【招银国际】–3Q prelim rev／np +28%／93%; estimates unchanged.pdf

Main Biz. Rev. Grew Steadily; Instrument Installation Robust

- 3Q Rev ／ NP + 21% ／ 94% ； 2024E 青少年低增长

业绩符合预期，Q2 Rev PAR恢复超疫前

–3Q preview： flattish rev／EBITDA growth

4Q preview: rev/np reach RMB30.7bn/1.1bn

Solid cloud rev growth with improved earnings growth outlook for e-commerce business

- 2Q Rev ／ NP + 20.4 ／ 21.0% ， 如预先公布

–1H rev／EBIT +13%／26%; Heineken grew 60%

REV集团公司2025年第二财季业绩超预期；2025财年EBITDA展望上调

–3Q reported／cFX rev +3%／+10%; Miu Miu +48%