Ge Long Hui·2025-11-17 04:05Core Viewpoint - Bilibili's Q3 revenue grew by 5% year-on-year, meeting expectations, while non-GAAP operating profit and net profit exceeded expectations by 6% and 22% respectively, driven by better-than-expected cost control and efficiency improvements from AI [1] Group 1: Financial Performance - Bilibili's Q3 revenue growth of 5% aligns with market expectations [1] - Non-GAAP operating profit and net profit surpassed expectations by 6% and 22%, respectively [1] - The company is expected to see a 22% and 19% year-on-year increase in advertising revenue for Q4 this year and next year [1] Group 2: Business Segments - The gaming segment is anticipated to recover quarter-on-quarter due to new popular products [1] - Strong performance in advertising is supported by Bilibili's rich content, traffic, and share of young users [1] Group 3: Future Outlook - The company maintains a positive outlook on its ability to adapt to the preferences of young users and sustain classic product operations [1] - Non-GAAP net profit forecasts have been raised by 4% to 7%, with expected revenues increasing by 13% and 9% year-on-year over the next two years [1] - The target price for Bilibili's US stock is set at $30, with a target price of HKD 234 for its H-shares [1]