BILIBILI-W (09626) saw its stock price surge by 5.04% during intraday trading on Thursday, as investors reacted positively to recent developments in the gaming industry and the company's strong performance. The stock's significant uptick comes amid a wave of optimism surrounding the gaming sector in China.

The rally was primarily fueled by the announcement from the National Press and Publication Administration, which approved 156 new online game licenses, marking the third time this year that monthly approvals exceeded 150 titles. This move signals continued support for the gaming industry from Chinese regulators, boosting investor confidence. Kaiyuan Securities noted that the current prosperity cycle in the gaming industry might surpass market expectations, recommending increased allocation in gaming sector investments.

BILIBILI-W's own performance has been particularly strong, especially in its mobile gaming segment. The company's Q2 2025 gaming revenue reached RMB 1.61 billion, representing a remarkable 60% year-over-year growth. This growth was primarily driven by the success of "Three Kingdoms: Tactics." Looking ahead, BILIBILI-W is piloting a mini-game version of this title and preparing to launch an international version in the second half of 2025. Furthermore, the company has a rich pipeline with 4 to 5 games awaiting license approval, including a casual game based on the popular Three Kingdoms IP. These developments suggest potential for continued growth and expansion in the gaming market.