互联网行业：2季度网易手游流水正增长；腾讯长青游戏运营能力亮眼

交银国际2025-07-05

覆盖公司2025 年2 季度流水表现：腾讯：本土流水同比净减28 亿元（人民币，下同）/8%，主要因《MDnF》高基数，部分被新游《三角洲行动》及长青游戏增量所抵消。《和平精英》地铁逃生玩法DAU 超3700 万，PC 模拟器版本登WeGame 热度榜第4。海外流水同比减12 亿元/14%，主要因《荒野乱斗》高基数影响，但部分被《皇室战争》及新游《帝国时代》增量贡献所抵消。《荒野乱斗》维持3-4 ...

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