野村证券研报指出，哔哩哔哩在未来几个季度可能面临挑战。分析师表示，该公司的热门游戏《三国：谋定天下》将在第二季度迎来一周年，这意味着随着基数正常化，网络游戏收入的增长可能会放缓。同时分析师认为，很难在哔哩哔哩的产品线中找到另一款能与《三谋》相媲美的新游戏。野村还指出，由于广告市场仍然疲软以及基数效应的影响，哔哩哔哩的广告收入增长可能在2025年放缓。野村证券将哔哩哔哩的评级从“买入”下调至“中性”，但将其ADR目标价从20.00美元上调至25.00美元。

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