External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>BiliBili reported 2Q25 results: total revenue increased by 20% YoY to RMB7.34bn, in line with consensus estimate; adjusted net income reached RMB562mn (vs. net loss of RMB272mn in 2Q25), 8% ahead of Bloomberg consensus estimate, primarily thanks to the better-than-expected S&amp;M expenses control (+1% YoY).</li><li>Looking into 3Q25E, we forecast total revenue to increase by 4% YoY.</li><li>The deceleration of growth may be mainly due to the tough comps of mobile game business and rising investor concern on 2H25E revenue growth outlook. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BiliBili reported 2Q25 results: total revenue increased by 20% YoY to RMB7.34bn, in line with consensus estimate; adjusted net income reached RMB562mn (vs. net loss of RMB272mn in 2Q25), 8% ahead of Bloomberg consensus estimate, primarily thanks to the better-than-expected S&amp;M expenses control (+1% YoY).Looking into 3Q25E, we forecast total revenue to increase by 4% YoY.The deceleration of growth may be mainly due to the tough comps of mobile game business and rising investor concern on 2H25E revenue growth outlook. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - Inline 2Q25 Results; Solid 2H25 Earnings Outlook Despite Revenue Deceleration

<ul><li>We expect Bili 2Q25E total revenue to increase by 20% YoY and 5% QoQ to RMB7.38bn, and adjusted net income to grow by 36% QoQ to RMB493mn, both largely in line with Bloomberg consensus estimate.</li><li>We expect ad business to maintain strong YoY growth, supported by the improved commercial infrastructure, and mobile games to see sustained momentum driven by both legacy games and SanMou.</li><li>The solid growth of high-margin ad and mobile game businesses continued to support Bili’s margin expansion. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect Bili 2Q25E total revenue to increase by 20% YoY and 5% QoQ to RMB7.38bn, and adjusted net income to grow by 36% QoQ to RMB493mn, both largely in line with Bloomberg consensus estimate.We expect ad business to maintain strong YoY growth, supported by the improved commercial infrastructure, and mobile games to see sustained momentum driven by both legacy games and SanMou.The solid growth of high-margin ad and mobile game businesses continued to support Bili’s margin expansion. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - 2Q25 Preview: Advertising and Mobile Game Businesses Providing Strong Support

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>Local news reported that &lt;Project: Three Kingdom Ncard&gt;, a derivative card game of its &lt;Three Kingdom MDTX&gt; IP, might be released in C4Q25. </li>
<li>&lt;Ncard&gt; fills the air pocket in BILI's game pipeline. We thus raised BILI's TP from US$22.0 to US$ 24.0 and maintain BUY rating.</li>
<li>We thus raised BILI's TP from US$22.0 to US$ 24.0 and maintain BUY rating.</li>
</ul>


Local news reported that &lt;Project: Three Kingdom Ncard&gt;, a derivative card game of its &lt;Three Kingdom MDTX&gt; IP, might be released in C4Q25. 
&lt;Ncard&gt; fills the air pocket in BILI's game pipeline. We thus raised BILI's TP from US$22.0 to US$ 24.0 and maintain BUY rating.
We thus raised BILI's TP from US$22.0 to US$ 24.0 and maintain BUY rating.


[Bilibili Inc. (BILI US, BUY, TP US$24) TP Change]: C2Q25 Preview: New Game Emerged for 4Q Launch

<ul><li>We attended 2025 BiliBili Investor Day. Our key takeaways include: 1) ad business sustains strong growth underpinned by the upgrade of commercial infra, such as the introduction of mini program &amp; live streaming ad capabilities, the launch of intelligent ad platform BiliBili Bida, and the improvement of industry solutions</li><li>2) game business maintains momentum driven by legacy games, and new games planned for launch in 2025 including Trickcal RE: VIVE and Escape from Duckov.</li><li>3) Bili continues to leverage AI to support its ad monetization and content ecosystem, launching several AI tools such as AI ad placement, AI video translation, and AI search etc. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended 2025 BiliBili Investor Day. Our key takeaways include: 1) ad business sustains strong growth underpinned by the upgrade of commercial infra, such as the introduction of mini program &amp; live streaming ad capabilities, the launch of intelligent ad platform BiliBili Bida, and the improvement of industry solutions2) game business maintains momentum driven by legacy games, and new games planned for launch in 2025 including Trickcal RE: VIVE and Escape from Duckov.3) Bili continues to leverage AI to support its ad monetization and content ecosystem, launching several AI tools such as AI ad placement, AI video translation, and AI search etc. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - 2025 Investor Day: improving monetization to support quality earnings growth

