哔哩哔哩4Q18_投资者介绍-2019.2-27页_4mb

Bilibili Investor Presentation Summary (February 2019)

Core Content

Bilibili's 2019 investor presentation highlights the company's growth trajectory, strategic focus on user engagement, and financial performance. The presentation emphasizes Bilibili's role in the online entertainment market, particularly targeting Gen Z, and outlines the key revenue streams including mobile games, advertising, live broadcasting, and value-added services (VAS). It also provides financial data and balance sheet information to illustrate the company's financial health and expansion.

Key Highlights

User Growth and Engagement

• MAU (Monthly Active Users): 930 million in 18Q4, with mobile MAU at 800 million.
• Daily Time Spent: Average of 78 minutes per user in 18Q4 (excluding mobile games).
• Gen Z Dominance: Represents 24% of China's total population and is the key driver of the online entertainment market.
• User Engagement Metrics:
  • 436 million average daily video views in Q4.
  • 1 billion monthly interactions in Q4.
  • 45 million official members as of 18Q4, with a 44% YoY growth.
  • ~80% 12-month retention rate for official members.

Revenue Streams

• Mobile Games:
  • Revenue reached RMB 713 million in 18Q4, with a 15% YoY growth.
  • Strong performance with titles like FGO and Azur Lane, both achieving over 4.5 million players in the first 30 days.
  • Mobile games are the third most popular video genre on Bilibili's platform.
• Advertising Revenue:
  • Strong growth with 160 million RMB in 18Q4, representing a 302% YoY increase.
  • Brand and performance-based advertising are highlighted as two major growth engines.
• Live Broadcasting and VAS:
  • Live broadcasting and VAS revenue grew significantly, reaching 202 million RMB in 18Q4.
  • The platform has a deep pool of talented hosts and fosters strong emotional connections through its community.

Financial Performance

• Total Revenue in 2018: RMB 4.1 billion.
• Revenue Growth: 67% YoY growth from FY17 to FY18.
• Revenue per MAU: 23% YoY growth in 18Q4.
• Cost of Revenue: Increased by 72% YoY in 18Q4, but gross margin remained stable at around 12%.
• Operating Expenses: Total operating expenses increased by 104% YoY in 18Q4.
• Net Loss: RMB 191 million in 18Q4, with a 272% YoY increase.
• Adjusted Net Loss: RMB 152 million in 18Q4, showing improvement in operational efficiency.

Financial Overview

Balance Sheet

• Assets:
  • Cash and cash equivalents: RMB 3,540 million as of 2018, up from RMB 763 million in 2017.
  • Total current assets: RMB 6,550 million in 2018, compared to RMB 2,153 million in 2017.
  • Total non-current assets: RMB 3,940 million in 2018, compared to RMB 1,321 million in 2017.
  • Total assets: RMB 10,490 million in 2018, up from RMB 3,474 million in 2017.
• Liabilities and Equity:
  • Total current liabilities: RMB 3,299 million in 2018, compared to RMB 1,398 million in 2017.
  • Total shareholders' equity: RMB 7,191 million in 2018, compared to RMB 1,939 million in 2017.

Strategic Focus

• Bilibili has become a hub for diverse interests and creative content, especially PUG (Professional User Generated) videos.
• The company focuses on user-generated content (UGC), community building, and content curation to drive engagement and monetization.
• Content Curation:
  • 1 self-developed game.
  • 11 exclusively distributed games.
  • Over 300 jointly operated games.
• Commercialization:
  • The platform leverages big data insights to match users with content and services efficiently.
  • Advertising: Customized performance-based ads help advertisers reach and convert target audiences.
  • Live Broadcasting and VAS: Premium membership and exclusive content drive additional revenue.

Key Growth Drivers

• User Base Expansion: Rapid growth in MAUs and paying users lays a solid foundation for revenue growth.
• Paying Users: MPU (Monthly Paying Users) ratio increased from 1.6% in 2017 to 4.8% in 18Q4.
• Operational Efficiency: The company is expanding its gross margin and leveraging operating leverage to improve profitability.

Future Outlook

• Bilibili continues to invest in content creation, technology, and community engagement.
• The company aims to maintain its culture and brand image within its user communities.
• Market Potential: Bilibili believes it has great potential for continued growth in all revenue streams, especially with the increasing demand from Gen Z.

Conclusion

Bilibili is a leading platform in China's online entertainment market, driven by its large and engaged user base, particularly Gen Z. The company's diversified revenue streams, including mobile games, advertising, live broadcasting, and VAS, are contributing to its strong financial performance and growth. With a focus on content and community, Bilibili is well-positioned to continue its expansion and increase market share.