Gelonghui, May 27 | CICC released a report saying that Bilibili's revenue for the first quarter was 5.665 billion yuan, up 11.7% year-on-year, basically in line with expectations; non-GAAP net loss of 440 million yuan was also better than expected, mainly due to effective cost, management and R&D cost control. Considering revenue elasticity and cost investment in the game business, the bank raised non-GAAP net profit by 4.6% to $2.156 billion in 2025. Currently, both Hong Kong stocks and US stocks are trading at 1.7 and 1.5 times the 2024 and 2025 market sales rates, maintaining the “outperforming industry” rating. Taking into account profit forecast adjustments and the upward shift in the industry valuation center, the target price for H shares was raised by 28.7% to HK$130, and the target price for US stocks was raised by 30.8% to $17.
研报掘金｜中金：上调哔哩哔哩H股及美股目标价 维持“跑赢行业”评级
Research Nuggets | CICC: Raising the target prices of Bilibili H shares and US stocks to maintain “outperforming the industry” rating
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