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<Research>CLSA: TENCENT 3Q Mobile Game Growth Steady; NTES-S Mobile Game Rev. Decline Narrows
Recommend 14 Positive 21 Negative 8 |
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CLSA has released a research report on the performance of Chinese game developers. In 3Q25, TENCENT (00700.HK)'s mobile game business showed steady growth, with domestic sell-through from major games increasing by nearly 15% YoY, thanks to the solid performance of "Honor of Kings", "Peacekeeper Elite", and "Cross Fire". NTES-S (09999.HK) also managed to trim the YoY decline in its mobile game revenue from 8% in 2Q25 to about 4% in 3Q25, as its "Eggy Party" saw revenue surge by 68% YoY to RMB1.2 billion, and its "Where Winds Meet" contributed RMB830 million. As for BILIBILI-W (09626.HK), its 3Q25 game sell-through slumped by over 50% YoY due to the high base effect from last year's "Three Kingdoms". CLSA expected its new titles "Trickcal: Chibi Go" and "Escape from Duckov" to narrow the YoY fall in 4Q25 sell-through. CLSA rated TENCENT as High-Conviction Outperform, with a target price of HKD740; NetEase (NTES.US) and Bilibili (BILI.US) were both rated Outperform, with target prices of USD140 and USD25.5, respectively. AAStocks Financial News |
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