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Golden Ten Data reported on March 5 that borrowers, including Baker Hughes, are initiating the first batch of high-grade corporate bond transactions in Europe in a week. Previously, market activity had experienced several days of near stagnation due to the Middle East conflict, but is now gradually recovering. According to sources, four non-financial institution borrowers are seeking to issue euro-denominated bonds on Thursday, led by Baker Hughes' four-part issuance plan. Data shows that this is the first issuance of high-grade corporate bonds since February 26. As the US-Israel war against Iran enters its sixth day, global markets continue to fluctuate, and the bond market is tentatively resuming activity. Over the past three days, the region has seen just over 11 billions euros (approximately 12.8 billions US dollars) in syndicated sales, far below normal expectations, and mainly from extremely safe supranational and government-backed issuers. Given that the war is ongoing and the overall environment remains fragile, whether this sales rebound can be sustained remains to be seen. A survey conducted before the outbreak of the conflict indicated that once market conditions improve, a large number of pending transactions will flood the market.

American Bitcoin directors Justin Mateen and Richard Busch purchased a total of approximately 1.63 million shares after the trading window reopened. Previously, the bitcoin mining company announced a fourth-quarter loss of $59 million, while Eric Trump stated that the company holds over 6,500 BTC, making it the 17th largest publicly listed bitcoin holder. American Bitcoin employs a dual strategy of mining and direct BTC purchases, and recently acquired 11,298 ASIC miners to increase production capacity by about 12%.

2025 marks the first time Bilibili achieved full-year profitability under US GAAP, with a net profit of 1.19 billions RMB, completely reversing the loss of 1.36 billions RMB in 2024. Annual revenue reached 30.35 billions RMB, up 13% year-on-year, with advertising business becoming the largest growth engine at a 23% growth rate, reaching 10.06 billions RMB. Meanwhile, gross margin rose significantly from 32.7% in 2024 to 36.6%, and adjusted net profit margin jumped from -0.1% to 8.5%. In the fourth quarter, daily active users (DAU) reached 113 millions, up 10% year-on-year, marking four consecutive quarters of accelerated growth; average daily usage per user reached 107 minutes, up 8 minutes year-on-year, with user stickiness continuing to strengthen. Quarterly net profit was 514 millions RMB, a year-on-year surge of 478%; adjusted net profit margin reached 10.6%, nearly doubling from 5.8% in the same period last year. Bilibili shares rose nearly 6% in pre-market trading.Core data is as follows:Revenue PerformanceTotal annual revenue reached 30.35 billions RMB, up 13.0% year-on-year, maintaining double-digit growth. Among them, advertising revenue grew by 23.0% year-on-year, becoming the largest growth engine; value-added services revenue grew by 8.0% year-on-year; mobile game revenue grew by 14.0% year-on-year; IP derivatives and other revenue declined by 3.0% year-on-year. The proportion of advertising revenue continued to increase, further optimizing the revenue structure. Fourth quarter revenue was 8.32 billions RMB, up 8.0% year-on-year. Among them, advertising revenue grew by 27.0% year-on-year, continuing the acceleration trend; value-added services revenue grew by 6.0% year-on-year; mobile game revenue declined by 14.0% year-on-year, mainly due to the high base of exclusive licensed games in the same period last year; IP derivatives and other revenue grew by 3.0% year-on-year.ProfitabilityFull-year net profit attributable to shareholders was 1.19 billions RMB, compared to a net loss of 1.36 billions RMB in 2024, achieving a full turnaround; annual net profit margin was 3.9%. Under non-US GAAP, adjusted net profit was 2.59 billions RMB, compared to an adjusted net loss of 39 millions RMB in 2024, with an adjusted net profit margin of 8.5%. Fourth quarter net profit attributable to shareholders was 514 millions RMB, up 478% year-on-year, with a net profit margin of 6.2%. Adjusted net profit was 878 millions RMB, up 94% year-on-year, with adjusted net profit margin rising to 10.6%. Full-year operating profit was 1.12 billions RMB, compared to an operating loss of 1.34 billions RMB in 2024; fourth quarter operating profit was 504 millions RMB, up 299% year-on-year, with significantly improved profitability.Gross ProfitAnnual gross profit was 11.11 billions RMB, up 27% year-on-year, with