大行评级丨里昂:第三季腾讯手游业务增长稳健 评级“高度确信跑赢大市”

中金财经
Oct 23, 2025

  里昂发表研究报告指,第三季腾讯手游业务增长稳健,主要游戏的国内流水按年增长近15%,归功于《王者荣耀》、《和平精英》及《穿越火线》的强劲表现。网易手游收入的按年跌幅由次季8%收窄至第三季约4%,受惠于《蛋仔派对》收入按年增68%至12亿元,以及《逆水寒》稳定贡献8.3亿元。该行现予腾讯“高度确信跑赢大市”评级,目标价740港元;网易哔哩哔哩ADR各获“跑赢大市”评级,目标价分别为140美元及25.5美元。      【免责声明】本文仅代表作者本人观点,与和讯网无关。和讯网站对文中陈述、观点判断保持中立,不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考,并请自行承担全部责任。邮箱:news_center@staff.hexun.com   

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