Bilibili Inc. (BILI): Investor Day takeaways: Healthy community reinforces monetization flywheel; Enhancing game pipeline info 2026-27

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Bilibili Inc. (BILI): Investor Day takeaways: Healthy community reinforces monetization flywheel; Enhancing game pipeline info 2026-27

Equity Research

13 July 2026 | 5:07AM HKT

Bilibili Inc. (BILI): Investor Day takeaways: Healthy community reinforces

monetization flywheel; Enhancing game pipeline info 2026-27

We attended the 2026 Bilibili Investor Day, where key focus and our takeaways Lincoln Kong, CFA

+852-2978-6603 | lincoln.kong@gs.com

centered around: 1) a healthy and unique community ecosystem remaining the Goldman Sachs (Asia) L.L.C.

foundation of long-term growth, supported by high-quality content, emerging Ronald Keung, CFA

content formats, creator growth and vibrant interactions; 2) solid advertising +852-2978-0856ronald.keung@gs.com|

momentum to continue, underpinned by traffic growth, increasing user spending Goldman Sachs (Asia) L.L.C.

Luqing Zhoupower and expanding monetization of deep content scenarios such as search, +852-3465-4207 | luqing.zhou@gs.com

playback page and PC/OTT; 3) games continue to execute under a long-term Goldman Sachs (Asia) L.L.C.

strategy with disciplined expansion, targeting at least 2 new category-leading

long-live titles over the next 2-3 years; and 4) AI is positioned as Bili’s major

investment priority, with tangible monetization and efficiency benefits already

emerging across content, advertising and recommendation.

We lay out our key takeaways below.

Content & Community: Healthy ecosystem with strong trust and differentiated

engagement

Management continues to emphasize that Bilibili’s core moat is its community with

differentiated high-quality content.

n Both old and new content remain highly vibrant, with even the video uploaded in

2009 generating 2.03mn additional views in the past year. Meanwhile, video