Bilibili Inc. (BILI) Stock Price & How to Invest

Bilibili Inc. runs one of China's best-known online video and content communities, built around long-form, user-generated and professional videos, live streaming, and its signature scrolling "bullet" comments. It skews toward Gen Z and younger millennial users and monetizes that engaged audience across four main lines: advertising, value-added services (live streaming and premium memberships), mobile games, and intellectual-property merchandise. Because it sells attention and digital content rather than a physical product, its results track user engagement, advertiser demand, and the hit-or-miss nature of game releases.

The investment picture in 2026 is a turnaround story. In its first quarter, total revenue grew roughly 7% year over year to about RMB7.5 billion, and the company posted a net profit, reversing a year-earlier loss, while adjusted net profit rose more than 60%. The engine is advertising, which grew around 30% and, by the company's account, extended a long streak of double-digit growth as AI tools improved ad matching and automation. Gross margin expanded again, continuing a multi-quarter trend, and daily and monthly active users kept rising with record time spent per user.

The soft spot is gaming, where revenue fell about 12% against a tough prior-year comparison from a hit title, even as Bilibili builds out franchises and prepares new self-developed and globally aimed games. Management has paired improving profitability with a share-repurchase program. Layered on top is the reality that Bilibili is a US-listed Chinese ADR that operates through variable interest entities (VIEs), leaving it exposed to Chinese regulation, gaming-approval cycles, capital controls, and periodic US delisting risk.

The dominant risks are structural to any US-listed Chinese ADR. Bilibili operates through VIEs, which contributed a majority of 2025 revenue, so investors own a claim on offshore contracts rather than the onshore business directly, and Chinese authorities could challenge that structure. A large share of net assets sits inside China and cannot be freely moved offshore, constraining dividends and reinforcing reliance on onshore reinvestment. US delisting risk under the Holding Foreign Companies Accountable Act eased after audit-inspection access was restored, but the company warns trading could again be barred if access is lost. Chinese regulation of online gaming, data, content, and AI adds approval and compliance uncertainty. On the business side, gaming is volatile and hit-dependent, and advertising competes fiercely with short-video platforms like Douyin for both user time and advertiser budgets.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Bilibili Inc.'s investor relations page or your broker.

• Q1 2026 revenue: ~RMB7.5 billion, up roughly 7% year over year
• Profitability: Returned to net profit (small positive) versus a year-earlier loss; adjusted net profit up more than 60%
• Advertising: Grew around 30%, the largest and fastest-growing segment; gaming declined roughly 12% on a tough comparison
• Margins: Gross margin in the high-30s percent range, extending a multi-quarter expansion trend
• Users: Daily active users above 100 million and monthly active users in the high-300-millions, with record time spent per user
• Capital returns: Running a share-repurchase program (about $200 million authorized), with a portion completed

Figures are approximate, reported in Chinese renminbi, and tied to the asOf date; verify live numbers and the current ADR price before acting. Bilibili trades as an ADR, so valuation also reflects the market's discount for China-ADR, VIE, and regulatory risk, which can widen or narrow independently of the underlying results. Analyst views have generally warmed on the advertising and AI story, but those targets are a bet on both continued execution and a stable US-China regulatory backdrop.

There are three common ways to get BILI exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so BILI sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where BILI fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

Bilibili has turned the corner to profit as 30%-plus advertising growth and steady margin gains offset softer gaming, and it has started returning cash through buybacks. The trade-off is that this is a China-ADR whose value hinges on ad momentum continuing and on regulatory, VIE, and delisting risks staying contained.