Major Bank Ratings | UBS: Bilibili's advertising business performed strongly in Q4 last year, rating "Buy"

Glonghui March 6th｜UBS released a research report stating that Bilibili's revenue in the fourth quarter of last year increased by 8% year-on-year, exceeding both the bank's and the market's expectations by 2%. Among them, the advertising business performed brilliantly, with year-on-year growth accelerating to 27%. The gross profit margin expanded by 97 basis points year-on-year to 37.4%, in line with both the bank's and the market's expectations. In the fourth quarter of last year, Bilibili repurchased $14.7 million worth of shares, with a remaining quota of $68.8 million. The bank believes the group should be able to complete the share repurchase before the expiration in November this year. The bank expects the market to initially react positively to the strong performance in the fourth quarter of last year, especially as advertising revenue significantly exceeded expectations, describing this outperformance as high-quality.