Investment Rating - The report assigns a "Buy" rating to Meitu Inc (1357 HK) with a target price of HKD 4 42 [1][2] Core Views - Meitu Inc is a leading player in the aesthetic tools sector with a comprehensive product matrix covering image video and design solutions The company has successfully transitioned to a subscription-based business model which has become the core driver of revenue growth [1] - AI technology is empowering both ToB and ToC businesses with significant room for growth in subscription payment rates The company's MiracleVision visual model supports its productivity tools and has been integrated into workflows across various industries [1][27] - The company's beauty industry solutions including Meide and Meitu Yifu are experiencing rapid revenue growth and contributing to the digital transformation of the industry [1][37] Market Data - Total shares outstanding 4 478 billion Total market cap HKD 16 165 billion [1] - 1-year low high HKD 1 74-4 19 3-month turnover rate 162 8% [1] - 1-month 3-month 1-year relative returns 39 7% -2 8% 55 0% absolute returns 42 1% -1 4% 40 7% [1] Product Matrix - Image and design products include Meitu Xiuxiu Meiyan Camera Wink and Meitu Design Studio These products have maintained a leading position in the image editing sector with Meitu Xiuxiu holding a 54% MAU market share as of January 2024 [1][11] - Beauty industry solutions include Meide and Meitu Yifu which provide ERP and supply chain management SaaS solutions for cosmetics retailers and AI skin analysis for beauty brands and salons [1][11] Financial Performance - Revenue for 2023 reached RMB 2 696 billion a 29 3% YoY increase Adjusted net profit was RMB 368 million a 233 2% YoY increase [1][14] - The company expects revenue to grow to RMB 3 594 billion in 2024 RMB 4 436 billion in 2025 and RMB 5 162 billion in 2026 with adjusted net profit reaching RMB 590 million RMB 798 million and RMB 979 million respectively [1][14] AI and Subscription Growth - The company's subscription user base grew from 5 62 million in December 2022 to 9 11 million in December 2023 with the subscription payment rate increasing from 2 3% to 3 7% [1][26] - AI-driven features such as AI expansion and AI-generated content (AIGC) have significantly contributed to the growth in subscription rates [1][26] Industry Outlook - The image and design industry is expected to grow significantly driven by AI technology and increasing demand from both C-end and B-end users The market size for image digitization in China is projected to reach nearly RMB 16 billion by 2025 [1][20] Valuation - The report values Meitu Inc at 5x PS for 2024 resulting in a target market cap of HKD 19 78 billion and a target price of HKD 4 42 [1][47]

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Views - The report highlights strong revenue and profit growth driven by AI technology, with a significant increase in paid conversion rates [1][2] - The company achieved a revenue of 2.7 billion HKD in 2023, representing a year-on-year growth of 29.3% [1] - The adjusted net profit reached 368 million HKD, a remarkable increase of 233.2% year-on-year, with an adjusted net profit margin of 13.7% [1][3] Financial Performance Summary - In 2023, the company recorded a revenue of 2,695.7 million HKD, with a gross profit of 1,655.9 million HKD, resulting in a gross margin of 61% [3][4] - The company expects revenues for 2024, 2025, and 2026 to be 3.73 billion HKD, 4.66 billion HKD, and 5.60 billion HKD, respectively, with growth rates of 39%, 25%, and 20% [2][3] - The non-IFRS adjusted net profit for 2024, 2025, and 2026 is projected to be 564.9 million HKD, 739.3 million HKD, and 928.0 million HKD, respectively [2][3] User Growth and Market Expansion - The company reported a monthly active user count of 250 million by the end of 2023, reflecting a year-on-year growth of 2.6% [1] - The paid subscription user base reached over 9.11 million, marking a historical high with a year-on-year increase of 62.3% [1][2] - The company has successfully expanded its image-related products to 195 countries and regions, with flagship applications ranking first in various app store charts [1][2] AI Integration and Business Model - AI technology has been widely applied in the company's core business, significantly enhancing user engagement and operational efficiency [1] - The revenue from the image and design products based on a subscription model reached 1.33 billion HKD in 2023, up 52.8% year-on-year [1][2] - The company is actively building a product ecosystem around its AI model, MiracleVision, which is integrated across all its products [1][4]

证券研究报告·海外公司点评·软件服务(HS) 美图公司（01357.HK） 2023 年报点评：利润落在预告上限，AI 加速 2024 年 03月 18日 付费率提升 证券分析师 张良卫 买入（维持） 执业证书：S0600516070001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E zhanglw@dwzq.com.cn 研究助理 晋晨曦 营业总收入（百万元） 2,085 2,696 3636 4718 5833 执业证书：S0600122090072 同比 25% 29% 35% 30% 24% jincx@dwzq.com.cn 经调整净利润（百万元） 111 368 587 926 1,208 同比 30% 233% 59% 58% 30% 股价走势 EPS（元/股，经调整） 0.02 0.08 0.13 0.21 0.27 美图公司 恒生指数 PE（经调整） 117 35 22 14 11 52% [关Ta键bl词e_：Ta#g新] 产品、新技术、新客户 34 43 %% 25% [Table_Summar ...

