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3、ecision.Refer to important disclosures on page 21 to 24.Analyst Certification on page 18.Price Objective Basis/Risk on page 18.12893675 Interactive Media-Asia Pacific Free Fire vs.PUBG Mobile:sustained leadership amid rising BR competition Industry Overview Evergreen IP:resilient amid rising competi

4、tion This report provides a deep-dive on two leading mobile BR shooting titles-Garena Free Fire and PUBG Mobile.Since their global launches in 2017-18,both have evolved into evergreen franchises,consistently ranking among the worlds top-20 grossing mobile games.As of Jan-Sep 2025,they hold roughly 1

5、%of mobile gaming revenue each,compared to 2.5-2.9%for Top 1-5 titles.Both maintain high engagement via live operations,e-sports ecosystems,and frequent content updates.Yet,with an influx of new FPS entrants particularly Delta Force Mobile in China competition risk is rising.Despite these headwinds,

6、we expect Free Fire and PUBG M to remain anchor titles of the global BR landscape,given their diversified regional presence and monetization.Free Fire:scale advantage across emerging markets Free Fire leads in user scale with an estimated 251mn average MAU(Jan-Sep 2025),nearly 3x higher than PUBG Ms