CICC's report pointed out that bilibili (09626.HK) recorded a third-quarter revenue of 7.306 billion RMB (same below), a 25.8% year-on-year increase, slightly higher than the market's expectation of 7.129 billion RMB and the bank's expectation of 7.143 billion RMB; Non-GAAP net profit was 0.236 billion RMB, slightly higher than the market's expectation of 0.207 billion RMB and the bank's expectation of 0.229 billion RMB, mainly due to gaming revenue exceeding expectations.

The report mentioned that benefiting from the strong performance of "Three Kingdoms: Strategic Edition," the revenue in the third quarter increased by 84% year-on-year to 1.82 billion RMB. It has consecutively ranked in the top three of the iOS bestseller list for three seasons. The company's earnings call stated that "Three Strategic" is positioned for long-term operation. The company plans to release an overseas version of "Three Strategic" in the second half of next year, recommending attention to the sustainability of subsequent revenue.

CICC indicated that considering the sales expense investment in the fourth quarter, the forecast for bilibili's Non-GAAP net loss for this year is adjusted from 43.95 million RMB to 90.21 million RMB; maintaining next year's Non-GAAP net profit forecast unchanged. They maintained the 'outperforming the industry' rating and the SOTP valuation method, taking into account the revenue structure changes next year. The growth rate of VAS business revenue may slow down, so they lowered the target price of bilibili (09626.HK) by 1.1% to 188 Hong Kong dollars and the target price of bilibili (BILI.US) by 4% to 24 US dollars.