Ge Long Hui·2025-11-17 03:16Core Viewpoint - Bilibili's Q3 performance shows steady growth, with a 5% year-on-year revenue increase meeting expectations, and advertising revenue up 23%, exceeding forecasts by 2% [1] Revenue Performance - The company is projected to achieve Q4 revenue of 15 billion, with annual revenues of 64 billion for both this year and the next [1] - Advertising revenue is expected to reach 29 billion in Q4, with annual forecasts of 99 billion and 118 billion for the next two years [1] Gaming Business Outlook - A rebound in the gaming sector is anticipated by the second half of next year, with the flagship game "Three Kingdoms: Strategy" performing as expected and planned for an overseas release in H2 2026 [1] - The game "Escape from Duckkov" has been well-received since its October launch, with plans for PC and mobile adaptations underway [1] Profitability Forecast - The company maintains its revenue forecast for 2025 and has raised its non-GAAP net profit estimate by 4% [1] - The target price for Bilibili's US stock is set at $23, with an "outperform" rating [1]