20 May 2025 | 7:52PM HKT Bilibili Inc. (BILI): 1Q25 First Take: revenue inline while NP beat on opex spending; Eyes on ad outlook and game pipeline Key focus in earnings briefing: 1) advertising outlook for 2Q/FY25 and 618 shopping festival updates; 2) game pipeline for the rest of 2025 and Sanguo: NSLG recent trend; 3) margin expansion potential and mid-to-long term target; 4) shareholder return plan for 2025E. | Exhibit 1: Bili: 1Q25 earnings result snapshot | | --- | Source: Company data, Bloomberg, Gold ...