BILI 3Q25 Results: Topline Growth Could Remain Stable
What’s new: Bilibili’s reported 3Q25 results that were above consensus and our expectations. Gaming revs could continue to be under pressure partly due to tougher comps in San Mou, while ad growth could remain resilient in 4Q. Margins could further improve sequentially partly driven by continued cost controls. We up our PT from US$27 to US$29 on resiliency of key business segments including ads. Our updated PT of US$29 implies a 26.9x FY26E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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