【招银国际】2025 Investor Day: improving monetization to support quality earnings growth-250714（4页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 14 Jul 2025 CMB International Global Markets|Equity Research|Company Update Bilibili(BILI US)2025 Investor Day:improving monetization to support quality earnings grow

2、th We attended 2025 BiliBili Investor Day.Our key takeaways include:1)ad business sustains strong growth underpinned by the upgrade of commercial infra,such as the introduction of mini program&live streaming ad capabilities,the launch of intelligent ad platform BiliBili Bida,and the improvement of i

3、ndustry solutions;2)game business maintains momentum driven by legacy games,and new games planned for launch in 2025 including Trickcal RE:VIVE and Escape from Duckov.3)Bili continues to leverage AI to support its ad monetization and content ecosystem,launching several AI tools such as AI ad placeme

4、nt,AI video translation,and AI search etc.We are upbeat on Bilis earnings momentum driven by its improving monetization and operating leverage.We maintain SOTP-derived target price of US$26.50 and BUY rating.Advertising:improving commercial infrastructure supports ad business growth.Bili highlights

5、several upgrades of its commercial infra:1)Bili launched a close-looped mini program&live streaming ad capabilities,revenue from both surpassed RMB90mn in 1H25;2)Bili introduced ad intelligent platform BiliBili Bida to improve targeting and measurement capabilities.127 brands activated the services

6、and advertised in 1H25;3)The company also upgraded its industry ad solutions,which supported solid growth of ad revenue from verticals such as content(+90%YoY)and consumer goods(+30%YoY)in 1H25.Overall,we are upbeat that Bilis ad business will continue to outpace the sector growth and gain market sh