Bilibili Inc. (BILI)_ NDR takeaways_ Confidence on ads momentum, games on track for 1Q and new pipeline likely in 2H25; Buy

We summarize our key takeaways below. Focus on Ads, Games, margin and AI impact Advertising Advertising achieved a solid +24% yoy growth in 4Q24 primarily propelled by strong performance ads (+40% yoy) together with healthy native ads and brand ads (both at double-digit% yoy). Management anticipates advertising revenue to grow at +20% yoy for 1Q25, and are generally optimistic about ad momentum in FY25, in particular: n Management demonstrated confidence on delivering solid performance ad growth, largely at ...