Table_BaseInfo 2024 年 3 月 18 日 公司动态分析 美图公司（1357.HK） 证券研究报告 净利润同比大幅增长，战略聚焦生产力及全球化 软件与互联网 美图公司发布 2023 年业绩，收入同比增 29%，经调整净利润同比增 2.3 倍至 3.7 投资评级： 未有 亿元，经调整净利润率同比提升 8 个百分点至 13.7%。整体付费用户同比增 63% 至 911 万，付费率提升至 3.7%，生产力场景的用户及收入已初具规模。关注公司 目标价格： 未有 AI 原生工作流产品建设及海外布局进展，现价对应 2024 年市盈率 23.6 倍，新产 品发布及业绩兑付背景下，估值或仍有提升空间。 现价(2024-03-15)： 3.15港元 报告摘要 总市值(百万港元) 14,105 全年净利润同比增 2.3 倍：从全年业绩看，2023年美图公司总收入 27.0亿元，略 流通市值(百万港元) 8,435 低于市场预期3%，同比增29%，其中影像与设计产品同比增53%，美业解决方案 总股本(百万股) 4,478 +29%，广告+20%，收入占比为 49%、21%、28%，各业务线均受益于 AI 技术驱 ...

证券研究报告 | 2024年03月18日 美图公司（01357.HK） 买入 23 年底付费渗透率达 3.7%，生产力场景拓展良好 核心观点 公司研究·海外公司财报点评 总收入同比+29%，经调整归母利润3.7亿。2023全年，美图实现总收入 互联网·互联网Ⅱ 27.0亿元，同比+29%，影像产品收入增长强劲带动。2023年，影像与 证券分析师：张伦可 联系人：陈淑媛 设计产品/广告/美业解决方案收入同比增长 53%/20%/29%，占收入比 0755-81982651 021-60375431 zhanglunke@guosen.com.cnchenshuyuan@guosen.com.cn 49%/28%/21%。公司24年拓展方向：24年产品继续聚焦于以AI驱动的 S0980521120004 生产力工具上：1）AI视频相关新品；2）站酷联动也逐步体现在产品上； 基础数据 3）全球化：海外新产品、新品牌。应用场景拓展：做广告场景，和当 投资评级 买入(维持) 前电商领域有很强的共性。23年公司毛利率61%，同比+4pct。23年公 合理估值 4.50 - 4.80港元 收盘价 3.15港元 司总体费用同 ...

2024 年 03 月 16 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 收入利润增长亮眼， 持续助力“生产力和全 AI 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 球化”战略布局 zhangjj02@ghzq.com.cn 联系人 ： 罗婉琦 S0350122040042 ——美图公司（ ） 年财报点评 luowq@ghzq.com.cn 1357.HK 2023 最近一年走势 事件 : 2024年3月15日公司公告发布2023年度财报，2023全年实现营收27 亿元（YoY+29.3%），毛利润16.6亿元（YoY+39.5%），毛利率61.4% （YoY+4.5pct），净利润 3.66 亿元，经调整归母净利润 3.68 亿元 （YoY+233.2%）。 投资要点 :  整体业绩表现：公司2023年营收利润表现亮眼，实现经调整归母净 相对恒生指数表现 2024/03/15 利润同比增长233.2%至3.7亿元，落在前期业绩预告指引上限，真 表现 1M 3M 12M 实反映公 ...

