Ge Long Hui·2025-11-17 02:35Core Viewpoint - Bilibili's Q3 total revenue increased by 5% year-on-year, reaching 7.69 billion yuan, aligning with market consensus expectations [1] Revenue Performance - Adjusted operating income for Bilibili was 688 million yuan, surpassing the 272 million yuan from the same period in 2024 and exceeding market expectations by 6% due to effective control of sales and marketing expenses [1] Future Outlook - For Q4, the forecast indicates a continued 5% year-on-year revenue growth, primarily driven by strong advertising business [1] - The company is expected to see a 1 percentage point increase in gross margin quarter-on-quarter due to operational leverage and cost control [1] Revenue Forecast Adjustment - The revenue forecast for Bilibili for the fiscal years 2025 to 2027 has been raised by 0% to 3%, reflecting solid advertising performance and better-than-expected results from games like "Escape from Duckkov" [1] Valuation Update - The valuation window has been extended to the fiscal year 2026, with the target price based on the sum-of-the-parts valuation method slightly increased from $30 to $31, maintaining a "Buy" rating [1]