Ge Long Hui·2025-11-14 06:40Core Viewpoint - The report from Credit Lyonnais indicates that Bilibili's third-quarter performance met expectations, with total revenue growing by 5.2% year-on-year to 7.7 billion yuan, and adjusted EBIT reaching 688 million yuan [1] Revenue Performance - Total revenue for the third quarter increased by 5.2% year-on-year to 7.7 billion yuan [1] - Advertising revenue accelerated year-on-year growth to 23%, driven by improved ad loading rates, expansion in vertical sectors, and the application of AI tools [1] Profitability and Cost Control - The company has improved its profitability further due to strict cost control measures [1] Future Projections - The firm expects total revenue for the fourth quarter to grow by 5% year-on-year, with advertising revenue projected to increase by approximately 22% [1] - Anticipated profit for the fourth quarter is expected to rise to around 790 million yuan [1] - The mobile gaming business is expected to begin recovering with the launch of new titles in the second half of 2026 [1] Adjustments and Ratings - The firm has raised its adjusted net profit forecasts for 2025 and 2026 by 14% and 7%, respectively [1] - The target price for U.S. stocks has been increased from $25.5 to $29.1, maintaining an "outperform" rating [1]