Core Viewpoint - The Hong Kong tech stocks experienced a strong rally towards the end of trading on October 24, with notable gains in companies such as Bilibili, Alibaba, Tencent Music, and Baidu [1] Group 1: Company Performance - Bilibili (09626.HK) saw an increase of over 3% [1] - Alibaba (09988.HK) rose by more than 2% [1] - Tencent Music (01698.HK) and Baidu (09888.HK) also followed with gains [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is expected to achieve revenue of 7.65 billion RMB in Q3 2025, representing a year-over-year increase of 4.7%. The revenue breakdown by business segment includes gaming at 1.52 billion RMB (down 16.5% YoY), VAS at 3.12 billion RMB (up 10.5% YoY), advertising at 2.52 billion RMB (up 20% YoY), and e-commerce at 490 million RMB (down 14% YoY) [1] - The self-developed game "Escape from Duckkov" has exceeded expectations with sales surpassing 1 million copies within a week of its global release, potentially generating over 150 million RMB in revenue [2] - The company is actively enhancing its AI product functionalities, including AI translation and video generation tools for content creators, as well as integrating AI capabilities into its advertising offerings to improve efficiency and effectiveness [3] Revenue Forecast and Valuation - The company is projected to generate revenues of 22.53 billion RMB in 2023, increasing to 36.42 billion RMB by 2027, with a compound annual growth rate of approximately 8.8% [4] - Adjusted net profit forecasts for 2025, 2026, and 2027 are revised to 2.44 billion RMB, 3.77 billion RMB, and 4.83 billion RMB respectively, reflecting an upward adjustment of 14%, 7%, and 4% compared to previous estimates [3]

Group 1 - The Hang Seng Index rebounded, closing up 0.72%, with the internet sector leading the gains, followed by banking, industry, technology, and real estate sectors [1] - The internet sector saw a rise of 1.07%, with Meituan up 4.06%, Alibaba up 1.67%, Tencent Holdings up 1.52%, JD Group up 1.5%, and Baidu Group up 1.22%. However, companies like SenseTime, Bilibili, and Kingdee International experienced declines [3] - The banking sector opened strong and maintained a consolidation above the midline, closing up 0.88%, with Postal Savings Bank rising 4.59% and Minsheng Bank up 2.39% [3] Group 2 - The consumer sector rebounded, closing up 0.35%, with notable gains from companies like Chenzi Biological up 6.68%, Li Ning up 6.55%, and Sands China up 4.4% [3] - The healthcare sector opened low and saw a slight reversal near the end, closing down 1.31%, with CSPC Pharmaceutical down 2.96% and China Biopharmaceutical down 2.78% [3]

Core Insights - Bilibili's self-developed game "Escape from Duckov" has achieved over 1 million sales within a week of its launch, marking it as the fifth domestic game to surpass this milestone in 2023 [1][3] - The game's creator, Jeff, initially estimated sales of around 300,000 units, with 500,000 being an optimistic target, indicating that the current success has exceeded expectations [3][4] - The game targets a diverse player base, including unexpected demographics such as middle-aged fishing enthusiasts [1][13] Game Development and Features - The game emphasizes a unique gameplay loop that separates PVP elements, focusing instead on collection, nurturing, construction, and task completion, which aligns with RPG mechanics [1][4][7] - Significant effort was put into developing a deep shooting system, despite removing the hardcore shooting mechanics from the original "Escape from Tarkov" [2][6] - The development team engaged in regular brainstorming sessions to incorporate creative ideas and Easter eggs into the game, enhancing player experience [2][7][15] Market Positioning and Strategy - The decision to launch on October 16 was strategic, avoiding competition from major game releases in September, October, and November [5] - The game has benefited from the rising popularity of the "Escape from Tarkov" genre, tapping into a growing player base [4][8] - The team is currently focused on fixing existing issues rather than developing online multiplayer or DLC plans, prioritizing player experience [2][14] Future Plans and Community Engagement - The development team plans to continue updating the game with new content, including maps, weapons, and challenges, while also addressing bugs [14][18] - The team encourages player feedback and ideas to help guide future updates, reflecting a community-driven approach to game development [18]

