Lyon released a research report stating that it reaffirmed Bilibili-W's “outperforming the market” rating, downgraded the company's adjusted net profit forecast by 5% and 8% for 2026 and 27, and lowered the target price of Bilibili's US stock from 29.1 US dollars to 22.5 US dollars. Lyon pointed out that Bilibili-W's second-quarter results were in line with expectations. Total revenue rose 8.2% year on year, and adjusted EBIT increased by about 21%; advertising revenue maintained strong growth, up 28% year on year; however, mobile game business performance continued to weaken, falling 14% year on year. Additionally, management maintained capital expenditure related to artificial intelligence of RMB 1 billion this year.

Lyon released a research report stating that it reaffirmed Bilibili-W's “outperforming the market” rating, downgraded the company's adjusted net profit forecast by 5% and 8% for 2026 and 27, and lowered the target price of Bilibili's US stock from 29.1 US dollars to 22.5 US dollars. Lyon pointed out that Bilibili-W's second-quarter results were in line with expectations. Total revenue rose 8.2% year on year, and adjusted EBIT increased by about 21%; advertising revenue maintained strong growth, up 28% year on year; however, mobile game business performance continued to weaken, falling 14% year on year. Additionally, management maintained capital expenditure related to artificial intelligence of RMB 1 billion this year.