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

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

[Bilibili Inc. (BILI US, BUY, TP US$24) Target Price Change]: C3Q24 Review: Game Slowdown from C2Q25

[Bilibili (BILI US, BUY, TP US$22) TP Change]: C3Q24 Review: Traffic Growth Bodes Well for Future

[Bilibili (BILI US, BUY, TP US$20) TP Change]: User Demographics&AI Drive China’s Video Instagram

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

<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