gross margin rising from 32.7% in 2024 to 36.6%; fourth quarter gross profit was 3.08 billions RMB, with gross margin at 37.0%, up 0.9 percentage points year-on-year.Expense StructureAnnual operating expenses were 9.99 billions RMB, down 1.0% year-on-year, with expense ratio continuously optimized. Annual sales and marketing expenses were 4.39 billions RMB, basically flat year-on-year; fourth quarter sales and marketing expenses were 1.13 billions RMB, down 9.0% year-on-year, mainly due to reduced mobile game promotion costs. Annual R&D expenses were 3.53 billions RMB, down 4.0% year-on-year; fourth quarter R&D expenses were 921 millions RMB, basically flat year-on-year. Annual general and administrative expenses were 2.06 billions RMB, up 2.0% year-on-year. Overall, the company effectively controlled expenses while growing revenue, achieving operating leverage release.Cash Flow and Asset StatusAnnual net cash flow from operating activities was 7.15 billions RMB, up about 18.8% year-on-year; fourth quarter operating cash flow was 1.84 billions RMB, up about 31.4% year-on-year. As of December 31, 2025, the company’s cash and cash equivalents, term deposits, and short-term investments totaled 24.15 billions RMB, with ample liquidity.Business Segment PerformanceValue-added services annual revenue was 11.93 billions RMB, up 8.0% year-on-year; fourth quarter revenue was 3.26 billions RMB, up 6.0% year-on-year, mainly driven by growth in premium memberships and other value-added services. Advertising business annual revenue was 10.06 billions RMB, up 23.0% year-on-year; fourth quarter revenue was 3.04 billions RMB, up 27.0% year-on-year. Benefiting from improved supply of advertising products and enhanced monetization efficiency, it became the core driver of growth. Mobile games annual revenue was 6.39 billions RMB, up 14.0% year-on-year, mainly driven by the full-year contribution of "Three Kingdoms: Strategic Planning" and the launch of self-developed game "Escape Duckov". Fourth quarter revenue was 1.54 billions RMB, down 14.0% year-on-year, affected by the high base. IP derivatives and other annual revenue was 1.97 billions RMB, down 3.0% year-on-year; fourth quarter revenue was 477 millions RMB, up 3.0% year-on-year.Operating IndicatorsFourth quarter daily active users (DAU) reached 113 millions, up 10% year-on-year; monthly active users (MAU) reached 366 millions, up 8% year-on-year; average daily usage per user reached 107 minutes, up 8% year-on-year; monthly paying users hit a record high.Shareholder ReturnsAccording to the $200 millions share repurchase plan approved in November 2024, by the end of 2025, the company had repurchased a total of 7.0 millions listed securities at a total cost of $131 millions, including 0.6 millions repurchased in the fourth quarter at a total cost of $14.7 millions.Executive Commentary"2025 is a milestone year for Bilibili. We witnessed strong community growth and achieved full-year profitability under US GAAP for the first time," said Mr. Rui Chen, Chairman and CEO of Bilibili. "All our user metrics improved, with daily active users especially outstanding, accelerating year-on-year growth for four consecutive quarters. In the fourth quarter, our DAU reached 113 millions, up 10% year-on-year; MAU reached 366 millions, up 8% year-on-year. Over the past year, we continuously enhanced commercialization execution, unlocked community value, set a new record for monthly paying users, and accelerated advertising revenue growth. In an environment filled with 'fast-food' content, Bilibili’s long-term commitment to high-quality content sets us apart and earns the trust of more and more loyal users. As we enter 2026—a time when AI is reshaping content creation, community experience, and business efficiency—we are confident in seizing these opportunities and opening a new chapter of sustainable growth."Mr. Xin Fan, Chief Financial Officer of Bilibili, stated: "Over the past year, thanks to strong financial execution and growth momentum, we achieved full-year profitability under US GAAP for the first time. Fourth quarter net revenue grew 8% year-on-year to 8.32 billions RMB, with advertising revenue accelerating 27% year-on-year. While improving monetization efficiency, we maintained effective cost control, further enhancing operating leverage. In the fourth quarter, our adjusted net profit nearly doubled year-on-year, with adjusted net profit margin reaching 10.6%. With stronger profitability and a robust balance sheet, we enter 2026 with greater flexibility. We will continue to allocate capital prudently to support our future growth and create long-term value."