Market Overview - The three major indices showed mixed performance, with the Dow Jones up 0.10% to 49,500.93 points, the S&P 500 up 0.05% to 6,836.17 points, and the Nasdaq down 0.22% to 22,546.67 points [3] - All three indices recorded weekly declines, with the S&P 500 down 1.4%, the Dow down 1.2%, and the Nasdaq down 2.1% [3] Economic Indicators - The U.S. Bureau of Labor Statistics reported that the January CPI rose 2.4% year-over-year and 0.2% month-over-month, both below market expectations [3] - The core CPI, excluding volatile food and energy prices, increased by 2.5% year-over-year and 0.3% month-over-month, aligning with market expectations [3] - Phil Blancato, Chief Market Strategist at Osaic, indicated that this data could pave the way for interest rate cuts and inflation control if the trend continues [3] Sector Performance - Concerns over AI disruption led to market sell-offs, affecting various sectors including software, real estate, trucking, and financial services [6] - Financial stocks such as Charles Schwab and Morgan Stanley fell by 10.8% and 4.9%, respectively, while software company Workday dropped 11% and commercial real estate firm CBRE fell 16% [6] - The media sector was also impacted, with Disney down approximately 3% and Netflix down 6% [7] Technology Stocks - Major tech stocks mostly declined, with Nvidia down 2.21%, Apple down 2.27%, Microsoft down 0.13%, Google down 1.06%, and Amazon down 0.41% [7] - Tesla saw a slight increase of 0.09%, while Oracle rose by 2.34% and Netflix increased by 1.33% [7] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.10%, with Alibaba down 1.89%, JD.com down 1.38%, and Pinduoduo up 0.06% [7] - NIO remained flat, while Xpeng rose by 1.36% and Li Auto fell by 1.81% [7]

Core Viewpoint - Concerns over the disruptive potential of artificial intelligence (AI) have led to a decline in major stock indices, with the Nasdaq falling by 2% and the S&P 500 and Dow Jones also experiencing significant drops [1][4]. Group 1: Market Performance - The Dow Jones index closed down 1.34% at 49,451.98 points, the S&P 500 index fell 1.57% to 6,832.76 points, and the Nasdaq index dropped 2.03% to 22,597.15 points [4]. - Major technology stocks saw declines, with Apple down 5%, erasing its gains for the year, and Nvidia down 1.64% [9]. Group 2: Sector Impact - The introduction of AI tools has negatively impacted various sectors, including software companies, publishers, and financial services, raising concerns about potential business model replication and profit margin erosion [5]. - Financial stocks, such as Morgan Stanley, faced pressure due to fears that AI could disrupt wealth management services [5]. - Trucking and logistics companies, like C.H. Robinson, saw a 14% drop in stock price as AI is expected to optimize freight operations, potentially reducing revenue sources [5]. Group 3: Real Estate and Defensive Sectors - The real estate sector is also affected, with concerns that higher unemployment rates will reduce demand for office space, leading to declines in stocks like CBRE and SL Green Realty [6]. - Investors are shifting towards more defensive sectors, with Walmart and Coca-Cola seeing stock price increases of 3.8% and 0.5%, respectively [7]. - In the S&P 500, the consumer staples and utilities sectors outperformed, both rising over 1%, with the consumer staples sector reaching a historical closing high [8].

Core Viewpoint - Bilibili is expected to capture more advertising budgets from the gaming and AI application sectors in 2026, leading to revenue and profit growth [1][3] Gaming Industry - The number of game licenses in 2025 is projected to increase by nearly 60% year-on-year, excluding casual games, according to the National Press and Publication Administration [2] - In 2026, competition for promotional traffic among leading game developers is expected to intensify, resulting in an overall increase in industry budgets [2] - Bilibili's gaming advertising growth is estimated to exceed 30% year-on-year in 2026 [2][3] AI Applications - Advertising budgets from AI application advertisers are anticipated to significantly increase in 2026, with a high overlap between Bilibili users and the core audience of AI applications [2] - In 2025, AI application advertisers are expected to invest between 100 million to 200 million in Bilibili, with a potential to acquire 3 million activated users based on a budget allocation of 50% for performance ads [2][3] - The total advertising budget for AI applications on Bilibili in 2026 is projected to be between 500 million to 600 million, allowing for the acquisition of approximately 12 million activated users [2][3] Traffic Supply - Bilibili's Daily Active Users (DAU) is expected to maintain a growth rate of over 5% in 2026, with improvements in AI technology enhancing ad matching accuracy [4] - The ad load is projected to increase from 6.7% to 7.1%, and ECPM is expected to grow by 5% [4] - Native and brand advertising revenues are anticipated to be more affected by macroeconomic conditions, with revenue growth expected to be in single digits for 2026 [4] Financial Forecast - Revenue projections for Bilibili from 2025 to 2027 are estimated at 30.2 billion, 32.6 billion, and 36.5 billion respectively, with adjusted net profits of 2.5 billion, 3.4 billion, and 4.6 billion [3][4] - The rating for Bilibili is maintained at "outperform the market" [3][4]

