On the evening of May 23rd, Bili (NASDAQ: BILI), HKEX:9626； Bilibili (hereinafter referred to as "Bilibili") has released its unaudited financial report for the first quarter ended March 31, 2024. In the first quarter, The total revenue of Bilibili increased by 12% year-on-year, reaching 5.66 billion yuan, of which the advertising business performed well, with a year-on-year increase of 31%, reaching 1.67 billion yuan; The revenue from value-added services business was 2.53 billion yuan, a year-on-year increase of 17%.
"In the first quarter, while ensuring the healthy development of the community ecology, we achieved high-quality revenue growth, opening up a new era for the company's annual development." Chen Rui, Chairman and CEO of Bilibili, stated that in 2024, the company will continue to promote the healthy development of the content ecology and community, bringing users more diverse and high-quality content. With the improvement of commercialization ability and operational efficiency, the company will continue to convert high-quality community traffic into high-quality revenue growth, steadily moving towards profitability goals.
Along with high-quality revenue growth, the company continuously improves operational efficiency and overall financial performance. According to the financial report, the company's gross profit increased by 45% year-on-year in the first quarter, reaching RMB 1.6 billion; The gross profit margin has increased to 28.3% month on month for seven consecutive quarters. In terms of loss reduction, the company's adjusted operating losses and net losses have significantly narrowed by 52% and 56% year-on-year, respectively, and have achieved positive operating cash flow for three consecutive quarters. As of March 31, 2024, the total amount of cash and cash equivalents, fixed deposits, and short-term investments held by the company was 12.9 billion yuan.
In terms of user data, financial reports show that, Bilibili users continued to remain highly active in the first quarter, with daily active users increasing by 9% year-on-year, reaching 102 million; The average daily usage time reached a historic high of 105 minutes; The daily average video playback is nearly 5 billion times, a year-on-year increase of 22%. The continuous enrichment of the content ecosystem has led to a year-on-year increase of over 20% in the views of categories such as knowledge, games, film and entertainment on the platform in the first quarter; The daily average playback volume of categories such as home decoration, travel, and fitness increased by more than 45% year-on-year; The daily average playback volume of the fashion category increased by over 40% year-on-year, while the daily average playback volume of the mother, baby, and parent-child category increased by over 110% year-on-year.
The continuous enrichment of content has also brought about an increase in income for creators. The financial report shows that in the first quarter, over 1.5 million UP owners earned revenue on Bilibili, with the number of UP owners earning revenue through commercial advertising increasing by 51% year-on-year; The number of UPs earning revenue through sales increased by 105% year-on-year. Meanwhile, UP owners also have more diverse ways of income, such as the number of UP owners who rely on workshops to earn income, which has increased by over 40% year-on-year. Next, Bilibili has stated that it will focus on identifying and supporting high-quality creators, and through traffic strategy support, submission tool optimization, intelligent operation tools, and other means, assist potential and talented UP owners to grow better on Bilibili and achieve commercial value.