【申万宏源】 Strong hospital business.pdf

A microscope on small businesses: The productivity opportunity by country

2Q23 preview: solid earnings growth despite social entertainment business adjustment

Business success in the new China

–Business adjustment impact likely taking time to be digested

Strong core music business supports 1Q23 earnings beat

Eyes on post-COVID business recovery

1Q24 beat on strong music business growth and GPM expansion

Core educational business sustained strong momentum

Entering into a year of business transition

Solid recovery across all business lines