Core Viewpoint - Bilibili's fourth-quarter performance is projected to show revenue between 7.874 billion to 8.958 billion yuan, with a year-on-year growth of 1.8% to 15.8%, and net profit expected to range from 120 million to 556 million yuan, reflecting a growth of 33.7% to 517.9% [1][7]. Revenue and Profit Forecast - Projected revenue for Q4 2026 is between 78.74 billion to 89.58 billion yuan, with a year-on-year increase of 1.8% to 15.8% [1][7]. - Expected net profit is between 1.20 billion to 5.56 billion yuan, indicating a growth of 33.7% to 517.9% [1][7]. - Adjusted net profit is forecasted to be between 3.52 billion to 8.97 billion yuan, with a year-on-year change of -22.3% to 97.9% [1][7]. Business Performance Insights - As of Q3 2025, Bilibili's monthly active users (MAU) reached 376 million, a year-on-year increase of 8%, with a retention rate of 80% for official members [4][11]. - The gaming segment saw significant success with the release of "Three Kingdoms: Strategy of the World," which became the fastest game to reach 1 billion yuan in revenue [4][11]. - Advertising revenue in Q3 2025 grew by 23% to 2.57 billion yuan, driven by brand, performance, and native advertising [5][13]. Financial Highlights - In Q3 2025, Bilibili achieved revenue of 76.85 billion yuan, a year-on-year increase of 5.2%, with an adjusted net profit of 7.86 billion yuan, reflecting a growth of 233% [5][13]. - The gross margin increased by 1.8 percentage points to 36.7% [5][13]. - Revenue from mobile games decreased by 17.1%, while value-added services grew by 7.1%, and advertising revenue exceeded expectations with a growth of 22.7% [5][13]. Future Outlook - The company anticipates continued revenue and adjusted net profit growth over the next three years, supported by a strong core user base and innovative content offerings [5][13].

Core Viewpoint - Bilibili-W (09626.HK) announced that its board of directors will hold a meeting on March 5, 2026, to approve the unaudited financial results for the fourth quarter and fiscal year ending December 31, 2025 [1] Group 1 - The board meeting is scheduled for March 5, 2026, at 6 PM Hong Kong time [1] - The financial performance announcement will be published on the Hong Kong Stock Exchange website [1]

Bilibili Inc. 嗶哩嗶哩股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9626） 董事會會議日期及 刊 發 2025 年第四季度及財政年度 未經審計財務業績公告日期 我們的董事會將於2026年3月5日（星期四）（香港時間）舉行董事會會議，藉以（其中包括） 批准我們截至2025年12月31日止第四季度及財政年度的未經審計財務業績（「業績」）及業 績公告。我們將於2026年3月5日（星期四）下午六時正（香港時間）或前後於香港聯合交易 所有限公司網站www.hkexnews.hk公佈業績。 我們的管理層將於2026年3月5日（星期四）下午八時正（香港時間）召開業績電話會議。電 話會議詳情如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 註冊鏈接： https://register-conf.media-server.com/register/BI5f8b581b8cf94153b465ea1ebf655b7 ...

Core Viewpoint - Bilibili Inc. is set to report its fourth quarter and fiscal year 2025 unaudited financial results on March 5, 2026, before U.S. markets open [1] Group 1: Earnings Call Details - The earnings conference call will take place at 7:00 AM U.S. Eastern Time on March 5, 2026, which corresponds to 8:00 PM Beijing/Hong Kong Time on the same day [2] - Participants must register in advance using a provided link to receive dial-in numbers and a personal PIN for the conference call [2] Group 2: Webcast Information - A live webcast of the earnings conference call will be available on the Company's investor relations website, with a replay accessible after the session [3] Group 3: Company Overview - Bilibili is a leading video community in China, focusing on enriching the lives of young generations with a diverse range of video content [4] - The platform is known for its "bullet chatting" feature, enhancing user engagement by displaying real-time comments during video viewing [4] - Bilibili aims to foster a strong community among users and content creators, promoting Chinese culture globally [4]

Group 1 - The core point of the article is that JPMorgan has increased its long position in Bilibili Inc. from 16.67% to 16.83% as of February 6, 2026 [1] Group 2 - The increase in JPMorgan's holdings indicates a growing confidence in Bilibili's market potential [1] - The change in ownership percentage reflects a strategic investment decision by JPMorgan [1] - The data was disclosed by the Hong Kong Stock Exchange, highlighting the transparency in market activities [1]

Group 1 - The Hang Seng Index closed down 0.86% and the Hang Seng Tech Index fell by 1.65% [1] - Internet technology stocks experienced a general decline, with Bilibili down 2.7%, Kuaishou down 2%, Alibaba down 0.95%, and Tencent down 2.3% [1] - Semiconductor stocks saw significant gains, with Zhaoyi Innovation rising over 20% and Lanke Technology increasing by 5.56% [1]

Market Overview - The Shanghai Composite Index experienced a slight increase of 0.12%, while the Shenzhen Component rose by 0.81% and the ChiNext Index increased by 1.18% as of the close on February 12 [1] - Over 2,700 stocks in the market saw gains, indicating a broad-based rally [1] Sector Performance - The electric grid equipment sector showed strong performance, with companies like Siyi Electric and Sifang Co. reaching new highs, and stocks such as Wangbian Electric and Shun Sodium Co. hitting the daily limit [1] - Other notable sectors included: - Other power equipment: +4.40% [2] - Small metals: +3.23% [2] - Electric grid equipment: +3.02% [2] - Flexible DC transmission: +2.88% [2] - Liquid-cooled servers: +2.83% [2] - Optical fiber concept: +2.56% [2] Declining Sectors - The film and cinema sector faced significant declines, with companies like Huanrui Century and Hengdian Film experiencing limit-downs [2] - Other sectors that saw declines included: - Film and cinema: -5.54% [3] - Short drama games: -2.02% [3] - Cultural media: -1.91% [3] Hong Kong Market - The Hang Seng Index fell by 0.89%, with the Hang Seng Technology Index dropping by 1.68% [4] - Major tech stocks in Hong Kong, including Bilibili, NetEase, and Meituan, saw declines of approximately 4%, while Baidu and Tencent dropped around 3% [4][5]