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On March 7th, the newly released Q4 2023 and unaudited annual financial report of Bilibili (Station B) attracted market attention.
Data shows that in the fourth quarter of 2023, the company achieved a revenue of 6.35 billion yuan, a year-on-year increase of 3%; After adjustment, the net loss was 560 million yuan, a year-on-year decrease of 58%; In 2023, the company achieved a revenue of 22.53 billion yuan, a year-on-year increase of 3%; After adjustment, the net loss was 3.4 billion yuan, a year-on-year decrease of 49%.

According to company announcements

Game revenue decreased by 20% year-on-year

According to Chen Rui, Chairman and CEO of Bilibili, in a conference call, the company is confident that it will achieve a profit reversal in the third quarter of 2024 and begin to make profits. In addition, the company's net loss and operating costs in 2023 have been reduced for the first time since its listing on NASDAQ, with a gross profit margin reaching a historic high of 24.2%.
During this period, some details revealed in the latest financial report also attracted attention, such as the company's further growth in value-added services and advertising revenue.
Specifically, Bilibili's value-added service revenue in 2023 was RMB 9.9 billion, an increase of 14% compared to 2022. The company stated that this was mainly due to an increase in revenue from live streaming and other value-added services; The advertising revenue was RMB 6.4 billion, an increase of 27% from 2022, due to the optimization of the company's advertising products and the improvement of advertising efficiency.
However, the company's mobile gaming revenue and e-commerce revenue in 2023 both showed a significant decline.
Among them, the declining game revenue has received particular attention. Data shows that Bilibili's mobile gaming revenue for the whole year of 2023 was 4 billion yuan, a year-on-year decrease of 20%. The company stated that this is mainly due to a decrease in the number and revenue of new games launched, however, the best performing old games in 2023, Blue Line and FGO, have relatively stable revenue.
Meanwhile, Bilibili's IP derivatives and other (previously referred to as e-commerce and other) revenue in 2023 was RMB 2.2 billion, a decrease of 29% compared to 2022. The company stated that this was mainly due to a decrease in revenue from esports copyright transfer and IP derivative sales.
Institution: Lowering 2024 revenue expectations

It is worth noting that after the latest financial report was released, both the US and Hong Kong stock prices of Bilibili have experienced a decline.
On the US stock market, as of the close on March 7th, BILI. O's stock price fell 1.94% to $10.6 per share; In terms of Hong Kong stocks, Bilibili W (09626. HK) closed down 2.63% on March 8th at HKD 83.4 per share.
Some argue that the reason for the market's dissatisfaction with the company's financial reports may be related to a significant decline in its gaming revenue. Looking back at previous data, the gaming business represented by FGO once accounted for about 80% of the company's revenue, but to this day, the proportion of related revenue is less than 20%.
In terms of overall valuation, analysis by Bank of Communications International Securities indicates a slight reduction in revenue expectations for 2024. Based on an average of 1.5 times the 2024 market to sales ratio of comparable entertainment companies, with an expected revenue of 25.3 billion yuan in 2024, maintain the target price of 13 US dollars/101 Hong Kong dollars (9626 HK). Although the stock price may still fluctuate in the short term due to the slowdown in user growth and pressure on game revenue, considering new games such as "Three Kingdoms: Plan the World" may boost game revenue growth in the second half of the year. At the same time, the release of advertising inventory and the construction of a trading ecosystem are expected to drive healthy growth in advertising revenue. From an industry perspective, the acceptance of commercialization by users of China Video Platform has increased, and they will continue to benefit from the iteration of AIGC tools, improving long-term monetization efficiency.
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