According to a report published by Jefferies, Bilibili has just announced its second-quarter results and updated its annual revenue guidelines. The bank believes the new guidelines reflect the latest business trends and respond to market concerns. Management also emphasized the effects of daily active user (DAU) growth and monetization. The former continues to maintain strong momentum, and also reaffirmed the goal of achieving balance of payments by 2024. The bank maintained the group's “buy” rating, and the target price for H shares was raised from HK$169 to HK$177. The bank mentioned that the Group's revised annual revenue guidelines ranged from RMB 22.5 billion to RMB 23.5 billion. The median of the revised guidelines was 5% and 7% lower than the market and Jefferies forecasts, respectively, mainly due to delays in the release of some games and revenue contributions from non-core businesses such as IP derivatives, which fell short of expectations. The bank expects the group's total revenue for the third quarter to remain flat year-on-year at RMB 5.8 billion. The bank believes the group will be expected to capture long-term trends in the Gen Z entertainment market in terms of themes, community, and commercialization.