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BILI vs TME
Bilibili (BILI) vs Tencent Music Entertainment Group (TME) Earnings Recap: Recent Results Highlight Profitability Gains
Key Takeaways
- Bilibili reported Q4 2025 revenue of RMB 8.32 billion, up 8% YoY, with advertising surging 27% to RMB 3.04 billion; achieved first full-year GAAP profitability at RMB 1.19 billion net profit.
- Tencent Music's Q4 revenue hit RMB 8.64 billion, up 15.9% YoY, driven by 21.7% growth in online music services; FY non-IFRS net profit rose 25% to RMB 9.59 billion.
- Both companies expanded gross margins—Bilibili to 37.0% in Q4, TME to 44.7%—reflecting improved monetization and cost discipline.
- Bilibili's DAUs reached 113 million (+10% YoY), while TME's online music paying users grew to 127.4 million (+5.3% YoY) with ARPPU up 7.2%.
- TME declared a $368 million annual dividend, signaling strong cash generation; Bilibili emphasized AI-driven growth for 2026.
Earnings Context and Why This Comparison Matters
Both BILI and TME operate in China's digital entertainment sector, where video communities and music streaming compete for young users' attention. Bilibili focuses on user-generated video content and live streaming, while Tencent Music dominates audio with subscriptions and social features. Recent Q4 2025 earnings recaps reveal paths to profitability amid economic headwinds, with advertising and subscriptions as core drivers. Comparing them highlights divergent strategies: Bilibili's community monetization versus TME's music IP expansion, offering insights into resilience and growth potential in a maturing market.
Tencent Music Entertainment Group Focus
Tencent Music released Q4 and FY 2025 results on March 17, 2026, showcasing robust revenue growth. Q4 total revenues reached RMB 8.64 billion, up 15.9% YoY, with online music services at RMB 7.10 billion (+21.7% YoY). Music subscriptions grew 13.2% to RMB 4.56 billion, while other music services (ads, concerts, merchandise) surged 40.8% to RMB 2.54 billion. GAAP net profit attributable to equity holders was RMB 2.20 billion (+12.6% YoY), with non-IFRS at RMB 2.49 billion (+9.0% YoY). Diluted EPS (ADS) stood at RMB 1.41 GAAP (US$0.20) and RMB 1.60 non-IFRS (US$0.23). For FY 2025, revenues hit RMB 32.90 billion (+15.8% YoY), with non-IFRS net profit up 25% to RMB 9.59 billion. Paying online music users reached 127.4 million (+5.3% YoY), with ARPPU at RMB 11.9 (+7.2% YoY). Management highlighted SVIP growth beyond 20 million and AI enhancements, declaring a US$368 million dividend.
Bilibili Context
Bilibili announced Q4 and FY 2025 results on March 5, 2026, marking its first annual GAAP profit. Q4 net revenues were RMB 8.32 billion (+8% YoY), fueled by advertising at RMB 3.04 billion (+27% YoY). Gross profit margin improved to 37.0% from 36.1% YoY, with adjusted net profit nearly doubling to RMB 878.4 million (10.6% margin). Adjusted diluted EPS (ADS) was RMB 1.94 (US$0.28). FY 2025 revenues totaled RMB 30.35 billion (+13% YoY), flipping to GAAP net profit of RMB 1.19 billion from a RMB 1.36 billion loss, with adjusted net profit at RMB 2.59 billion. DAUs hit 113 million (+10% YoY), MAUs 366 million (+8% YoY), and average daily time spent rose 8% to 107 minutes. CEO Rui Chen stressed AI integration for content and ads, positioning for sustainable 2026 growth.
Head-to-Head Earnings and Market Comparison
TME outperformed on Q4 revenue scale (RMB 8.64B vs. BILI's 8.32B) and growth (15.9% vs. 8%), leveraging music subscriptions and non-sub revenue. Bilibili countered with sharper ad acceleration (27% vs. TME's implied ~20-40% in music others) and margin gains from 36.1% to 37.0%. Profitability favors TME's scale (Q4 non-IFRS net RMB 2.49B vs. BILI's 0.88B), but Bilibili's FY turnaround signals momentum. Growth drivers: TME's paying users and ARPPU; BILI's DAU engagement. Risks include China regulatory pressures and competition; sentiment leans positive on both, with TME's dividend underscoring stability.
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Tickeron AI Verdict
Tickeron AI currently favors TME with 65% probability over the next quarter, citing superior revenue growth, profitability scale, user monetization (higher ARPPU), and dividend policy amid stable trends. Bilibili's engagement strength and ad surge offer upside (35% probability), but TME's music ecosystem positions better for sustained earnings quality.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer. Disclaimers and Limitations
To compare these two companies we present long-term analysis, their fundamental ratings and make comparative short-term technical analysis which are presented below. The conclusion is BILI is a Hold and TME is a StrongBuy.
Long-Term Analysis
It is best to consider a long-term outlook for a ticker by using Fundamental Analysis (FA) ratings. The rating of 1 to 100, where 1 is best and 100 is worst, is divided into thirds. The first third (a green rating of 1-33) indicates that the ticker is undervalued; the second third (a grey number between 34 and 66) means that the ticker is valued fairly; and the last third (red number of 67 to 100) reflects that the ticker is undervalued. We use an FA Score to show how many ratings show the ticker to be undervalued (green) or overvalued (red).
BILI’s FA Score shows that 0 FA rating(s) are green whileTME’s FA Score has 1 green FA rating(s).
- BILI’s FA Score: 0 green, 5 red.
- TME’s FA Score: 1 green, 4 red.
