CI-BILI@EC2611A

Bilibili Q1 Ad Revenue Surges 30% as Game Income Slips Tests Commercialization Balance

JPMorgan upgrades Bilibili to Overweight, sets target price at HKD 270 and USD 35

CITIC Securities Maintains Buy Rating on Bilibili Class Z Shares with $218 HKD Target Price

Nomura cuts Bilibili target price to $22.5, cites Tencent and Alibaba as better risk-reward

CICC lowers Bilibili-W target price to 194 HKD, maintains outperform rating

Bilibili expects AI capex to rise by 1 billion RMB, maintains high ad growth and game launch plans

FactSet Survey: 31 Analysts Lower Bilibili's 2026 EPS Estimate to $1.03

Bilibili Q1 Report: AI Ad Revenue Surges 30%, Game Revenue Drops 12%

Bilibili Q1 Daily Active Users Rise 8% to 115.2 Million

Bilibili Q1 Net Revenue Rises 7% to 7.47 Billion, Adjusted Net Profit Jumps 62% to 585 Million

Bilibili Q1 Adjusted EPS Hits 1.31 Yuan, Beating Estimates

BILIBILI-W released FY2026 Q1 earnings on May 19 Pre-Market (BJT), actual revenue HKD 8.471 B (forecast HKD 8.494 B), actual EPS HKD 0.5441 (forecast HKD 0.397)

Bilibili and Lilith Enter CM-like Sector, Launch New Game 'Shine Lumi' with Innovative Mechanics to Break Stalemate

Bilibili's Podcast Videos Break 100 Million Minutes of Daily Playtime

CLSA Expects Bilibili to Maintain Strong Q1 2026 Revenue Growth and Profitability

JPMorgan cuts holdings in Bilibili

BILIBILI-W to Release FY2026 Q1 Earnings on May 19 Pre-Market (BJT), Forecast Revenue HKD 8.599 B, EPS HKD 0.3993

Teffa Service Wins Bilibili Headquarters Property Service Project

BlackRock Reduces Holdings in Bilibili

Goldman Sachs Expects Bilibili's Advertising Revenue to Grow by 26% and Maintains Buy Rating

JOLIMARK

PANGAEA CONNECT

WEILI HOLDINGS

MAN YUE TECH

SMIT

BJ DIGITAL

FY FINANCIAL

NEW GONOW RV

RADIANCE HLDGS

PERFECTECH INTL

BILI

09626

Bilibili Inc. reported a 30% rise in advertising revenue in Q1, significantly outpacing total revenue growth of 7%. The platform's daily active users increased by 8%, with users spending an average of 119 minutes daily. Despite strong ad performance, other segments like mobile games and value-added services showed slower growth. Bilibili's ability to attract advertisers amidst a cautious market highlights its unique community-driven approach, aided by AI tools that enhance ad efficiency. The company aims to sustain profitability beyond cost control measures.

- Bilibili's advertising revenue surged 30% in Q1, contrasting with declines in other revenue streams like games and IP.  
- The platform's success stems from effective monetization of its engaged user base, bolstered by AI tools that enhance ad performance.  
- However, balancing ad growth while maintaining community culture remains a critical challenge as user sentiment toward increased advertising intensity could affect loyalty.

benzinga_article

Bilibili

BILIBILI-W

Baidu

BIDU-SW

iQIYI

BIDU-SWR

Why Bilibili's Investment Story Looks More Attractive Now Vs. Traditional Peers

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512980

517770

ESPO

HERO

Against the backdrop of a weak overall market, Bilibili's advertising revenue grew by 30% in the first quarter, reaching 2.59 billion yuan, becoming the main growth driver. Although daily active users increased by 8% to 115.2 million, other business performances were lackluster, with value-added service revenue growing only by 4% and mobile game revenue declining by 12%. The company needs to demonstrate the sustainability of its profit growth, especially in the context of intensified competition in the advertising market

- Bilibili has achieved a notable 30% growth in advertising revenue amid a generally weak market, surpassing its overall income increase of 7%.  
- This rise is attributed to improved monetization from loyal users, the application of AI advertising tools, and a more mature user base.  
- However, the platform faces challenges in maintaining its community culture while adopting aggressive commercialization strategies, indicating a need for balance as competition intensifies.

