BILIBILI-W (09626.HK) -1.300 (-0.941%) Short selling $214.35M; Ratio 32.594% charted in-line 1Q results, Haitong International said in its report. Advertising revenue was 3% above expectations; gaming revenue was 1% below expectations; VAS was 2% below expectations; and adjusted operating margin met expectations. The US TP for Bilibili (BILI.US) was set at USD21, with a rating of Outperform.Bilibili's gaming business may continue to trend soft this year, the broker opined. Revenue from "San Mou" is expected to decline YoY for the full year due to a high base, while the launch schedules for its Japanese and Korean versions have also been delayed. For new games, "N Card" is expected to launch in July, while "Sanguo: Wang Dao Tian Xia" and "Shining Lumie" are planned for release in 4Q26. However, the broker believed these new titles will be insufficient to offset the decline of "San Mou". (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-26 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)Related News JPM: BILIBILI-W (09626.HK) Outlook Positive, Expects Operating Profit to Rise 23% This Year
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