【招银国际】–Release of pent-up demand remained strong.pdf

Strong sales performance in 2Q

Strong and sustainable non-COVID growth

Solid mobile games and margin improvement support strong 1Q23 results

–International expansion drove a strong beat for 3Q results

China Consumer Sector: Strong recovery and sustainability during CNY

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

China Auto Sector – Strong June provides more confidence for 2H23

Technology: AI Server and AI PC/smartphone supply chain set to continue strong momentum into 1H24E

China Consumer Sector – Strong recovery and sustainability during CNY

–3Q23 earnings beat on strong operating leverage and business innovation