# AI ads

Bilibili’s First Profits Mask Fragile Model: Moderation Gaps, Creator Squeeze and Ad-Driven Reliance

Bilibili recorded its first annual profit in 2025 with RMB 30.35 billion in revenue, but gains were driven mainly by cost cuts and an advertising upswing. The company faces moderation shortfalls, falling mid-tier creator incomes and a reliance on a small number of hit games, raising questions about the sustainability of its business model.