Caitong Securities: First to give Bilibili-W (09626.HK) a "buy" rating, expected to bring both content expansion and monetization of traffic.

According to the Wise Financial APP, Caitong Securities released a research report stating that Bilibili-W (09626.HK) is a leading online video and content community platform in China, starting with ACG content since 2009 and gradually expanding into comprehensive communities in various fields such as general knowledge and lifestyle. The company's content ecosystem based on PUGV+OGV+ live streaming continuously drives user growth, and retains users through community interaction culture and brand activities. As of 3Q2025, the MAU reached 376 million (YoY +8%), and the retention rate of official members in the 12th month reached 80%. It is estimated that the company's revenue for 2025-2027 will be 30.41/32.44/35.19 billion yuan respectively (YoY +13.3%/6.7%/8.5%), with adjusted net profit of 2.14/3.15/4.30 billion yuan, corresponding to a PE of 33.8/22.9/16.8x at the current price. First coverage, with a "neutral" rating.