【招银国际】 Gradual revenue and margin recovery in FY23.pdf

Fire Up Your B2B Revenue Generation Engine

Ad revenue growth recovery still takes time

Maximizing Output and Government Revenues from Mining in Developing Countries

Cloud revenue growth and AI related monetization remain keys to watch

Rampup of generative AIrelated revenue on track

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

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

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

Pent-up demand boosts revenue recovery

Higher consumer internet revenue contribution boosted margin