Short-Term Analysis
It is best to consider a short-term outlook for a ticker by using Technical Analysis (TA) indicators. We use Odds of Success as the percentage of outcomes which confirm successful trade signals in the past.
If the Odds of Success (the likelihood of the continuation of a trend) for each indicator are greater than 50%, then the generated signal is confirmed. A green percentage from 90% to 51% indicates that the ticker is in a bullish trend. A red percentage from 90% - 51% indicates that the ticker is in a bearish trend. All grey percentages are below 50% and are considered not to confirm the trend signal.
BILI’s TA Score shows that 5 TA indicator(s) are bullish while TME’s TA Score has 4 bullish TA indicator(s).
- BILI’s TA Score: 5 bullish, 3 bearish.
- TME’s TA Score: 4 bullish, 5 bearish.
Price Growth
BILI (@Internet Software/Services) experienced а -6.08% price change this week, while TME (@Internet Software/Services) price change was -9.64% for the same time period.
The average weekly price growth across all stocks in the @Internet Software/Services industry was -1.19%. For the same industry, the average monthly price growth was -5.53%, and the average quarterly price growth was -11.67%.
Reported Earning Dates
BILI is expected to report earnings on Aug 13, 2026.
TME is expected to report earnings on Aug 18, 2026.
Industries' Descriptions
@Internet Software/Services (-1.19% weekly)Companies in this industry typically license software on a subscription basis and it is centrally hosted. Such products usually go by the names web-based software, on-demand software and hosted software. Cloud computing has emerged as a major force in this space, making it possible to save files to a remote database (without requiring them to be saved on local storage device); as long as a device has access to the web, it can access the data and the software programs to run it. This has in many cases facilitated cost efficiency, speed and security of data for businesses and consumers. Alphabet Inc., Facebook, Inc. and Yahoo! Inc. are some well-known names in the internet software/services industry.
| BILI | TME | BILI / TME | |
| Capitalization | 7.05B | 14.1B | 50% |
| EBITDA | 1.59B | 11.2B | 14% |
| Gain YTD | -31.822 | -51.149 | 62% |
| P/E Ratio | 33.88 | 9.94 | 341% |
| Revenue | 30.8B | 33.4B | 92% |
| Total Cash | 24.2B | 26.7B | 91% |
| Total Debt | 9.57B | 4.84B | 198% |
BILI | TME | ||
|---|---|---|---|
OUTLOOK RATING 1..100 | 56 | 29 | |
VALUATION overvalued / fair valued / undervalued 1..100 | 63 Fair valued | 8 Undervalued | |
PROFIT vs RISK RATING 1..100 | 100 | 100 | |
SMR RATING 1..100 | 74 | 66 | |
PRICE GROWTH RATING 1..100 | 81 | 80 | |
P/E GROWTH RATING 1..100 | 100 | 93 | |
SEASONALITY SCORE 1..100 | 50 | 50 |
Tickeron ratings are formulated such that a rating of 1 designates the most successful stocks in a given industry, while a rating of 100 points to the least successful stocks for that industry.
TME's Valuation (8) in the Internet Software Or Services industry is somewhat better than the same rating for BILI (63). This means that TME’s stock grew somewhat faster than BILI’s over the last 12 months.
TME's Profit vs Risk Rating (100) in the Internet Software Or Services industry is in the same range as BILI (100). This means that TME’s stock grew similarly to BILI’s over the last 12 months.
TME's SMR Rating (66) in the Internet Software Or Services industry is in the same range as BILI (74). This means that TME’s stock grew similarly to BILI’s over the last 12 months.
TME's Price Growth Rating (80) in the Internet Software Or Services industry is in the same range as BILI (81). This means that TME’s stock grew similarly to BILI’s over the last 12 months.
TME's P/E Growth Rating (93) in the Internet Software Or Services industry is in the same range as BILI (100). This means that TME’s stock grew similarly to BILI’s over the last 12 months.
| BILI | TME | |
|---|---|---|
| RSI ODDS (%) | 2 days ago 81% | 2 days ago 83% |
| Stochastic ODDS (%) | 2 days ago 73% | 2 days ago 76% |
| Momentum ODDS (%) | 2 days ago 85% | 2 days ago 78% |
| MACD ODDS (%) | 2 days ago 75% | 2 days ago 76% |
| TrendWeek ODDS (%) | 2 days ago 80% | 2 days ago 80% |
| TrendMonth ODDS (%) | 2 days ago 84% | 2 days ago 81% |
| Advances ODDS (%) | 13 days ago 82% | 13 days ago 75% |
| Declines ODDS (%) | 8 days ago 81% | 7 days ago 81% |
| BollingerBands ODDS (%) | 2 days ago 75% | 2 days ago 82% |
| Aroon ODDS (%) | 2 days ago 83% | 2 days ago 79% |
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TME and
Correlation & Price change
A.I.dvisor indicates that over the last year, TME has been loosely correlated with WB. These tickers have moved in lockstep 39% of the time. This A.I.-generated data suggests there is some statistical probability that if TME jumps, then WB could also see price increases.
| Ticker / NAME | Correlation To TME | 1D Price Change % | ||
|---|---|---|---|---|
| TME | 100% | -4.47% | ||
| WB - TME | 39% Loosely correlated | +0.41% | ||
| CMCM - TME | 39% Loosely correlated | -0.86% | ||
| BILI - TME | 35% Loosely correlated | -2.53% | ||
| SMWB - TME | 32% Poorly correlated | +2.81% | ||
| CARG - TME | 32% Poorly correlated | +0.17% | ||
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