Yamato published a report, slightly raising Bilibili's advertising business forecast for this year, believing that the AIGC category has potential for further growth and will increase more ad inventory this year. The game business remained weak in the first half of the year, but there may be a turnaround at the end of the second season or the beginning of the third season. According to Yamato, based on Bilibili's break-even progress, ad monetization, and new game performance, the end of the second season will be its strategic time window for re-evaluation. Due to the increase in advertising revenue, Yamato raised Bilibili's revenue forecast for this year and next two years by 2%, and the profit forecast by 4 to 5%, as high-profit advertising contributions are likely to continue to increase. The holding rating was maintained, and the target price was raised from HK$78.9 to HK$93.4.