哔哩哔哩-2019年Q4及全年哔哩哔哩投资者报告（英文）-2020.3-27页_4mb

Bilibili Investor Presentation Summary (March 2020)

Core Content and Key Highlights

Bilibili, a leading platform for online entertainment, is focused on enriching the lives of young generations in China through its diverse content and services. The company has experienced significant growth in its user base and revenue, driven by its strong engagement with users and innovative strategies in content creation and commercialization.

Key Metrics

• Total Monthly Active Users (MAU): 130 million (40% YoY growth)
• Mobile MAU: 116 million (46% YoY growth)
• Daily Active Users (DAU): 38 million (41% YoY growth)
• Monthly Paying Users (MPU): 8.8 million (100% YoY growth)
• Average Daily Time Spent: 77 minutes (excluding time spent on games, Bilibili Comic, and Maoer)

Strategic Growth Drivers

• User Base Expansion: Rapid growth in user numbers has laid a solid foundation for revenue expansion.
• Content Ecosystem: Bilibili has built a robust content platform with a wide variety of user-generated content (PUG videos), original content, and partnerships with content creators.
• OGV Strategy: The company is developing original Chinese Anime titles, aiming to create IP assets and attract premium members.
• Community Engagement: Highly engaged and sticky communities contribute to strong user retention and interaction.
• Commercialization: Bilibili has successfully expanded into multiple revenue streams, including mobile games, live broadcasting, value-added services (VAS), and advertising.

Revenue Streams

• Mobile Games: A significant portion of revenue, with 40% YoY growth in 2019.
• Live Broadcasting & VAS: Strong growth with a 183% YoY increase in revenue.
• Advertising: A key growth engine, with 81% YoY growth in 2019.
• E-commerce & Others: Demonstrated high growth, increasing by 241% YoY in 2019.

Financial Performance

• Total Revenue (RMB mn): Increased by 74% YoY to 2,008 million in 2019.
• Revenue per MAU: Grew by 24% YoY to 17 RMB.
• Cost of Revenue: Grew by 68% YoY, with gross margin improving to 26%.
• Operating Expenses: Increased by 68% YoY, with sales and marketing expenses growing the most (127% YoY).
• Net Loss: 387 million RMB in 2019, with an adjusted net loss of 337 million RMB.

Balance Sheet Highlights

• Cash and Cash Equivalents: Increased from 3,540 million RMB to 4,963 million RMB.
• Total Assets: Rose from 10,490 million RMB to 15,517 million RMB.
• Total Liabilities: Grew from 3,299 million RMB to 7,881 million RMB.
• Shareholders' Equity: Increased from 7,191 million RMB to 7,636 million RMB.

Growth Opportunities

• Gen Z: The company is well-positioned to capture the growing Gen Z demographic, who are the future of the entertainment market.
• 5G Technology: Expected to revolutionize content production and consumption.
• Premium Members: Bilibili has 7.6 million premium members, with growth potential.
• Content Expansion: Plans to expand into more content categories, including documentaries, TV shows, movies, and variety shows.

Marketing and Brand Recognition

• New Year’s Eve Gala 2019: Achieved 90 million+ video playbacks, 3 million bullet chats, and 5 billion+ media exposure.
• Media Recognition: Praised by People's Daily and Yicai for its understanding and respect of young people's interests.
• Social Media: Positive reception from users, highlighting the platform's role in uniting diverse interests.

Contact Information

• Bilibili Inc. IR Contacts: Juliet Yang, Tel: +86-21-2509 9255 Ext. 8523, E-mail: ir@bilibili.com
• The Piacente Group, Inc. IR Contacts: Tel: +86-21-6039-8363 (In China), Tel: +1-212-481-2050 (In U.S.), E-mail: bilibili@tpg-ir.com