Group 1 - The company Bilibili-W (09626) announced the issuance of 3,000 Class Z ordinary shares on December 10, 2025, due to eligible participants (excluding the company's directors) exercising stock options under the 2018 Share Incentive Plan [1] - On the same day, 1 million Class Y ordinary shares will be converted into Class Z ordinary shares [1]

Core Points - Bilibili-W (09626) announced the issuance of 3,000 Class Z ordinary shares on December 10, 2025, under the 2018 Share Incentive Plan for eligible participants, excluding the company's directors [1] - On the same day, 1 million Class Y ordinary shares will be converted into Class Z ordinary shares [1]

Group 1 - The Hang Seng Index opened up by 0.66% on December 11 [1][2] - The Hang Seng Tech Index increased by 0.55% [1][2] - Companies such as Midea Group, Alibaba, NetEase, and Bilibili saw their stock prices rise by over 1% [1][2]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 不同投票權架構公司普通股 | | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09626 | 說明 | Z類普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2025年11月30日 | | 333,043,836 | | 0 | | 333,043,836 | | 1). ...

Summary of Key Points from the Conference Call Industry Overview - The gaming sector's valuation has reached a lower limit of 15 times, with expectations of maintaining high prosperity and performance growth certainty through 2026, making it an attractive investment opportunity [1][3][25] - The A-share market recommends a "3+2" combination: Giant Network, Kaiying Network, and Century Huatong as stable fundamentals; Gibit and 37 Interactive are positioned lower but showing recent improvements [1][4] Company-Specific Insights Tencent - Expected to launch multiple mid-sized new games in 2026, with a diverse range of genres [7] - Notable titles include "Under One Person," "Rock Kingdom World," and "Monster Hunter Traveler" [7] NetEase - Anticipates additional revenue of 2-3 billion from international IP adaptations and domestic MMO games [2][24] - Key upcoming titles include "Forgotten Sea" and "Infinite," with the former developed by the team behind "Identity V" [7][24] Giant Network - "Famous General Kill" is expected to contribute 200-300 million in profit, with "Supernatural Action Group" potentially increasing annual revenue to 7-8 billion if successful during the Spring Festival [10][12] Kaiying Network - The "Legend Box" platform is driving growth, with DAU expected to reach 650,000 to 700,000 by the end of 2026, and annual advertising revenue projected at around 2.4 billion [10][13] Bilibili - Strong growth in advertising business, with expectations to outperform the overall internet advertising growth rate [21] - Anticipated game revenue growth in the low double digits, with "Three Kingdoms Hundred Generals Card" projected to generate 1-1.5 billion [21] Gibit - Recent performance impacted by a decline in revenue from "Sword of the World," but new game "Nine Mu of the Wild" expected to contribute 1-1.5 billion [19][20] Heart Company - Facing stock price pressure but has potential due to rapid progress in programmatic advertising, with profits expected to reach 150-200 million in 2026 [22] Market Trends and Predictions - The gaming sector is expected to maintain strong growth certainty compared to other sectors, with a focus on identifying high-certainty investment targets [25] - The first quarter of 2026 is anticipated to be stable, with significant product launches concentrated in the summer [11][25] Additional Insights - The competitive landscape is expected to increase in 2026, but companies will focus on their strengths without excessive suppression of smaller firms [11] - The overall sentiment is optimistic for the gaming industry, with a recommendation for investors to strategically select stocks based on performance certainty and market conditions [25]

Market Overview - The Hang Seng Index opened up by 0.66% at 25,710.61 points, while the Hang Seng Tech Index rose by 0.55% to 5,611.93 points [1][2]. Sector Performance - The Hang Seng Biotechnology Index increased by 0.44% to 15,159.39 points, and the Hang Seng China Enterprises Index gained 0.58% to 9,006.27 points [2]. - The Hang Seng Composite Index saw a rise of 0.71%, reaching 3,940.90 points [2]. Notable Stocks - Stocks such as Pop Mart, Zijin Mining, and HSBC opened with gains exceeding 2% [2]. - Tech stocks showed strength, with companies like NetEase, Alibaba, and Bilibili all rising over 1% [3]. Individual Stock Movements - Kingdee International rose by 2.00% to 14.250, while Midea Group increased by 1.63% to 90.450 [4]. - Alibaba's stock price reached 155.000, reflecting a 1.17% increase, and NetEase rose to 213.200, up by 1.14% [4]. - Other notable movements included Tencent Holdings at 609.000 (+1.00%) and BYD Company at 98.400 (+0.66%) [4].

