G Sachs maintains a Buy rating on BILIBILI-W due to its strong advertising revenue growth, which is the fastest among mainland social media platforms, driven by higher user engagement and ad inventory release. Although gaming growth is expected to slow in the first half of 2026, this has been largely priced in by the market, and a recovery is anticipated in the second half as new titles are launched. The forecast includes a 7% year-over-year revenue growth in Q1 2026, with a significant increase in advertising revenue.
