Ge Long Hui·2025-11-14 03:40Core Viewpoint - Citigroup's research report indicates that Bilibili's Q3 advertising revenue and adjusted operating profit exceeded expectations, with a positive outlook for Q4 driven by game revenue recovery and sustained advertising growth [1] Group 1: Financial Performance - Bilibili's Q3 advertising revenue and adjusted operating profit surpassed market expectations [1] - The management guidance for Q4 suggests an increase in adjusted operating profit margin to 10%, indicating slight quarter-on-quarter improvement [1] Group 2: Future Projections - Citigroup expects a slight recovery in game revenue in Q4, primarily driven by the game "Escape from Duckkov" [1] - The advertising momentum is anticipated to continue growing, supported by strong performance during the Double 11 shopping festival and ongoing improvements in advertising inventory and efficiency [1] Group 3: Earnings Estimates and Target Price - Citigroup raised Bilibili's earnings estimates for 2025 to 2027 by 7%, 9%, and 9% respectively, reflecting better-than-expected profit margin trends [1] - The target price for Bilibili's U.S. stock was increased from $25 to $27, while maintaining a "Neutral" rating [1]