哔哩哔哩：2025 年第四季度回顾-AI 时代下仍具独特定位的视频平台；买入评级

9 March 2026 | 8:19AM HKT Equity Research | BILI | 12m Price Target: $32.30 | Price: $24.67 | Upside: 30.9% | | --- | --- | --- | --- | | 9626.HK | 12m Price Target: HK$252.00 | Price: HK$201.20 | Upside: 25.2% | Post Bili's solid 4Q25 result, investor debates center around 1) Bili's AI investment strategy and the potential benefits/near-term earnings downside as mgmt plans for RMB500mn-1bn AI-related investment, and 2) the sustainability of advertising business strength and the gaming trajectory/pipeline o ...