1、1InvestorInvestorPresentationPresentationMay 20192This announcement contains forward-looking statements.These statements are made under the“safe harbor”provisions of the U.S.PrivateSecurities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as“will
2、,”“expects,”“anticipates,”“aims,”“future,”“intends,”“plans,”“believes,”“estimates,”“confident,”“potential,”“continue”or other similar expressions.Among other things,theOutlook and quotations from management in this announcement,as well as Bilibilis strategic and operational plans,contain forward-loo
3、kingstatements.Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S.Securities and Exchange Commission,in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees
4、to third parties.Statements that are not historical facts,including but not limited to statements about Bilibilis beliefs and expectations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number of factors could cause actual results to differmateri
5、ally from those contained in any forward-looking statement,including but not limited to the following:Bilibilis strategies;Bilibilis futurebusiness development,financial condition and results of operations;Bilibilis ability to retain and increase the number of users,members andadvertising customers,
6、provide quality content,products and services,and expand its product and service offerings;competition in the onlineentertainment industry;Bilibilis ability to maintain its culture and brand image within its addressable user communities;Bilibilis ability to manage itscosts and expenses;PRC governmen
7、tal policies and regulations relating to the online entertainment industry,general economic and businessconditions globally and in China and assumptions underlying or related to any of the foregoing.Further information regarding these and other risks isincluded in the Companys filings with the Secur
8、ities and Exchange Commission.All information provided in this press release and in theattachments is as of the date of the press release,and the Company undertakes no duty to update such information,except as required underapplicable law.Safe Harbor StatementSafe Harbor Statement3Enrich the everyda
9、y life of young generations in China1.37bn1.37bn101.3101.3mmmm8181minminRevenue in 19Q1(RMB)MAU(1)in 19Q1Mobile MAUin 19Q1Avg.daily time spent(2)in 19Q1:388.688.6mmmm417Q117Q217Q317Q418Q118Q218Q318Q419Q1424 583 728 734 868 1,027 1,079 1,156 1,374 Our rapid growthRapid user base expansion lays a soli
10、d foundation for fast revenue growthRapid user base expansion lays a solid foundation for fast revenue growthNet revenue(RMB mm)MAU(mm)17Q117Q217Q317Q418Q118Q218Q318Q419Q157657472778593931015Gen Z represents the future of online entertainment328mm328mm Gen Z|Gen Z|24%24%of total population in Chinao
11、f total population in Chinapeople born from 1990 to 2009Gen Z is the key driving force of Chinas online entertainment marketGen Z outgrows overall Chinas online entertainment market2017314.72020E678.7Deep user penetration Extensive time spentStrong willingness to pay55%62%Market size(RMB bn)Gen Z CA
12、GR33%Gen Zs contribution6Efficient with tremendous upsideCommercializationContentCommunityGen ZEver-growing supply ofuser generated contentHighly engagedand stickyThe story7We have become the welcoming home of diverse interests.ACGAnime,Comic and GameEntertainmentNO.1(1)Pop CultureLifestyleNO.2(1)Te
13、chnologyNO.5(1)AnimeNO.4(1)GameNO.3(1)(1)Ranked by video views in March,2019CelebrityVlogFashionE-SportsMobile GamesScienceElectronicsCosplayDomestic AnimeNotes:ContentCommunity Commercialization 8And ever-growing supply of creative PUG videos(1)In 19Q1total video views contributed by PUG videos(1)T
14、alented Content CreatorsNumber of Monthly Average Active Content Creators19Q118Q1732293150%High-quality Content CreationNumber of Monthly Video Submissions19Q118Q12,081905130%Loyal Fan BaseNumber of Content Creators with more than 10,000 Fans Mar 31，2019Mar 31，201876%89%89%reateEngageEncourageCreate
15、(000)(000)Notes:ContentCommunity Commercialization 9Continuous support to content creators in all layersVIP ServicePower AlliancesTop 100 UP AwardMaximize influenceUnlock commercial valueRewardCash Incentive Program(130,000+enrolled)Better incentiveBetter recognitionHigher quality productionTutorNew
16、 Star ProjectUP AcademyToolsMobile Content SubmissionEasier to createContentCommunity Commercialization 10We also have a expansive OGV LibraryContentCommunity Commercialization AnimationDocumentaryTV，Movies and Variety shows11We fostered highly engaged and sticky communitiesHighly engaged usersHighl
