External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>BiliBili reported 3Q24 results: total revenue was up by 26% YoY to RMB7.31bn, 3/2% ahead of our/Bloomberg consensus estimate; the company achieved quarterly breakeven and recorded an adjusted net income of RMB236mn (vs. adjusted net loss of RMB878mn in 3Q23), ahead of our/consensus estimate of RMB195/217mn.</li><li>The solid 3Q24 print is mainly due to the strong performance of new game title SanMou and the effective cost optimization initiatives. Looking ahead to 4Q24E, we forecast total revenue to grow by 21% YoY, with adjusted net margin further expanding to 5.3% (3Q24: 3.2%).</li><li>We lift FY24-26E total revenue forecast by 1-5% in view of the robust game performance. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BiliBili reported 3Q24 results: total revenue was up by 26% YoY to RMB7.31bn, 3/2% ahead of our/Bloomberg consensus estimate; the company achieved quarterly breakeven and recorded an adjusted net income of RMB236mn (vs. adjusted net loss of RMB878mn in 3Q23), ahead of our/consensus estimate of RMB195/217mn.The solid 3Q24 print is mainly due to the strong performance of new game title SanMou and the effective cost optimization initiatives. Looking ahead to 4Q24E, we forecast total revenue to grow by 21% YoY, with adjusted net margin further expanding to 5.3% (3Q24: 3.2%).We lift FY24-26E total revenue forecast by 1-5% in view of the robust game performance. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - Strong Mobile Games and Ad Businesses Support Solid 3Q24 Results

<ul><li>BiliBili announced 2Q24 financial results: total revenue grew by 16% YoY to RMB6.13bn, in line with our/consensus estimate; adjusted net loss narrowed by 72% YoY to RMB271mn, better than our/consensus estimate of RMB329/317mn, primarily due to the better-than-expected GPM expansion (+6.8ppt YoY).</li><li>For 3Q24E, we expect total revenue will increase by 22% YoY, and Bili will achieve breakeven and register non-GAAP operating income of RMB184mn, mainly supported by the robust performance of high-margin mobile games and advertising businesses.</li><li>We cut our FY24 adjusted net loss estimate to RMB255mn (previous: RMB710mn) mainly to factor in the better-thanexpected earnings contribution from games and ads business.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BiliBili announced 2Q24 financial results: total revenue grew by 16% YoY to RMB6.13bn, in line with our/consensus estimate; adjusted net loss narrowed by 72% YoY to RMB271mn, better than our/consensus estimate of RMB329/317mn, primarily due to the better-than-expected GPM expansion (+6.8ppt YoY).For 3Q24E, we expect total revenue will increase by 22% YoY, and Bili will achieve breakeven and register non-GAAP operating income of RMB184mn, mainly supported by the robust performance of high-margin mobile games and advertising businesses.We cut our FY24 adjusted net loss estimate to RMB255mn (previous: RMB710mn) mainly to factor in the better-thanexpected earnings contribution from games and ads business.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - Strong games and ads businesses to pave way for breakeven in 3Q24E

<ul><li>BiliBili reported 1Q24 results: total revenue increased by 12% YoY to RMB5.67bn, in line with our/consensus estimate; adjusted net loss narrowed by 56% YoY to RMB456mn, beating our/consensus estimate of RMB518/498mn, mainly due to better-than-expected GPM expansion.</li><li>Bili’s share price correction after result was mainly due to investors’ profit taking after the strong rally since Feb, in our view.</li><li>The company’s target to achieve non-GAAP operating breakeven in 3Q24E remains intact, underpinned by solid GPM expansion and efficiency improvement. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BiliBili reported 1Q24 results: total revenue increased by 12% YoY to RMB5.67bn, in line with our/consensus estimate; adjusted net loss narrowed by 56% YoY to RMB456mn, beating our/consensus estimate of RMB518/498mn, mainly due to better-than-expected GPM expansion.Bili’s share price correction after result was mainly due to investors’ profit taking after the strong rally since Feb, in our view.The company’s target to achieve non-GAAP operating breakeven in 3Q24E remains intact, underpinned by solid GPM expansion and efficiency improvement. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - Revitalizing Business Model; Intact Breakeven Target

