BILIBILI-W (09626) surged nearly 5%, and as of press time, the stock was up 4.65% to HK$216, with trading volume reaching HK$731 million.

On the news front, on September 24, the National Press and Publication Administration's official website released the latest batch of online game license approvals, with 156 games receiving approval in total - comprising 145 domestic games and 11 imported games. This marks the third time this year that monthly license approvals have exceeded 150 titles.

Kaiyuan Securities noted that under the resonance of supply and demand, the length of this prosperity cycle in the gaming industry may exceed market expectations. The sector's current valuation cost-effectiveness remains outstanding, and they recommend continuing to increase allocation in gaming sector investments while maintaining focus on core new games and evergreen game performance.

Guosen Securities pointed out that in the first half of the year, the company's mobile gaming business benefited from the strong performance of "Three Kingdoms: Tactics," achieving operating revenue of RMB 3.34 billion, a year-over-year increase of 68%. Evergreen products "Fate/Grand Order" and "Azur Lane" continued to maintain stability.

Great Wall Securities indicated that BILIBILI-W's gaming business achieved revenue of RMB 1.61 billion in Q2 2025, representing a 60% year-over-year growth, primarily benefiting from the strong performance of the company's "Three Kingdoms: Tactics." The company is currently piloting a mini-game version of "Three Kingdoms: Tactics" and preparing to launch an international version in the second half of 2025. Additionally, the company currently has 4 to 5 games awaiting license approval, including a casual game based on the Three Kingdoms IP.