中银国际发布研报称，维持哔哩哔哩-W（09626）“买入”评级，H股目标价224港元不变。该行指出，哔哩哔哩于上周五（9月4日）收盘后宣布一系列交易，一劳永逸地消除了腾讯（00700）的所有减持压力，并通过拟发行总额7亿美元、2031年到期零息可转换债券，转股价溢价约35%，附2029年可选择性赎回权，同时通过两种方式回购分批注销总共3亿美元，募集约4亿美元净资金。
该行认为，这是一套对哔哩哔哩极具建设性且量身定制的方案，有效缓解了7亿美元拟议可转换债券发行及同步腾讯一次性大宗减持对股价的冲击，同时腾讯2亿美元的可转换债券认购也彰显了对哔哩哔哩长期上行潜力的信心。中银国际看好哔哩哔哩实现强劲、可持续的利润增长，由其健康的“3C”飞轮贡献，且正被聚焦且克制的AI执行进一步放大。
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