【招银国际】Inline 3Q23 results; strong music subscription revenue growth.pdf

Solid mobile games and margin improvement support strong 1Q23 results

–International expansion drove a strong beat for 3Q results

Strong sales performance in 2Q

Strong and sustainable non-COVID growth

China Consumer Sector: Strong recovery and sustainability during CNY

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

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

Expect strong growth to continue after the impressive 1H23; U／G to BUY

Acceptable short-term setbacks can be absorbed by strong core business

China Consumer Sector – Strong recovery and sustainability during CNY