4-5月网易手游流水正增长，关注6月新游上线

Industry Rating - The report rates the internet industry as "Leading" [1] Core Insights - The report highlights that Tencent's domestic revenue increased by 800 million CNY (4%) year-on-year, primarily driven by "Honor of Kings" and new game releases [1] - NetEase's mobile game revenue showed a slight decline of 100 million CNY (2%) year-on-year, but new game contributions offset the impact of high base effects [1] - The overall performance of top mobile games remained stable, with a year-on-year increase of 6% from January to May 2025, aligning with expectations [4][6] Summary by Sections Investment Rating - Tencent and NetEase are both rated as "Buy" with respective price-to-earnings ratios of 17.2 and 15.6 for 2025 [5][41] Revenue Performance - Tencent's domestic mobile game revenue reached a new high of nearly 5 billion CNY in May, with "Delta Action" contributing significantly [1][14] - NetEase's "Yanyun Sixteen Sounds" achieved a record high revenue close to 300 million CNY in May [17] New Game Releases - Tencent and NetEase are set to release multiple new games in June, including "Final Fantasy 14: Crystal World" and "Marvel Secret War" [5][32] Market Trends - The report notes that Tencent's overseas revenue decreased by 860 million CNY (15%) year-on-year, primarily due to high base effects from "Brawl Stars" [21] - In contrast, NetEase's overseas revenue increased by 150 million CNY (29%), benefiting from contributions from "Peak Speed" and new releases [21] Valuation Overview - The report provides a valuation summary for key gaming companies, indicating Tencent's market capitalization at approximately 599.6 billion CNY and NetEase at around 79.8 billion CNY [41]