Bilibili ad recovery drives stock surge — Advertising Business Fuels Growth.

Key Points

Market reaction: Bilibili (Bìlìbìlì 哔哩哔哩; 09626.HK) surged 10.22% intraday, trading at HK$230.8 as investors priced in the ad recovery.
Q3 outlook: Broker projects revenue ¥7.6 billion and adjusted net profit ¥650 million — a 175% YoY increase and 16% QoQ; advertising revenue ¥2.5 billion (~20% YoY).
Growth drivers: Recovery led by performance advertising, plus deeper data integration with Alibaba (阿里巴巴) and JD.com (京东) and activation for Double‑11 promotions.
What to watch: Whether the profit inflection is sustainable — monitor actual Q3 results vs. projections, Q4 Double‑11 ad performance, and ad‑to‑commerce metrics (CTR, CVR, AOV).

Hong Kong trading: strong open, double‑digit intraday gain.

On October 21, Hong Kong‑listed Bilibili (Bìlìbìlì 哔哩哔哩; ticker 09626.HK) opened higher and continued to climb.

As of 10:44 a.m. HKT the stock was up 10.22%, trading at HK$230.8 per share.

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Broker note: Q3 outlook driven by ad recovery.

China Merchants Securities (Zhāoshāng Zhèngquàn 招商证券) released a research note projecting third‑quarter results for Bilibili.

Revenue: ¥7.6 billion RMB (76亿元) — ¥7.6 billion RMB (≈ $1.07 billion USD).
Adjusted net profit attributable to shareholders: ¥650 million RMB (6.5亿元) — ¥650 million RMB (≈ $91.3 million USD), a year‑over‑year increase of 175% and a quarter‑over‑quarter rise of 16%.
Advertising revenue (Q3): ¥2.5 billion RMB (25亿元) — ¥2.5 billion RMB (≈ $351.1 million USD), up about 20% year‑over‑year, primarily led by growth in performance (效果) advertising.

（All USD conversions are approximate.）

What’s driving the ad recovery?

The broker highlights that performance advertising — ad formats tied to measurable user actions — was the main contributor to the ad‑revenue rebound.

Looking ahead to the fourth quarter, Bilibili has formally launched its Double‑11 (Singles’ Day) promotional activities.

Bilibili also reportedly deepened data integration with Alibaba (Ālǐbābā 阿里巴巴) and JD.com (Jīngdōng 京东).

Those partnerships aim to provide brands and merchants that use Bilibili with:

Large‑scale exposure venues (亿级曝光会场).
Pre‑campaign insight into audience, product and inventory (投前人货洞察).
Improved targeting and conversion efficiency, and a smoother ad‑to‑commerce experience for merchants.

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Market reaction and context.

Investors appear to have reacted positively to the combination of an accelerating ad recovery and strategic e‑commerce integrations ahead of a major promotional season.

The broker’s projected rebound in adjusted net profit and the stronger ad contribution were cited as the near‑term catalysts for the intraday rally.

Quick takeaways for investors, founders, and marketers.

Ad revenue is the growth lever. Q3 ad strength, led by performance advertising, correlates directly with the stock rally.
Holiday season matters. Double‑11 promotions create a calendar tailwind for ad demand and merchant conversions on Bilibili.
Partnership play. Deeper data ties with Alibaba (Ālǐbābā 阿里巴巴) and JD.com (Jīngdōng 京东) signal improved ad‑to‑commerce pathways that could boost ROI for advertisers.
Profit trajectory to watch. A projected adjusted net profit increase of 175% YoY is a meaningful swing for a growth company shifting toward monetization.

Why this matters for the Chinese ad and e‑commerce ecosystem.

Performance advertising growth on a content platform like Bilibili shows advertisers are willing to pay for measurable outcomes rather than just reach.
Integrated commerce between content platforms and major e‑commerce players creates a more predictable funnel from exposure to purchase.
Investor sentiment can be highly sensitive to profit inflection points; meaningful YoY profit improvements tend to drive re‑rating events.

Linking opportunities and next steps.

Look to the following pages for primary documents, campaign examples, and investor signals.

Investor materials at Investor Relations – Bilibili.
Market coverage and style comparisons at major Chinese financial portals such as China Securities Net and Eastmoney.
Watch merchant partnership announcements from Alibaba (Ālǐbābā 阿里巴巴) and JD.com (Jīngdōng 京东) for operational details of the data integrations.

What to watch next.

Actual Q3 results versus the broker projections for revenue and adjusted net profit.
Q4 ad performance during Double‑11, and whether ad‑to‑commerce metrics (CTR, CVR, AOV) improve materially.
Further disclosure on the technical and data sharing mechanics with Alibaba (Ālǐbābā 阿里巴巴) and JD.com (Jīngdōng 京东).
Investor commentary on whether the profit rebound is sustainable or driven mainly by seasonality.

Bottom line.

Performance advertising and e‑commerce partnerships are the core drivers behind the recent Bilibili rally.

For investors and marketers, the evolving ad‑to‑commerce play and the projected profit inflection are the key signals to watch.

Keep an eye on Bilibili ad recovery.