BILIBILI-W (09626) saw its shares rise more than 4% in Hong Kong trading. At the time of writing, the stock was up 4.15% to HK$205.8, with a trading volume of HK$800 million.

The increase follows the company's recent earnings report, which showed revenue of RMB 8.32 billion for the fourth quarter of 2025, an 8% year-on-year increase. Adjusted net profit reached RMB 878 million, surging 94% compared to the same period last year.

For the full year, total revenue amounted to RMB 30.35 billion, up 13% year-on-year. Adjusted net profit was RMB 2.59 billion, marking the first time the company has achieved full-year profitability.

China Merchants Securities issued a research note highlighting the strong performance of BILIBILI-W's exclusively represented SLG game, "Three Kingdoms: Strategic Conquest," launched in 2024. The report also pointed to a pipeline of upcoming games, including "Escape from Duckov," "Shine! Lumi," and "Three Kingdoms Hundred Medals," which are expected to contribute to future earnings growth. Additionally, the company has significantly increased its advertising market share across multiple industries, indicating substantial commercial potential.

Analysts remain optimistic about BILIBILI-W's accelerating commercialization efforts and the improved profitability driven by operating leverage.