HK Stock Market Move | BILIBILI-W(09626) rose nearly 3%, Morgan Stanley pointed out that the company's advertising business is steadily growing, with AI-related advertising becoming a new highlight.

BILIBILI-W (09626) rose nearly 3%, as of the time of publication, it rose by 2.95% to 223 Hong Kong dollars, with a turnover of 237.361 million Hong Kong dollars. Morgan Stanley released a research report stating that BILIBILI-W's advertising business performance is strong. The company's user growth and usage time in the first nine months of 2025 have been good, mainly driven by the promotion of high-quality medium to long video content. Management expects the situation to continue until the fourth quarter of 2025 and 2026. Advertising revenue is steadily growing, with e-commerce advertising revenue expected to increase by 30% annually during the "Double Eleven" period in 2025, and AI-related advertising becoming a new highlight. The ad load rate is expected to remain around 7% throughout the year, with advertising growth mainly depending on price increases. Zhongtai previously pointed out that in Q3 2025, BILIBILI-W's DAU reached 117 million, an increase of 9%, with DAU accounting for 31% of MAU; the average daily usage time reached 112 minutes, an increase of 6%. At the same time, BILIBILI-W continues to show restraint in commercializing advertising, with its current ad load rate only at 5-8%, leaving room for further commercialization.