Sou Hu Cai Jing·2025-08-05 04:27Core Insights - Morgan Stanley reports that the mobile game "Valorant" is one of Tencent Holdings' most important new releases this year, with high market anticipation [2] - 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 [2] - 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 last year's "Dungeon & Fighter" mobile game [2] Industry Performance - Industry data indicates that Tencent's total revenue in the Chinese market fell by 6% year-on-year in the second quarter, although classic games performed strongly [2] - Notable performances include "Honor of Kings" with a 13% year-on-year increase and "Peacekeeper Elite" with a 5% increase, while "Delta Force" achieved a revenue scale of RMB 1 billion in the latest quarter [2] Revenue Projections - The expected annual revenue for "Valorant" is projected to reach between RMB 5 billion to 6 billion [2]