November 11th, Great Wall Securities issued a research report, pointing out that the third-quarter performance of Bilibili may be a key catalyst for the stock price, expecting it to achieve a balance of profits and losses in the third quarter of this year, and expecting the adjusted operating profit to be 0.163 billion yuan. The firm believes that the visibility of Bilibili's profit trajectory has become clearer, and they believe that its advertising and gaming businesses may become the two main pillars driving further profit growth in the future. Great Wall Securities predicts that after the fourth quarter game update of Bilibili's game "Three Kingdoms: Strategy Master", its total IOS revenue ranking will rise back to the top 10. The firm also expects the game revenue of Bilibili's "Jujutsu Kaisen: The Strongest" to increase by 71% year-on-year in the third quarter, showing a clearer profit trajectory. The firm holds an optimistic view on its profit margin expansion trajectory, expecting the gross margin to increase by 4.6 percentage points to 34.5% in the third quarter. In addition, Great Wall Securities has raised Bilibili's earnings forecast for the fiscal years 2024 to 2026 by 1% to 3% per share and raised its H share target price from 210 Hong Kong dollars to 215 Hong Kong dollars, upgrading its rating from "hold" to "buy".