<ul><li>Bilibili announced its 4Q23 results on 7 Mar: total revenue grew by 3% YoY to RMB6.35bn, in line with our/consensus estimate; adjusted net loss narrowed by 58% YoY to RMB556mn, beating our/consensus estimate of RMB677/633mn, mainly attributable to the better-than-expected control in non-GAAP opex.</li><li>For FY23, total revenue was up 3% YoY to RMB22.5bn, with adjusted net loss narrowing by 49% YoY to RMB3.4bn.</li><li>Looking into 2024, the focus for Bili remains as enhancing monetization and improving content ecosystem. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili announced its 4Q23 results on 7 Mar: total revenue grew by 3% YoY to RMB6.35bn, in line with our/consensus estimate; adjusted net loss narrowed by 58% YoY to RMB556mn, beating our/consensus estimate of RMB677/633mn, mainly attributable to the better-than-expected control in non-GAAP opex.For FY23, total revenue was up 3% YoY to RMB22.5bn, with adjusted net loss narrowing by 49% YoY to RMB3.4bn.Looking into 2024, the focus for Bili remains as enhancing monetization and improving content ecosystem. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - Steady Progress Towards a Sustainable Business Model

<ul><li>BiliBili reported inline 3Q23 results on 29 Nov: total revenue was flat YoY at RMB5.81bn, in line with CMBI/consensus estimate of RMB5.77/5.80bn; adjusted net loss narrowed by 50% YoY and 9% QoQ to RMB878mn, but missed CMBI/consensus estimate of RMB757/778mn due to the higher-than-expected investment loss (incl. impairment).</li><li>Bili guides its FY23 total revenue to be at the lower-end of the RMB22.5-23.5bn range, which is in line with our expectation, due to the softer-than-expected performance of mobile game business.</li><li>For 4Q23E, we forecast total revenue to grow by 3% YoY to RMB6.3bn, primarily supported by growth of ad/VAS revenue (+25%/18% YoY) but partially offset by a decline in mobile games revenue (-5% YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BiliBili reported inline 3Q23 results on 29 Nov: total revenue was flat YoY at RMB5.81bn, in line with CMBI/consensus estimate of RMB5.77/5.80bn; adjusted net loss narrowed by 50% YoY and 9% QoQ to RMB878mn, but missed CMBI/consensus estimate of RMB757/778mn due to the higher-than-expected investment loss (incl. impairment).Bili guides its FY23 total revenue to be at the lower-end of the RMB22.5-23.5bn range, which is in line with our expectation, due to the softer-than-expected performance of mobile game business.For 4Q23E, we forecast total revenue to grow by 3% YoY to RMB6.3bn, primarily supported by growth of ad/VAS revenue (+25%/18% YoY) but partially offset by a decline in mobile games revenue (-5% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) – Game Business Weighed on Revenue Growth Despite Resilient Ad and VAS Business

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (BILI US)

Bilibili (BILI US) - Strong Mobile Games and Ad Businesses Support Solid 3Q24 Results

We roll over our valuation period to FY25E and fine-tune our SOTP-derived target price to US$22.0 (previous: US$20.50). Maintain BUY

CMB International

Bilibili (BILI US) - Strong games and ads businesses to pave way for breakeven in 3Q24E

BiliBili announced 2Q24 financial results: total revenue grew by 16% YoY to RMB6.13bn, in line with our/consensus estimate; adjusted net loss...

CMB International

Bilibili (BILI US) - Revitalizing Business Model; Intact Breakeven Target

BiliBili reported 1Q24 results: total revenue increased by 12% YoY to RMB5.67bn, in line with our/consensus estimate; adjusted net loss narrowed by...

CMB International

Bilibili (BILI US) - Steady Progress Towards a Sustainable Business Model

Bilibili announced its 4Q23 results on 7 Mar: total revenue grew by 3% YoY to RMB6.35bn, in line with our/consensus estimate; adjusted net loss...

CMB International

Bilibili (BILI US) – Game Business Weighed on Revenue Growth Despite Resilient Ad and VAS Business

We maintain our total revenue forecast largely unchanged and see Bili remain on track for breakeven by endFY24. We maintain our SOTP-based TP of...

CMB International

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