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<Research>CICC: BILIBILI-W Speeding Up Advertising w/ Increased Spending; TP Raised to HKD232
Recommend 5 Positive 5 Negative 3 |
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Yesterday (6th), BILIBILI-W (09626.HK) announced its 4Q results for the period ending December 2025, with 4Q25 revenue growing by 7.6% YoY to RMB8.321 billion, beating both CICC's and the market's consensus forecast of RMB8.133 billion, according to a report from the broker. The non-GAAP net profit reached RMB878 million, surpassing CICC's expectation of RMB730 million and the market consensus of RMB796 million, mainly due to better-than-expected advertising revenue growth and differences in income tax expenses. Considering the acceleration in advertising and increased expenses, CICC has kept its 2026-27 non-GAAP net profit forecasts for BILIBILI-W and the Outperform rating unchanged. Although AI investment impacts short-term profits, it aids long-term development. Accordingly, the broker has raised its target price for the company by 5.5% to HKD232. AAStocks Financial News |
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