Jin Rong Jie·2026-01-09 02:46Core Viewpoint - Bilibili-W's stock price increased by 4.71% to HKD 226.80, with a trading volume of HKD 654 million, indicating positive market sentiment towards the company's performance and growth prospects [1] Group 1: Advertising Business Performance - Morgan Stanley reported that Bilibili-W's advertising business is performing steadily, with user growth and engagement expected to remain strong through Q4 2025 and into 2026, driven by the promotion of high-quality mid-to-long video content [1] - During the "Double Eleven" shopping festival in 2025, e-commerce advertising revenue is projected to grow by 30% year-on-year, with AI-related advertising emerging as a new highlight [1] - The advertising load rate is expected to maintain around 7% for the year, with growth primarily reliant on pricing increases [1] Group 2: User Engagement Metrics - According to Zhongtai Securities, in Q3 2025, Bilibili-W's Daily Active Users (DAU) reached 117 million, representing a 9% year-on-year increase, with DAU accounting for 31% of Monthly Active Users (MAU) [1] - The average daily usage time for users reached 112 minutes, reflecting a 6% year-on-year increase [1] - Bilibili-W is currently maintaining a conservative approach to advertising commercialization, with an ad loading rate of only 5-8%, indicating significant room for growth in this area [1]