17、y engaged users：514mm514mmavg.daily video views in Q11.41.4bnbninteractions(1)generated monthly in Q193%93%YoY growth361%361%YoY growth(1)Interactive features such as bullet-chats,commentaries,following,favorites,sharing,bilibili moment posts,virtual gifting and like etc.Notes:ContentCommunityCommer
18、cialization 124949mmmm official members(1)80%80%12th-month retention rate(1)39%39%YoY growth(1)As of Mar 31,2019.To become an official member,user needs to take and pass a community entrance exam consists of 100 questions covering community etiquette and various topicsNotes:And even more loyal offic
19、ial membersAnd even more loyal official members50%60%70%80%90%100%0369122017 Apr2017 May2017 Jun2017 July2017 Aug2017 Sep2017 Oct2017 Nov2017 Dec2018 Jan2018 Feb2018 MarContentCommunityCommercialization We fostered highly engaged and sticky communities13Commercialization comes naturally:massive user
20、 demand intersects with high quality supplyLarge and engaged user base with strong willingness to payDemandEfficient match driven by big data insightsof user interests and behaviorsSupplyMobile GamesAdvertisingLive BroadcastingValue Added Services.We understand users demandand we offer the right con
21、tentand servicesContentCommunity Commercialization 14Compelling core competency of our mobile game businessWe know what they wantUser interest&behaviorquality user data Customized game recommendationWe have massive gamersGame is 3rd most popular video genre on our platformAbility to pick and operate
22、1 Self developed13 Exclusively distributed500+Jointly operatedGame-themed live broadcasting is also well received2019 LaunchedContentCommunity Commercialization More in the pipelineApproved and upcomingMajority of our games users are directly converted from our platformChapter 2.01517Q117Q217Q317Q41
23、8Q118Q218Q318Q419Q1349 492 600 617 688 791 744 713 873 Robust game revenue growth and strong pipelineRMB(mm)ContentCommunity Commercialization Up 27%YOY16Live broadcasting&VAS:multi-faceted commercialization Live broadcastingNatural extension of our diversified content platform Premium membershipEnj
24、oy exclusive or advancedhigh quality content ContentCommunity Commercialization MaoerPremium audio drama platformBilibili ComicPay to view comic platform 17ContentCommunity Commercialization Live broadcasting:Design to cater Bilibili users needs18Q119Q17.511.418Q119Q10.51.2Massive user base on Bilib
25、ili platformHigh willingness to pay for happiness and appreciationLive broadcasting valid MAU(1)(mm)Note:(1)Valid MAU is calculated by number of users who visited live broadcasting rooms for over 5 minutes(2)Quarterly paying users are calculated by number of users who paid for live broadcasting serv
26、ices at least once during each periodLive broadcasting quarterly paying user(2)We offer a wide array of content to satisfy our users growing demands in games and entertainment Mobile GamesPC GamesConsole GamesE-sportsTalentsVTubersPetsAudios.(mm)18RMB(mm)17Q117Q217Q317Q418Q118Q218Q318Q419Q1384143549
27、6119169202292ContentCommunity Commercialization Live broadcasting&VAS revenue:strong growth with great potential Up 205%YOY19Gen Z is the golden cohortwell chased by brand advertisers Brand&Performance-based advertising:two growth enginesCustomized performance-based ads help advertisers reach and co
28、nvert target audiencesContentCommunity Commercialization 20FY17FY18Brand AdsPerformance-based AdsAdvertising revenue:strong growth with great potentialRMB(mm)ContentCommunity Commercialization Up 60%YOY18Q119Q1Brand AdsPerformance-based Ads15946370112Up 191%YOY21OUR OUR FINANCIALSFINANCIALS22Expandi
29、ng user base and increasing paying ratioNotes:(1)Average monthly active users for each of the quarters(includes both PC and mobile).Starting from the first quarter of 2019,we count mobile MAUs of Bilibili Comic and Maoer towards our MAUs.Bilibili Comic is a mobile application offering comic content
30、the Company launched in November 2018.Maoer is a platform that offers audio drama.In December 2018,Company increased its shareholdings to 80.5%in Maoer Inc.,operator of Maoer app.In the first quarter of 2019,Bilibili Comic and Maoer in an aggregate contributed to 3.2 million of our MAUs.(2)Calculate
31、d as average monthly paying users(MPU)in each period divided by average MAUs in each period.MPUs are calculated by number of users who paid for games,live broadcasting,premier membership,Bilibili Comics services and Maoer,after eliminating duplicates of users paid for multiple services other than us
32、ers of Maoer.Total MAUsTotal MAUs(mm)Y-o-Y Growth%31%I Immp pr ressiessiv ve e grgrowtowth h ofof p pa ay yiin ng g usersusersMPUs(thousands)MPUs/MAUs (%)2018|3.8%18Q1|3.2%19Q1|5.7%(1)(2)17Q117Q217Q317Q418Q118Q218Q318Q419Q1854 1,073 1,174 1,109 2,473 2,966 3,540 4,416 5,743 17Q117Q217Q317Q418Q118Q21
