Bocom Intl released a research report stating that industry data shows that in September, the total revenue of the top local mobile games tracked by the bank increased by 2% year-on-year, further slowing down from the growth rates of July/August (14%/5%), mainly due to the high base numbers of games like 'Justice and Injustice' and 'Collapse of Iron' and the gradual stabilization of revenue from new games. Among the top ten mobile games in terms of revenue ranking, Tencent/Netease/Bilibili have 5/2/1 respectively, with 4 new games set to be launched in 2024, among which Tencent's 'MDnF' maintains a leading position in revenue, with similar revenue levels in September as 'Peace Elites'.

In September, Tencent's mobile game revenue increased by 20% year-on-year, continuing the trend of July/August. The high revenue growth from Tencent gradually boosts income, with mobile game revenue expected to grow by 16% in the third quarter, compared to around 10% in the first half of the year, continuously bullish on its stable business growth supporting valuation enhancement. Netease's PC games saw growth recovery driven by the return of 'Warcraft' and new games, but the incremental revenue from new mobile games could not offset the impact of high base numbers like 'Justice and Injustice', and the growth rate of mobile games depends on the schedule of new game launches. Bilibili's 'The Three Strategies' had a revenue of 0.4 billion yuan in September, better than the bank's previous expectations, potentially driving mobile game revenue growth in the third quarter to exceed the bank/market expectations of 83%/66%.