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<Research>UBS: CN 3Q Total Mobile Game Rev. Expected to Fall 4% YoY; TENCENT, NTES-S Outpace Mkt
Recommend 29 Positive 30 Negative 18 |
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UBS has released a research report predicting that, as per UBS Evidence Lab data, total revenue from China's mobile games would decline by 4% YoY or increase by only 2% QoQ in 3Q25 as affected by a high base in 2024, weaker compared to the usual 3Q growth over 2Q, possibly due to fewer new game launches in the summer compared to the same period in 2023-24. Despite the slowdown in industry growth, UBS noted that two major companies maintained their market outperformance. TENCENT (00700.HK)'s total revenue grew by 9% QoQ, benefiting from the strong contribution of "Delta Force". The newly launched "Valorant" mobile game is expected to generate total revenue of RMB400-500 million in September. NTES-S (09999.HK) (NTES.US) also delivered outstanding performance, with mobile segment growth of 5% QoQ as predicted by UBS. Meanwhile, KUAISHOU-W (01024.HK) launched Kling 2.5 Turbo on September 23, currently ranking first in text-to-video and image-to-video generation. UBS remained optimistic about online entertainment, with the most favorable sub-sectors being selective gaming stocks with upside earnings potential or new product launch catalysts, including TENCENT (key buy target), NTES-S, and AI-leading company KUAISHOU-W. AAStocks Financial News |
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