Goldman Sachs released a report stating that since raising the rating of Bilibili (09626.HK) (BILI.US) to "buy" on September 26, investors' concerns have mainly focused on the sustainability of "Three Kingdoms: Strategy Ruler" and expectations for gaming revenue in the third and fourth quarters; the company's execution and monetization abilities in the video platform and advertising business; as well as the company's long-term profit levels and fair valuation in the volatile market environment.

Goldman Sachs pointed out that Bilibili's stock price has been volatile recently, with a 50% increase in the past two weeks despite a pullback in the last two days. With improvements in the business portfolio, it is expected that profit growth should be sustainable starting from the third quarter, and a net profit margin of 10 to 15% is expected to be achieved by 2026.