【OC&C】在哪里 Rev Up.pdf

–3Q preview： flattish rev／EBITDA growth

–1H rev／EBIT +13%／26%; Heineken grew 60%

–3Q reported／cFX rev +3%／+10%; Miu Miu +48%

–3Q rev／np +13%／16%; mixed near-term outlook

–1H rev／np +23%／25%; a neat beat on tea beverage

–3Q rev／np -11%／40%; a significant miss

4Q preview: rev/np reach RMB30.7bn/1.1bn

- 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

- 2Q rev ／ np + 33% ／ 49% ； 强度延长至 2H