【招商证券】China Food & Beverage Sector - FY23 growth from re-opening and falling costs.pdf

–1H23E NP to fall 23% YoY; Mixed picture ahead

We expect 2H22E net profit to fall 23% YoY

The Mirage of Falling R-stars

GAC Group (2238 HK) We expect 4Q22 NP to fall on equity income

Djibouti Economic Monitor, Fall 2024

Why AI-Generated Content Labeling Mandates Fall Short

Algeria Economic Update, Fall 2024

China Stumbles but Is Unlikely to Fall

Divided We Fall: Differential Exposure to Geopolitical Fragmentation in Trade

2Q23E NP to fall QoQ; Hyper margin key in 2H23