Goldman Sachs: Citing Bilibili-W (09626) is expected to become a major work with daily active users reaching millions with the release of "Three Kingdoms: One Hundred Generals". The target price is maintained at 205 Hong Kong dollars.

Goldman Sachs released a research report stating that BILIBILI-W (09626) participated in the Goldman Sachs Asia Pacific Leaders Forum. In terms of game product line and release schedule, the company pointed out that "Three Kingdoms: Hundred Generals" is an asymmetrical strategy casual card game, and the management expects it to become a blockbuster with daily active users (DAU) reaching millions, officially launching during the 2026 Spring Festival; "Dudu's Prank" is a mobile animation RPG featuring cute characters, expected to be launched in the fourth quarter of this year; "Escape Duckov" is a single-player top-down shooting and looting PC game, also expected to be released in the fourth quarter of this year. Goldman Sachs maintains a "buy" rating on Bilibili and a target price of 205 Hong Kong dollars. In terms of advertising trends and growth momentum in the industry, Bilibili indicated that the gaming industry's advertising performance was stable in the first half of the year, with major game publishers' advertising on the company's platform increasing year-on-year, and small games also gaining market share. The 3C digital business grew beyond expectations in the second quarter driven by the 618 shopping festival and government subsidies; home furnishings and products also benefited from subsidies and performed well during the 618 period, with the trend expected to continue until the end of the year. The company's eCPM (average revenue per one thousand ad impressions) in the first quarter of this year grew by double digits year-on-year, mainly due to the expansion of the advertising client base and algorithm optimization leading to increased conversions; the deep conversion ratio doubled in the second quarter of 2025, and in the second half of 2025, the company will test AI-generated personalized titles and covers to improve advertising click-through rates.