---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/43626029.md"
description: "Bilibili 2Q26 First Take: Q2 results were mediocre, broadly in line with expectations. Revenue was again carried by ads, with growth ticking up QoQ on easier comps. On the bottom line, a slight beat came mainly from tighter control of selling expenses.This year’s key issue is a thin games slate. The high base from 'San Mou' drove a sharp YoY decline in gaming revenue. While the in-house title 'Baijiangpai' launched in Q2, its scale is too small; to move the needle, they need at least a mid-sized breakout.In H2, the revenue comp base falls quickly, which should naturally ease the trend. Based on the current pipeline, two in-house titles 'Shine, Lumi!' and 'Three Kingdoms: The Way' (many expect both could be bn-level) are slated for Q4 launch. The new-release cycle could revive gaming growth.$Bilibili(BILI.US) $BILIBILI-W(09626.HK)"
datetime: "2026-08-27T11:13:34.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/43626029.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/43626029.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/43626029.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# Bilibili 2Q26 First Take: Q2 results were mediocre…


### Related Stocks

- [09626.HK](https://longbridge.com/en/quote/09626.HK.md)
- [BILI.US](https://longbridge.com/en/quote/BILI.US.md)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**