Citi published a research report that bilibili (09626.HK) (BILI.US)'s first-quarter income was in line with expectations, while the non-GAAP net loss was 4 per cent and 5 per cent lower than the bank and the market expected. Bilibili's income target for the second quarter is 4.85 billion yuan to 4.95 billion yuan, the median in line with market expectations. The report said that the average monthly active users grew by 31% in the first quarter, and it is expected that under the influence of the city closure measures of the epidemic, e-commerce sales will be blocked in the second quarter, corporate advertising budgets will be reduced, and the company's profit margins will be narrowed. The bank also pointed out that although the cost is well controlled, due to the expected lack of new games and the decline in revenue from existing games, it is believed that the game business performance is mediocre, while live broadcast growth is expected to remain stable. The bank expects the advertising business to recover gradually, coupled with live broadcast-driven growth, and believes that profit margins will bottom out in the second quarter, cutting its revenue forecast for 2022-2024 by 2 per cent, 3 per cent and 4 per cent to reflect the impact of the epidemic, of which revenue is expected to grow 17 per cent in the second half of this year and cut its target price from $46 to $45, maintaining a "buy" rating.