Core Viewpoint - Bilibili-W (09626) reported a solid financial performance for Q3 2025, with a year-on-year revenue increase and a return to profitability, indicating a positive outlook for the company [1] Financial Performance - The total net revenue for the period reached RMB 7.69 billion (USD 1.08 billion), representing a 5% year-on-year increase [1] - Advertising revenue amounted to RMB 2.57 billion (USD 361 million), showing a significant year-on-year growth of 23% [1] - Gross profit was RMB 2.82 billion (USD 396 million), up 11% year-on-year, with a gross margin of 36.7%, an increase from 34.9% in the same period of 2024 [1] - The net profit for the quarter was RMB 469 million (USD 65.9 million), a turnaround from a net loss of RMB 79.8 million in 2024 [1] Market Outlook - Jianyin International highlighted that Bilibili's Q3 performance reflects robust financial and operational results, with expectations for strong market response to the upcoming releases of the mobile and console versions of "Duckov" [1] - Goldman Sachs noted that Bilibili maintains a high-quality content community with strong user engagement, leveraging higher advertising conversion rates and AI technology for traffic monetization [1] - The new game projects are anticipated to present significant growth potential in the gaming sector before 2026 [1]

Core Viewpoint - Bilibili-W (09626) reported a solid financial performance for Q3 2025, with a year-on-year revenue increase and a return to profitability, indicating a positive outlook for the company [1] Financial Performance - The total net revenue for the period reached RMB 7.69 billion (USD 1.08 billion), representing a 5% year-on-year increase [1] - Advertising revenue amounted to RMB 2.57 billion (USD 361 million), showing a significant year-on-year growth of 23% [1] - Gross profit was RMB 2.82 billion (USD 396 million), which is an 11% increase compared to the same period in 2024 [1] - The gross margin improved to 36.7%, up from 34.9% in Q3 2024 [1] - Net profit for the quarter was RMB 469 million (USD 65.9 million), a turnaround from a net loss of RMB 79.8 million in the same quarter of 2024 [1] Market Outlook - Jianyin International highlighted that Bilibili's Q3 performance reflects robust financial and operational results, with expectations for strong market response to the upcoming releases of the mobile and console versions of "Duckov" [1] - Goldman Sachs noted that Bilibili maintains a high-quality content community with strong user engagement, leveraging higher advertising conversion rates and AI technology for traffic monetization [1] - The new game projects are anticipated to present significant growth potential in the gaming sector before 2026 [1]

Core Viewpoint - Jianyin International has raised the target price for Bilibili (09626, BILI.US) by 8% to HKD 230.1 and by 14% to USD 29.5, maintaining an "outperform" rating due to its sticky user base, vibrant ecosystem, and significant profit potential [1]. Financial Performance - Bilibili achieved robust financial and operational performance in Q3, with advertising revenue contributing 33% to total revenue, driven by sustainable growth in advertising business [1]. - The number of advertisers increased by 16% year-on-year, with revenue growth rates for AI, automotive, digital products, home appliances, and home decor advertisers at 90%, 35%, 60%, 60% respectively [1]. User Engagement - Bilibili has 117 million daily active users, with an average daily usage time of 112 minutes and a stable 12-month retention rate of 80%, providing a solid foundation for future growth [2]. Game Development - The self-developed game "Duckov" has sold over 3 million copies globally, validating Bilibili's R&D capabilities [2]. - The upcoming release of "Duckov" for mobile and console platforms is expected to generate strong market response, contributing to growth potential alongside other new game releases [1]. Community and IP Growth - Bilibili's irreplaceable community moat is anticipated to benefit the company in the long term, with growth in IP derivative products driven by popular domestic anime content expected to initiate a second wave of growth [2].

Core Viewpoint - Jianyin International has raised the target price for Bilibili (09626, BILI.US) by 8% to HKD 230.1 and by 14% to USD 29.5, maintaining an "outperform" rating due to its sticky user base, vibrant ecosystem, and significant profit potential [1][2]. Financial Performance - Bilibili achieved robust financial and operational performance in Q3, with advertising revenue contributing 33% to total revenue, driven by sustainable growth in advertising business [1]. - The number of advertisers increased by 16% year-on-year, with revenue growth rates for AI, automotive, digital products, home appliances, and home decor advertisers at 90%, 35%, 60%, 60% respectively [1]. User Engagement - Bilibili has 117 million daily active users, with an average daily usage time of 112 minutes and a stable 12-month retention rate of 80%, providing a solid foundation for future growth [2]. Game Development - The self-developed game "Duckov" has sold over 3 million copies globally, validating Bilibili's R&D capabilities [2]. - The upcoming release of "Duckov" for mobile and console platforms is expected to generate strong market response, contributing to growth potential alongside other new game releases [1]. Community and IP Growth - Bilibili's irreplaceable community moat is anticipated to benefit long-term growth, with IP derivative merchandise driven by popular domestic anime content expected to initiate a second wave of growth [2].