富瑞：料哔哩哔哩-W(09626)去年第四季业绩符预期 维持“买入”评级

Core Viewpoint - The report from Jefferies indicates that Bilibili-W (09626) is expected to meet revenue and non-GAAP operating profit forecasts for Q4 2025, with total revenue projected to increase by approximately 5% year-on-year, reaching 8.1 billion RMB [1] Revenue Breakdown - Mobile game revenue is anticipated to grow by 1% quarter-on-quarter [1] - Online advertising revenue is expected to increase by 21% year-on-year to 2.9 billion RMB, accounting for 36% of total revenue, driven by factors such as daily active users, traffic, and revenue per thousand ad impressions [1] Game Performance - The game "Escape from Duckkov" has achieved success, with a strategic focus on leading positions in vertical categories, long-term product operations, and appealing to younger generations [1] Future Outlook - According to the 2026 outlook report, artificial intelligence is projected to become a key area, with the entertainment industry favored for its defensive nature [1]