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Chinese video-streaming platform popular with younger audiences for anime, gaming and user-generated content.
Chinese video-streaming platform popular with younger audiences for anime, gaming and user-generated content.
Revenue comes from four lines: mobile games, advertising, subscriptions and live-stream spending by users, and merchandise. Games swing with releases, while advertising and subscriptions grow with the time users spend watching. In recent years it has pushed to cut costs and operate profitably.
In one line: China's YouTube-meets-anime-community platform.
Moat: narrow (network effects, brand, data). Deep community/fandom loyalty and content-creator network built over a decade.
Headquarters: Shanghai, China · Founded: 2009 · Employees: 8,423
Size Bilibili (9626.HK) is a Hong Kong Information Technology company (Packaged Software) with a market value of $6.06B, the 232nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$113.50 on 6 Nov 2026.
Performance Over six months the shares fell 35.7%, against +11.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 10.7% over the last twelve months (peer median +12.6%); the operating margin is 4.4% (peer median 17.2%).
Valuation It trades at 14.2× forward earnings against a peer median of 21.3× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -12 pp: the price already allows for a slowdown.
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$35.1B | HK$32.9B | HK$29.1B | HK$24.9B | HK$25.5B |
| Revenue growth | — | +13% | +17% | -2% | — |
| Gross profit | HK$13.0B | HK$12.1B | HK$9.51B | HK$6.01B | HK$4.48B |
| EBITDA | HK$1.73B | HK$3.59B | HK$1.25B | -HK$2.39B | -HK$5.57B |
| Net income | HK$1.71B | HK$1.29B | -HK$1.46B | -HK$5.33B | -HK$8.72B |
| Free cash flow | n/a | HK$7.19B | HK$6.02B | HK$93.6M | -HK$5.43B |
| Capital expenditure | n/a | HK$1.98B | HK$1.90B | HK$1.47B | HK$3.18B |
| Total debt | HK$11.0B | HK$10.9B | HK$5.37B | HK$8.42B | HK$17.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bilibili 9626.HK | $6.06B | -36% | +11% | 4% | 14.2× | 7.3% |
| iQIYI, Inc. Sponsored ADR IQ | $886M | -20% | -3% | -2% | n/a | n/a |
| Kuaishou-w 1024.HK | $16.0B | -39% | +11% | 11% | 14.9× | -4.4% |
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 12.5× | 6.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9626.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.3% | +5.7% | 4th lowest of 21 |
| 6-month return | -35.7% | +11.5% | 2nd lowest of 20 |
| Distance from 52-week high | -60.3% | -25.2% | lowest of 21 |
| Revenue growth (TTM) | +10.7% | +12.6% | 8th lowest of 21 |
| Operating margin | 4.4% | 17.2% | 5th lowest of 21 |
| Forward P/E | 14.2× | 21.3× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 7.3% | 10.4% | 9th least demanding of 19 |
| Growth delivered (Del g) | +19.5% | +15.5% | 6th highest of 19 |
| Hurdle (Req g minus delivered) | -12.2 pp | -2.4 pp | 7th least demanding of 19 |
| Net debt / EBITDA | -9.9× | 0.3× | least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bilibili 9626.HK | Hong Kong | $6.06B | -36% | +11% | 4% | 14.2× | 7.3% | +19.5% |
| ACI Worldwide ACIW | United States | $6.06B | +32% | +7% | 19% | 22.9× | 11.8% | +6.3% |
| Dolby Laboratories DLB | United States | $6.07B | +11% | +1% | 19% | 14.3× | 10.0% | +3.0% |
| Open Text OTEX.TO | Canada | $6.07B | +9% | +1% | 23% | 6.4× | -6.2% | +10.8% |
| Hundsun Technologies 600570.SS | China | $6.05B | -20% | -5% | 9% | 30.1× | 34.8% | +7.0% |
| RingCentral RNG | United States | $6.09B | +58% | +5% | 9% | 13.3× | 15.2% | +16.3% |
| NIQ Global Intelligence NIQ | United States | $6.02B | +5% | +9% | 8% | 17.1× | 10.9% | +14.6% |
| Shanghai Baosight Software 600845.SS | China | $5.97B | -24% | +11% | 10% | 30.3× | 6.9% | +1.4% |
| Klaviyo KVYO | United States | $5.90B | +36% | +29% | -2% | 19.7× | 7.0% | +37.7% |
| Topicus.com TOI.V | Canada | $6.25B | +9% | +28% | 15% | 21.3× | 0.7% | +26.5% |
| SenseTime 0020.HK | Hong Kong | $6.25B | -44% | +31% | -51% | n/a | n/a | n/a |
| Navan NAVN | United States | $6.25B | +36% | +35% | -25% | 76.3× | n/a | n/a |
| International Games System 3293.TWO | Taiwan | $6.27B | 0% | +15% | 59% | 14.4× | -4.0% | +21.2% |
| Doximity DOCS | United States | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% | +25.5% |
| Commvault Systems CVLT | United States | $6.48B | +51% | +14% | 10% | 27.6× | 26.9% | +10.3% |
| Sectra SECT-B.ST | Sweden | $6.53B | +27% | +14% | 20% | 85.0× | 29.0% | +16.8% |
| Varonis Systems VRNS | United States | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% | +16.3% |
| Giant Network 002558.SZ | China | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% | +17.9% |
| Octave Intelligence OCTV | United States | $5.60B | n/a | +1% | 20% | 14.7× | 17.0% | +1.3% |
| Qualys QLYS | United States | $6.59B | +102% | +11% | 35% | 23.7× | 4.7% | +13.1% |
| Kingnet Network 002517.SZ | China | $5.47B | -4% | +62% | 29% | 13.7× | 6.3% | +28.1% |