BambooWorks

Guotai CSI Movies Theme ETF

GF Fund CSI Media ETF

Penghua CSI Media ETF

AXA SPDB CSI Hugangshen Game and Culture Media ETF

VanEck Video Gaming and eSport ETF

Comm Servcies Select Sector SPDR

Global X Video Games & Esports ETF

ChinaAMC CSI Cultural Entertainment Media ETF

Yinhua CSI Movies Theme ETF

Bilibili's advertising revenue surges as the video platform enters a new monetization cycle

NTES

09999

159869

On May 26th, the gaming ETF ChinaAMC (159869) fell nearly 1%, opening a low-position layout channel. NetEase and Bilibili released their Q1 2026 financial reports, with NetEase's gaming revenue increasing by 6.9% year-on-year, while Bilibili turned a profit but saw a 12% decline in mobile gaming revenue. The gaming sector is influenced by multiple factors such as policies, product cycles, and AI empowerment, presenting layout opportunities

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NetEase

NTES-S

ChinaAMC CSI Animation Game ETF

Shunwang Technology

BINGCHUAN

XYKJ

Fuchun Technology

Century

全指消费

The gaming sector continues to fluctuate, and the gaming ETF ChinaAMC (159869) opens a low-position layout window

JPMorgan has a positive outlook on BILIBILI-W, setting a target price of HKD270 and USD35 for Bilibili Inc. It advises investors to accumulate the stock, rating it 'Overweight'. The broker expects a 23% rise in operating profit for 2026, driven by gaming revenue growth, despite a 6% reduction in gaming revenue forecasts for 2026. Advertising revenue is projected to grow by 27% in 2026. Concerns over shareholder stake reductions are deemed excessive.

- JPMorgan has set target prices of HKD270 for BILIBILI-W and USD35 for Bilibili Inc., advising investors to accumulate the stock with an "Overweight" rating.  
- The broker attributes recent underperformance in BILIBILI-W to general declines in Chinese internet stocks and concerns over major shareholder stake reductions, but considers these concerns excessive.  
- They forecast a 23% increase in operating profit for 2026, raising expectations for gaming revenue growth in 2027, while anticipating advertising revenue growth of up to 27% in 2026.

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JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JPM: BILIBILI-W  Outlook Positive, Expects Operating Profit to Rise 23% This Year

In a report released on May 21, from Citic Securities maintained a Buy rating on Bilibili, Inc. Class Z, with a price target of HK$218.00. The company’s shares closed last Friday at HK$137.60.Meet Samuel – Your Personal Investing ProphetStart a conversation with TipRanks’ trusted, data-backed investment intelligence Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds Currently, the analyst consensus on Bilibili, Inc. Class Z is a Strong Buy with an average price target of HK$231.55.

- Citic Securities has maintained a Buy rating on Bilibili, Inc. Class Z, setting a price target of HK$218.00.  
- The company’s shares closed at HK$137.60 last Friday.  
- Analyst consensus for Bilibili, Inc. Class Z is a Strong Buy, with an average price target of HK$231.55.

Tip Ranks

CITIC Securities Co., Ltd.

CITIC SEC

Citic Securities Reaffirms Their Buy Rating on Bilibili, Inc. Class Z (9626)

Haitong International reports that BILIBILI-W's gaming business is expected to remain weak this year, with a projected decline in revenue from 'Three Kingdoms' due to a high base effect. New game launches may not offset this decline. Total revenue for 2Q26 is forecasted at RMB7.8 billion, up 7% YoY, but rising costs and increased AI-related capital expenditure may impact margins. The US target price for Bilibili is set at USD21 with an Outperform rating.

- Haitong International's report indicates that BILIBILI-W (09626.HK) has recorded 1Q results consistent with expectations, with advertising revenue exceeding forecasts.  
- The forecast for total revenue in 2Q26 is RMB 7.8 billion, reflecting a 7% year-on-year increase, but mobile game revenue is expected to decline due to the poor performance of existing titles.  
- The report highlights an anticipated increase in AI-related capital expenditure affecting margins, despite a rise in non-GAAP operating profit for 2Q26, which is forecasted at RMB 660 million.

Haitong International Expects BILIBILI-W  Gaming Biz to Remain Weak This Year

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The HSI dipped 2 points to 25,648 at midday, with major tech stocks like BIDU-SW and BILIBILI-W down nearly 4% and 7%, respectively. SUNNY OPTICAL surged 7% after positive news from Tesla. The market saw mixed performances, with some stocks like XPENG-W gaining 5.7%, while others like SINGAMAS CONT plummeted 13.6% due to legal issues. Overall, the turnover reached HKD150.855 billion.

- US President Donald Trump announced that the handling of the Iran issue is in its final stage, while major US indices like the DJIA regained 50,000 points.  
- NVIDIA Corporation reported strong Q1 results, initiating an $80 billion share buyback and increasing its dividend, influencing market sentiment.  
- In Hong Kong, major tech stocks declined, with BIDU and KUAISHOU seeing significant losses, while SUNNY OPTICAL and XPENG gained amidst contrasting market activities.

