• Bilibili average ebitda margin for 2023 was -25.28%, a 24.42% decline from 2022.
• Bilibili average ebitda margin for 2022 was -33.45%, a 15.78% decline from 2021.
• Bilibili average ebitda margin for 2021 was -28.89%, a 40.17% increase from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.