Bilibili Inc | 2026 Investor Day Takeaways
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Key Views
Bilibili's foundation is deep user engagement: 65% of time spent on videos over five minutes, 1.7 billion monthly interactions, and over 8 million users following creators for more than ten years. The average user age is 27, with 55% in Tier 1-2 cities, reflecting rising purchasing power. Video podcasts emerged as the fastest-growing category.
AI tools are enhancing monetization. Internal tests show AI-generated ad covers lift click-through rates by 8 percentage points, while broad adoption could raise eCPM by 5%. The next step—rolling out a Bilibili AI agent to advertisers—may significantly expand mid- and long-tail spending.
Outlook
Management aims to add two evergreen game titles over the next 2-3 years. The pipeline includes titles entering testing phases in late July, alongside an unannounced MMORPG. Globalization and cross-platform development are new strategic priorities.
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Bilibili Inc (BILI.O / BILI US): Overweight; target US$31.00. Valuation is DCF-based with a 12% WACC and 3% terminal growth rate.
Upside risks include advertising and key-title outperformance; downside risks include margin pressure from costs and intensifying competition.