.8%29% 28% 27% 30% 29% Improving Operating Profits 22Note: (1) Excluding share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions Operating Expenses(1) (Non-GAAP; as a percentage of revenue %) Operating Profit(1) (Non-GAAP; RMB mn) 14% 14% 13% 15% 13% 5% 4% 4% 4% 4% 10% 10% 10% 11% 12% 25Q2 25Q3 25Q4 26Q1 26Q2 Sales and marketing General and administrative Research and development % of Revenue Operating Margin 573 688 838 524 696 25Q2 25Q3 25Q4 26Q1 26Q2
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(RMB mn) Consolidated Balance Sheets 23 Dec 31, 2025 June 30, 2026 Assets Cash and cash equivalents 12,184 5,164 Time deposits 5,522 9,767 Restricted Cash 51 1 Accounts receivable, net 1,268 1,681 Prepayments and other current assets 2,078 2,190 Short-term investments 6,447 9,369 Total current assets 27,550 28,172 Property and equipment, net 695 2,077 Production cost, net 1,600 1,376 Intangible assets, net 3,110 2,893 Goodwill 2,818 2,818 Long-term investments, net 4,762 4,571 Other long-term assets 633 573 Total non-current assets 13,618 14,308 Total assets 41,168 42,480 Liabilities Accounts payable 5,497 6,283 Salary and welfare payables 1,710 1,485 Taxes payable 406 400 Short-term loans and current portion of long-term debts 4,861 4,879 Deferred revenue 4,662 4,636 Accrued liabilities and other payables 3,191 3,706 Total current liabilities 20,327 21,389 Long-term debts 4,776 4,636 Other long-term liabilities 516 541 Total non-current liabilities 5,292 5,177 Total liabilities 25,619 26,566 Total Bilibili Inc.’s shareholders’ equity 15,573 15,951 Noncontrolling interests (24) (37) Total shareholders’ equity 15,549 15,914 Total liabilities and shareholders’ equity 41,168 42,480
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(RMB mn) Consolidated Statements of Operations and Comprehensive Income 24 25Q2 26Q1 26Q2 YoY Change Net revenues Value-added services 2,837 2,912 2,967 5% Advertising 2,449 2,589 3,131 28% Mobile games 1,612 1,523 1,392 -14% IP derivatives and others 440 448 450 2% Total net revenues 7,338 7,472 7,940 8% Cost of revenues (4,662) (4,699) (4,985) 7% Gross profit 2,676 2,773 2,955 10% Sales and marketing expenses (1,048) (1,153) (1,063) 1% General and administrative expenses (510) (533) (511) 0% Research and development expenses (866) (920) (1,008) 16% Total operating expenses (2,424) (2,606) (2,582) 7% Profit from operations 252 167 373 48% Investment (loss)/income, net (including impairments) (57) 65 (74) 30% Interest income 102 108 101 -1% Interest expense (36) (39) (38) 6% Exchange losses (12) (75) (90) 666% Debt extinguishment loss 0 - - NA Others, net (4) (5) 99 NA Profit before income tax 245 221 371 52% Income tax expense (27) (19) (32) 23% Net profit 218 202 339 55% Adjusted profit from operations 573 524 696 21% Adjusted net profit 561 585 704 25%
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BILIBILI Inc. THANK YOU IR Contacts: Piacente Financial Communications Juliet Yang Tel: +86-21-2509-9255 Ext. 8523 E-mail: ir@bilibili.com Tel: +86-10-6508-0677 (In China) Tel: +1-212-481-2050 (In U.S.) E-mail: bilibili@tpg-ir.com https://ir.bilibili.com