金吾财讯 | 招银国际参加了2025年哔哩哔哩投资者日活动，会议核心要点包括：1）广告业务持续强劲增长，得益于公司商业基础设施的升级，包括推出小程序及直播广告功能、上线智能广告平台“哔哩必达”，以及完善行业解决方案等；2）游戏业务稳健增长，受益于长线游戏的良好表现，2025年计划上线的重点新游包括《Trickcal RE:VIVE》和《逃离鸭科夫》等；3）公司持续利用AI助力广告变现和内容生态，推出AI自动投放、AI视频翻译、AI搜索等多项AI工具。在商业化水平提升和运营杠杆的推动下，该机构看好哔哩哔哩盈利增长趋势，维持基于SOTP的目标价26.50美元以及“买入”评级。
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