Citigroup released a research report stating that bilibili's latest mobile game "Three Kingdoms: Strategize to Win" performed far better than expected. Data shows that the game ranked third in total iOS game revenue from June 13 to 19, and dropped to fourth on the 19th. Based on the latest rankings and the performance of other strategy games, Citigroup expects the game to reach a revenue of 700-1 billion RMB in the first month if it can maintain a position in the top ten. The bank has given it a target price of $15.5 and a "neutral" rating.

The bank believes that strategy games usually have a longer life cycle, especially Three Kingdoms-themed games, which means that the group's prospects for 2025 and 2026 will improve. The bank believes that the success of Three Kingdoms-themed games may encourage the company to allocate more self-developed resources to non-anime, non-comic games (non-ACG) in the future.