Group 1 - Chinese tech stocks, including Tencent, JD.com, and Bilibili, have seen significant rallies, with increases of 4%, 3%, and 9.3% respectively [1] - The rally is attributed to recent stimulus measures from the Chinese government, including interest rate cuts and fiscal support for households [2][3] - Chinese stocks remain undervalued compared to U.S. stocks, with the CSI 300 index still 30% below its 2021 highs [3] Group 2 - Despite recent growth, Tencent, JD, and Bilibili are still 44%, 63%, and 85% below their all-time highs, indicating potential for recovery [4] - The Chinese government has allocated $114 billion for stock buybacks and to encourage local insurance companies to invest in Chinese equities [3] - There is a divide among investors regarding the sustainability of the rally, with some optimistic about short-term gains while others are cautious due to structural issues in the Chinese economy [6][7]

Group 1 - Bilibili Inc (BILI) shares increased by 7.86% on October 2, reaching an intraday high of $31.77 before closing at $28.83, which is 9.25% below its 52-week high and 227.61% above its 52-week low [1] - The trading volume for Bilibili was 21,123,874 shares, which is 318.8% of the average daily volume of 6,627,065 shares [1] Group 2 - The average one-year price target for Bilibili Inc, based on 31 analysts, is $18.32, indicating a potential downside of 36.45% from the current price of $28.83 [2] - The consensus recommendation from 37 brokerage firms gives Bilibili Inc an average rating of 2.0, suggesting an "Outperform" status [2] - GuruFocus estimates the fair value (GF Value) for Bilibili Inc in one year to be $23.94, indicating a downside of 16.96% from the current price [2]

Core Viewpoint - Bilibili (BILI) is identified as a strong momentum stock, currently holding a Momentum Style Score of A and a Zacks Rank of 2 (Buy), indicating potential for significant short-term gains [1][2][6]. Momentum Characteristics - BILI shares have increased by 44.15% over the past week, significantly outperforming the Zacks Internet - Services industry, which rose by only 1.75% during the same period [3]. - Over the past quarter, BILI shares have risen by 42.8%, and over the last year, they have increased by 66.45%, while the S&P 500 has only moved 4.91% and 35.91%, respectively [4]. Trading Volume - The average 20-day trading volume for BILI is 6,174,247 shares, indicating strong interest and a bullish sentiment in the stock [4]. Earnings Estimates - In the last two months, two earnings estimates for BILI have been revised upwards, while none have been lowered, leading to an increase in the consensus estimate from -$0.07 to $0.02 [5]. - For the next fiscal year, two estimates have also moved upwards with no downward revisions, suggesting positive earnings momentum [5]. Conclusion - Given the strong performance metrics and positive earnings outlook, BILI is recommended as a stock to consider for short-term investment opportunities [6][7].

Exhibit 99.1 Aggregate number of RSUs granted: 2,946,424 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Bilibili Inc. (A company controlled through weighted voting rights and incorporated in ...

Core Viewpoint - China's central bank has announced a 50 basis points cut in banks' reserve requirement ratio (RRR), leading to a significant boost in the stocks of U.S.-listed Chinese companies across various sectors [1] Group 1: Stock Performance - Lufax Holding Ltd (LU) shares increased by 23.48% [1] - Bilibili Inc. (BILI) shares surged by 32.47%, likely due to expectations of China issuing up to $284 billion in sovereign debt as part of a stimulus [1] - Kanzhun Limited (BZ) shares rose by 26.63% [1] - TAL Education Group (TAL) stock climbed by 27.23%, benefiting from aggressive monetary stimulus from the People's Bank of China (PBoC) [1] - XPeng Inc. (XPEV) stock gained 32.50% last week, also influenced by the anticipated issuance of $284 billion in sovereign debt [1] - MP Materials Corp. (MP) stock increased by 32.40% after Baird raised its price forecast from $20 to $25 [1] - Rocket Lab USA, Inc. (RKLB) stock rose by 30.92% following several analysts raising their price forecasts [1]

Core Viewpoint - Bilibili (BILI) shows a significantly improving earnings outlook, making it a solid investment choice as analysts continue to raise earnings estimates for the company [1][2]. Current-Quarter Estimate Revisions - The earnings estimate for the current quarter is $0.09 per share, reflecting a year-over-year increase of +131.03% [3]. - The Zacks Consensus Estimate for Bilibili has risen by 50% over the last 30 days, with one estimate increasing and no negative revisions [3]. Current-Year Estimate Revisions - For the full year, Bilibili is expected to earn $0.02 per share, indicating a year-over-year change of +101.71% [4]. - The consensus estimate for the current year has increased by 5.06%, with one estimate moving higher and no negative revisions [4]. Favorable Zacks Rank - Bilibili currently holds a Zacks Rank 2 (Buy), attributed to positive estimate revisions, which historically lead to significant outperformance compared to the S&P 500 [5]. - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) have shown a strong track record of outperforming the market [5]. Bottom Line - Bilibili's stock has increased by 28.8% over the past four weeks due to strong estimate revisions, suggesting potential for further upside, making it a candidate for portfolio addition [6].

