Zhi Tong Cai Jing·2025-10-20 02:15Core Viewpoint - Bilibili-W (09626) shares increased by over 4%, currently trading at 213.2 HKD with a transaction volume of 209 million HKD, as per the report from China Merchants Securities, which anticipates a revenue of 7.6 billion CNY for Q3, representing a 4% year-on-year growth, and an adjusted net profit of 650 million CNY, reflecting a 175% year-on-year increase and a 16% quarter-on-quarter growth [1] Revenue Expectations - For Q3, Bilibili-W is expected to achieve a revenue of 7.6 billion CNY, which is a 4% increase compared to the previous year [1] - The advertising segment is projected to generate 2.5 billion CNY in revenue for Q3, marking a 20% year-on-year growth, primarily driven by the increase in performance-based advertising revenue [1] Profitability Insights - The adjusted net profit for Bilibili-W in Q3 is forecasted to be 650 million CNY, indicating a significant year-on-year growth of 175% and a quarter-on-quarter increase of 16% [1] Business Developments - Bilibili has launched its "Double 11" promotional campaign and established deeper data integration with Alibaba and JD.com, aiming to enhance the advertising effectiveness for brands and merchants on the platform [1] - The company is providing substantial resources such as extensive exposure venues and pre-campaign insights to optimize merchant advertising conversion efficiency [1] Gaming Segment - On September 10, Bilibili-W announced a new game titled "Three Kingdoms: Hundred Generals Card," which is set to begin testing in October. This game is the second project from the team behind "Three Strategies" and aims to attract players interested in the Three Kingdoms IP and younger users [1] - The gameplay is designed to break traditional frameworks, leaning towards strategic matches while retaining quick and straightforward characteristics, incorporating hero skill elements [1]