【招银国际】–3Q rev／np +13%／16%; mixed near-term outlook.pdf

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

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

–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

业绩符合预期，Q2 Rev PAR恢复超疫前

–1H rev／np +23%／25%; a neat beat on tea beverage

–3Q preview： flattish rev／EBITDA growth

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

- 2Q rev ／ np + 33% ／ 49% ； 强度延长至 2H

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