4Q preview: rev/np reach RMB30.7bn/1.1bn
–3Q rev/np -11%/40%; a significant miss
–3Q preview: flattish rev/EBITDA growth
–1H rev/np +23%/25%; a neat beat on tea beverage
–3Q reported/cFX rev +3%/+10%; Miu Miu +48%
–3Q rev/np +13%/16%; mixed near-term outlook
- 2Q rev / np + 33% / 49% ; 强度延长至 2H
- 2Q Rev / NP + 20.4 / 21.0% , 如预先公布
业绩符合预期,Q2 Rev PAR恢复超疫前
- 3Q rev / np + 3% / 59% ; 成本削减是利润增长的关键