Zhi Tong Cai Jing·2026-01-14 03:48Core Viewpoint - Bilibili-W (09626) has seen a significant stock price increase of over 30% in January, with a current price of 253.6 HKD and a trading volume of 696 million HKD [1] Group 1: Marketing and AI Integration - On January 13, Bilibili-W held the 2026 AD TALK marketing partner conference in Shanghai, announcing the full integration of AI technology into its marketing processes this year [1] - The AI marketing strategy center "Bilibili Bid" will be open for self-application by merchants, introducing new marketing scenarios and tools [1] Group 2: Financial Performance - Bilibili-W's Vice Chairman and COO, Li Ni, highlighted the importance of commercialization in a healthy content ecosystem, noting that over 220 million users viewed consumer-related content on Bilibili last year, driving continuous growth in advertising revenue [1] - The company has experienced 11 consecutive quarters of advertising revenue growth exceeding 20%, significantly outpacing the market average [1] - The number of advertisers continues to grow, with a retention rate of nearly 90% for million-level clients, and the average revenue per creator (UP主) increased by 22% year-on-year [1] Group 3: Future Earnings Expectations - According to Jefferies, Bilibili-W's earnings preview for Q4 2025 is expected to meet their forecasts, with online advertising revenue projected to grow by 21% to 2.9 billion RMB, accounting for 36% of total revenue [1] - This growth is driven by several factors, including daily active users, traffic, and revenue per thousand ad impressions [1]