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) Target Price Change]: C3Q24 Review: Game Slowdown from C2Q25

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

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

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

<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