Yamato published a report that slightly raised Bilibili (09626.HK) This year's advertising business forecast that the AIGC category has potential for further growth and will increase more ad inventory this year. The game business was still weak in the first half of the year, but there may be a turning point at the end of the second season or the beginning of the third season. Yamato indicated that 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, Bilibili's revenue forecast for this year and next two years was raised by 2%, and the profit forecast was raised by 4 to 5% because the contribution of high-profit advertising is likely to continue to increase. The target price for maintenance ratings was raised from HK$78.9 to HK$93.4.