证券研究报告 公 2024年03月16日 司 报 告 美图公司(01357) 行 业： 计算机/软件开发 │ 港 投资评级： 买入（维持） 股 当前价格： 3.15港元 AI 驱动收入及利润高速增长 - 公 目标价格： 4.90港元 司 事件：2024年3月15日，公司发布2023年财报，2023年实现营收26.96 年 基本数据 报 亿元（YoY+29.3%）,毛利润 16.6 亿元（YoY+39.5%）,毛利率为 61.4% 点 总股本/流通股本(百万股) 4,477.76/4,477.76 （YoY+4.5pct）,净利润3.7亿元（YoY+1839.6%），经调整归母净利润3.7 评 流通市值(百万港元) 14,104.96 亿元（YoY+233.2%）。 每股净资产(元) 0.98  AI全面赋能业务，驱动付费用户高速增长。2023年公司全面加码AI， 资产负债率(%) 25.78 每天处理的数亿份图片和视频中，约83%的内容处理是基于AI的，也为公 一年内最高/最低(港元) 4.19/1.74 司吸引更多的用户。截至2023 年年底，美图月活用户数 2.49亿，同比增 长2.6%；付费订阅用户数 ...

Financial Performance - Adjusted net profit attributable to parent company equity holders reached approximately RMB 370 million, a year-on-year increase of 233.2%[3] - Total revenue increased by 29.3% year-on-year to approximately RMB 2.7 billion[3] - Adjusted net profit attributable to equity holders of the parent company reached RMB 368.3 million, a year-on-year increase of 233.2%[8] - Total revenue for 2023 was RMB 2,695.7 million, up 29.3% year-on-year[8] - Gross profit for 2023 was RMB 1,655.9 million, compared to RMB 1,187.3 million in 2022[12] - Net profit for the year was RMB 366.4 million, compared to RMB 18.9 million in 2022[12] - Total revenue for the fiscal year ending December 31, 2023, increased by 29.3% to approximately RMB 2,695.7 million, compared to RMB 2,085.3 million in 2022[13] - Revenue increased to RMB 2,695,738 thousand in 2023, up 29.3% from RMB 2,085,329 thousand in 2022[63] - Gross profit rose to RMB 1,655,876 thousand in 2023, a 39.5% increase from RMB 1,187,272 thousand in 2022[63] - Net profit attributable to owners of the parent company surged to RMB 378,293 thousand in 2023, compared to RMB 94,142 thousand in 2022[63] - Total revenue for 2023 reached RMB 2,695,738 thousand, a 29.3% increase from RMB 2,085,329 thousand in 2022[75] User Growth and Engagement - Monthly active users (MAU) reached approximately 250 million, a year-on-year increase of 2.6%[3] - Paid subscription users increased by 62.3% year-on-year to 9.11 million[3] - MAU for productivity applications increased by 74.3% year-on-year to 17.66 million[6] - The company's app had over 9.11 million paid subscribers by the end of 2023, with a paid penetration rate of 3.7%, a 62.3% increase from 2022[15] AI and Technology - Approximately 83% of the billions of images and videos processed daily by users utilize AI features[3] - The company plans to launch more generative AI features for image and video scenarios in 2024[3] - Strategic collaboration with Zcool to enhance the market influence of visual designers and build an ecosystem around generative AI[3] - Approximately 83% of content processed daily by users is powered by AI[8] - The AI-generated product images feature in Meitu Design Studio has generated over 130 million AI product images by the end of February 2024[16] - R&D expenses increased to RMB 635.5 million in 2023 from RMB 586.4 million in 2022[12] - R&D expenses increased by 8.4% year-on-year to approximately RMB 635.5 million in 2023, primarily due to increased investment in AI-related technologies[25] - Research and development expenses increased to RMB 635,484 thousand in 2023, up 8.4% from RMB 586,365 thousand in 2022[63] Product and Service Revenue - Revenue from imaging and design products increased by 52.8% year-on-year to RMB 1.33 billion[4] - Revenue from Imaging and Design Products grew by 52.8% to RMB 1,327.4 million, accounting for 49.2% of total revenue[14][15] - Revenue from image and design products outside mainland China accounted for over 50% of the total revenue in 2023[10] - Revenue from Imaging and Design Products grew significantly to RMB 1,327,384 thousand in 2023, up 52.8% from RMB 868,763 thousand in 2022[75] - Revenue from Beauty Solutions increased by 29.1% to RMB 569.2 million, driven by growth in cosmetics supply chain management services[19] - Beauty Solutions revenue rose to RMB 569,158 thousand in 2023, a 29.1% increase from RMB 441,007 thousand in 2022, driven by sales of cosmetics and smart hardware products totaling RMB 544,002 thousand[76] - Advertising revenue increased by 20.5% year-on-year to approximately RMB 758.8 million in 2023, compared to RMB 629.9 million in 2022[21] - Advertising revenue increased to RMB 758,790 thousand in 2023, a 20.5% rise from RMB 629,902 thousand in 2022[75] Acquisitions and Investments - Meitu acquired Zcool Network Technology Limited, which has over 17 million registered users and operates China's largest copyright image and video trading platform[10] - The company acquired Zcool in February 2024 to enhance its imaging and design ecosystem[16] - Meitu Investment agreed to