BOCOM INTL: Leading Rating in the Internet Industry, Double Eleven and Double Twelve Operations Drive Recovery and Month-on-Month Growth in Mobile Games.

BOCOM INTL released a research report stating that the Internet industry has a leading rating. In December 2024, the domestic head mobile game "Sum of Flow" tracked by the bank increased by 3% year-on-year, consistent with the growth rate in November, and increased by 3% month-on-month, mainly benefiting from the promotion during the Christmas and New Year holidays. The bank stated that it maintains the accelerated growth expectation for TENCENT (00700) mobile game revenue in the fourth quarter of 2024 and the first quarter of 2025, and the solid business performance will drive the valuation rebound. The impact of high base numbers on NTES-S (09999) mobile games is gradually easing, the performance of new PC games is in line with expectations, and the enriched product line will drive the expectation of game revenue recovery. The report states that Tencent's domestic mobile game revenue increased by 7% year-on-year in the fourth quarter, and the monthly revenue of "MDnF" stopped declining and rebounded month-on-month; overseas revenue increased by 14%. The impact of high base numbers on Netease's "Justice" and other games is weakening; overseas revenue remained flat year-on-year.