Investor Presentation May 2019

1 Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the Outlook and quotations from management in this announcement, as well as Bilibili’s strategic and operational plans, contain forward-looking statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili’s beliefs and expectations, are forward- looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili’s ability to maintain its culture and brand image within its addressable user communities; Bilibili’s ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.

2 Enrich the everyday life of young generations in China

1.37bn 101.3mm 88.6mm 81min

Revenue Mobile MAU (2) MAU (1) in 19Q1 Avg. daily time spent in 19Q1 (RMB) in 19Q1 in 19Q1

:

3 Our rapid growth

Rapid user base expansion lays a solid foundation for fast revenue growth

MAU (mm) Net revenue (RMB mm)

1,374

101 1,156 93 93 1,079 1,027 85 77 868 74 72 65 728 734 57 583

424

17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1

4 Gen Z represents the future of online entertainment 328mm Gen Z | 24% of total population in China people born from 1990 to 2009

Gen Z is the key driving force of Gen Z outgrows overall China’s online entertainment market China’s online entertainment market

Market size (RMB bn) Gen Z’s contribution

678.7 Deep user penetration Gen Z CAGR 33% 314.7 Extensive time spent

62% Strong willingness to pay 55%

2017 2020E

5 The story

Efficient with tremendous upside

Commercialization

Ever-growing supply of Highly engaged user generated content Gen Z and sticky

Content Community

6 Content Community Commercialization We have become the welcoming home of diverse interests...

Pop Culture Celebrity Entertainment Science NO.1 (1) Vlog

Technology Lifestyle NO.5 (1) NO.2 (1) Electronics ACG Fashion Anime, Comic and Game

Anime Game Cosplay E-Sports (1) (1) NO.4 NO.3

Domestic Anime Mobile Games Notes: (1) Ranked by video views in March, 2019 7 Content Community Commercialization …And ever-growing supply of creative PUG videos

Talented Content Creators Number of Monthly Average Active Content Creators (‘000) 150% 732 293 Createreate Encourage

18Q1 19Q1

89%(1) High-quality Content Creation Loyal Fan Base total video views Number of Monthly Video Submissions Number of Content Creators with more than 10,000 Fans (‘000) contributed by PUG 2,081 130% videos 76% 905

18Q1 19Q1 Mar 312018 Mar 312019

Notes: Engage (1) In 19Q1 8 Content Community Commercialization Continuous support to content creators in all layers

VIP Service Maximize influence Power Alliances Unlock commercial value Top Top 100 UP Award

Reward Better incentive Middle Cash Incentive Program (130,000+ enrolled) Better recognition

New Tutor Higher quality New Star Project production UP Academy

Casual Tools Mobile Content Easier to create Submission

9 Content Community Commercialization We also have a expansive OGV Library

Animation Documentary TVMovies and Variety shows

10 Content Community Commercialization We fostered highly engaged and sticky communities

Highly engaged users

514mm avg. daily video views in Q1 93% YoY growth

1.4bn interactions(1) generated monthly in Q1 361% YoY growth

Notes: (1) Interactive features such as bullet-chats, commentaries, following, favorites, sharing, bilibili moment posts, virtual gifting and like etc. 11 Content Community Commercialization We fostered highly engaged and sticky communities And even more loyal official members

49mm official members (1) ~80% 12th-month retention rate (1)

39% YoY growth 100%

90%

80%

70%

60%

50% 0 3 6 9 12 2017 Apr 2017 May 2017 Jun 2017 July 2017 Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec 2018 Jan 2018 Feb 2018 Mar

Notes: (1) As of Mar 31, 2019. To become an official member, user needs to take and pass a community entrance exam consists of 100 questions covering community etiquette and various topics 12 Content Community Commercialization Commercialization comes naturally: massive user demand intersects with high quality supply

Demand Supply Efficient match Large and engaged driven by Mobile Games user base big data insights Advertising with of user interests and Live Broadcasting strong willingness to pay behaviors Value Added Services ….

