Ge Long Hui·2025-11-14 06:51Core Viewpoint - Daiwa's research report indicates that Bilibili's adjusted net profit for the third quarter exceeded market expectations by 22%, while revenue was in line with market forecasts [1] Group 1: Financial Performance - The adjusted net profit for Bilibili in Q3 was significantly higher than market expectations by 22% [1] - Revenue for the third quarter was approximately in line with market expectations [1] Group 2: Future Outlook - The popularity of the new game "Escape from Duckkov" has led to optimism regarding Bilibili's game development capabilities and long-term operational prospects [1] - More games are expected to be launched from the end of this year to early next year [1] Group 3: Advertising Revenue - For the fourth quarter, advertising revenue is anticipated to continue its growth trend, with a year-on-year increase of over 20% [1] Group 4: Investment Rating - Daiwa reiterated a "Buy" rating for Bilibili, raising the target price from 220 HKD to 245 HKD [1]