Bank of Communications International issued a report stating thatrivercitypokerleague, Beili Beili's first-quarter losses narrowed better than expectedrivercitypokerleague, revenue was 5.7 billion yuan, a year-on-year increase of 12%, in line with expectations; adjusted net loss was 4rivercitypokerleague.40 million yuan, narrowing by 57% year-on-year and 21% quarter-on-quarter respectively, which was better than the bank and the market's expected adjusted net loss of 500 million yuan. It mainly benefited from the improvement of the income structure and the improvement of operating expense ratios. Management maintains the guidance of turning around a profit at the adjusted operating profit level in the third quarter, and it is estimated that 400 million yuan and 100 million yuan will come from gross profit expansion and expense optimization.

Considering that the growth of advertising revenue exceeded expectations, BOCOM International slightly raised its revenue forecast for Beili Beili this year and next year, and adjusted its valuation to 2025. Based on a revenue forecast of 28 billion yuan, comparable entertainment companies averaged 1%.rivercitypokerleague.8 times the 2025 price-to-sales ratio, and the target price for H shares increased from HK$101 to HK$132. The company maintains its differentiated content community positioning, and the effects of product optimization and AI empowerment are gradually emerging. It is expected to further enhance its commercial monetization potential. It is optimistic about the steady growth trend of advertising, live streaming and charging payments, and maintains a "buy" rating.