On November 15, Gelonghui reported that Citigroup stated bilibili's third quarter performance met expectations, with total revenue rising 25.8% year-on-year to 7.3 billion yuan, turning adjusted EBIT into a profit of 0.272 billion yuan, compared to a loss of 0.755 billion yuan in the same quarter last year. The firm indicated that the company's stable revenue growth is driven by strong growth in mobile games and advertising. Mobile game revenue increased by 84% year-on-year, benefiting from the success of the new hit Three Kingdoms series games, while advertising revenue benefited from robust traffic growth and an increase in the proportion of gaming and e-commerce ads. The firm expects this trend to continue. It forecasts bilibili's fourth quarter revenue to rise 21% year-on-year, driven by a 79% increase in mobile game revenue and a 24% increase in advertising revenue, with adjusted EBIT expected to rise to 0.383 billion yuan quarter-on-quarter. The firm maintains an "outperform" rating on the stock with a target price of $25.