According to reports, Founder Securities has issued a research note rating Bilibili-W (09626) as "Recommended". The firm is optimistic about the continuous improvement in advertising efficiency powered by AI, indicating that the company is entering a phase of profit release. It forecasts Bilibili's adjusted net profit attributable to shareholders for the years 2025-2027 to be 2.259 billion, 3.282 billion, and 3.960 billion yuan, respectively. Currently, Bilibili has achieved a transformation from "traffic dividend" to "retention operation" through its content ecosystem and commercialization balance, and is building a multi-engine driven sustainable profit model. The report states that in the second quarter of 2025, the company achieved revenue of 7.34 billion yuan, a year-on-year increase of 19.8%, mainly driven by the growth in gaming and advertising businesses. Gross profit reached 2.68 billion yuan, up 46% year-on-year; with a gross margin of 36.5%, it increased by 6.5 percentage points year-on-year and 0.2 percentage points quarter-on-quarter, marking 12 consecutive quarters of quarter-on-quarter growth. Non-GAAP net profit attributable to shareholders was 560 million yuan. In the second quarter, Bilibili's profits continued to expand. The firm believes that Bilibili is currently in a phase of stable growth, with its commercialization model maturing, entering a profit harvest period.