普通外文研报

China Online Entertainment Monthly "May: Healthy gaming growth; NetEase'..."

发布日期: 2026-06-17研究机构: UBS Equities报告页数: 18原文语言: 英语证据页码: 1

研报英文原文证据摘录

China Online Entertainment Monthly Equities

ChinaMay: Healthy gaming growth; NetEase's new

game catalyst; eyes on Kling's next upgrade Internet Services

Kenneth Fong

Analyst

kenneth-kc.fong@ubs.com

Games: Tencent sustained teens grossing growth; NetEase's key launch in July +852-3712 3890

According to CNG, China's game revenue rose 10% YoY in May (Q1/Apr: up Jenny Yuan

13%/11%), driven by growth of 7% in mobile games (Q1/Apr: up 6%/10%) and 22% Analyst

in PC games (Q1/Apr: up 39%/18%). Based on UBS Evidence Lab (> Access Dataset), 1) S1460525030004

We estimate Tencent's mobile grossing grew 12% YoY in May (versus 11% in Apr), jenny-za.yuan@ubs.com

supported by resilient evergreen titles, Delta Force, Valorant Mobile and Roco Kingdom: +86-21-3866 8912

World. We think the sustained growth offers good visibility on accelerating domestic Sardonna Fong

game growth for the rest of the year (Q1: up 6%). 2) NetEase's mobile grossing was Analyst

broadly flat YoY. Growth in FWJ Mobile, Infinite Borders, New Ghost, Sky and Eggy Party sardonna.fong@ubs.com

was offset by falls in Identity V, Justice Mobile, Where Winds Meet and Naraka: +852-3712 3042

Bladepoint Mobile. Justice: New World, a major overhaul of Justice, is launching on 26 Wei Xiong

June, featuring a lighter open-world experience, visual upgrades and new content. We Analyst

think the revamp could reverse the franchise's recent soft grossing trend in H2. We S1460518100005

expect NetEase's Q2 game revenue to rise 5% YoY, factoring in deferred revenue. 3) wei.xiong@ubs.com

Bilibili's San Mou grossing was volatile in May amid the absence of seasonal updates. +86-21-3866 8883

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