智通财经网·2026-01-15 07:06Core Viewpoint - UBS reports that Bilibili-W (09626) management believes the company's fourth-quarter performance will meet expectations, raising the target price for Hong Kong shares from HKD 279.9 to HKD 314.9 and for US shares from USD 36 to USD 40.5, maintaining a "Buy" rating [1] Group 1: Advertising Growth Outlook - Management holds a constructive view on advertising growth prospects for 2026, noting early signs of demand growth from AI and gaming advertisers [1] - The company is confident in its ability to sustainably capture budget allocations from e-commerce advertisers and will actively expand into new verticals to broaden its advertising client base [1] Group 2: Gaming Performance - For the game "Three Kingdoms: Strategy of the World," management anticipates seasonal fluctuations in Q4 2025, with revenue expected to stabilize in Q1 this year due to two seasons (S12 and S13) being included [1] - The Hong Kong, Macau, and Taiwan versions of the game are set to launch at the end of January, while the Japanese and Korean versions are planned for release in the second half of this year [1] Group 3: Future Game Developments - Regarding "Three Kingdoms: Hundred Generals Card," the company plans to conduct a new round of testing after the Lunar New Year, believing the game has significant potential in lower-tier markets [1] - Management maintains a constructive outlook on the medium to long-term operational potential and profitability of this game and may consider developing a mini-game version [1] Group 4: Financial Forecast Adjustments - The firm has adjusted its revenue and profit forecasts for 2026 upwards by 1% and 2% respectively, due to improved advertising growth prospects [1]