We understand users’ demand… …and we offer the right content and services

13 Content Community Commercialization Compelling core competency of our mobile game business

We have massive gamers We know what they want Ability to pick and operate

User interest & behavior 1 Self developed Game is 3rd most popular video quality user data genre on our platform 13 Exclusively distributed Game-themed live broadcasting is also well received 500+ Jointly Customized game recommendation operated

2019 Launched Approved and upcoming More in the pipeline

Chapter 2.0

Majority of our games users are directly converted from our platform

14 Content Community Commercialization Robust game revenue growth and strong pipeline

Up 27% YOY RMB (mm)

873 791 744 688 713

600 617

492

349

15 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 Content Community Commercialization Live broadcasting & VAS: multi-faceted commercialization

Bilibili Comic Pay to view comic platform

Live broadcasting Premium membership Maoer Natural extension of our Enjoy exclusive or advanced Premium diversified content platform high quality content audio drama platform 16 Content Community Commercialization Live broadcasting: Design to cater Bilibili users’ needs

We offer a wide array of content to satisfy our users’ growing demands in games and entertainment

…. ….

Mobile Games PC Games Console Games E-sports Talents VTubers Pets Audios

Massive user base on Bilibili platform High willingness to pay for happiness and appreciation

Live broadcasting valid MAU(1) Live broadcasting quarterly paying user(2)

(mm) (mm) 1.2 11.4

7.5 0.5

18Q1 19Q1 18Q1 19Q1

Note: (1) Valid MAU is calculated by number of users who visited live broadcasting rooms for over 5 minutes (2) Quarterly paying users are calculated by number of users who paid for live broadcasting services at least once during each period 17 Content Community Commercialization Live broadcasting & VAS revenue: strong growth with great potential

Up 205% YOY RMB (mm)

292

202

169

119 96 54 41 43 38

17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 18 Content Community Commercialization Brand & Performance-based advertising: two growth engines

Gen Z is the golden cohort Customized performance-based ads well chased by brand advertisers help advertisers reach and convert target audiences 19 Content Community Commercialization Advertising revenue: strong growth with great potential

RMB (mm) Up 191% Up 60% YOY YOY

463 112

70

159

FY17 FY18 18Q1 19Q1

Brand Ads Performance-based Ads Brand Ads Performance-based Ads

20 OUR FINANCIALS

21 Expanding user base and increasing paying ratio Total MAUs (1) Impressive growth of paying users (2) (mm) MPUs / MAUs (%) Y-o-Y Growth % 31% 2018 | 3.8% 18Q1 | 3.2% 19Q1 | 5.7%

MPUs (thousands)

5,743 101 93 93 85 4,416 77 74 72 65 3,540 57 2,966 2,473

1,073 1,174 1,109 854

17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1

Notes: (1) Average monthly active users for each of the quarters (includes both PC and mobile). Starting from the first quarter of 2019, we count mobile MAUs of Bilibili Comic and Maoer towards our MAUs. Bilibili Comic is a mobile application offering comic content the Company launched in November 2018. Maoer is a platform that offers audio drama. In December 2018, Company increased its shareholdings to 80.5% in Maoer Inc., operator of Maoer app. In the first quarter of 2019, Bilibili Comic and Maoer in an aggregate contributed to 3.2 million of our MAUs. (2) Calculated as average monthly paying users (MPU) in each period divided by average MAUs in each period. MPUs are calculated by number of users who paid for games, live broadcasting, premier membership, Bilibili Comics services and Maoer, after eliminating duplicates of users paid for multiple services other than users of Maoer. 22 Rapid growth of revenue and revenue per MAU Revenue Quarterly Total Revenue / MAU (RMB mm) (RMB) Y-o-Y Growth % 58% Y-o-Y Growth % 21%

1,374

1,156 13.6 1,079 1,027 12.1 12.5 11.2 11.6 868 9.8 10.2 728 734 8.9 7.4 583

424

17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1

Mobile games Live broadcasting and VAS Advertising E-commerce and Others

23 Cost of revenue and operating expenses Cost of Revenue (1) Operating Expenses (1) (RMB mm; as a percentage of revenue %) (RMB mm) Gross margin % As a percentage of revenue 25.5% 25.2% 18.7% 17.5% 14.2% 27.9% 30.7% 38.8% 39.4% 33.9%

