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<Research>Citi: BILIBILI-W (09626.HK) Strong Ad Momentum to Sustain, but AI Investment May Hike
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BILIBILI-W (09626.HK) posted stronger-than-expected advertising momentum in 4Q25, benefiting from continuous exploration of advertising scenarios, algorithm improvements and efficiency enhancement brought by the adoption of AI technology, Citi Research issued a research report saying. These improvements, along with huge AI advertising spending by leading internet companies during the Spring Festival, suggest that the advertising momentum is likely to continue roughly through 1Q26. Nevertheless, BILIBILI-W planned to increase investment in AI-related products and tools, which may hinder its profit margin improvement trajectory. Therefore, despite stronger-than-expected advertising momentum, the broker lowered its 2026/ 2027 earnings forecasts based on AI investment, and kept its target price for Bilibili (BILI.US)'s US stock at US$27. Despite strong advertising momentum, due to weak game performance and unexpected AI investment, Citi Research kept rating at Neutral. AASTOCKS Financial News |
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