【招银国际】Macro uncertainty to impact revenue growth and margin outlook.pdf

3Q results review: Solid revenue growth with lower margin

2022 Hotel Room Revenue by State

2022 State and Local Tax Revenue by State

2H24 preview: both revenue, NP stable HoH

–Games revenue growth accelerated with solid margin expansion

Fire Up Your B2B Revenue Generation Engine

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

Awaiting recovery of ads revenue growth

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

Saving Lives While Raising Revenue