Better-than-feared 3Q results 电商业务短期或陷入两难境地，下调至“持有”评级 Looking at game monetization and better margin GPM pressure persists despite possible sales beat 2023年三季报点评：业绩超预期，蓝领及大客户推动需求回升 Games revenue growth accelerated with solid margin expansion 2024财年二季报点评：业绩继续超预期，下季度收入指引同增42-45% 主营业务稳健增长，多款新药进入商业化兑现阶段 每日港股导航 首次覆盖：MSCI ESG评级维持A级，上调全年业绩预期