【招银国际】Recovery in sight with clear margin expansion.pdf

Fair guidance but decent inventory and margin

Higher consumer internet revenue contribution boosted margin

We expect prudent guidance but decent margins

–1H23 results marginally beat; continue to implement “1+2+N” strategy

Potential store and margin expansion ahead

2024年1季报点评：Margin改善驱动NBV高增，负债端延续高景气

off overdone; Positive on investments and margin recovery in

4Q24 margins lay foundation for FY25 earnings

–Games revenue growth accelerated with solid margin expansion

FY22 preview： 2H22 UW margin improvement