Comparative Valuation2025E P/E looks rich vs. peers, though the profit margin in the first year after breaking even may not reflect long term profitability.
Long-term ChallengesLong term, however, structural issues remain due to the lack of visibility on future game pipelines and the heavy reliance on a couple of titles.
Valuation ConcernsThe positives from gaming and ads are largely priced in, and Bili is currently trading at fair valuation, leading to a Neutral rating.