What Bilibili promised, and what happened

Guidance Tracker · every commitment management made on a call, tracked from the quarter it was made

Guidance

What management said, and what became of it

16 of 18 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.

Target	Original wording	Said	Latest call	Verdict
Advertising market share	further expansion	Dec 2025	Jun 2026:Advertising revenue grew 28% year-over-year, marking another quarter of industry-leading growth. Call transcript, Jun 2026 · no direct link	On Track
Adjusted operating margin	year-over-year improvement	Dec 2025	Mar 2026:our adjusted operating profit margin reached 7.0% in the first quarter versus 4.9% in the same period a year ago. Call transcript, Mar 2026 · no direct link	Achieved
Ncard San Guo game launch	Launch	Sep 2025	Mar 2026:We're iterating the product and optimizing user acquisition as we prepare for its official launch this July. Call transcript, Mar 2026 · no direct link	Missed

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

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