Zhi Tong Cai Jing·2025-08-05 03:50Group 1 - Morgan Stanley reports that the mobile game "Valorant" is one of Tencent's most important new releases this year, with high market anticipation [1] - The firm expects Tencent's online gaming revenue to increase by 14% year-on-year by 2025, setting a target price of HKD 650 and an "Overweight" rating [1] - As of July, pre-registrations for "Valorant" have exceeded 50 million, with the launch date earlier than the market's expected November, alleviating concerns from the high base set by the previous year's release of "Dungeon & Fighter" mobile game [1] Group 2 - The firm estimates that "Valorant" could generate annual revenue of RMB 5 to 6 billion [1] - Industry data indicates that Tencent's total revenue in the Chinese market fell by 6% year-on-year in the second quarter, but classic games performed strongly, with "Honor of Kings" up 13% and "Peacekeeper Elite" up 5% [1] - The latest quarterly revenue for "Delta Force" reached RMB 1 billion [1]