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

Inline 3Q23 results; strong music subscription revenue growth

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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

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2022 Hotel Room Revenue by State