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Citi Expects BILIBILI-W 2Q Revenue and Adj. Profit to Largely Meet Consensus
2026-07-31 14:51:41
Citi released a report on BILIBILI-W (09626.HK), which was expected to announce its 2Q26 results around the end of August, with revenue and adjusted operating profit broadly meeting market expectations.

The broker forecast game revenue to remain weak YoY, mainly owing to the high base effect from "Three Kingdoms: Strategy for Domination", while the key growth driver is still expected to come from the advertising business, backed by increased total user time spent, improved efficiency, and the expansion of more advertising scenarios.

Citi slightly adjusted its 2026/2027/2028 earnings forecasts and maintained the ADR TP of Bilibili Inc. (BILI.US) at USD27. Based on strong advertising momentum and margin improvement potential, the broker maintained its Buy rating.
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