Quick Note - Bilibili Inc (BILI US) (Neutral) - Takeaways from NIFA conference

Research evidence excerpt

Quick Note - Bilibili Inc (BILI US) (Neutral) - Takeaways from NIFA conference

Global Markets Research

Bilibili Inc BILI.OQ BILI US 8 June 2026

EQUITY: MEDIA & INTERNET

RatingTakeaways from NIFA conference Remains Neutral

Target price USD 22.50 RemainsQuick Note

Closing priceBilibili (BILI) management, including the CFO (Mr. Sam Fan) and IR director (Ms Juliet 5 June 2026 USD 17.46

Yang), attended Nomura Investment Forum Asia (2-5 June) in Singapore. According to

management, BILI is benefiting from a maturing user base and robust engagement

metrics, which drove a 30% y-y increase in 1Q advertising revenue as users demonstrated Research Analysts

greater purchasing power. Although gaming revenue experienced near-term weakness (- China Internet & New Media12% y-y in 1Q), growth is expected to turn positive in 4Q26E, driven by key IP releases

Jialong Shi - NIHKsuch as LumiMaster and SanWang. Furthermore, deepened AI integration is enhancing Jialong.shi@nomura.com

ad conversion rates while delivering tangible operational savings, positioning the company +852 2252 1409

to achieve its medium-term non-GAAP operating margin target of 15-20% through top-line

Rachel Guo - NIHKleverage. rachel.guo@nomura.com

Maturing demographics and high-quality engagement drive the ecosystem +852 2252 1400

BILI's user base is maturing into its prime consumption years, providing a structural

tailwind for the platform. The average user age is now 26.5 years, with new users

averaging 22.5 years. The demographic split remains highly attractive, featuring a

balanced gender distribution and 60% of daily active users (DAUs) residing in Tier 1 and

Tier 2 cities. DAUs grew 8% y-y to 115mn in 1Q, driving average daily time spent to a

record 119 minutes. Total user time spent on the platform rose 19% y-y.