Citi: BILIBILI-W (09626.HK) Ads Growth Momentum Strong; 1Q Results Expected to Be in Line

Citi Research projects BILIBILI-W (09626.HK) to report a 7% YoY revenue hike to RMB7.5 billion and a non-GAAP operating profit of RMB553 million for 1Q26, aligning with market consensus. Advertising revenue is expected to grow significantly due to expanded scenarios and AI efficiency, offsetting a projected decline in the game business. Citi maintains a Buy rating and US$27 target price on Bilibili (BILI.US), confident in strong advertising growth driving future profits.

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