【招银国际】Higher consumer internet revenue contribution boosted margin.pdf

Gradual revenue and margin recovery in FY23

The Division of Revenues from Unexpected Demand Shocks

Rampup of generative AIrelated revenue on track

Inline 1Q24 results; upbeat on game revenue growth reacceleration in 2H24E

Awaiting recovery of ads revenue growth

Ad revenue growth recovery still takes time

Increase Top-Line Revenue Growth in Any Market

–Weak revenue growth in the price; overseas growth story still intact

State-by-State Hotel Revenue, Tax and Job Loss

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