Profitability2025E P/E looks rich vs. peers, though the profit margin in the first year after breaking even may not reflect long term profitability.
Structural IssuesLong term, however, structural issues remain due to the lack of visibility on future game pipelines and the heavy reliance on a couple of titles.
ValuationThe positives from gaming and ads are largely priced in, and Bili is currently trading at fair valuation, leading to a Neutral rating.