Core Viewpoint - Bilibili-W (09626) has seen a stock price increase of over 4%, currently trading at 213.2 HKD with a transaction volume of 209 million HKD, driven by positive earnings expectations for Q3 [1] Financial Performance - For Q3, Bilibili-W is expected to achieve revenue of 7.6 billion CNY, representing a year-on-year growth of 4% [1] - The adjusted net profit attributable to shareholders is projected to be 650 million CNY, showing a year-on-year increase of 175% and a quarter-on-quarter growth of 16% [1] Business Segments - In the advertising segment, Q3 revenue is anticipated to reach 2.5 billion CNY, reflecting a year-on-year growth of 20%, primarily driven by the increase in performance-based advertising revenue [1] - Bilibili has launched a "Double 11" promotional campaign and established deeper data integration with Alibaba and JD.com, aiming to enhance advertising effectiveness and improve merchant experience [1] Gaming Segment - On September 10, Bilibili-W announced a new game titled "Three Kingdoms: Hundred Generals Card," set to begin testing in October, which aims to attract players interested in the Three Kingdoms IP and younger users [1] - This game is the second project from the team behind "Three Strategies" and incorporates strategic gameplay elements while maintaining a fast-paced experience [1]

Core Viewpoint - Bilibili has regained confidence in its gaming business with the launch of its new game "Three Kingdoms: Hundred Generals Card" following the success of "Three Kingdoms: Strategize the World" [5][6][8] Summary by Sections Game Launch and Expectations - Bilibili's new game "Hundred Generals Card" is a strategic card game based on the Three Kingdoms IP, which is expected to attract younger users and diversify the gaming portfolio [5][10] - The previous game "Strategize the World" achieved significant success, topping the iOS free game chart and generating over 838.3 million yuan in revenue within five days of launch [5][6] Financial Performance - "Strategize the World" has shown impressive growth, with revenue increasing by 84%, 79%, 76%, and 60% over four consecutive quarters, indicating a strong future outlook for Bilibili's gaming business [8][9] Market Positioning and Strategy - Bilibili's strategy is shifting from a reliance on two-dimensional games to a broader gaming approach, with "Hundred Generals Card" seen as a key part of this transition [9][18] - The game features innovative gameplay that combines traditional card game mechanics with competitive elements, aiming to attract a wide range of players, including casual gamers [10][12] Gameplay Mechanics - "Hundred Generals Card" incorporates a unique 1V2 asymmetric competitive card gameplay and a 2V3 five-player mode, simplifying the entry for new players while enhancing the competitive experience [10][14] - The game is designed for quick play sessions of about three minutes, appealing to casual gamers and those with limited time [12][18] Community and Ecosystem - Bilibili's strong community and user base provide a significant advantage for promoting and operating its games, positioning it as a leading platform in the gaming community [24] - The company aims to leverage its existing user base to enhance the game's visibility and engagement [24] Commercial Potential - The commercial success of "Hundred Generals Card" will depend on its gameplay mechanics and user experience, with potential for significant revenue if it effectively captures the interest of both casual and dedicated gamers [24][26]