SUNNY OPTICAL

HSI Slips 2 pts at Midday; BIDU-SW Down ~4%; BILIBILI-W Dives 7%; SUNNY OPTICAL Soars 7%

BILIBILI-Wshares fell 6.99% to HKD138.3 after Nomura cut its target price for Bilibili Inc.from USD26 to USD22.5, maintaining a Neutral rating. The report noted strong 1Q revenue but highlighted near-term challenges in gaming and increased AI investment costs, leading to a 12% cut in FY2027 EPS forecast. Nomura suggests TENCENT and BABA-W present better risk-reward profiles.

- BILIBILI-W (09626.HK) opened 2.49% lower and closed at HKD138.3, down 6.99%, with significant short selling activity.  
- Nomura lowered the target price for Bilibili Inc. from USD26 to USD22.5 while maintaining a Neutral rating, citing strong 1Q revenue but acknowledging challenges in the gaming sector and rising AI investment costs.  
- TENCENT and BABA-W are presented as better investment options, with TENCENT's projected FY2026 PE ratio at approximately 14x due to its stable core businesses.

Nomura Holdings, Inc.

Nomura

TENCENT

BABA-W

Tencent

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

Alibaba

BABA-WR

Alibaba HK SDR 5to1

BILIBILI-W Nosedives 7% in Half Day as Nomura Cuts TP

BETZ

GAMR

BNGE

CICC reported that BILIBILI-W's 1Q Non-GAAP net profit was in line with expectations, rising 63.4% YoY to RMB593 million. Revenue increased 6.7% YoY to RMB7.472 billion, driven by strong advertising growth, particularly in gaming and online services. CICC cut the H-share target price by 16.4% to HKD194 and maintained an Outperform rating, forecasting 2Q advertising revenue growth of 28% YoY.

- CICC reported that Bilibili Inc. (BILIBILI-W) achieved 1Q Non-GAAP net profit and revenue that met broker and market expectations, with revenue rising 6.7% YoY to RMB7.472 billion.  
- The company experienced a 30% YoY increase in advertising revenue, reaching RMB2.589 billion, with expectations for continued growth driven by sectors like gaming and online services.  
- CICC forecasts a 28% YoY growth in 2Q advertising revenue and has adjusted price targets for H-shares and US shares downward due to market valuation changes, while maintaining an Outperform rating.

VanEck Gaming ETF

Roundhill Sports Betting & iGaming ETF

Wedbush ETFMG Video Game Tech ETF

First Trust S-Network Streaming and Gaming ETF

CICC

CICC: BILIBILI-W  1Q Non-GAAP Net Profit In Line; Cuts TP to HKD194

China Merchants Securities reported that BILIBILI-Wmet revenue expectations for 1Q26 with RMB7.47 billion, a 7% YoY increase, while net profit of RMB593 million exceeded forecasts by 11%. Advertising revenue grew 30% YoY, marking 13 consecutive quarters of double-digit growth. Daily active users rose to 115.2 million, and management anticipates continued growth in advertising and gaming. The broker maintains an Overweight rating with a USD25 target price, highlighting optimism for earnings growth driven by advertising and AI investments.

- China Merchants Securities reported that BILIBILI-W (09626.HK) posted Q1 2026 revenue of RMB 7.47 billion, up 7% YoY, and net profit beating forecasts at RMB 593 million, up 63% YoY.  
- Advertising revenue grew by 30%, while gaming revenue declined 12% due to previous high performance, but showed a strong pipeline for upcoming titles.  
- Management expects high growth in advertising and positive long-term profit, supported by significant AI investments in content distribution and creation.

Guotai CSI Animation Game ETF

ISHRS S&P Glb Telco

Invesco Leisure & ENT ETF

China Merchants Securities: BILIBILI-W  1Q26 Revenue In Line; Net Profit Beats

CI-BILI@EC2611A(28683.HK)

Why Bilibili's Investment Story Looks More Attractive Now Vs. Traditional Peers

Bilibili's advertising revenue surges as the video platform enters a new monetization cycle

The gaming sector continues to fluctuate, and the gaming ETF ChinaAMC (159869) opens a low-position layout window

JPM: BILIBILI-W Outlook Positive, Expects Operating Profit to Rise 23% This Year

Citic Securities Reaffirms Their Buy Rating on Bilibili, Inc. Class Z (9626)

Haitong International Expects BILIBILI-W Gaming Biz to Remain Weak This Year

HSI Slips 2 pts at Midday; BIDU-SW Down ~4%; BILIBILI-W Dives 7%; SUNNY OPTICAL Soars 7%

BILIBILI-W Nosedives 7% in Half Day as Nomura Cuts TP

CICC: BILIBILI-W 1Q Non-GAAP Net Profit In Line; Cuts TP to HKD194

China Merchants Securities: BILIBILI-W 1Q26 Revenue In Line; Net Profit Beats