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]

Bilibili (BILI) could be a solid choice for investors given the company's remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue since analysts are still raising their earnings estimates for the company.The upward trend in estimate revisions for this Chinese video sharing website reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation ...

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]

From a technical perspective, Bilibili (BILI) is looking like an interesting pick, as it just reached a key level of support. BILI recently overtook the 50-day moving average, and this suggests a short-term bullish trend.The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.Shares of BILI have been ...

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]

Communication Services has been one of the success stories from Wall Street in 2024. As of August 2024, The Communication Services Select Sector SPDR (XLC) had grown 20.8% year to date, trailing only the Financials and Utilities segments.The sector represents companies that provide wired, wireless, satellite, cable, Internet media services, broadcasting and other communication infrastructure, some of the most forward-looking businesses for investors to get their hands on. Also, these companies generally boa ...

| --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|--------------------------------------------| | BILI） | | 2024 年 08 月 28 日 | | | 投资评级 | | | 降本增效下亏损收窄，三谋驱动游戏收入同比增长 | 6 | 个月评级 买入（维持评级） | | 发布 2024Q2 财报。24Q2 收入为 61.3 亿元，超彭博一致预期 0.6%。 18.3 亿元，超彭博一致预期 2.9%；毛利率达 29.9%，yoy+6.8pcts。 | 作者 | | | 经调整净亏损为 2.7 亿元，yoy 大幅缩窄 72%。 | 孔蓉 | 分析师 | | | SAC 执业证书编号： | S1110521020002 ...

交银国际研究 公司更新 | --- | --- | --- | |------------|-------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 美元 12.96 | 美元 19.00↓ | +46.6% | 哔哩哔哩 (BILI US) 新游拉动游戏收入加速增长，3 季度运营层面有望实现盈利 2 季度亏损收窄好于预期。哔哩哔哩 2024 年 2 季度收入为 61 亿元人民币 （下同），同/环比增16%/8%，基本符合预期。调整后净亏损为2.7亿元， 同/环比收窄 72%/38%，好于我们预期的 3.3 亿元亏损，主要受益于收入结 构改善带动毛利率提升（同/环比+6.8/1.6 个百分点）以及运营费用率优化 （同环比收窄 7.8/3.3 个百分点）。 广告收入维持快于行业增长。2 季度广告收入同比增 30%，仍受益于：1） 流量增长（总时长/日均视频播放量同比+11%/18%）；2）基建及垂直行业 解决方案优化带动广告主数量增长（上半年，效果 KA 广告主数量同比 +50%）及投放效率提升，电商/数码家电投放增量领先。3）交易带动广告 投放，2 季度，观看交易内容的 ...

Core Viewpoint - Bilibili Inc. is upgraded from a Hold to a Buy rating due to expected positive earnings in Q3 2024 and significant revenue growth acceleration for the full year [1] Financial Performance - Bilibili's Q2 2024 revenue grew by +16% YoY, reaching RMB6,127 million, which was +1% higher than the consensus estimate of RMB6,090 million [3] - The mobile games business revenue increased by +13% YoY to RMB1,007 million in Q2 2024, a significant turnaround from a -13.1% YoY contraction in Q1 2024 [3] - The normalized net loss per share improved from -RMB2.33 in Q2 2023 and -RMB1.06 in Q1 2024 to -RMB0.65 in Q2 2024, better than the consensus forecast of -RMB0.75 [3] - Advertising revenue grew by +30% YoY to RMB2,038 million, increasing its proportion of total revenue from 30% in Q2 2023 to 33% in Q2 2024 [3] - Gross margin expanded by +6.8 percentage points YoY to 29.9% in Q2 2024, while operating expenses as a percentage of sales improved from 47% in Q2 2023 to 39% [3] Growth Prospects - Bilibili's deferred revenue balance increased by +25% QoQ to RMB3,725 million as of end-Q2 2024, indicating strong future top-line performance [4] - The new game "San Guo: Mou Ding Tian Xia" (San Mou) has returned to the Top 3 on the iOS game grossing chart, suggesting positive momentum for the mobile games business [4] - The number of advertisers expanded by over +50% YoY for 1H 2024, with expectations for above-industry average advertising growth in 2H 2024 [5] - Revenue growth in RMB terms is projected to improve from +3% in the previous year to +18% for the current year [5] Valuation - Bilibili's PEG (Price-to-Earnings Growth) valuation metric is attractive at 0.43 times, based on a consensus FY 2025-2028 normalized EPS CAGR forecast of +61% and a consensus FY 2025 normalized P/E multiple of 26 times [7]