里昂发表研究报告指，哔哩哔哩第三季表现符合预期，总收入按年增长5.2%至77亿元，经调整EBIT达6.88亿元。广告收入按年增长加速至23%，主要受惠于广告加载率提升、垂直领域扩展及AI工具应用。基于严格成本控制，盈利能力进一步改善。 该行预期公司第四季总收入按年增长5%，其中广告收入按年增长约22%；预期利润可进一步提升至约7.9亿元。该行又认为手机游戏业务将随着2026年下半年新作推出而开始复苏。该行将2025及26年经调整净利润预测上调14%及7%，美股目标价由25.5美元上调至29.1美元，维持“跑赢大市”评级。
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