On July 18, Gelunhui | Bilibili (BILI.US) rose 2.06% before the market, and reported at $15.85. The latest research report released by CICC pointed out that Bilibili's advertising and gaming business will gradually grow, and profitability will gradually improve. Due to the better-than-expected performance of 'Three Kingdoms: The World Strategized', the bank raised the group's revenue forecast for 2024 and 2025 by 4.1% and 4.4%, respectively to 27.1 billion and 32 billion yuan, and raised the net profit forecast for 2025 under non-international financial reporting standards by 24.1% to 2.68 billion yuan. The bank maintains Bilibili's 'outperform industry' rating and raises its target price for H-shares and US stocks by 16% and 18%, respectively, to HK$151 and $20. Jiayin International also pointed out that the performance of 'Three Kingdoms: The World Strategized' is impressive, and raised its full-year game revenue expectations. The bank slightly adjusted Bilibili's second-quarter revenue forecast by 1% to 6.1 billion yuan, a year-on-year increase of 16%, mainly due to the better-than-expected performance of new games. The gross margin is expected to increase by 6 and 1 percentage points on an annual and quarterly basis, respectively, to 29%, mainly due to the scale effect and the increase in the proportion of advertising revenue. Based on the adjustment of game revenue, the bank raised its total revenue forecast for 2024 and 2025 by 5% and 8%, respectively, considering that the increase in marketing investment partially offsets the revenue increase, and maintained the expectation of turning losses into profits in the third quarter, and slightly raised the net profit forecast for 2025. The bank raised its target price for US stocks and H shares to $20 and HK$155, respectively, from $17 and HK$132.