Bank of China International: Raises BILIBILI-W target price to HKD 270, the hit "Escape from Duckburg" shows initial success, and IP potential is promising

Bank of China International released a research report stating that it maintains a "Buy" rating for Bilibili-W, raising the target price from HKD 242 to HKD 270; the target price for Bilibili's US stock is raised from USD 31 to USD 35, with a "Buy" rating. Bank of China International believes that Bilibili's self-developed mini-game "Escape from Duckkov" achieved 2 million sales on global PC platforms from its launch on October 16 to noon on October 28, exceeding market expectations. In the expanding shooting game market, it observed that the innovative PvE mode and the entertaining gaming experience achieved through highly interactive content and frequent updates are the main success factors. The bank expects that Bilibili may introduce new official cooperation models, multi-terminal versions, controller support, and various IP forms of operation in the future, which will further unlock its value. Currently, it is estimated that this hit game will drive a 2% increase in total revenue and a 10% increase in adjusted operating profit for the fourth quarter of 2025