<ul>
<li>With our strong endorsement of BILI's traffic and advertising story, we are constantly watching the development of its game pipeline, which is a near term drag. </li>
<li>The popularity of extraction shooter game &lt;Escape from Duckov&gt; on STEAM is unlikely to generate meaningful tractions. </li>
<li>The acceleration of game code approval still leaves the question of what kind of game BILI will be launching;  We maintain BUY on BILI at TP of US$22.</li>
</ul>


With our strong endorsement of BILI's traffic and advertising story, we are constantly watching the development of its game pipeline, which is a near term drag. 
The popularity of extraction shooter game &lt;Escape from Duckov&gt; on STEAM is unlikely to generate meaningful tractions. 
The acceleration of game code approval still leaves the question of what kind of game BILI will be launching;  We maintain BUY on BILI at TP of US$22.


[Bilibili (BILI US, BUY, TP US$22) Company Update]: Revenue Deceleration Is Still Likely to Happen

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (BILI US)

Bilibili (BILI US) - Inline 2Q25 Results; Solid 2H25 Earnings Outlook Despite Revenue Deceleration

BiliBili reported 2Q25 results: total revenue increased by 20% YoY to RMB7.34bn, in line with consensus estimate; adjusted net income reached RMB562mn

CMB International

Bilibili (BILI US) - 2Q25 Preview: Advertising and Mobile Game Businesses Providing Strong Support

We expect Bili 2Q25E total revenue to increase by 20% YoY and 5% QoQ to RMB7.38bn, and adjusted net income to grow by 36% QoQ to RMB493mn, both...

CMB International

[Bilibili Inc. (BILI US, BUY, TP US$24) TP Change]: C2Q25 Preview: New Game Emerged for 4Q Launch

Local news reports potential release of , a derivative card game filling air pocket in BILI's game pipeline, prompting raise in TP to US$24.0 and...

Blue Lotus Research Institute

Bilibili (BILI US) - 2025 Investor Day: improving monetization to support quality earnings growth

We are upbeat on Bili’s earnings momentum driven by its improving monetization and operating leverage. We maintain SOTP-derived target price of...

CMB International

[Bilibili (BILI US, BUY, TP US$22) Company Update]: Revenue Deceleration Is Still Likely to Happen

Despite concerns about its game pipeline, BILI's strong traffic and advertising story make it a buy with a target price of US$22.

Blue Lotus Research Institute

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Bilibili (BILI US) - Inline 2Q25 Results; Solid 2H25 Earnings Outlook Despite Revenue Deceleration

BiliBili reported 2Q25 results: total revenue increased by 20% YoY to RMB7.34bn, in line with consensus estimate; adjusted net income reached RMB562mn

CMB International

Bilibili (BILI US) - 2Q25 Preview: Advertising and Mobile Game Businesses Providing Strong Support

We expect Bili 2Q25E total revenue to increase by 20% YoY and 5% QoQ to RMB7.38bn, and adjusted net income to grow by 36% QoQ to RMB493mn, both...

CMB International

[Bilibili Inc. (BILI US, BUY, TP US$24) TP Change]: C2Q25 Preview: New Game Emerged for 4Q Launch

​Local news reports potential release of , a derivative card game filling air pocket in BILI's game pipeline, prompting raise in TP to US$24.0 and...

Blue Lotus Research Institute

Bilibili (BILI US) - 2025 Investor Day: improving monetization to support quality earnings growth

We are upbeat on Bili’s earnings momentum driven by its improving monetization and operating leverage. We maintain SOTP-derived target price of...

CMB International

[Bilibili (BILI US, BUY, TP US$22) Company Update]: Revenue Deceleration Is Still Likely to Happen

​Despite concerns about its game pipeline, BILI's strong traffic and advertising story make it a buy with a target price of US$22.

Blue Lotus Research Institute

Local news reports potential release of , a derivative card game filling air pocket in BILI's game pipeline, prompting raise in TP to US$24.0 and...

Despite concerns about its game pipeline, BILI's strong traffic and advertising story make it a buy with a target price of US$22.