Zhi Tong Cai Jing·2025-09-25 03:41Core Viewpoint - Bilibili-W (09626) shares rose nearly 5%, reaching 216 HKD, with a trading volume of 731 million HKD, following the approval of 156 games by the National Press and Publication Administration, indicating a positive trend in the gaming industry [1] Industry Summary - The recent approval of 156 games, including 145 domestic and 11 imported titles, marks the third month this year with over 150 game licenses issued, suggesting a robust recovery in the gaming sector [1] - According to Open Source Securities, the current gaming industry cycle may exceed market expectations due to supply-demand resonance, and the sector's valuation remains attractive [1] Company Summary - Bilibili's mobile gaming revenue for the first half of the year reached 3.34 billion CNY, a year-on-year increase of 68%, driven by the success of "Three Kingdoms: Strategize the World" [1] - The company's evergreen titles, "Fate/Grand Order" and "Azur Lane," continue to perform steadily [1] - In Q2 2025, Bilibili's gaming business generated 1.61 billion CNY, a 60% year-on-year growth, primarily due to the strong performance of "Three Kingdoms" [1] - Bilibili is currently piloting a mini-game version of "Three Kingdoms" and plans to launch an international version in the second half of 2025 [1] - The company has 4 to 5 games awaiting approval, including a casual game based on the Three Kingdoms IP [1]