Bilibili : ANNOUNCEMENT OF THE FIRST QUARTER 2021 UNAUDITED FINANCIAL RESULTS

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Bilibili Inc.

(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)

(Stock Code: 9626)

ANNOUNCEMENT OF THE FIRST QUARTER 2021

UNAUDITED FINANCIAL RESULTS

We hereby announce our unaudited financial results for the first quarter ended March 31, 2021. This result is available for viewing on the website of the Hong Kong Stock Exchange at www.hkexnews.hk and our website at https://ir.bilibili.com/.

By order of the Board

Bilibili Inc.

Rui Chen

Chairman

Hong Kong, May 13, 2021

As at the date of this announcement, the board of directors of the Company comprises Mr. Rui CHEN as the chairman, Mr. Yi XU and Ms. Ni LI as directors, Mr. JP GAN, Mr. Eric HE, Mr. Feng LI and Mr. Guoqi DING as independent directors.

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Bilibili Inc. Announces First Quarter 2021 Financial Results

SHANGHAI, May 13, 2021 - Bilibili Inc. ("Bilibili" or the "Company") (NASDAQ: BILI and

HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Highlights:

• Total net revenues reached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.
• Average monthly active users (MAUs) reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.
• Average daily active users (DAUs) reached 60.1 million, an 18% increase from the same period in 2020.
• Average monthly paying users (MPUs1) reached 20.5 million, a 53% increase from the same period in 2020.

"We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target", said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. "With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year's high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry."

Mr. Sam Fan, Chief Financial Officer of Bilibili, said, "We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand."

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First Quarter 2021 Financial Results

Total net revenues. Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.

Mobile games. Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.

Value-addedservices (VAS). Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company's enhanced monetization efforts, led by increases in the number of paying users for the Company's value-added services including the premium membership program, live broadcasting services and other value-added services.

Advertising. Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili's brand name in China's online advertising market, as well as Bilibili's improved advertising efficiency.

E-commerceand others. Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company's e-commerce platform.

Cost of revenues. Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.

Gross profit. Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.

Total operating expenses. Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.

Sales and marketing expenses. Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili's app and brand, as well as an increase in headcount in sales and marketing personnel.

General and administrative expenses. General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.

Research and development expenses. Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.

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Loss from operations. Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.

Income tax expense. Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.

Net loss. Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.

Adjusted net loss2. Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.

Basic and diluted EPS and adjusted basic and diluted EPS2. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.

Cash and cash equivalents, time deposits and short-term investments. As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-terminvestments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.

Secondary Listing in Hong Kong

On March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over- allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.

Outlook

For the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.

The above outlook is based on the current market conditions and reflects the Company's preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.

1. The paying users refer to users who make payments for various products and services on our platform, including purchases in games and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.
2. Adjusted net loss and adjusted basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of "Use of Non-GAAP Financial Measures" and the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this announcement.

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Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 13, 2021 (8:00 PM Beijing/Hong Kong time on May 13, 2021).

Details for the conference call are as follows:

Event Title:	Bilibili Inc. First Quarter 2021 Earnings Conference Call
Conference ID:	6069137
Registration Link:	http://apac.directeventreg.com/registration/event/6069137

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, an event passcode, and a unique registrant ID, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.bilibili.com.

A replay of the conference call will be accessible by phone two hours after the conclusion of the live call at the following numbers, until May 20, 2021:

United States:	[phone]
International:	[phone]
Hong Kong:	800-963-117
China:	400-632-2162
Replay Access Code:	6069137

About Bilibili Inc.

Bilibili represents an iconic brand and a leading video community with a mission to enrich the everyday life of young generations in China. Bilibili offers a wide array of video-based content with All the Videos You Like as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bond among them. Bilibili pioneered the "bullet chatting" feature, a live commenting function that has transformed the viewing experience by displaying thoughts and feelings of other audience viewing the same video. It has now become the welcoming home of diverse cultures and interests and destination for discovering cultural trends and phenomena for young generations in China.

For more information, please visit: http://ir.bilibili.com.

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