【招银国际】Solid revenue and profit growth could continue.pdf

–Games revenue growth accelerated with solid margin expansion

Net loss in 4Q24 further narrowed; target to achieve 97% revenue growth in 2025E

Maximizing Output and Government Revenues from Mining in Developing Countries

Ad revenue growth recovery still takes time

Cloud revenue growth and AI related monetization remain keys to watch

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

Inline 2Q24 results; games business to drive revenue growth acceleration in 2H24E

Rampup of generative AIrelated revenue on track

Pent-up demand boosts revenue recovery

Higher consumer internet revenue contribution boosted margin