BILI

Bilibili is a leading Chinese online video, gaming and community platform, and FY2025 marks a genuine profitability inflection. Revenue grew 18.1% to $4.34B, but the more important signal is operating leverage: gross profit rose 32.2% with gross margin expanding to 36.6%, operating income swung to a positive $161M (up 187.3%), and the company posted its first meaningful full-year net income of $171M (diluted EPS $0.39). After years of losses (FY2021-FY2024 show no positive net income), this is a credible turn from cash-burning growth toward sustainable profitability, helped by R&D being held essentially flat (+0.1% to $505M) while revenue grew.

Cash generation reinforces the story: operating cash flow grew 24.0% to $1.02B against just $73.3M of capex, and the company holds $1.74B of cash (up 24.1%). Management has begun returning capital, with buybacks rising sharply to $118M (up 630.7%). Liquidity is adequate, with current assets of $3.94B versus current liabilities of $2.91B, though leverage rose — total liabilities up 43.8%, long-term debt up 52.7% to $683M and current debt up 222.8% to $695M — which bears watching.