Bilibili-W (09626) surged over 3% in early trading, with shares up 2.87% to HK$207.4 by the time of writing, recording a turnover of HK$132 million. The company recently announced its Q3 2025 results, reporting total net revenue of RMB 7.69 billion (USD 1.08 billion), a 5% year-on-year increase. Advertising revenue rose 23% YoY to RMB 2.57 billion (USD 361 million), while gross profit climbed 11% to RMB 2.82 billion (USD 396 million). Gross margin improved to 36.7%, up from 34.9% in the same period of 2024. The company posted a net profit of RMB 469 million (USD 65.9 million), reversing a net loss of RMB 79.8 million in Q3 2024.

CCB International noted Bilibili's solid financial and operational performance in Q3, anticipating strong market reception for the upcoming mobile and console versions of *Duckov* and growth potential from other new game releases. Goldman Sachs highlighted Bilibili's high-quality content community, strong user engagement, and monetization improvements through higher ad conversion rates and AI-driven traffic optimization. The firm also emphasized significant gaming growth potential from new projects expected before 2026.