[Mogul Morgan: Lowered the target price of Bilibili ADR (BILI.US) to US$27 and reiterated the "overweight" rating] On August 28, Morgan Stanley issued a research report stating that it maintained the "overweight" rating of Bilibili (BILI.US, 09626), lowered the target price of US stocks from US$31 to US$27, and lowered its 2026-28 earnings per share forecast by 3%, 9% and 4%. Morgan Stanley pointed out that Bilibili's game business is about to enter a harvest period, and a number of new games will be launched in the next 15 months; on the other hand, although the advertising business is affected by macro headwinds, it can still maintain industry-leading growth. Management has guided that online advertising revenue in the third quarter will grow by about 20% year-on-year, and expects the full-year growth rate to be similar year-on-year, meaning that growth will slow to high double-digit levels in the fourth quarter. Game business revenue is expected to be flat quarter-on-quarter in the third quarter and positive year-over-year in the fourth quarter.