Guosen Securities: Maintains Bilibili's outperform rating in the overall market.

Guosen Securities released a research report on Bilibili-W, maintaining a "outperform market" rating. The advertising business benefits from inventory release and growth in demand from AI, gaming, and other industries. Value-added services are steadily expanding, with adjusted net profit margin increasing to 11%. Although AI investment is temporarily suppressing profits, it will enhance content efficiency and creator ecology in the long term. It is expected that adjusted net profit will be 3.3/4.2/5.3 billion yuan from 2026 to 2028, with a current PE ratio of approximately 24x for 2026, indicating reasonable valuation.