(Yicai) May 21 -- Shares in Bilibili surged as much as 7.4 percent today after the Chinese video-sharing platform reported a profit under non-Generally Accepted Accounting Principles for the first three months, building on its first-ever quarterly profit in the fourth quarter last year, thanks to sustained high growth in its gaming and advertising segments.

Bilibili’s share price [HKG:9626] closed up 4.1 percent at HKD146 (USD18.6). Earlier in the day it surged to HKD150.6 (USD19.2). Its US-listed stock [NASDAQ:BILI] finished the day up 0.9 percent at USD18.15 yesterday, after soaring as much as 6.9 percent intraday.

Bilibili recorded an adjusted net profit of CNY361.5 million (USD49.8 million) for the three months ended March 31, compared with an adjusted net loss of CNY455.9 million in the same period last year, according to its latest financial report released yesterday. Revenue soared 24 percent to CNY7 billion (USD965.1 million).

Under GAAP standards, Bilibili still reported a small net loss of CNY10.7 million (USD1.5 million), but it was a narrowing of 99 percent from a year ago. The company posted its first GAAP profit in its 15-year history in the fourth quarter last year, earning CNY88.9 million (USD12.2 million).

“We kicked off 2025 with strong financial results and healthy community metrics in the first quarter,” said Chairman and Chief Executive Officer Chen Rui. “Our daily active users reached 107 million, while monthly active users hit a new high of 368 million. As our user base matured, with the average age rising to 26 this year, users remained highly engaged and demonstrated growing spending power,” he added.

This increased spending power showed up clearly in Bilibili’s gaming and ad revenues. In the first three months, Bilibili's gaming revenue surged 76 percent from a year earlier to CNY1.7 billion (USD238.6 million), and advertising revenue jumped 20 percent to CNY2 billion (USD275.3 million), according to the financial report.

Bilibili's strategy mobile game ‘San Guo: Mou Ding Tian Xia,’ which launched in June last year, was a major driver of its gaming revenue growth. The Shanghai-based company aims to turn the title into a long-term franchise with a stable business cycle of at least five years, Chen said at the earnings call.

Value-added services, which includes membership subscriptions and live-streaming, are still Bilibili’s biggest source of revenue. Earnings over the period jumped 11 percent to CNY2.8 billion (USD386.9 million), the report said. However, IP derivatives and other businesses saw revenue slide 4 percent to CNY467.1 million (USD64.4 million).

Editors: Dou Shicong, Kim Taylor