Nomura: It is unlikely that the growth in game revenue of Bilibili will continue. We maintain a neutral rating on the stock.

Nomura's report stated that the strong growth in game revenue of Bilibili over the past 12 months was almost entirely driven by "Three Kingdoms: Tactics to Rule the World," and it appears that the game has already reached its peak. Nomura analysts warned that the game may shift from being a growth driver to a drag in the coming quarters. Bilibili had previously mentioned that several new games are being prepared, but due to the uncertainty of their launch time, these games have not yet been reflected in the performance expectations. They believe that the likelihood of the upcoming games achieving the same level of success as "Three Kingdoms: Tactics to Rule the World" is low. Nomura maintains a neutral rating on the stock with a target price of $25.00.