Group 1 - Bilibili's game "Escape from Duckkov" has sold over 1 million copies globally in its first week since launch on October 16 [1] - The game achieved a peak concurrent online player count of over 250,000 on October 22, setting a record for domestic independent games [1] - The gaming industry is entering an innovation cycle of 2-3 years, driven by external factors like policy improvements and internal optimizations [1] Group 2 - Borye's cooperation with Bilibili is strong, with Bilibili's affiliate Shanghai Huandian holding an 11% stake in Borye's game subsidiary, Beijing Manyou Valley [2] - Giant Network is expected to see significant profit growth in Q3, largely due to the success of "Supernatural Action Team" [2] - Future growth potential exists in Giant Network's product line, particularly with historical SLG "Five Thousand Years" and casual competitive strategy game "Pocket Fighting" both having received approval for release [2]

Core Viewpoint - Bilibili-W (09626.HK) announced that its board of directors will hold a meeting on November 13, 2025, to approve the unaudited financial results for the third quarter ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for November 13, 2025, which falls on a Thursday [1] - The company will publish its third-quarter results around 6 PM Hong Kong time on the same day [1] - The financial results will be made available on the Hong Kong Stock Exchange's website [1]

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。 我們的管理層將於2025年11月13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： 活動名稱：嗶哩嗶哩股份有限公司2025年第三季度業績電話會議 註冊鏈接：https://register-conf.media-server.com/register/BI1fe01172142541e9b7728979958e79c2 所有與會者須於電話會議召開前使用上文提供的鏈接完成在線註冊程序。註冊後，各與 會者將收到一組用以參與電話會議的與會者撥入號碼及個人密碼。 此外，電話會議的網上直播可於本公司的投資者關係網站http://ir.bilibili.com獲取，會議 結束後將提供網上直播的重播。 承董事會命 嗶哩嗶哩股份有限公司 陳睿 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 ...

Core Viewpoint - Bilibili Inc. is set to report its third quarter 2025 unaudited financial results on November 13, 2025, before the U.S. markets open, with an earnings conference call scheduled for the same day at 7:00 AM ET [2][3]. Financial Reporting - The third quarter 2025 unaudited financial results will be announced on November 13, 2025, prior to the opening of U.S. markets [2]. - An earnings conference call will take place at 7:00 AM ET on November 13, 2025, which corresponds to 8:00 PM Beijing/Hong Kong Time on the same day [3]. Conference Call Details - Participants must register online to join the earnings conference call, and upon registration, they will receive dial-in numbers and a personal PIN [3]. - A live webcast of the conference call will be available on the company's investor relations website, with a replay accessible after the session [4]. Company Overview - Bilibili is a leading video community in China, targeting young generations with a mission to enrich their everyday lives through diverse video content [5]. - The company is known for its "bullet chatting" feature, enhancing user engagement by allowing real-time comments during video viewing [5]. - Bilibili aims to foster a community centered around aspiring users, quality content, and strong emotional connections, while also promoting Chinese culture globally [5].

