Morgan Stanley restored coverage of Bilibili and gave it an “gain” rating. The bank expects that thanks to diversified new game pipelines, Bilibili will surpass its peers in advertising growth next year and achieve business recovery. Analyst Yang Liu and others pointed out in the research report that thanks to the healthy growth in user participation and the expansion of multi-screen application scenarios, Bilibili's advertising business performance is expected to outperform its peers. The report predicts that after the 2026 decline, total game revenue will increase 27% next year, driven by major new games such as San Wang and “Three Kingdoms: Fire and Phoenix”. Gross margins are expected to improve while fixed costs remain manageable. The target price was set at $21, while the closing price of the American Depositary Receipt on the previous trading day was $14.31.

Morgan Stanley restored coverage of Bilibili and gave it an “gain” rating. The bank expects that thanks to diversified new game pipelines, Bilibili will surpass its peers in advertising growth next year and achieve business recovery. Analyst Yang Liu and others pointed out in the research report that thanks to the healthy growth in user participation and the expansion of multi-screen application scenarios, Bilibili's advertising business performance is expected to outperform its peers. The report predicts that after the 2026 decline, total game revenue will increase 27% next year, driven by major new games such as San Wang and “Three Kingdoms: Fire and Phoenix”. Gross margins are expected to improve while fixed costs remain manageable. The target price was set at $21, while the closing price of the American Depositary Receipt on the previous trading day was $14.31.