【招银国际】Sales exceeding expectations and achieving non-GAAP profitability.pdf

We expect 1H24 to be still profitable

–Aion’s turning profitable as a positive catalyst

–Net profit in 2Q23 +19% YoY; Higher R&D spending but still a set of good quality results

Li Auto Inc. (LI US) 4Q22E net profit likely to turn positive

Profit alert roughly in-line

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

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

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

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