Bilibili-W (09626) saw a surge of nearly 7% in late trading. As of the time of writing, the stock was up 6.62%, trading at HK$238.2, with a turnover of HK$1.148 billion. A report from Jefferies previewed Bilibili's performance for the fourth quarter of 2025, anticipating that quarterly revenue and non-GAAP operating profit would align with the firm's forecasts. Total revenue is expected to maintain a year-on-year increase of approximately 5%, reaching RMB 8.1 billion. The report noted that in gaming, the success of "Escape from Yakof" highlights a strategy focused on leading positions in vertical categories, long-term product operation, and targeting the younger generation. According to the firm's 2026 outlook report, AI is predicted to be a key focus area, with the entertainment industry favored for its defensive characteristics. A report from Great Wall Securities stated that Bilibili's AI-driven increase in content production is fueling a continuous record high in platform user numbers, underpinning a stable and differentiated user base. The company's AI technology enhances the efficiency of marketing material production and improves advertising campaign effectiveness. Over 60% of video content consumption on the platform now involves AI-generated materials, and AI-powered ad placements account for more than 45% of total ad spending, boosting overall distribution efficiency by over 10%. Furthermore, "Three Kingdoms: Strategic Conquest" continues to demonstrate steady performance, with market attention turning to the progress of the company's new game developments.