1,179 455 466 954 418 15% 877 768 14% 16% 315 12% 13% 11% 13% 647 8% 16% 242 15% 15% 10% 14% 12% 8% 12% 8% 14% 15% 15% 12% 11% 11% 7% 40% 8% 18% 41% 38% 16% 13% 39% 41% 12% 9%

18Q1 18Q2 18Q3 18Q4 19Q1 18Q1 18Q2 18Q3 18Q4 19Q1 Sales and marketing expenses General and administrative expenses Revenue-sharing costs Content costs Server and bandwidth costs Others Notes: Research and development expenses (1) Excluding Share-based compensation (2) Revenue-sharing costs consist of fees paid to game developers, distribution channels (app stores) and payment processors, as well as fees we pay to hosts of our live broadcasting program and content creators in accordance with our revenue-sharing arrangements. (3) Content costs consist of amortized costs of purchased licensed content from copyright owners or content distributors. (4) Server and bandwidth costs are the fees we pay to telecommunication carriers and other service providers for telecommunication services, hosting our servers at their internet data centers, and providing content and application delivery services. (5) Others includes staff cost, depreciation, and others. 24 Consolidated balance sheets (RMB MM) 31-Dec-2018 31-Mar-2019 Assets Cash and cash equivalents 3,540 2,715 Time deposit 749 769 Accounts receivable, net 324 542 Receivable due from related parties -- 24 Prepayments and other current assets 991 1,198 Short-term investments 946 1,059 Total current assets 6,550 6,307

Property, equipment and software, net 395 363 Production cost 204 219 Intangible assets, net 1,420 1,363 Good will 941 941 Long-term Investments 980 1,228 Other long-term assets -- 253 Total non-current assets 3,940 4,367 Total Assets 10,490 10,674

Liabilities Accounts payable 1,308 1,425 Salary and welfare payables 247 148 Taxes payable 39 41 Short-term loans -- 100 Deferred revenue 985 1,289 Accrued liabilities and other payables 670 484 Amount due to related parties 50 30 Total current liabilities 3,299 3,517 Other long-term liabilities -- 218 Total non-current liabilities -- 218 Total Liabilities 3,299 3,735

Total Bilibili Inc.’s shareholders’ (deficit)/equity 6,951 6,704 Non-controlling interests 240 235 Total shareholders’ (deficit)/equity 7,191 6,939

Total Liabilities, Mezzanine and Shareholders' Equity 10,490 10,674 25 Consolidated statements of operations and comprehensive loss

(RMB MM, unless otherwise stated)

18Q1 18Q4 19Q1 YoY Change Net revenues Mobile games 688 713 873 27% Live broadcasting and VAS 96 202 292 205% Advertising 70 160 112 60% E-commerce and Others 13 81 96 621% Total net revenues 868 1,156 1,373 58% Cost of revenues (655) (959) (1,184) 81% Gross profit 213 197 189 -11% Sales and marketing expenses (79) (182) (182) 130% General and administrative expenses (103) (150) (128) 25% Research and development expenses (106) (154) (186) 76% Total operating expenses (287) (486) (496) 73% Loss from operations (74) (289) (307) 313% Investment (loss)/income, net 25 75 82 222% Interest income 1 27 24 2799% Exchange (losses)/gains (10) (5) (2) -79% Others, net 3 10 15 351% Loss before tax (55) (182) (188) 243% Income tax (3) (9) (8) 158% Net loss (58) (191) (196) 238% Adjusted net loss (3) (152) (145) 4498%

26 THANK YOU!

IR Contacts

Bilibili Inc.

Juliet Yang Tel: +86-21-2509 9255 Ext. 8523 E-mail: [email protected]

The Piacente Group, Inc.

Tel: +86-21-6039-8363 (In China) Tel: +1-212-481-2050 (In U.S.) E-mail: [email protected]

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