BILI vs NTES: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BILI and NTES share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BILI and NTES exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

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.

Full BILI guide

NetEase runs one of the largest game development and publishing operations in the world, generating roughly 84% of revenue from games and related value-added services. Its foundation is a set of long-lived, self-developed PC and mobile franchises inside China, led by Fantasy Westward Journey, Justice, Identity V and Naraka: Bladepoint, which have produced steady spending from players for well over a decade. Around that core sit three smaller businesses: Youdao, an online education and smart-device unit; NetEase Cloud Music, a streaming service that competes with Tencent Music; and a bundle of innovative businesses including the Yanxuan private-label retail brand. The company also licenses and operates third-party titles in China, and its long-running Blizzard partnership resumed in 2024 after a bitter public split.

Full NTES guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BILI drivers: Advertising growth and AI-driven efficiency; Path to sustained profitability and margin expansion.
• NTES drivers: Legacy franchises that keep paying; The overseas push is finally landing.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risks are structural to any US-listed Chinese ADR. For NTES, the biggest overhang is regulatory: Chinese game revenue depends on approvals from the National Press and Publication Administration, and Beijing has previously frozen new licenses for months at a time and imposed strict minor playtime limits.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BILI if you believe its drivers more; NTES if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BILI and NTES guides.

BILI. 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.

NTES. NetEase trades at a clear discount to US game publishers and to its own growth rate, which is the standard China ADR markdown rather than a comment on the business. Cash and short-term investments of roughly RMB 163.5 billion (about $23 billion) at the end of 2025 cover a meaningful slice of the market cap, so the operating business is capitalized more cheaply than the headline multiple suggests. Analyst price targets have clustered above the traded price for most of 2026, a gap that reflects how differently the market and analysts weigh policy risk.

Headline figures (approximate, Jul 2026): BILI shows 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; NTES shows market cap ~$85B, revenue (ttm) ~$16B (about RMB 114B), q1 2026 revenue ~$4.4B, up ~6% YoY, q1 2026 net income ~$1.5B (about RMB 10.7B).

BILI and NTES are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BILI and NTES exposure against your real portfolio. It is not an investment adviser.