智通财经APP获悉，高盛发布研报称，哔哩哔哩-W(09626)参与了该行的高盛亚太领袖论坛，就游戏产品线与发行时程方面，公司指《三国：百将牌》为非对称策略休闲卡牌游戏，管理层预计将成为每日活跃用户(DAU)达百万级别的大作，2026年春节期间正式推出；《嘟嘟脸恶作剧》为手机动漫RPG，主打可爱角色，预计今年第四季上线；《逃离鸭科夫》为单人俯视角射击掠夺PC游戏，同样预计今年第四季推出。高盛维持哔哩哔哩“买入”评级及目标价205港元。
广告按行业趋势及增长动能方面，哔哩哔哩指上半年游戏行业广告表现稳健，主要游戏发行商于公司平台投放同比增长，小游戏亦有市占。3C数码业务受618购物节与国家补贴带动，第二季增长超预期;家居及家品亦受益于补贴及618期间表现理想，趋势可望延续至年底。
公司今年首季eCPM(广告每展示一千次的平均收入金额)两位数同比增长，主因广告客户基数扩大、算法优化令转化提升;2025年第二季深度转化占比翻倍，2025下半年将测试AI生成(AIGC)个性化标题与封面，提升广告点击率。
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