【招银国际】Ad revenue growth recovery still takes time.pdf

Inline 3Q23 results; strong music subscription revenue growth

Saving Lives While Raising Revenue

Awaiting recovery of ads revenue growth

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

–Games revenue growth accelerated with solid margin expansion

2H24 preview: both revenue, NP stable HoH

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

Fire Up Your B2B Revenue Generation Engine

3Q results review: Solid revenue growth with lower margin

2022 Hotel Room Revenue by State