14 July 2025 | 12:59AM HKT Bilibili Inc. (BILI) Buy Investor Day 2025: Confidence to deliver above industry ads growth; Improving game visibility with new pipeline announced; Buy | BILI | 12m Price Target: $23.60 | Price: $21.46 | Upside: 10.0% | | --- | --- | --- | --- | | 9626.HK | 12m Price Target: HK$183.00 | Price: HK$171.90 | Upside: 6.5% | We attended Bilibili Investor Day 2025 in Shanghai on July 11, where management shared company strategy and latest progress across different business. Overall we s ...

China Internet Equities How to position for 2H25 China Emerging themes and observations: 1) Content consumption: Demand in the games and entertainment sub-sectors has been more resilient than goods and services y-t-d. Good content takes time and resources to curate, setting a high entry barrier for newcomers. This acts as a defensive earning buffer for top content providers like Tencent and NetEase. 2) AI outlook: Lower-than-expected capex and cloud revenue growth has dented the market's confidence about th ...