Core Viewpoint - Bilibili's stock price has increased by over 4%, reaching 219.4 HKD, with a trading volume of 818 million HKD, driven by positive developments in its gaming segment and strategic hires [1] Group 1: Gaming Developments - Bilibili's new strategy card game "Three Kingdoms: Hundred Generals Card" has been announced, with pre-registration now open and a public test scheduled for October [1] - The game "Three Kingdoms: Strategize the World" has reached the Top 5 in the iOS game sales chart on its launch day, indicating strong market interest [1] - Goldman Sachs predicts that "Three Kingdoms: Hundred Generals Card" will achieve daily active users (DAU) in the millions, with an official launch planned for the 2026 Spring Festival [1] Group 2: Strategic Hires and AI Integration - Zhang Di, former Vice President of Kuaishou and head of the AI division, has recently joined Bilibili as the head of the technology line [1] - The company emphasized the role of AI in enhancing main site operations and advertising monetization during its 2025 Investor Day [1] Group 3: Future Growth Potential - According to CITIC Securities, Bilibili's exclusive agency for the SLG game "Three Kingdoms: Strategize the World" is expected to perform well, contributing to revenue growth [1] - Multiple game products in the pipeline are anticipated to continue driving performance increases, alongside a notable improvement in advertising market share, indicating substantial commercialization potential [1]

Core Viewpoint - Bilibili's stock price increased by over 4%, reaching 219.4 HKD, with a trading volume of 818 million HKD, driven by new game announcements and strategic developments [1] Group 1: Game Development and Launches - Bilibili's new strategy card game "Three Kingdoms: Hundred Generals Card" was first revealed on September 10, with pre-registration now open and a public test scheduled for October [1] - The game "Three Kingdoms: Strategize the World" is set to launch its new season S10 on September 20, achieving a top 5 position in the iOS game sales chart on its opening day according to data from Seven Wheat [1] - Management anticipates that "Three Kingdoms: Hundred Generals Card" will become a major title with daily active users (DAU) reaching one million, with an official launch planned for the 2026 Spring Festival [1] Group 2: Strategic Personnel Changes - Recently, Zhang Di, former Vice President of Kuaishou and head of the AI division, joined Bilibili as the head of the technology line [1] Group 3: Financial and Market Outlook - Citic Securities highlighted that Bilibili emphasized the role of AI in enhancing main site operations and advertising monetization during the 2025 Investor Communication Day [1] - According to招商证券, the exclusive agency game "Three Kingdoms: Strategize the World" is expected to perform well in 2024, with multiple game products in the pipeline likely to contribute to revenue growth, alongside a significant increase in advertising market share and ample commercialization potential [1]

Summary of Shunwang Technology Conference Call Company Overview - Shunwang Technology holds a leading position in the market, reaching a large number of heavy gamers. The revival of PC gaming and the relaxation of game licensing have improved the gaming industry's outlook, increasing user stickiness for PC and console games, which in turn boosts advertising demand from gaming companies [2][3][4]. Core Business Insights - The primary revenue sources for Shunwang Technology are online advertising and value-added services, mainly targeting internet cafes and esports hotels, which dominate the market share. The company has seen significant revenue growth in 2025, attributed to the overall improvement in the gaming industry and seasonal advertising trends [3][4]. - The advertising business primarily utilizes a Cost Per Thousand Impressions (CPT) model, enhanced by big data for precise ad targeting. The upcoming 9,300 major version update in 2025 is expected to further enhance AI technology applications, improving ad effectiveness and user experience [2][5]. AI and Cloud Computing Initiatives - Shunwang's "Shunwang Intelligent Computing" platform leverages advanced AI capabilities for data analysis and user behavior prediction, enabling precise ad targeting and optimization, thus enhancing marketing efficiency [6]. - The cloud and AI computing services are based on esports technology, utilizing consumer-grade graphics cards for edge computing. The company plans to establish over 300 edge cloud data centers nationwide to meet the demand from internet cafes and esports hotels, ensuring low latency [7][8]. Esports Industry Engagement - The esports industry is viewed as a significant component of competitive sports, with a growing acceptance among the younger generation (Generation Z). Shunwang focuses on grassroots development in esports, aiming to foster a healthy ecosystem that supports the entire industry chain [11][12]. - The company is involved in the development and publishing of mobile games, such as "Three Kingdoms: Hundred Generals Card," which is currently in the testing phase and expected to launch in October [13][15]. Financial Management and Incentives - Shunwang has adjusted its expense recognition method to distribute costs evenly across quarters, promoting healthier financial management. The company is also considering new incentive plans that align with performance targets rather than traditional stock options [16][17]. Future Outlook - The company anticipates continued growth in the second half of 2025, driven by the increasing demand for advertising in the gaming sector and the expansion of its cloud computing services [4][7]. The integration of AI technology is expected to open up new application scenarios and customer growth opportunities [10].