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | 基有模型的股份助出 | 佔已發行的 有關車 | | --- | --- | --- | --- | --- | --- | --- | | | 一周第 | | | | (語参國上述*註解) | 有投票權股 (日 / F | | | | | | | | 分自分成 | | | | | | | | 96 | | CS20251209E00322 | JPMorgan Chase & Co. | 1101(L) | 737.139(L | HKD 202.2662 | 54,991,982(L | 16.16(L)04/12/. | | | | | | | 33,728,153(S) | 9.91(S) | | | | | | | 17,030,479(P) | 5.00(P) | 格隆汇12月11日丨根据联交所最新权益披露资料显示，2025年12月4日，哔哩哔哩-W(09626.HK)获JPMorgan Chase & Co.以每股均价202.2662港元增持好仓 73.71万股，涉资约1.49亿港 ...

据香港交易所披露，摩根大通（JPMorgan）对哔哩哔哩股份有限公司 - W的多头持仓比例于2025年12月 4日从15.95%增至16.16%。 本文源自：金融界AI电报 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The anime and game adaptation industry is a vital and dynamic segment of the cultural creative industry, driven by the rise of digital entertainment and the two-dimensional culture [4][5] - The industry encompasses a full value chain, including copyright acquisition, content development, technical implementation, marketing, and user operation [4][5] - The market size of the anime game adaptation industry in China has surpassed 100 billion RMB, with a compound annual growth rate (CAGR) of over 15% [16][17] - The industry is expected to continue its rapid growth, potentially exceeding 200 billion RMB in the next five years, fueled by technological advancements and a large user base [21] Industry Overview - The anime game adaptation industry involves transforming anime works into games and vice versa, requiring deep understanding and innovative design to retain the original spirit while enhancing user experience [4][5] - Key business models include IP licensing for game development, game IP licensing for animation production, and the development of derivative products [6][7] - The industry chain includes content creation, copyright operation, technical development, distribution channels, and marketing strategies [8][9] Market Demand Analysis - The target user demographic primarily consists of individuals aged 15 to 35, with a slight male predominance, although female engagement is increasing [24][27] - Users exhibit diverse interests, including two-dimensional culture, competitive gaming, and immersive storytelling, with a strong inclination towards high-quality content and innovative gameplay [28][30] - The demand for anime adaptation games focuses on faithful story representation and character development, while game adaptation anime seeks to deepen narrative and character backgrounds [33][36] Competitive Landscape - Major players like Tencent, NetEase, and Bilibili dominate the market, leveraging extensive IP resources and advanced technology to maintain a competitive edge [46][47] - The industry is characterized by frequent collaborations and alliances among anime production companies, game developers, and technology service providers [48] - Successful adaptation cases, such as "Honor of Kings" and "Douluo Dalu," highlight the importance of high-quality content and user community engagement [51][52] Technological Development Trends - The application of VR and AR technologies enhances user immersion and interactivity in anime game adaptations [58] - AI plays a crucial role in content creation, user behavior analysis, and personalized recommendations, significantly improving production quality and efficiency [59] Future Development Outlook and Strategic Recommendations - The market is projected to grow steadily, with a focus on content diversification and user segmentation to meet varied consumer demands [61] - Companies should prioritize original content development and IP protection to enhance brand competitiveness and user loyalty [67] - Strengthening cross-industry collaborations and expanding into international markets are essential for sustained growth and cultural exchange [70]

Group 1 - Baidu, Bilibili, and Xpeng Motors saw pre-market declines of over 3% [1] - Alibaba and Li Auto experienced declines of over 2% [1] - Pony.ai, JD.com, and Pinduoduo dropped by more than 1%, while NIO fell nearly 1% [1]