33、8Q318Q419Q157657472778593931012317Q117Q217Q317Q418Q118Q218Q318Q419Q17.48.99.810.211.212.111.612.513.617Q117Q217Q317Q418Q118Q218Q318Q419Q1Mobile gamesLive broadcasting and VASAdvertisingE-commerce and OthersRapid growth of revenue and revenue per MAURevenueRevenue(RMB mm)Y-o-Y Growth%58%Quarterly Tot
34、al Revenue/Quarterly Total Revenue/MAUMAU(RMB)Y-o-Y Growth%21%1,0278687347285834241,1561,0791,37424Cost of revenue and operating expenses(1)Excluding Share-based compensation(2)Revenue-sharing costs consist of fees paid to game developers,distribution channels(app stores)and payment processors,as we
35、ll as fees we pay to hosts of our live broadcasting program and content creators in accordance with our revenue-sharing arrangements.(3)Content costs consist of amortized costs of purchased licensed content from copyright owners or content distributors.(4)Server and bandwidth costs are the fees we p
36、ay to telecommunication carriers and other service providers for telecommunication services,hosting our servers at their internet data centers,and providing content and application delivery services.(5)Others includes staff cost,depreciation,and others.Notes:Cost of Revenue Cost of Revenue(1)(RMB mm
37、;as a percentage of revenue%)Gross margin%Operating Expenses Operating Expenses(1)(RMB mm)As a percentage of revenue39.4%30.7%27.9%38.8%18.7%25.2%25.5%17.5%18Q118Q218Q318Q419Q139%41%41%38%40%11%12%14%15%15%15%14%15%16%16%10%8%11%14%15%Revenue-sharing costsContent costsServer and bandwidth costsOther
38、s14.2%18Q118Q218Q318Q419Q19%12%18%16%13%8%7%8%12%8%11%12%13%12%13%Sales and marketing expensesGeneral and administrative expensesResearch and development expenses33.9%6477688779541,17924231541845546625Consolidated balance sheets(RMB MM)3131-DecDec-2018 2018 3131-MarMar-2019 2019 AssetsAssetsCash and
39、 cash equivalents3,540 2,715 Time deposit749 769 Accounts receivable,net324 542 Receivable due from related parties-24 Prepayments and other current assets991 1,198 Short-term investments946 1,059 Total current assetsTotal current assets6,550 6,550 6,307 6,307 Property,equipment and software,net395
40、363 Production cost204 219 Intangible assets,net1,420 1,363 Good will941 941 Long-term Investments980 1,228 Other long-term assets-253 Total nonTotal non-current assetscurrent assets3,940 3,940 4,367 4,367 Total AssetsTotal Assets10,490 10,490 10,674 10,674 LiabilitiesLiabilitiesAccounts payable1,30
41、8 1,425 Salary and welfare payables247 148 Taxes payable39 41 Short-term loans-100 Deferred revenue985 1,289 Accrued liabilities and other payables670 484 Amount due to related parties50 30 Total current liabilitiesTotal current liabilities3,299 3,299 3,517 3,517 Other long-term liabilities-218 Tota
42、l nonTotal non-current liabilities current liabilities-218 218 Total LiabilitiesTotal Liabilities3,299 3,299 3,735 3,735 Total BilibiliTotal Bilibili Inc.s shareholders(deficit)/equityInc.s shareholders(deficit)/equity6,951 6,951 6,704 Non-controlling interests240 235 Total shareholders(deficit)/equ
43、ityTotal shareholders(deficit)/equity7,191 7,191 6,939 6,939 Total Liabilities,Mezzanine and Shareholders EquityTotal Liabilities,Mezzanine and Shareholders Equity10,490 10,490 10,674 10,674 26Consolidated statements of operations and comprehensive loss(RMB MM,unless otherwise stated)18Q1 18Q1 18Q41
44、8Q419Q1 19Q1 YoY ChangeYoY ChangeNet revenuesNet revenuesMobile games688 713 873 27%Live broadcasting and VAS96 202 292 205%Advertising70 160 112 60%E-commerce and Others13 81 96 621%Total net revenuesTotal net revenues868 868 1,156 1,156 1,373 1,373 58%58%Cost of revenues(655)(959)(1,184)81%Gross p
45、rofitGross profit213 213 197 197 189 189-11%11%Sales and marketing expenses(79)(182)(182)130%General and administrative expenses(103)(150)(128)25%Research and development expenses(106)(154)(186)76%Total operating expensesTotal operating expenses(287)(287)(486)(486)(496)(496)73%73%Loss from operation
46、sLoss from operations(74)(74)(289)(289)(307)(307)313%313%Investment(loss)/income,net25 75 82 222%Interest income1 27 24 2799%Exchange(losses)/gains(10)(5)(2)-79%Others,net3 10 15 351%Loss before taxLoss before tax(55)(55)(182)(182)(188)(188)243%243%Income tax(3)(9)(8)158%Net lossNet loss(58)(58)(191)(191)(196)(196)238%238%Adjusted net lossAdjusted net loss(3)(3)(152)(152)(145)(145)4498%4498%27THANK YOU!IR ContactsBilibili Inc.Juliet YangTel:+86-21-2509 9255 Ext.8523E-mail:The Piacente Group,Inc.Tel:+86-10-5730-6200(In China)Tel:+1-212-481-2050(In U.S.)E-mail:bilibilitpg-扫码关注：金融干货精选获取更多干货资料