哔哩哔哩-W(09626)再涨超5%，近六个交易日累涨25%。截至发稿，涨5.08%，报219.2港元，成交额 5.84亿港元。 高盛同时表示，广告按行业趋势及增长动能方面，哔哩哔哩指上半年游戏行业广告表现稳健，主要游戏 发行商于公司平台投放按年增长，小游戏亦有市占。3C数码业务受618购物节与国家补贴带动，第二季 增长超预期；家居及家品亦受益于补贴及618期间表现理想，趋势可望延续至年底。 消息面上，9月10日，B站策略竞技卡牌新游《三国百将牌》首曝。同时，官方宣布，游戏已开启预 约，10月即将开启首轮"牌一把"公开测试。高盛近日指出，哔哩哔哩参与了该行的高盛亚太领袖论坛， 就游戏产品线与发行时程方面，公司指《三国百将牌》为非对称策略休闲卡牌游戏，管理层预计将成为 每日活跃用户(DAU)达百万级别的大作，2026年春节期间正式推出。 ...

Core Viewpoint - Bilibili's stock has seen a significant increase of over 25% in the last six trading days, driven by the anticipation of its new game release and positive advertising trends in the gaming industry [1] Group 1: Stock Performance - Bilibili's stock price rose by 5.08% to HKD 219.2, with a trading volume of HKD 584 million [1] - The stock has accumulated a 25% increase over the past six trading days [1] Group 2: Game Development - Bilibili announced the upcoming release of its new strategy card game "Three Kingdoms Hundred Generals Card," which is currently available for pre-registration and will enter public testing in October [1] - The management expects the game to achieve daily active users (DAU) in the million range, with an official launch planned for the 2026 Spring Festival [1] Group 3: Advertising and Market Trends - According to Goldman Sachs, Bilibili reported stable advertising performance in the gaming sector during the first half of the year, with year-on-year growth in ad spending from major game publishers on its platform [1] - The 3C digital business experienced unexpected growth in the second quarter, driven by the 618 shopping festival and government subsidies [1] - Home and household products also benefited from subsidies and performed well during the 618 period, with trends expected to continue until the end of the year [1]

Group 1 - The article highlights the upcoming release of several new video games, including "Borderlands 4" on September 12, which features chaotic loot-shooting gameplay with billions of weapon combinations and intense cooperative battles [1] - "The Queen's Game: The Era of Prosperity" is set to launch on September 9, allowing players to take on the role of Empress Wu Zetian, facing over 100 branching storylines and high mortality rates [3] - "Three Kingdoms: Hundred Generals Card" is available for pre-registration, offering a simple and engaging asymmetric competitive card game experience [5] Group 2 - The new high-difficulty mode "Night Mode" for "Elden Ring: Nightfall" was released on September 11, presenting a challenging adventure for players [7] - Epic Games Store is offering the puzzle game "Monument Valley 2" for free starting September 11, which will be permanently added to users' libraries upon claiming [9] - The major version update "Song of the Empty Moon" for "Genshin Impact" was launched on September 10, marking a significant change in the game [13] Group 3 - Nintendo held a Direct presentation on September 12, 2025, focusing on games for the Switch and Switch 2, including the confirmation of the title for the upcoming Mario animated film [13] - Several new titles were announced, including "Super Mario Galaxy 1+2" set for release on October 2, 2025, and "Mario Tennis Aces" scheduled for February 12, 2026 [14] - Upcoming releases also include "Hades 2" on September 26, 2025, and various remakes and new titles in the "Resident Evil" and "Dragon Quest" series [14][15]

Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of HKD 75.66 billion on September 10, 2023, indicating strong investor interest in certain stocks [1]. Group 1: Stock Performance - Alibaba-W (09988) received the highest net buy of HKD 45.11 billion, driven by the launch of its "Gaode Street Ranking" and a support plan for offline businesses [4]. - Bilibili-W (09626) saw a net buy of HKD 3.62 billion, with the announcement of its new game "Three Kingdoms Hundred Generals Card" expected to attract significant daily active users [5]. - Xiaomi Group-W (01810) faced a net sell of HKD 4.4 billion due to internal issues related to a senior employee's misconduct [7]. Group 2: Other Notable Stocks - Meituan-W (03690) and Semiconductor Manufacturing International Corporation (00981) also experienced notable trading activity, with net buys of HKD 1.77 billion and HKD 1.61 billion respectively [7][5]. - The overall trading volume for Alibaba-W was HKD 109.02 billion, with a net inflow of HKD 24.26 billion [2]. - Tencent (00700) had a net sell of HKD 710.9 million, reflecting a decline in investor confidence [7]. Group 3: Market Trends - Northbound trading from the Shanghai and Shenzhen stock exchanges contributed significantly to the overall market activity, with net buys of HKD 25.36 billion and HKD 50.3 billion respectively [1]. - The market is showing a trend of increased interest in technology and gaming stocks, as evidenced by the performance of Alibaba and Bilibili [4][5].