Bank of America Securities released a report stating that following the better-than-expected performance of Bilibili in the second quarter, the bank held an investor conference last week. The bank expects the steady trends in the company's gaming and advertising business to continue in the second half of the year, with investors focusing on updates for the game 'The Three Realms', the sustained stability of the advertising business, and the growth of e-commerce related businesses. In addition, the company's management is confident in its profit trend. The bank mentioned that the user engagement and feedback for the second season of 'The Three Realms' on Bilibili are good, and the company will launch the third season at the end of November. The investment return rate for promotional activities is still on track, and the company will accordingly manage marketing expenses. Furthermore, the company is confident in the lifespan of the 'The Three Realms' game (6 to 9 years relative to a similar game 'Three Kingdoms' from a competitor) and has seen good engagement and positive tipping behavior from young users through Bilibili's own channels.

The bank expects that under the steady trends in the gaming and advertising businesses, bilibili can achieve a balance between revenue and expenses in the third season. It also points out that the combination of its gross margin and its high-profit business model transformation, as well as cost optimization, will be a key driving force for the company's gross margin expansion. With the steady trends in key businesses, the bank will raise its earnings per share forecast for 2024 to 2026 by 3% to 11%, and raise the target price from 140 Hong Kong dollars to 147 Hong Kong dollars, reaffirming the 'buy' rating.