BILIBILI-W (09626) saw an intraday increase of nearly 4%. At the time of writing, the stock had risen by 3.43%, trading at HK$172.10, with a turnover of HK$196 million.

Citi issued a research report stating that it maintains its target price of US$27 for Bilibili Inc. (BILI.US) and a "Buy" rating, expressing optimism that its strong advertising growth momentum will drive future profit increases. The report forecasts that BILIBILI-W (09626) will achieve first-quarter revenue of RMB 7.5 billion, a year-on-year increase of 7%, with non-GAAP operating profit reaching RMB 553 million, both broadly in line with market expectations. Among these, advertising revenue is expected to grow by 26% year-on-year, with further upside potential driven by the continuous expansion of advertising scenarios, efficiency improvements from AI, and growth in user spending power.

Taking into account seasonal factors and the gradual increase in AI investment, the bank maintains its forecast for an adjusted operating profit margin of 7.2% in the first quarter. Additionally, data shows that the new game "Three Kingdoms: Hundred Generals Card" has shown weak download ranking performance following its soft launch. However, it is believed that the company will initiate promotional activities as the summer holiday approaches.