1Q23 dragged by higher investments and macro headwinds; Maintain BUY on 2H recovery
1Q in line; 2023 guidance maintained
–1H23 profit warning; Maintain BUY on 2H gradual recovery
Maintaining conservative outlook
Reverse roadshow takeaways: high demand continues, Maintain Buy
China Policy – Politburo maintains pro-growth stance while ruling out big stimulus
COVID business to maintain solid growth
–1H23 profit warning worse than feared; Maintain Hold
Determined to maintain local consumer services industry consumer mind share
Yanlord:Resilient FY22 results and business model; maintain Buy