Zhi Tong Cai Jing·2025-10-30 09:49Core Viewpoint - Zhongyin International maintains a "Buy" rating for Bilibili-W (09626) and raises the target price from HKD 242 to HKD 270, while the target price for Bilibili (BILI.US) in the US market is increased from USD 31 to USD 35, also with a "Buy" rating [1] Group 1: Game Performance - Bilibili's self-developed mini-game "Escape from Duckkov" achieved 2 million sales globally on PC platforms from October 16 to October 28, exceeding market expectations [1] - The success of the game is attributed to its innovative PvE mode and high interactivity, which enhance the entertainment experience through frequent updates [1] Group 2: Future Growth Potential - The company anticipates that Bilibili may introduce official collaboration models, multi-terminal versions, controller support, and various IP operation forms, which will further unlock its value [1] - The blockbuster game is expected to drive a 2% increase in total revenue and a 10% increase in adjusted operating profit for Q4 2025 [1]