CITIC Securities: The leisure outbound market is thriving, focusing on the "three disappearances" and "two combinations" tracks.

The research report from Citic Securities stated that the global mobile gaming market has entered a phase of stagnant competition, but casual games are not experiencing comprehensive expansion. Instead, they are driven by a structure of mixed and merge tracks, leading to structural growth. Match-three games maintain a revenue base of nearly $5 billion through mature user mindset and long lifecycle operations. Merge games, on the other hand, increase the value of individual users through order economy, resource recycling, storyline content, and high-frequency LiveOps, becoming the most resilient growth direction in the puzzle track. Chinese companies are transferring the numerical operation, industrialized buying power, and global publishing capabilities accumulated in the SLG era to the casual track, with some companies already achieving breakthroughs.