Bank of China International: Maintains "buy" rating on Bilibili-W (09626), raises target price to 198 Hong Kong dollars.

Bank of China International has released a research report stating that it maintains a "buy" rating for BILIBILI-W (09626) with a target price raised from HKD 172 to HKD 198. The bank stated that the company's revenue in the fourth quarter of last year increased by 22% year-on-year, in line with market expectations, with a gross profit margin reaching a historical high of 36%. It recorded quarterly GAAP profit for the first time, and the adjusted operating profit margin expanded to 6% on a quarter-on-quarter basis. The bank expects the company to implement its strategic commitments in online games, advertising, and value-added services this year. It also mentioned that "Three Kingdoms: Strategy for Victory", strengthened commercialization capabilities in advertising, and plans for value-added services will continue to drive related businesses steadily. It is expected that the integration of the main business with open-source artificial intelligence will promote high-quality content and user engagement, bringing continuous benefits.