10月21日格隆汇｜花旗发表研究报告指出，bilibili is expected to announce its third-quarter business performance in mid-next month, and the group's revenue and adjusted profitability are expected to meet market expectations. Due to the success of the game "Three Kingdoms: Fate Determined", it is expected that game revenue in the third quarter will grow by 67% year-on-year. The momentum of advertising may continue into the third quarter as the foundation improves and remain better than the industry in the fourth quarter. The bank stated that as the revenue mix shifts towards gaming and advertising businesses, although more market promotion expenses are needed for new games, the group's non-GAAP operating profit is expected to turn losses into gains, and the earnings forecasts for 2025 and 2026 are raised by 3% and 1% respectively to reflect the slightly better-than-expected performance of "Three Kingdoms: Destiny Determined", and the target price is raised from $16 to $22, maintaining a "neutral" rating.