On March 11 | BILI.US (BILI.US) rose 14.7% to $12.77; H shares closed up 11.6% today. Bilibili's net revenue for the fourth quarter of 2023 was 6.3 billion yuan, compared to 6.1 billion yuan in the same period last year; gross margin reached 26.1%, up 20.3% from the same period last year; and the average daily active users reached 101 million, an increase of 8% over the same period in 2022. J.P. Morgan published a research report, upgrading Bilibili's investment rating from “outperforming the market” to “neutral,” believing that the current level of risk and return is more balanced, and views on its short-term stock price outlook have become more positive. The target price was raised from HK$80 to HK$85. Starting in the second quarter of this year, Station B will enter a new game release cycle. Key titles to be launched in the next six months include “Three Kingdoms: Designing the World” and “Scarlet Dye the Sky”, which are expected to accelerate the growth of game business revenue.