Operations (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Company's major subsidiaries and VIEs and subsidiaries of the VIEs

As of December 31, 2025, the Company’s major subsidiaries, VIEs and subsidiaries of the VIEs are as follows:


Major Subsidiaries	Place and Year of Incorporation	Percentage of Direct or Indirect Economic Ownership	Principal Activities
Bilibili HK Limited	Hong Kong, 2014	100	Investment holding
Hode HK Limited	Hong Kong, 2014	100	Investment holding
Chaodian HK Limited	Hong Kong, 2019	100	Investment holding
Bilibili Co., Ltd.	Japan, 2014	100	Business development
Hode Shanghai Limited (“Hode Shanghai”)	PRC, 2014	100	Technology development 1
Shanghai Bilibili Technology Co., Ltd.	PRC, 2016	100	Technology development 1
Chaodian (Shanghai) Technology Co., Ltd.	PRC, 2019	100	E-commerce and advertising 1


Major VIEs and VIEs’ subsidiaries	Place and Year of Incorporation	Percentage of Direct or Indirect Economic Interest	Principal Activities
Shanghai Hode Information Technology Co., Ltd. (“Hode Information Technology”)	PRC, 2013	100*	Mobile game operation 2
Shanghai Kuanyu Digital Technology Co., Ltd. (“Shanghai Kuanyu ”)	PRC, 2014	100*	Video distribution and game distribution 2
Sharejoy Network Technology Co., Ltd. (“Sharejoy Network”)	PRC, 2014	100*	Game distribution 2
Shanghai Hehehe Culture Communication Co., Ltd. (“Shanghai Hehehe”)	PRC, 2014	100*	Comics distribution 2
Shanghai Anime Tamashi Cultural Media Co., Ltd. (“Shanghai Anime Tamashi”)	PRC, 2015	100*	E-commerce platform 2

*	Hode Shanghai is the primary beneficiary of the major VIEs and VIEs’ subsidiaries.

1	These companies were established in the PRC in the form of wholly foreign-owned enterprises.

2	These companies were established in the PRC in the form of investments solely by legal corporations or controlled by natural person(s).

Schedule of combined financial information of the Group's VIEs and VIEs' subsidiaries included in the accompanying consolidated financial statements of the Group

The following combined financial information of the consolidated VIEs and VIEs’ subsidiaries as of December 31, 2024 and 2025 and for the years ended December 31, 2023, 2024 and 2025 included in the accompanying consolidated financial statements of the Group was as follows:


	December 31, 2024			December 31, 2025
	RMB in thousands
Cash and cash equivalents		2,108,946			2,199,181
Time deposits		21,560			21,015
Restricted cash		50,000			50,800
Accounts receivable, net		623,464			718,182
Amounts due from Group companies		532,700			647,082
Amounts due from related parties		17,233			55,696
Prepayments and other current assets		382,386			492,189
Short-term investments		537,432			1,086,199
Long-term investments, net		1,714,647			1,417,457
Other non-current assets		4,647,176			4,740,489

Total assets		10,635,544			11,428,290

Accounts payable		3,650,374			4,003,546
Salary and welfare payables		426,568			346,391
Taxes payable		135,235			107,549
Short-term loans		600,000			347,458
Deferred revenue		2,727,174			3,111,282
Accrued liabilities and other payables		895,670			1,139,511
Amounts due to Group companies		10,362,724			9,653,655
Amounts due to related parties		4,463			15,631
Other long-term payables		400,630			449,488

Total liabilities		19,202,838			19,174,511

Total Bilibili Inc’s shareholders’ deficit		(8,575,962	)		(7,736,087	)
Noncontrolling interests		8,668			(10,134	)

Total shareholders’ deficit		(8,567,294	)		(7,746,221	)

Total liabilities and shareholders’ deficit		10,635,544			11,428,290


	For the Year Ended December 31,
	2023			2024			2025
	RMB in thousands
Third-party revenues		14,642,361			17,393,878			19,024,454
Inter-company revenues		990,698			916,759			655,135

Total revenues		15,633,059			18,310,637			19,679,589
Third-party costs and expenses		(15,591,936	)		(16,539,124	)		(16,790,742	)
Inter-company consulting and services costs and expenses		(581,599	)		(1,282,159	)		(1,787,349	)
Other inter-company costs and expenses		(282,725	)		(154,393	)		(80,912	)

Total costs and expenses		(16,456,260	)		(17,975,676	)		(18,659,003	)
(Loss)/profit from non-operations		(263,022	)		243,418			(187,983	)

(Loss)/profit before income tax expenses		(1,086,223	)		578,379			832,603
Income tax (expense)/benefit		(31,321	)		45,147			1,946

Net (loss)/profit		(1,117,544	)		623,526			834,549
Net (profit)/loss attributable to noncontrolling interests		(9,587	)		17,135			1,198

Net (loss)/profit attributable to Bilibili Inc.’s shareholders		(1,127,131	)		640,661			835,747


	For the Year Ended December 31,
	2023			2024			2025
	RMB in thousands
Consulting and services charges from Group companies		(760,716	)		(640,317	)		(502,146	)
Other operating cashflow from/(to) Group companies		1,822,310			(129,306	)		300,256
Operating cashflow from third-parties		828,787			4,815,447			4,030,640

Net cash provided by operating activities		1,890,381			4,045,824			3,828,750

Purchase of short-term investments		(1,126,000	)		(8,204,894	)		(28,929,559	)
Maturity of short-term investments		1,126,500			7,873,769			28,382,380
Placement of time deposits		(5,701	)		(28,500	)		(25,768	)
Maturity of time deposits		5,701			11,424			25,768
Other investing activities		(944,970	)		(1,091,578	)		(868,145	)

Net cash used in investing activities		(944,470	)		(1,439,779	)		(1,415,324	)

Investments and loans to Group companies		(695,870	)		(1,700,509	)		(1,845,421	)
Other financing activities		92,265			(698,000	)		(481,000	)

Net cash used in financing activities		(603,605	)		(2,398,509	)		(2,326,421	)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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