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Summary of Mobile Game Industry Report

Main Findings

The report analyzes the fourth-quarter performance of the mobile game market, highlighting growth in domestic and overseas segments with contributions from Tencent and NetEase. Tencent's domestic games increased by 14% year-on-year, driven by new titles like "Adventure Island: Maple Forest" and "Yuan Meng Star", along with stable performance from established games such as "Honor of Kings". NetEase saw a 28% growth in domestic games, primarily from "Injustice: Shadow and Light" and "PopStar", with "Injustice" maintaining steady monthly flow. The market features intense competition, particularly in party games, where "Yuan Meng Star" and "PopStar" are locked in a "white heat" rivalry, with "Yuan Meng Star" estimated to have generated 6-8 billion yuan in initial monthly revenue.

Investment Insights and Recommendations

The analysis maintains positive outlooks for Tencent and NetEase, noting their resilience in old games and potential for new titles to boost revenue. Tencent is recommended with a 'Buy' rating, and NetEase with 'Buy', while Bilibili receives a 'Buy' due to recent approval of "炽焰天穹", which could drive its game segment growth. Valuation metrics include target prices and earnings expectations, with a focus on Non-GAAP fundamentals.

Q4 Performance Data

• Tencent: Domestic growth +14% YoY, overseas revenue持平. Key drivers include new games and enduring old titles like "Clash of Clans" and "PUBG".
• NetEase: Domestic +28% YoY, overseas +9%. Upcoming titles and ongoing games like "Dark Souls" contribute to future potential.
• Combined market trends show moderate YoY changes, influenced by regulatory developments like the "Gaming Management Measures征求意见稿", which aim to support industry health.

Analyst and Disclosure Information

The report concludes with standard analyst disclosures, including potential conflicts of interest and disclaimers. Analysts have no significant financial interests in the discussed companies beyond noted exceptions, and the report avoids liability for internal use of data.