<div id="readability-page-1"><div><p>CICC issued a report stating that BILIBILI-W (09626.HK)<span> </span><span> -10.200 (-6.859%)  </span> <span> Short selling $469.33M; Ratio 43.650%  </span>  (BILI.US)<span> </span>  <span> </span>   reported 1Q Non-GAAP net profit broadly in line with the brokers expectations. 1Q revenue rose 6.7% YoY to RMB7.472 billion, largely meeting both the brokers and market expectations. Non-GAAP net profit increased 63.4% YoY to RMB593 million, broadly in line with the brokers forecast of RMB573 million and above the market consensus of RMB535 million.</p><p>The report noted that Bilibili Inc. maintained strong advertising revenue growth in 1Q and is expected to secure additional advertising budgets. 1Q advertising revenue increased 30% YoY to RMB2.589 billion. The company stated at its results briefing that the top three advertising sectors in 1Q were gaming, online services and digital home appliances. AI has helped enhance advertising efficiency, and the company is focused on its medium- to long-term transformational value. It expects AI technology and home furnishing and appliance categories to gain incremental advertising budgets. The broker forecasts 2Q advertising revenue to grow 28% YoY.</p><p>Taking into account revenue mix and adjustments to R&amp;D expenses, CICC maintained its 2026/2027 Non-GAAP net profit forecasts. It maintained an Outperform rating. Due to a sector valuation reset, it cut the H-share TP by 16.4% to HKD194 and lowered the US-share TP by 16.7% to USD25. (ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-20 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</p></div></div>

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<p>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.</p>

- 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.

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