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<Research>Haitong Intl Expects BILIBILI-W Gaming Biz to Trend Soft This Yr
Recommend 3 Positive 8 Negative 4 |
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BILIBILI-W (09626.HK) charted in-line 1Q results, Haitong International said in its report. Advertising revenue was 3% above expectations; gaming revenue was 1% below expectations; VAS was 2% below expectations; and adjusted operating margin met expectations. The US TP for Bilibili (BILI.US) was set at USD21, with a rating of Outperform. Bilibili's gaming business may continue to trend soft this year, the broker opined. Revenue from "San Mou" is expected to decline YoY for the full year due to a high base, while the launch schedules for its Japanese and Korean versions have also been delayed. For new games, "N Card" is expected to launch in July, while "Sanguo: Wang Dao Tian Xia" and "Shining Lumie" are planned for release in 4Q26. However, the broker believed these new titles will be insufficient to offset the decline of "San Mou". Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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