Investment Rating - Maintain "Overweight" rating [1] Core Views - Bilibili's self-published SLG mobile game "Three Kingdoms: Strategic Conquest" (referred to as "Three Kingdoms") has shown strong performance, reaching No 2 on the iOS bestseller list shortly after its S3 season launch on September 21 [1] - The game is expected to become a long-term revenue driver, with iOS revenue estimated at $825 million as of September 22 [1] - Bilibili's 2Q24 total revenue reached RMB 6 13 billion (YoY +16%), with game revenue contributing RMB 1 01 billion (YoY +13%) [1] - Advertising revenue grew 30% YoY to RMB 2 04 billion in 2Q24, driven by e-commerce and digital home appliances sectors [1] - The company is expected to achieve operating profitability in 3Q24, with adjusted operating profit forecasted at RMB 180-200 million [1] Business Performance Game Business - "Three Kingdoms" set a record as Bilibili's fastest game to reach RMB 1 billion in revenue [1] - The game maintained its position as the top-grossing SLG game in China's iOS market since its public launch on June 13 [1] - Bilibili ranked 8th in China's mobile game publisher global revenue ranking in August 2024, up 4 places from the previous month [1] - Future pipeline includes global version of "Jujutsu Kaisen Phantom Parade" with a target of 10 million pre-registrations, scheduled for December 5, 2024 [1] Financial Performance - 2Q24 gross margin improved by 6 8 percentage points to 29 9% [1] - Adjusted operating loss narrowed by 69% YoY to RMB 284 million [1] - Adjusted net loss narrowed by 72% YoY to RMB 271 million [1] - Deferred revenue increased by RMB 738 million from the end of March to June [1] Future Outlook - 3Q24 game revenue is expected to achieve high double-digit growth [1] - Advertising revenue is projected to maintain 25-30% growth in 3Q24 [1] - VAS business is forecasted to grow approximately 10% in 3Q24 [1] - The company is expected to achieve 15-20% operating margin in the medium term [1] Valuation and Forecast - Revenue forecasts for 2024-2026 are maintained at RMB 26 7/29 7/31 9 billion [1] - Net profit forecasts for 2024-2026 are revised to -1 26/0 27/1 66 billion RMB (vs previous -1 48/0 18/1 55 billion) [1]

Group 1 - Bilibili (BILI) has recently reached a key level of support and overtook the 50-day moving average, indicating a short-term bullish trend [1] - Shares of BILI have increased by 8.5% over the past four weeks, reflecting positive momentum [1] - BILI is currently rated as a Zacks Rank 2 (Buy), suggesting potential for continued price appreciation [1] Group 2 - There have been no downward revisions in earnings estimates for BILI in the past two months, with one estimate increasing, which strengthens the bullish outlook [1] - The consensus earnings estimate for BILI has also seen an upward adjustment, further supporting the positive sentiment [1][2]

Financial Performance - Total net revenues for Q1 2024 were RMB5.66 billion (US$784.5 million), representing a 12% year-over-year increase[2] - Advertising revenues increased by 31% year-over-year to RMB1.67 billion (US$231.1 million)[2] - Value-added services (VAS) revenues grew by 17% year-over-year to RMB2.53 billion (US$350.3 million)[2] - Gross profit reached RMB1.61 billion (US$222.3 million), a 45% increase year-over-year, with a gross profit margin of 28.3%[3] - Total net revenues for the three months ended March 31, 2024, were RMB 5,664,600, a decrease of 10.8% compared to RMB 6,349,096 for the previous quarter[22] - Gross profit for the same period was RMB 1,605,360, representing a gross margin of approximately 28.3%[22] - The net loss attributable to Bilibili Inc.'s shareholders for the three months ended March 31, 2024, was RMB 748,545, compared to a net loss of RMB 1,296,484 in the previous quarter[22] - The company reported an adjusted net loss of RMB 455,882 for the three months ended March 31, 2024[29] User Engagement - Average daily active users (DAUs) increased by 9% year-over-year to 102.4 million, while monthly active users (MAUs) reached 341.5 million, up 8% year-over-year[4] Operating Expenses - Total operating expenses decreased by 2% year-over-year to RMB2.42 billion (US$335.7 million)[9] - Operating expenses totaled RMB 2,423,956 for the three months ended March 31, 2024, a decrease of 18.1% from RMB 2,964,652 in the previous quarter[22] - Share-based compensation expenses included in total operating expenses were RMB 264,586 for the three months ended March 31, 2024[24] Cash Flow and Assets - Operating cash flow was RMB637.7 million (US$88.3 million), compared to negative RMB630.0 million in the same period last year[3] - Cash and cash equivalents decreased to RMB 6,037,409 as of March 31, 2024, down from RMB 7,191,821 as of December 31, 2023[26] - Total current assets decreased to RMB 16,127,496 as of March 31, 2024, compared to RMB 18,727,039 as of December 31, 2023[26] - Net cash provided by operating activities for the three months ended March 31, 2024, was RMB 637,697, compared to net cash used of RMB 629,977 in the same period last year[27] Mobile Games - Mobile games revenues decreased by 13% year-over-year to RMB982.8 million (US$136.1 million)[7]

