Core Viewpoint - UBS report indicates that Bilibili-W (09626) management believes the company's fourth-quarter performance will meet expectations, with target prices raised for both Hong Kong and US stocks, maintaining a "Buy" rating [1] Group 1: Financial Projections - Hong Kong target price increased from HKD 279.9 to HKD 314.9, and US target price raised from USD 36 to USD 40.5 [1] - Revenue and profit forecasts for 2026 have been adjusted upwards by 1% and 2% respectively due to improved advertising growth prospects [1] Group 2: Advertising Growth - Management holds a constructive view on advertising growth prospects, noting early signs of demand from AI and gaming advertisers [1] - The company is confident in its ability to secure budget allocations from e-commerce advertisers and plans to actively expand into new verticals to broaden its advertising client base [1] Group 3: Gaming Developments - 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) [1] - The Hong Kong, Macau, and Taiwan versions of the game are set to launch at the end of January, while versions for Japan and South Korea are planned for the second half of this year [1] - Regarding "Three Kingdoms: Hundred Generals Card," the company plans a new round of testing after the Lunar New Year, believing the game has significant potential in lower-tier markets and considering the development of a mini-game version [1]