Goldman Sachs issued a research report stating that BILIBILI-W (09626) saw accelerated growth in Q3 advertising revenue, with adjusted EPADS exceeding expectations due to operating leverage. Key focus areas include the momentum in ad growth and the performance of the game "Three Kingdoms: Strategic World."

The report noted that Bilibili's Q3 revenue was largely in line with expectations at RMB 7.7 billion, up 5% year-on-year, slightly surpassing the bank's and market forecasts by 1% and 0%, respectively. Non-GAAP adjusted earnings per share outperformed expectations at RMB 1.73, exceeding both the bank's and market estimates by 14% and 17%. Goldman Sachs reiterated its "Buy" rating with a target price of HK$234.