---
title: "Morgan Stanley: Expects Tencent Holdings' mobile game \"Valorant\" annual revenue to reach 5 to 6 billion RMB, with an \"Overweight\" rating"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/251555543.md"
description: "Morgan Stanley released a research report stating that the mobile game \"Valorant\" is one of Tencent Holdings' most important new releases this year, highly anticipated by the market. The firm expects Tencent's online gaming revenue to increase by 14% year-on-year in 2025, with a target price of HKD 650 and a \"Buy\" rating. As of July, the number of pre-registrations has exceeded 50 million. The launch time is earlier than the market's expected November, alleviating concerns about the high base caused by the release of \"Dungeon & Fighter\" mobile game last May. The firm estimates that \"Valorant\" mobile game could achieve annual revenue of 5 to 6 billion RMB. Industry data shows that Tencent's total revenue in the Chinese market fell by 6% year-on-year in the second quarter, but classic games performed strongly, with \"Honor of Kings\" increasing by 13% year-on-year, \"Peacekeeper Elite\" increasing by 5%, and \"Delta Force\" achieving a revenue scale of 1 billion RMB in the latest quarter"
datetime: "2025-08-05T03:50:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/251555543.md)
  - [en](https://longbridge.com/en/news/251555543.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/251555543.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/251555543.md) | [English](https://longbridge.com/en/news/251555543.md)


# Morgan Stanley: Expects Tencent Holdings' mobile game "Valorant" annual revenue to reach 5 to 6 billion RMB, with an "Overweight" rating

According to Zhitong Finance APP, Morgan Stanley released a research report stating that the mobile game "Valorant" is one of Tencent Holdings Limited's (00700) most important new releases this year, highly anticipated by the market. The firm expects Tencent's online gaming revenue to increase by 14% year-on-year in 2025, setting a target price of HKD 650 and an "Overweight" rating.

As of July, the number of pre-registrations has exceeded 50 million. The launch date is earlier than the market's expected November, alleviating concerns about the high base caused by the release of "Dungeon & Fighter" mobile game last May. The firm estimates that the annual revenue from "Valorant" could reach RMB 5 to 6 billion. Industry data shows that Tencent's total revenue in the Chinese market fell by 6% year-on-year in the second quarter, but classic games performed strongly, with "Honor of Kings" increasing by 13% year-on-year, "Peacekeeper Elite" increasing by 5%, and "Delta Force" achieving a revenue scale of RMB 1 billion in the latest quarter

### 相關股票

- [Tencent Holdings Limited (TCTZF.US)](https://longbridge.com/zh-HK/quote/TCTZF.US.md)
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- [TENCENT (00700.HK)](https://longbridge.com/zh-HK/quote/00700.HK.md)

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