**Bullish Points:**
1. **Revenue Growth:** Total revenue for FY 2024 increased by 19.1% to RMB 26,831.5 million (US$3.7 billion) compared to 2023.
2. **Mobile Games Revenue:** Revenue from mobile games increased by 39.5% to RMB 5,610.3 million (US$768.6 million) in 2024, driven by the strong performance of the game "San Guo: Mou Ding Tian Xia."
3. **VAS and Advertising Revenue:** VAS revenues increased by 11.0% to RMB 10,999.1 million (US$1,506.9 million), and advertising revenues increased by 27.7% to RMB 8,189.2 million (US$1,121.9 million) in 2024.
4. **Gross Profit:** Gross profit increased by 61.2% to RMB 8,774.0 million (US$1,202.0 million) in 2024.
5. **Operating Expenses:** Total operating expenses decreased by 3.7% to RMB 10.1 billion (US$1.4 billion) in 2024.
6. **Net Loss Reduction:** Net loss for FY 2024 narrowed by 71.7% to RMB 1,363.7 million (US$186.8 million) from RMB 4,811.7 million in 2023.
7. **Cash Reserves:** Cash and cash equivalents as of December 31, 2024, were RMB 10,249.4 million, up from RMB 7,191.8 million in 2023.
8. **Deferred Revenue:** Deferred revenue increased to RMB 3,802.3 million from RMB 2,954.1 million in 2023.
9. **Share Repurchase Program:** The company authorized a share repurchase program of up to US$200 million of its ADSs and/or Class Z ordinary shares over the next 24 months.
**Bearish Points:**
1. **Net Loss:** Despite the reduction, the company still reported a net loss of RMB 1,363.7 million for FY 2024.
2. **Long-term Debt:** Long-term debt increased significantly to RMB 3,264.2 million from RMB 0.6 million in 2023.
3. **Regulatory Compliance:** The company is subject to PRC regulations on foreign investment, cybersecurity review measures, data security, and personal information protection, which could impact operations.
4. **Legal and Regulatory Risks:** Potential impact of the Holding Foreign Companies Accountable Act (HFCAA) on trading of ADSs in the United States and compliance with the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies.
5. **Shareholder Influence:** Significant influence by holders of Class Y ordinary shares, constituting approximately 71.5% of the aggregate voting power, which may affect decision-making.
**Summary:**
Bilibili Inc. (BILI) demonstrated strong revenue growth across various segments, including mobile games, VAS, and advertising, leading to a significant increase in gross profit and a reduction in net loss. The company also improved its cash reserves and authorized a share repurchase program, indicating confidence in its financial stability. However, the company still faces challenges with a substantial net loss, increased long-term debt, and regulatory compliance risks that could impact its operations and stock performance. Investors should weigh these factors carefully when considering the company's future prospects.
For more information, you can read the original text of Bilibili Inc.'s financial report [here](https://www.sec.gov/Archives/edgar/data/1723690/000119312525061847/d930276d20f.htm).
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