【招银国际】–1H rev／EBIT +13%／26%; Heineken grew 60%.pdf

Solid cloud rev growth with improved earnings growth outlook for e-commerce business

- 第二季度 rev ／ np + 8% ／ 14% 的重复强度

–3Q reported／cFX rev +3%／+10%; Miu Miu +48%

–3Q rev／np +13%／16%; mixed near-term outlook

- 2Q Rev ／ NP + 20.4 ／ 21.0% ， 如预先公布

在哪里 Rev Up

4Q preview: rev/np reach RMB30.7bn/1.1bn

–3Q rev／np -11%／40%; a significant miss

–1H core rev／np +3%／10%; a surprising beat

–2Q rev／np +1%／3%; all eyes on cost savings