BILIBILI-W (09626) surged over 5%, rising 5.23% to HK$209.2 with trading volume of HK$355 million as of press time.

On the news front, September 10 marked the first reveal of Bilibili's new strategic competitive card game "Three Kingdoms: Cards of Generals." The company officially announced that pre-registration for the game has begun, with the first round of "Card Battle" public testing scheduled to commence in October. As Bilibili's second Three Kingdoms-themed game release, "Cards of Generals" is described as a brand-new asymmetric casual competitive card game.

Goldman Sachs recently noted that Bilibili participated in the firm's Goldman Sachs Asia Pacific Leaders Forum. Regarding the gaming product pipeline and release schedule, the company indicated that "Three Kingdoms: Cards of Generals" is an asymmetric strategic casual card game. Management expects it to become a major title with daily active users (DAU) reaching millions, with an official launch planned during the 2026 Spring Festival period.

Guosen Securities believes the company's community and user advantages are significant, and it remains in the early stages of commercialization. With the support of new technologies like AI, businesses including gaming, advertising, and value-added services all present favorable growth opportunities.

Open Source Securities considers gaming to be the next innovative pharmaceutical sector. The firm points out that gaming shares advantages or common characteristics with innovative pharmaceuticals: ①Higher second-order derivative of profitability during performance realization periods - due to early-stage pipeline/project accumulation, both innovative drugs and games experience rapid and substantial increases in revenue and profit growth once entering harvest periods; ②Relatively low fund positioning with significant room for improvement, with Q2 fund overweight ratio at 0.18%.