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Bilibili Investor Presentation Summary (March 2018)

Core Content Overview

This document is an Investor Presentation for Bilibili Inc. (BILI), aimed at providing insights into the company's business model, user engagement, and financial performance. It outlines the proposed offering details and highlights the company's market position, user base, content offerings, interactive features, and financial metrics. The presentation is highly confidential and not for public distribution, emphasizing the legal disclaimer and forward-looking statements.

Key Information and Main Points

Offering Summary

• Issuer: Bilibili Inc.
• Base Offering: 42MM primary ADSs (1 ADS = 1 Class Z ordinary share)
• Offering Price: US$10.50-US$12.50 per ADS
• Base Offering Size: US$441MM-US$525MM (Pre-Greenshoe)
• Listing Venue: Nasdaq / BILI
• Over-allotment Option: 15% of Base Offering (100% Primary)
• Lock-up Period: 180 days for the Company, directors, officers, existing shareholders, and certain option holders
• Expected Pricing Date: March 27, 2018
• Joint Bookrunners: Morgan Stanley, BofA Merrill Lynch, J.P. Morgan

Company Overview

• Mission: Enrich the everyday life of young generations in China.
• Target Audience: Focus on Generation Z, who represent 81.7% of the user base as of February 2018.
• User Engagement:
  • 76 minutes average daily time spent per active user in 2017.
  • 15MM users participated in social interactions monthly in 2017 (81% YoY growth).
  • 221MM interactions generated monthly in 2017 (95% YoY growth).
• User Retention: ~80% 12-month retention rate for official members.
• Official Members: 32MM as of December 31, 2017.
• MAU Growth: 76MM MAU in the first two months of 2018.
• Revenue Growth: Net revenues reached RMB 2,400MM in 2017.

Content Ecosystem

• PUG Video Library: A massive and ever-growing library of user-generated content.
• Content Creation: Encourages community-based content creation with incentive programs.
• Interactive Features:
  • Bullet Chatting: A pioneering feature that enhances user engagement.
  • Social Interactions: Users can comment, like, and interact with content.
• User-Generated Content (UGC):
  • "Yaorenmao": A representative figure of ACG-inspired dance culture with 1.6MM fans.
  • "Yaorenmao" produces dance videos and engages in live broadcasting.
  • "Ychina": A leading life-themed content creator with 1.2MM fans, founded by an Israeli student.

Commercialization and Revenue Streams

• Live Broadcasting:
  • A deep pool of potential hosts and vibrant communities.
  • Significant upside in paying ratio and advertising revenue.
• Advertising Revenue:
  • Feed Ads: Fastest-growing mobile ad segment.
  • Main Screen Ads, Background Ads, In-Program Ads, Launch Screen Ads.
  • Strong growth potential with RMB 3.2MM average MAU.
• Mobile Games:
  • FGO: Successfully introduced to the Chinese market, with 4.5MM players in the first 30 days.
  • Game-Themed Live Broadcasting: Well-received.
  • Game Curation: Customized game recommendations based on user data.

Financial Highlights

• Cost of Revenues:
  • 2015: RMB304MM (131% of net revenues)
  • 2016: RMB8773MM (47% of net revenues)
  • 2017: RMB8199MM (23% of net revenues)
• Operating Expenses:
  • 2015: RMB196MM (205% of net revenues)
  • 2016: RMB645MM (101% of net revenues)
  • 2017: RMB773MM (6% of net revenues)
• Margins:
  • Gross Margin: 131% (2015), 47% (2016), 23% (2017)
  • Operating Margin: 205% (2015), 101% (2016), 6% (2017)
  • Net Margin: 285% (2015), 174% (2016), 7% (2017)
  • Adjusted Net Margin: 208% (2015), 104% (2016), 4% (2017)

Strategic Initiatives

• Expand User Base: Focus on attracting and retaining Gen Z users.
• Enhance Content Offerings: Continue to develop diverse and engaging content.
• Improve User Experience: Introduce more interactive and personalized features.
• Increase Commercialization: Strengthen advertising and live broadcasting capabilities.
• Further Enhance Technology and Infrastructure: Invest in improving platform performance and scalability.

Management Team

• Mr. Rui CHEN: Chairman and CEO with 15+ years in Internet and Tech.
• Ms. Ni LI (Carly): Vice Chairman and COO with 9+ years in Internet and Tech.
• Mr. Xin FAN (Sam): CFO with experience at NetEase and KPMG.
• Mr. Kai QU: Vice President of User Experience with background in UCWeb & Orange.
• Mr. Feng ZHANG: Vice President of Game & PUGV with experience at Chukong Technologies & Sogou.
• Mr. Yao LIU: Vice President of Commercial Operation with background at Tencent & Ogilvy.
• Mr. Yang LIU: Vice President of Technology with background at Baidu & Google.
• Mr. Ming Hsien CHAN: Vice President of Animation Production with background at Children's Playground & Hong Ying Universe.

Conclusion

Bilibili is positioned as a leading platform for Gen Z users, offering a diverse content ecosystem, interactive features, and strong commercialization potential. The company's user engagement, content creation, and financial performance highlight its growth prospects and market appeal. The management team is composed of experienced professionals with a strong background in the tech and entertainment sectors, reinforcing the company's visionary approach to the online content market.