【招银国际】 Prioritizing profitability and quality user growth.pdf

1Q24 core earnings beat estimates; Shifted to profitable growth strategy

Profit alert roughly in-line

–1H23 profit warning; Maintain BUY on 2H gradual recovery

1Q25 net profit surged 23% YoY, holding up better-than-feared

1H23 core profit +10% YoY; positive on the structural growth and mgmt. execution

美团(3690 HK): 核心本地商业利润增长超预期，优选亏损继续环比收窄—维持优于大市; 上调目标价28％(Meituan: Core Local Business Profit Growth Exceeds Expectations, Preferre

Overseas out-licensing as a sustainable profit driver

Bank Profitability in Europe: Not Here to Stay

Solid 1Q24 with enhanced profitability

Growing non-GAAP profit