Zhi Tong Cai Jing·2025-07-15 06:50Core Viewpoint - The report maintains the Non-GAAP net profit forecast for Bilibili (09626, BILI.US) for 2025/2026 unchanged, with adjustments to the target price reflecting potential AI empowerment and new game reserves [1] Company Status - Bilibili held its 2025 Investor Day on July 11 in Shanghai, discussing themes such as gaming, advertising business, commercialization, and AI with investors [2] Gaming and Advertising Business - Gaming: The company focuses on "youth-oriented categories" and "IP operation," continuing micro-innovations and long-term IP operations through gaming and anime/UP master collaborations. Key upcoming projects include the mini-program version of "Three Kingdoms: Strategizing the World" and self-developed games like "Code: Three Kingdoms Ncard" [3][4] - Advertising: The company is confident in exceeding industry growth rates in advertising revenue over the next three years, with expectations for improved ad penetration and conversion efficiency [3] - Diverse Commercialization: In addition to charging, the company is actively exploring various content and rights-based value-added services (VAS) [3] Profitability and Growth Potential - Gaming Revenue: The company anticipates a 20% year-on-year increase in gaming revenue for 2025, with a focus on long-term operations of "Three Kingdoms: Strategizing the World" [4] - Advertising Revenue: The company expects a 15% year-on-year increase in advertising revenue for 2025, with long-term ad load levels potentially reaching 10% and significant improvements in eCPM due to AI [4] - Profitability: The company’s cost and expense growth is expected to remain stable, with revenue growth and structural improvements potentially releasing operational leverage. The gross margin is projected to be around 37% in 2025, with long-term potential to reach 40%-45% [4] BW2025 Event - The BW2025 event, part of the first Shanghai International Animation Month, saw a 30% increase in exhibition area and 350,000 tickets sold, indicating a strong social atmosphere among young people, reflecting Bilibili's quality content and ecosystem [5]