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《大行報告》里昂料騰訊(00700.HK)及網易-S(09999.HK)下半年網遊業務可反彈
里昂發表研究報告,指出國家新聞出版署於6月份發布另一批共60款國產網絡遊戲版號,而騰訊(00700.HK)(TCEHY.US)、網易-S(09999.HK)及嗶哩嗶哩-SW(09626.HK)仍未收到任何遊戲審批,惟相信當局定期審批遊戲版號的情況下,騰訊、網易及嗶哩嗶哩獲得遊戲版號只是時間問題。 該行預期,監管機構傾向於未來批准少量但高質素的遊戲,而由於獲得批准的遊戲愈來愈少,估計遊戲工作室將專注於遊戲質素而非數量,可能會進一步促進行業整合,有利於騰訊或網易般能夠創作出長壽且高預算遊戲的領先遊戲工作室。 另外,里昂相信騰訊及網易的網遊業務對目前的宏觀挑戰具防守性,且將於今年下半年有所反彈。預期未來三年內地網遊市場的年均複合增長率維持約10%,主要受每用戶平均收入(ARPU)增長及新遊戲類型的推動。同時,國際市場成為新的驅動力,料未來三年中國網遊的年均複合增長率維持20%以上。估計騰訊及網易的網遊收入,有30%至50%是來自海外。
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