$哔哩哔哩(BILI)$ Yahoo Finance上有人问 Why not buy BIDU with low PE and this （BILI）without PE? I don't get it.

坛友Ori的回答值得关注（粘贴如下）

The calculation of a PE ratio includes EPS and an EPS calculation includes net income.

Since BILI doesn’t yet have an income (they are still not profitable and therefore net negative) its impossible to have a PE ratio. BIDU on the other hand, is profitable and can therefore have a PE calculated. 

小破站常年处于亏损状态，近10年未能盈利，所以EPS值是-1.33，自然也没有PE值，百度不一样，有盈利，PE TTM值 22.01,百度的PE真不算高。

Reason I’m bullish on BILI even without a PE is because typically in a growth company you don’t look for profit right away but rather, increase on revenue year over year. BILI took revenue from 6.78B in 2019 and nearly DOUBLED it to 12B in 2020. Those are great numbers and they will eventually be profitable which will eventually allow for a PE. 

Ori的观点很明确，B站是成长股，不可能短时间内做到盈利，只要它的revenue（营收）在增长，它就没问题，2019年6.78B涨到了2020的12B，这个涨幅很不简单，最终Ori认为B站会盈利并且有一个PE值。

我个人观点，B站能不能成功“破圈”，才是它能不能转亏为盈的关键点。

目前来看，B站希望新用户被优质爆款内容（不管内容的是OGV还是PUGV）吸引进来，进而被涵盖生活、游戏等的PUGV粘住，实现用户增量和用户留存。

陈睿提出的community first原则我很赞同，想一想$知乎(ZH)$ 和$新浪(SINA)$ 微博，你说他们是user first还是community first呢？