哔哩哔哩-2025 年第二季度业绩回顾及业绩说明会要点：广告业务动能增强，2 款版号获批提升游戏 visibility；买入评级

26 August 2025 | 2:26AM HKT Bilibili Inc. (BILI) Buy 2Q25 review and NDR takeaways: stronger ads momentum, 2 banhao approvals improve game visibility; Buy | BILI | 12m Price Target: $26.30 | Price: $23.98 | Upside: 9.7% | | --- | --- | --- | --- | | 9626.HK | 12m Price Target: HK$205.00 | Price: HK$186.70 | Upside: 9.8% | We maintain Buy rating and refresh our estimates post Bili's 2Q25 result/NDR meeting with mgmt. We remain constructive on the name considering its ads growth profile is one of the fastest ...