Goldman Sachs: Bilibili has achieved a solid start in the first quarter of this year, with a "buy" rating.

Goldman Sachs released a report stating that Bilibili's performance in the fourth quarter of last year exceeded expectations, with revenue reaching 8.3 billion yuan, an 8% increase year-on-year, outperforming the bank and market expectations by 2%. Looking ahead to 2026, the company's management is optimistic about the healthy growth of users and user engagement, as well as confident in the growth of advertising revenue. The first quarter of 2026 has had a solid start, with benefits expected to continue to accrue from increased AI budget allocation, improved advertising conversion rates, and optimized recommendation systems throughout the year. New games "Three Kingdoms: Hundred Generals" and "Shining! Lumi" are expected to be launched in the middle of the year, contributing to the growth of gaming revenue in the second half of 2026. Management also mentioned that the potential investment in the AI field this year is estimated to be between 500 million and 1 billion yuan. The bank believes that the company will benefit from the popularization of AI technology and AIGC content, enriching its platform ecosystem. Goldman Sachs has a "buy" rating on Bilibili, with a target price of 266 Hong Kong dollars for Hong Kong stocks and 34.2 US dollars for US stocks.