22 August 2025 Bilibili Inc (BILI US) Buy: Near-term game outlook can drive share price volatility A bit of a mixed bag: User engagement momentum was solid in 2Q25, helped by improved recommendation algorithm. DAU hit record high of 109m and time spent per user also rose 6% y-o-y. This is conducive to ad outlook. We expect 2H25 ad outlook to improve, fuelled by AI enhancements, inventory and eCPM uptick. Therefore we lift our ad assumptions in 2025-27e, also on better-than-expected 2Q25 print. Game growth, ...