BILIBILI-W (09626) surged over 4%, rising 4.18% to HK$219.4 with turnover reaching HK$818 million as of press time.

On the news front, Bilibili unveiled its new strategy competitive card game "Three Kingdoms General Cards" on September 10th. The company announced that pre-registration for the game has opened, with the first round of public testing scheduled to begin in October.

Additionally, "Three Kingdoms: Determining the World" officially launched its new Season S10 on September 20th, with Qimai data showing the game climbed to the top 5 on the iOS game revenue charts on its launch day.

Goldman Sachs previously noted that BILIBILI-W participated in the firm's Goldman Sachs Asia Pacific Leaders Forum, where the company discussed its game product pipeline and release schedule. Management described "Three Kingdoms General Cards" as an asymmetric strategy casual card game, expecting it to become a major title with millions of daily active users (DAU), with official launch planned for the 2026 Spring Festival period.

CITIC Securities pointed out that according to media reports, Zhang Di, former Vice President of Kuaishou and original head of the technical department of Keling AI business unit, recently joined BILIBILI-W as head of the technology division. During the 2025 Investor Day, the company emphasized AI's empowerment of main site operations and advertising monetization.

China Merchants Securities believes that the company's exclusive agent SLG game "Three Kingdoms: Determining the World" launched in 2024 has performed excellently. The subsequent pipeline of multiple game products is expected to continuously contribute to revenue growth, with significant improvement in advertising market share across multiple industries, demonstrating substantial commercialization potential.