Group 1 - Tencent's mobile game "Valorant" launched strongly, attracting $1 million in player spending on its first day on the iPhone platform in China [1] - The game, which first debuted on PC in 2020, is one of Tencent's major mobile releases this year, drawing significant attention to the company's strategy of maintaining "evergreen games" [1] - According to Appfigures, "Valorant" achieved approximately 170,000 downloads on its first day, comparable to Tencent's previous mobile game "Dungeon & Fighter," making it the highest downloaded iPhone app [1] Group 2 - Currently, "Valorant" is only available in China, with no clear release date for the global market [1] - The game is free to play, generating revenue through in-app purchases and character "skins" [1]

摩根士丹利发布研报称，《无畏契约》手游（Valorant）是腾讯控股（00700）今年最重要的新作之一， 市场期待已久。该行预期腾讯2025年线上游戏收入将同比升14%，现予目标价650港元及"增持"评级。 截至7月，预先注册人数已突破5000万。此次上线时间早于市场预期的11月，缓解了去年5月推出《地下 城与勇士》手游造成高基数的忧虑。该行预计《无畏契约》手游年收入可达50至60亿元人民币。行业数 据显示，腾讯中国市场次季总收入同比跌6%，但经典游戏表现强劲，当中《王者荣耀》同比增13%、 《和平精英》同比增5%，而《三角洲行动》最新季度收入规模达10亿元人民币。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

Group 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]

Group 1 - Morgan Stanley downgraded the ratings of Bilibili and NetEase from "overweight" to "neutral," highlighting challenges in the gaming industry amid intense competition [1] - Bilibili's revenue growth is expected to drop significantly from over 20% in the first half of the year to just 5% in the second half, with mobile game revenue growth forecasted to decline from 35% in Q2 to 2% in Q4 [1] - NetEase faces increased promotional costs for new games, with sales expense ratios projected to exceed 25% in Q3-Q4 of 2025, a 3 percentage point increase from the previous year [1] Group 2 - The Chinese mobile gaming market is projected to see a significant slowdown in revenue growth, with user acquisition costs rising sharply, exceeding 120 yuan, a nearly 60% increase over two years [2] - Bilibili's game revenue share is expected to decline from a peak of 40% to 23%, while NetEase's gross margin for gaming and related services is anticipated to fall below 60% for three consecutive quarters, marking a new low since 2018 [2] - The gaming industry is at a critical turning point, with user growth plateauing and regulatory normalization, necessitating companies to innovate or produce hit games to navigate the current cycle [2][3]