Summary of Bilibili's Conference Call Company Overview - The conference call focuses on Bilibili's gaming business, which has evolved through four distinct phases from reliance on agency games to self-developed titles and optimization strategies, culminating in record revenue from "Three Kingdoms: Strategy" [2][3]. Key Points and Arguments Gaming Business Evolution - Bilibili's gaming business has transitioned through four phases: 1. **2016-2019**: Rapid revenue growth through agency games like "FGO" and "Azur Lane," with revenue increasing from less than 500 million to 3.5 billion, accounting for over 80% of total revenue by 2019 [3]. 2. **2019-2021**: Shift towards self-development, investing in nearly 20 game companies, but faced challenges with unsuccessful projects [3]. 3. **2022-2023**: Major optimization phase, including leadership changes and strategic adjustments [3]. 4. **2024-Present**: Achieved record revenue of 5.6 billion from "Three Kingdoms: Strategy," a 40% year-on-year increase [2][3]. Future Product Expectations - Upcoming key products include "Three Kingdoms: Card" (testing on October 30) and the successful single-player game "Escape from Yakov," which sold 500,000 copies in four days, with potential sales reaching 1-2 million [2][6][8]. Revenue Projections - "Three Kingdoms: Card" is expected to generate annual revenue between 1-3 billion, with a central estimate of around 2 billion. If successful, Bilibili's gaming revenue could reach 7.3 billion in 2026, a 14% increase year-on-year [4][13]. Strategic Changes - Key strategic changes include: 1. Focusing on creative leadership and exclusive agency rather than deep self-development [5]. 2. Expanding game categories to include SLG, card games, and independent titles [5]. 3. Emphasizing small team productions for efficiency [5]. 4. Utilizing platform value for effective marketing through community engagement [5]. Market Positioning - Bilibili aims to differentiate "Three Kingdoms: Card" from competitors like Giant Network by targeting a broader user base with lower user acquisition costs and a focus on younger audiences [12][13]. Financial Outlook - The financial outlook suggests that if "Three Kingdoms: Card" performs well, Bilibili's gaming revenue could significantly boost overall company performance, with potential net profits reaching 3.5 billion to 3.8 billion by 2026 [4][14]. Investment Potential - Based on projections, Bilibili's target market value could reach 123.6 billion to 150 billion RMB, indicating a potential stock price increase of 40% to 78% from current levels [14]. Additional Important Insights - "Escape from Yakov" is designed as a single-player PVE game with a unique top-down perspective, making it more accessible to players who may struggle with traditional first-person gameplay [8][9]. - The game has significant growth potential if it can expand into online and mobile formats, which would require additional resources and support from Bilibili [9]. - The competitive landscape for "Three Kingdoms: Card" is shaped by the existing popularity of "Three Kingdoms Kill," which has a substantial market presence [11][12]. This comprehensive analysis highlights Bilibili's strategic shifts, product expectations, and financial projections, indicating a positive outlook for the company's gaming business and overall market position.

Core Viewpoint - Bilibili has turned profitable in Q2 2025, with better-than-expected operational efficiency driven by growth in gaming and advertising sectors [1] Group 1: Financial Performance - In Q2 2025, Bilibili achieved revenue of 7.34 billion yuan, a year-on-year increase of 19.8%, primarily driven by gaming and advertising [1] - Gross profit reached 2.68 billion yuan, up 46% year-on-year, with a gross margin of 36.5%, reflecting a 6.5 percentage point increase year-on-year and a 0.2 percentage point increase quarter-on-quarter [1] - Non-GAAP net profit attributable to shareholders was 560 million yuan, compared to a net loss of 270 million yuan in the same period last year [1] Group 2: Revenue Growth Drivers - Bilibili's revenue growth engine has significantly shifted from heavy reliance on blockbuster games to a more diversified income structure, maintaining a strong community atmosphere while innovating revenue streams [1] - Advertising revenue exceeded 2.4 billion yuan in Q2 2025, growing 20% year-on-year, with performance advertising revenue increasing by over 30% and the number of advertising clients growing by over 20% [2] - The gaming revenue showed strong performance, with Q2 2025 gaming revenue at 1.61 billion yuan, a 60% increase, driven by the successful launch of the exclusive SLG game "Three Strategies" [2] Group 3: Future Outlook - Bilibili is transitioning from "traffic dividends" to "retention operations," establishing a sustainable profit model through a balanced content ecosystem and commercialization [3] - The company is expected to see continued improvement in advertising efficiency with AI support, entering a profit release phase [3] - Projected adjusted net profits for 2025-2027 are 2.259 billion yuan, 3.282 billion yuan, and 3.960 billion yuan, respectively, indicating a positive growth trajectory [3]