acquire Zcool Group for a total consideration of $39.64 million (approximately HKD 309.91 million), including 119,158,806 ordinary shares and various series of preferred shares[61] - As part of the Zcool acquisition, all outstanding options under the Zcool ESOP plan will be canceled, with a total settlement of $2.14 million (approximately HKD 16.75 million) to be paid to option holders[62] - Upon completion of the Zcool acquisition, Zcool will become an indirect wholly-owned subsidiary of the company, and its financial performance will be consolidated into the group's financial statements[62] - The company agreed to acquire Zcool Network Technology Limited for USD 39.64 million (approximately RMB 281,410 thousand), with USD 17.784 million paid in shares and the remainder in cash[110] - The company completed the acquisition of Ruicheng Tianhe, making it a wholly-owned subsidiary, following the triggering of a buyback clause due to the failure to meet listing requirements[54][55] - The company sold approximately 20% of its stake in Dajie Net for $1.00, reducing its ownership from 58.98% to 38.98% and no longer consolidating Dajie Net's financials[56] - Pixocial completed a Series A equity financing round totaling $22 million, with investors including Eight Roads, FutureX A7, FutureX ICT, and the company itself subscribing to 19,734,483 Series A preferred shares[58] - Post-financing, the company's ownership in Pixocial decreased from 100% to approximately 80.62% on a fully diluted basis[59] - Pixocial adopted an equity incentive plan (Pixocial Option Plan) reserving 7,642,626 ordinary shares for employees, directors, and consultants, with 1,910,657 options granted to key executives[59] - The company sold 20% of its stake in subsidiary Dajie Net Investment Holdings Ltd. for $1 (approximately RMB 7), reducing its ownership from 58.98% to 38.98% and losing control over Dajie Net[112] - Dajie Net's net liabilities increased to RMB 111,340,000 due to debt forgiveness by the company prior to the sale, resulting in a dilution of the company's interest[112] Costs and Expenses - Operating costs increased by 15.8% year-on-year to approximately RMB 1,039.9 million in 2023, driven by higher cloud computing fees and expanded cosmetic supply chain services[23] - Sales and marketing expenses increased by 6.2% year-on-year to approximately RMB 428.2 million in 2023, driven by overseas expansion of the image subscription business[26] - Administrative expenses increased by 10.7% year-on-year to approximately RMB 300.9 million in 2023, mainly due to higher employee costs and professional service fees[27] - Employee benefits expenses remained stable at RMB 909,516 thousand in 2023, slightly down from RMB 911,949 thousand in 2022[78] - Inventory consumption and cost of sales increased to RMB 513,059 thousand in 2023, up 27.6% from RMB 402,058 thousand in 2022[78] - Income tax expense decreased to RMB 71,667 thousand in 2023, down 54.2% from RMB 156,339 thousand in 2022[79] Assets and Liabilities - Total assets grew to RMB 5,767,186 thousand in 2023, up 15.2% from RMB 5,004,348 thousand in 2022[65] - Total liabilities rose to RMB 1,653,486 thousand in 2023, a 27.7% increase from RMB 1,294,834 thousand in 2022[66] - Intangible assets grew to RMB 775,754 thousand in 2023, a 17.6% increase from RMB 659,841 thousand in 2022[65] - Contract liabilities increased to RMB 423,585 thousand in 2023, up 72.7% from RMB 245,243 thousand in 2022[66] - Total assets increased to RMB 1,404,424,000 as of December 31, 2023, up from RMB 1,195,064,000 in 2022, driven by acquisitions and fair value changes[89] - Fair value changes of financial assets resulted in a loss of RMB 73,531,000 in 2023, compared to a gain of RMB 519,821,000 in 2022[90] - Trade receivables increased to RMB 406,520,000 in 2023 from RMB 364,503,000 in 2022, with 94% of receivables aged within 6 months[92][93] - Cash and cash equivalents decreased to RMB 640,629,000 in 2023 from RMB 946,602,000 in 2022, primarily due to reduced bank deposits[94] - Restricted cash remained stable at RMB 300,000 in both 2023 and 2022, held as collateral for operational payments[95] - The company's bank borrowings increased to RMB 149.8 million with an annualized interest rate of 3.77% as of December 31, 2023, compared to RMB 100 million with a rate of 3.68% in 2022[49] - The company's asset-to-liability ratio slightly increased to 0.36% as of December 31, 2023, from 0.30% in 2022[49] - The company holds approximately 31,000 units of Ethereum and 940.4970 units of Bitcoin, with a fair value of $71.23 million and $39.91 million, respectively, as