M Stanley Assigns Equalweight Rating to Bilibili (BILI.US); Consistent Growth in Advertising

Morgan Stanley's Rating: Morgan Stanley has assigned Bilibili an Equalweight rating with a target price of USD26, noting steady advertising performance but uncertainty in the gaming sector.

User Growth and Content Promotion: The company has shown decent user growth and increased usage duration due to the promotion of high-quality medium- to long-form video content, with expectations for this trend to continue into 2026.

Advertising Revenue Growth: Bilibili's advertising business has seen significant growth, particularly during the 2025 Double 11 event, where e-commerce advertising revenue rose by 30% year-over-year, driven by price increases.

Advertising Load Rate: The advertising load rate remains stable at around 7% annually, indicating that the growth in advertising revenue is primarily reliant on price hikes rather than increased ad volume.