【招银国际】–Consumer wallet share gain strategy boosted revenue and earnings growth.pdf

Rampup of generative AIrelated revenue on track

2022 Hotel Room Revenue by State

2022 State and Local Tax Revenue by State

3Q results review: Solid revenue growth with lower margin

Fire Up Your B2B Revenue Generation Engine

2H24 preview: both revenue, NP stable HoH

–Games revenue growth accelerated with solid margin expansion

–Game business weighed on revenue growth despite resilient ad and VAS business

Awaiting recovery of ads revenue growth

China Technology–SMIC／Hua Hong Semi 3Q23：in-line revenue; ASP／GPM pressure to persist into 4Q23E