• Bilibili has already reached profitability by shifting to a higher-margin commercial model centered on advertising and self-developed games, while sharply reducing content creator subsidies.
• This pivot toward short videos and heavier commercialization is testing the platform’s community‑driven culture, raising questions about long-term user loyalty and engagement.
• Next, we will examine how Bilibili’s push into higher-margin ads and gaming could reshape its investment narrative and risk profile.

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What Is Bilibili's Investment Narrative?

To own Bilibili today, you have to believe its new, higher‑margin model can coexist with the community ethos that made the platform distinctive. The company has moved from heavy subsidies and slower monetization to profitability driven by advertising and self‑developed games, while the stock has already run hard over the past year. The fresh news around resistance levels and neutral near term signals suggests the market is pausing to reassess whether this shift is sustainable, rather than repricing the business outright. In the short term, catalysts still hinge on sustaining earnings while keeping users engaged as short videos and commercialization expand. The biggest risk, now more visible, is that cost cuts and format changes erode creator and user loyalty faster than profits can compensate.

However, investors should understand how fragile Bilibili’s creator ecosystem may now be. Bilibili's shares have been on the rise but are still potentially undervalued by 11%. Find out what it's worth.

Exploring Other Perspectives

Four Simply Wall St Community fair value views for Bilibili span roughly US$23 to US$37 per share, underscoring how far opinions diverge. Set against concerns about weakening creator loyalty, this spread invites you to weigh multiple viewpoints on the platform’s longer term resilience.

Explore 4 other fair value estimates on Bilibili - why the stock might be worth 31% less than the current price!

Build Your Own Bilibili Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Bilibili research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Bilibili research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Bilibili's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.