Financial Performance - Net revenue for the six months ended June 30, 2024, was RMB 11,791,744, representing a 13.7% increase from RMB 10,373,810 in the same period of 2023[5]. - Gross profit for the same period increased by 47.5% to RMB 3,438,561, up from RMB 2,331,466[5]. - The adjusted net loss for the six months ended June 30, 2024, was RMB 726,872, a significant reduction of 63.6% compared to RMB 1,994,852 in 2023[5]. - The company reported a net loss of RMB 1,372,780 for the six months ended June 30, 2024, compared to a net loss of RMB 2,177,777 in the same period of 2023, reflecting a 37.0% improvement[5]. - Adjusted operating loss for the six months ended June 30, 2024, was RMB 796,114, down from RMB 1,994,494 in 2023, indicating a positive trend in operational efficiency[9]. - Total net revenue for the first half of 2024 reached RMB 11.79 billion, representing a year-on-year growth of 14%[11]. - Gross profit increased by 47% year-on-year, with the gross margin rising from 22.5% in the same period last year to 29.2%[12]. - Adjusted operating loss and adjusted net loss narrowed significantly by 60% and 64% year-on-year, respectively[12]. - Operating loss narrowed to RMB 1.40 billion for the first half of 2024, a 47% improvement from RMB 2.65 billion in the same period of 2023[41]. - The total comprehensive loss for the first half of 2024 was RMB 1,354,605, down from RMB 1,957,835 in the first half of 2023, representing a 30.8% reduction[132]. User Engagement - Daily active users exceeded 102.3 million, while monthly active users averaged 338.6 million, reflecting year-on-year growth of 8% and 6%[12]. - Average daily usage time per active user increased to 102 minutes, up from 95 minutes in the same period last year[16]. - The number of paid members exceeded 22.3 million, reflecting a year-on-year growth of 9%[18]. - Daily average video views increased by 20% year-on-year to over 4.9 billion, showcasing robust content engagement[13]. Revenue Streams - Revenue from value-added services grew by 14% year-on-year to RMB 5.09 billion, with a focus on enhancing live streaming content[18]. - Advertising revenue reached RMB 3.71 billion, marking a 30% year-on-year increase, driven by effective advertising strategies[20]. - Advertising revenue for the first half of 2024 was RMB 3.71 billion, a 30% increase from RMB 2.84 billion in the same period of 2023[31]. - Value-added services revenue for the first half of 2024 was RMB 5.09 billion, a 14% increase from RMB 4.46 billion in the same period of 2023[30]. - Mobile game revenue for the first half of the year totaled RMB 1.99 billion, a decrease of 2% year-on-year[22]. Assets and Liabilities - Total assets decreased by 5.6% from RMB 33,159,067 as of December 31, 2023, to RMB 31,318,493 as of June 30, 2024[5]. - Total liabilities also decreased by 5.4% from RMB 18,754,800 to RMB 17,736,790 during the same period[5]. - The total equity attributable to shareholders decreased by 5.7% from RMB 14,404,267 to RMB 13,581,703[5]. - Cash and cash equivalents as of June 30, 2024, were RMB 3,732,504, down from RMB 7,191,821 as of December 31, 2023[125]. - The company’s total cash and cash equivalents as of June 30, 2024, were not disclosed but are critical for assessing liquidity and operational flexibility[197]. Corporate Governance - The company has adopted a corporate governance code and has complied with all applicable provisions during the reporting period, except for the separation of the roles of Chairman and CEO, which are held by the same individual, Chen Rui[67]. - The Audit Committee, consisting of three independent directors, has reviewed the company's unaudited interim results for the six months ended June 30, 2024[73]. - The company has established a Compensation Committee, along with the Audit and Nomination Committees, to ensure effective governance practices[80]. - The company has committed to maintaining effective and ongoing communication with shareholders, particularly regarding compliance with listing rules[81]. Future Outlook - The management remains optimistic about future growth prospects, emphasizing ongoing investments in new products and technology development[5]. - Future outlook includes potential market expansion and new product development strategies, although specific figures were not provided in the report[197].