---
title: "In \"The Big Banks,\" Citigroup lowers Bilibili's target price to $24, as mobile game revenue exceeds expectations, offsetting weaker advertising revenue"
description: "Citi has lowered the target price for Bilibili to $24, due to a 4% and 7% reduction in revenue forecasts for 2026 and 2027, respectively. Despite a 23.6% year-on-year increase in total revenue for the"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/241148139.md"
published_at: "2025-05-21T03:45:22.000Z"
---

# In "The Big Banks," Citigroup lowers Bilibili's target price to $24, as mobile game revenue exceeds expectations, offsetting weaker advertising revenue

> Citi has lowered the target price for Bilibili to $24, due to a 4% and 7% reduction in revenue forecasts for 2026 and 2027, respectively. Despite a 23.6% year-on-year increase in total revenue for the first quarter of 2025 to 7 billion yuan, mobile game revenue surged by 76%, offsetting the lower-than-expected performance of advertising revenue. Revenue is expected to continue growing by 20% in the second quarter of 2025, but may slow to 10% in the second half of the year. The rating is maintained at "Outperform."

Citi released a report indicating that Bilibili (BILI.US) achieved first-quarter results in 2025 that met expectations, with total revenue growing 23.6% year-on-year to RMB 7 billion, and adjusted EBITDA of RMB 342 million. The better-than-expected performance of mobile game revenue offset the lower-than-expected advertising revenue. Mobile game revenue surged 76% year-on-year, driven by the recent popular game "Romance of the Three Kingdoms" and the newly released "Jujutsu Kaisen: Phantom Parade." Advertising revenue grew 20% year-on-year, benefiting from strong advertising demand for games and 3C products, although the comparison base from the same period last year was relatively high.

Citi expects Bilibili to continue achieving a robust 20% year-on-year revenue growth in the second quarter of 2025, with profits of approximately RMB 550 million, but revenue growth in the second half of 2025 may slow to 10%, depending on the approval of new games. The firm lowered its target price from $25 to $24, as it reduced revenue forecasts for 2026 and 2027 by 4% and 7%, respectively, due to the company's ongoing wait for domestic approvals for new games. The rating is maintained at "Outperform."

### Related Stocks

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

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