The analyst rating from Goldman Sachs for BILIBILI-W (09626.HK) is maintained at "Buy" due to several key factors:
1. Accelerated Growth in Advertising Revenue: The company experienced significant growth in advertising revenue for the third quarter of 2025, which is a positive indicator of its business performance.
2. Strong Earnings Performance: The adjusted earnings per share (EPADS) exceeded expectations, demonstrating effective operating leverage. Specifically, the non-GAAP adjusted EPS was RMB1.73, surpassing broker and market estimates by 14% and 17%, respectively.
3. Revenue Alignment with Expectations: The company's revenue for the third quarter was largely in line with expectations, showing a year-over-year increase of 5%, which is slightly ahead of forecasts.
4. Focus on Future Growth: Analysts highlighted the importance of monitoring the momentum of advertising growth and the performance of the game "Three Kingdoms," indicating potential for continued success.
These factors contributed to Goldman Sachs' positive outlook and target price of $234 for the stock.
