Ge Long Hui A P P·2025-11-14 07:51Core Viewpoint - Bilibili's Q3 revenue grew by 5% year-on-year to 7.69 billion yuan, exceeding CICC's expectation of 7.61 billion yuan, driven by strong advertising revenue growth and better-than-expected gross margin performance [1] Revenue and Profit Performance - Non-GAAP net profit for Bilibili reached 787 million yuan, surpassing CICC's forecast of 563 million yuan, primarily benefiting from rapid growth in advertising revenue and improved gross margin [1] - The strong growth momentum in advertising business significantly enhanced gross margin [1] Future Outlook - CICC noted the expansion of Bilibili's new game product line and is monitoring the launch timing and growth potential of these new games [1] - The company maintains high-quality content and community atmosphere to promote a healthy commercialization cycle [1] Profit Forecast Adjustments - Based on the improving gross margin trend, CICC raised Bilibili's net profit forecasts for 2025 and 2026 by 7.8% and 2.3%, respectively, to 2.44 billion yuan and 3.06 billion yuan [1] - Target prices for Bilibili's US and H shares were increased by 7.4% and 7.8%, respectively, to $29 and 220 HKD, while maintaining an "outperform" rating [1]