According to a research report published by CICC, Bilibili held 2026 Investor Day in Shanghai on July 10 to share and exchange with investors on topics such as community, advertising, and game business. The bank believes that in the AI era, companies are more scarce as high-quality content community platforms, and their advertising commercialization has potential for development in terms of traffic, scenario exploration, and distribution efficiency. In terms of advertising business, the company plans to further cultivate search, playback pages and large screen scenarios in the future, and plans to achieve breakthroughs in in-depth content understanding, AI video material generation, and iterative distribution and matching algorithms. In terms of investment in the new direction, the company mentioned that the main investment direction in the future is AI. It believes that AI is expected to help improve recommendation algorithms, and it still pays attention to commercial return on investment indicators during investment. As for the game business, the company's strategy is to expand new categories on racetracks that young people like, ensure a stable long-term supply of products developed and agents, and plans to add at least 2 leading long-term products in the future. Current reserves include the self-developed game “Shine!” which is expected to launch in October “Rumi”, the proxy game “Three Kingdoms: Kingdom of the World,” which launched in November, and mobile games such as “Three Kingdoms: 100 Generals” and “Escape from Duck Cove”. CICC kept Bilibili's profit forecast for 2026 and 2027 unchanged, and maintained its H share “outperforming the industry” rating and target price of HK$194.

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