On May 28, Bilibili-W (09626.HK) fell 3.03% in regular trading, trading at 131.2 HKD/share, with trading volume of HKD 141 million. The stock extended its post-earnings adjustment trajectory.

The decline is driven by continued market digestion of the company's Q1 earnings report. Total revenue came in at 7.47 billion yuan, up 7% year-over-year but below market expectations. Mobile gaming revenue fell 12% YoY to 1.52 billion yuan due to a high base from a hit title entering a mature lifecycle. Meanwhile, management guided for approximately 1 billion yuan in incremental AI-related capital expenditure for the full year, with an estimated 500 million yuan profit impact, raising concerns over earnings sustainability.

Additionally, Zephirin cut its target price from 152 HKD to 134 HKD while maintaining a strong sell rating, and Nomura lowered its target from $26 to $22.50, maintaining neutral. While advertising revenue grew 30% YoY to 2.59 billion yuan, the strength was insufficient to offset broader concerns around gaming weakness and rising AI costs.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)