BILI 2Q25 Results: Ads Remain Resilient
What’s new: Bilibili’s reported 2Q25 revs that were in-line consensus and our expectations. While gaming revs could be under pressure in 2H partly due to tougher comps related to San Mou, ads could remain resilient as BILI continues to outgrow the industry. Margins could also improve partly driven by continued cost controls. We up our PT from US$25 to US$27 on better margin outlook. Our updated PT of US$27 implies a 26.4x FY26E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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