On November 13, Bilibili released its financial report for the third quarter of 2025 and held an earnings call.
According to the report, Bilibili generated revenue of RMB 7.69 billion in Q3, representing a 5% year-over-year increase. Its adjusted net profit reached RMB 786 million, surging 233% compared with the same period last year. Revenue from its mobile game business was RMB 1.51 billion, a slight decrease from last year—mainly because its title Three Kingdoms: Stratagem Under Heaven achieved significant revenue growth in Q3 of the previous year following its launch.
The report also noted that Bilibili’s DAU grew 9% year-over-year to 117 million, and MAU increased 8% to 376 million. It is understood that the average age of Bilibili’s user base is 26, and over 40% of daily active users watch game-related PUGV (Professionally User-Generated Videos) or livestream content.
Bilibili CEO Chen Rui and other executives also addressed investor questions during the call. Below are excerpts related to the gaming business (some wording lightly edited for readability):
Q:
The company’s self-developed single-player game Escape from Duckov has achieved remarkable results. Could you share the project’s plans? Is there a plan to make a mobile version? Does the success of this title offer insights for future investments in new game development?
A:
Escape from Duckov is indeed a dark horse in this year’s gaming market. Just one month after its launch, global sales have exceeded 3 million copies, with concurrent players reaching 300,000. Judging from current trends, it is very likely to challenge the second-best sales record in the history of Chinese single-player games (note: referring to sales; the top seller is Black Myth: Wukong). What’s even more impressive is the user feedback—among 40,000 Steam reviews, 96% are positive.
If we analyze why it succeeded, as a gamer myself, it mainly comes down to two points. First, it is fun—Duckov puts a great deal of effort into “fun,” including its various levels, gameplay mechanics, and item design. Second, it is genuinely relaxing—the game does not require grinding or spending, making it easy and entertaining.
The reason it could be this fun is directly tied to the goal set at the beginning of the project. The game was initiated in 2023, when several team members who enjoyed Tarkov-style games decided to create a single-player game that young people would find fun. At that time, the “extract-shooter” subgenre wasn’t even a common term yet, and Tarkov wasn’t considered mainstream gameplay.
At its core, this reflects our approach of making genres more youthful—not forcing grind or monetization, and daring to enter niche categories and excel within them. This has been our direction for new project approvals over the past two years, and Duckov is one of the successful cases under this strategy.
Right now, Duckov is PC-only. Next, our console porting and mobile development have already begun. There will be some gameplay differences between the console/mobile versions, as well as the PC single-player version. We will carefully polish the products and actively listen to the community. We hope the console and mobile versions will also achieve success.
Q:
Three Kingdoms: Hundred Generals Tactics conducted a limited closed beta at the end of October. How were the results? When can we expect the game to launch? What other promising titles are in the pipeline?
A:
Hundred Generals Tactics has undergone several small-scale tests, and player feedback has been quite positive. We will continue refining the product, and the game is expected to launch in Q1 next year. This is an innovative title designed for young users, offering a relaxing “3-minute-per-round” gameplay experience. We strive to bring the game to a broad Bilibili audience through the Bilibili community (creators and livestreams).
This game is innovative in many aspects, so we are proceeding step by step, exploring as we go. Our primary goal is to grow the player base and develop a game that many young users enjoy. I hope it becomes another evergreen title for Bilibili.
Q:
Did Three Kingdoms: Stratagem Under Heaven perform as expected in Q3? How do you view its outlook for the next year?
A:
Stratagem Under Heaven is undoubtedly one of our most important games right now, and its Q3 performance met expectations. Our top priority for this title is to build it into a long-term, healthy live-service product. My goal for the team is to operate it steadily for more than five years. At this stage, we are focusing more on player experience and game balance.
In Q1 next year, we will launch the Traditional Chinese version for Hong Kong, Macau, and Taiwan. In the second half of next year, we anticipate releasing additional international versions.
The above content is compiled by ModeZone, a fashion and entertainment magazine.
