Zhi Tong Cai Jing·2025-11-17 07:11Core Viewpoint - Jianyin International has raised the target price for Bilibili (09626, BILI.US) by 8% to HKD 230.1 and by 14% to USD 29.5, maintaining an "outperform" rating due to its sticky user base, vibrant ecosystem, and significant profit potential [1][2]. Financial Performance - Bilibili achieved robust financial and operational performance in Q3, with advertising revenue contributing 33% to total revenue, driven by sustainable growth in advertising business [1]. - The number of advertisers increased by 16% year-on-year, with revenue growth rates for AI, automotive, digital products, home appliances, and home decor advertisers at 90%, 35%, 60%, 60% respectively [1]. User Engagement - Bilibili has 117 million daily active users, with an average daily usage time of 112 minutes and a stable 12-month retention rate of 80%, providing a solid foundation for future growth [2]. Game Development - The self-developed game "Duckov" has sold over 3 million copies globally, validating Bilibili's R&D capabilities [2]. - The upcoming release of "Duckov" for mobile and console platforms is expected to generate strong market response, contributing to growth potential alongside other new game releases [1]. Community and IP Growth - Bilibili's irreplaceable community moat is anticipated to benefit long-term growth, with IP derivative merchandise driven by popular domestic anime content expected to initiate a second wave of growth [2].