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JPM Lifts BILIBILI-W's TP to HKD210; Advertising Growth Positive
2025-11-19 12:01:43
BILIBILI-W (09626.HK) maintained a robust 23% YoY growth in advertising revenue for 3Q25, according to JPMorgan's research report. Benefiting from an increase in advertisers, its advertising revenue also grew by 30% YoY during the Double 11 period in 4Q25.

It is worth noting that although BILIBILI-W's sales and administrative expenses decreased YoY in 3Q25, daily active users still sustained a healthy 9% YoY growth, reflecting the attractiveness of its content. Driven by high-quality self-produced content, the number of paid members climbed by 16% YoY, while the operating profit margin expanded from 7.8% in 2Q25 to 9% in 3Q25.

JPMorgan has kept a Neutral rating on BILIBILI-W, believing that the strong earnings growth prospects are already fully reflected in the current valuation. Its target price has increased from HKD185 to HKD210.
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