Zhi Tong Cai Jing·2025-09-10 06:41Group 1 - The core viewpoint of the reports indicates that Tencent Holdings is expected to maintain a stable growth in gaming revenue, with a projected annual growth rate of 16%, despite a decline in revenue from older games [1] - Tencent's domestic gaming revenue saw a year-on-year decrease of 2.2 billion yuan (10%), primarily due to the high base effect from "MDnF," although this was partially offset by new game launches [1] - Tencent's overseas gaming revenue increased by 470 million yuan (9%) year-on-year, driven by new game contributions that mitigated the high base effect from "Brawl Stars" [1] Group 2 - NetEase's mobile game revenue maintained a year-on-year increase of 200 million yuan (3%), with new games and "Party Animals" contributing to offset the high base effect from "Nirvana in Fire" [2] - "Party Animals" performed well, maintaining over 1 billion yuan in monthly revenue in August, boosted by a new anniversary version and summer operations [2] - New game highlights include Tencent's "Valorant: Source Action," which reached a peak of 4th on the domestic iOS game sales chart, with estimated first-month revenue of 500-700 million yuan [2]