JPMorgan has released a research report upgrading its rating for Bilibili Inc. (BILI) and BILIBILI-W (09626) to "Overweight." The target price for the US-listed shares has been raised from $27 to $35, while the target for the Hong Kong-listed shares has been increased from HK$210 to HK$270. The bank noted that the company's share price has retreated from its peak in January this year, suggesting that investors should take advantage of the current low levels to accumulate shares. It believes Bilibili's strategy of increasing investment in artificial intelligence is sound. Last year, AI already became a driver for growth in user engagement and advertising revenue, and it is expected to continue fueling related growth in the coming years. Additionally, despite AI investments, the company maintains strong operating leverage and is projected to achieve solid profit growth this year. JPMorgan forecasts a 25% increase in adjusted net profit for 2025, accelerating to 41% and 30% in 2027 and 2028, respectively. Furthermore, the bank views Apple's recent reduction of commission rates in the China App Store as beneficial to multiple segments of Bilibili's business, estimating a positive impact of approximately 3%.