Goldman Sachs released a research report stating that BILIBILI-W (09626) 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: Hundred Generals Card" is an asymmetric strategy casual card game, with management expecting it to become a blockbuster title achieving millions of daily active users (DAU), officially launching during the 2026 Spring Festival period. "Doodle Face Prank" is a mobile anime RPG featuring cute characters, expected to go online in the fourth quarter of this year. "Escape from Duckov" is a single-player top-down shooter looter PC game, also expected to launch in the fourth quarter of this year. Goldman Sachs maintains a "Buy" rating and HK$205 target price for BILIBILI-W.

Regarding advertising trends by industry and growth momentum, BILIBILI-W noted that gaming industry advertising performed steadily in the first half of the year, with major game publishers increasing their spending on the company's platform year-over-year, while mini-games also gained market share. The 3C digital business was boosted by the 618 shopping festival and national subsidies, with second-quarter growth exceeding expectations. Home and household goods also benefited from subsidies and performed well during the 618 period, with trends expected to continue through year-end. The company's eCPM (average revenue per thousand ad impressions) grew by double digits year-over-year in the first quarter, primarily due to an expanded advertiser base and algorithm optimization improving conversion rates. Deep conversion ratios doubled in the second quarter of 2025, and the company will test AI-generated (AIGC) personalized titles and covers in the second half of 2025 to improve ad click-through rates.