Goldman Sachs has issued a research report reiterating a "Buy" rating for BILIBILI-W (09626), with a target price of HK$266 for its Hong Kong-listed shares and US$34.2 for its U.S.-listed shares (BILI). The company's fourth-quarter results for last year exceeded expectations, with revenue reaching RMB 8.3 billion, an 8% year-on-year increase, surpassing both the bank's and market forecasts by 2%. Regarding the outlook for 2026, the report noted that BILIBILI's management remains optimistic about healthy user growth and increased user engagement, expressing confidence in advertising revenue growth. The first quarter of 2026 has already shown a solid start. Benefits from annual AI budget investments, improvements in ad conversion rates, and optimization of the recommendation system are expected to continue unfolding. New games, "Three Kingdoms: Hundred Generals" and "Shine! Lumi," scheduled for release mid-year, are anticipated to contribute to gaming revenue growth in the second half of 2026. Management also mentioned potential AI-related investments this year ranging from RMB 500 million to RMB 1 billion. The bank believes the company will benefit from the adoption of AI technology and AIGC content, thereby enriching its platform ecosystem.