of December 31, 2023[51] - The company owns a 23.81% stake in Shenzhen Hujia Technology Co., Ltd., with a registered capital of RMB 1.4 million[52] - The company's non-current assets in China as of December 31, 2023, amounted to RMB 686,934,000, a decrease from RMB 766,420,000 in 2022[74] - Non-current assets in other countries or regions as of December 31, 2023, were RMB 648,706,000, up from RMB 368,173,000 in 2022[74] Dividends and Shareholder Information - The company proposed a final dividend of HKD 0.036 per share for 2023, totaling approximately HKD 161.2 million[46] - The company's dividend payout ratio for 2023 was approximately 40.2% based on adjusted net profit attributable to equity holders of the parent company[46] - The company declared a final dividend of RMB 81,395 thousand for the year ended December 31, 2023, and proposed a final dividend of RMB 146,256.3 thousand for the same period, pending shareholder approval[102] - The company's annual general meeting is scheduled for June 5, 2024, with a notice to be issued and distributed to shareholders in accordance with listing rules[119] - The company will suspend share transfer registration from May 30 to June 5, 2024, to determine the list of shareholders entitled to attend and vote at the annual general meeting[119] - The company will suspend share transfer registration from June 12 to June 14, 2024, to determine shareholders eligible to receive the final dividend, subject to approval at the annual general meeting[120] - The company's annual results announcement and annual report for the year ended December 31, 2023, will be published on the Hong Kong Stock Exchange and company websites and distributed to shareholders[121] Corporate Governance and Leadership - Cai Wensheng resigned as executive director and chairman on June 1, 2023, to focus on personal business commitments, with the company expressing gratitude for his contributions[122] - The company's executive directors include Mr. Wu Zeyuan (also known as Mr. Wu Xinhong)[123] - Non-executive directors include Dr. Guo Yihong, Dr. Kai-Fu Lee, Mr. Chen Jiarong, and Mr. Hong Yupeng[123] - Independent non-executive directors include Mr. Zhou Hao, Mr. Lai Xiaoling, and Ms. Kui Yingchun[123] - The announcement contains forward-looking statements regarding the company's business outlook, financial performance estimates, and development strategies[123] - These forward-looking statements are based on current information and assumptions, which may involve subjective factors or factors beyond the company's control[123] - The forward-looking statements involve risks and uncertainties, and shareholders and potential investors should not overly rely on them[123] Other Financial Information - Other income decreased by 72.3% year-on-year to approximately RMB 40.4 million in 2023, down from RMB 145.7 million in 2022, due to the sale of the IMS business[22] - Impairment losses on cryptocurrencies were reversed by approximately RMB 270 million in 2023, with RMB 170 million for Bitcoin and RMB 94.8 million for Ethereum[28] - Intangible asset impairment losses amounted to approximately RMB 155.3 million in 2023, related to goodwill impairment in the beauty solutions segment[29] - Total cash and cash equivalents decreased to RMB 640,629 thousand in 2023 from RMB 946,602 thousand in 2022[38] - Adjusted net profit attributable to equity holders of the parent company increased to RMB 368,297 thousand in 2023 from RMB 110,543 thousand in 2022[36] - Capital expenditures for property and equipment decreased to RMB 47,363 thousand in 2023 from RMB 65,231 thousand in 2022[42] - Total investments in financial assets measured at fair value through profit or loss increased to RMB 344,942 thousand in 2023 from RMB 98,321 thousand in 2022[43] - The company's cash and other liquid financial resources remained stable at RMB 1,404,438 thousand in 2023 compared to RMB 1,390,031 thousand in 2022[38] - The company did not hedge any foreign currency fluctuations during 2023 and 2022[44] - The company's restricted deposits for operational expenses remained unchanged at RMB 300,000 thousand in 2023[45] - The company's share premium account balance was approximately RMB 7,093.8 million as of December 31, 2023[47] - The company's statutory share capital consists of 6,000,000,000 ordinary shares with a par value of USD 0.00001 each as of December 31, 2023[96] - Trade and other payables totaled RMB 735,209 thousand as of December 31, 2023, compared to RMB 734,098 thousand in 2022, with a significant increase in platform payments for agency services to RMB 244,876 thousand from RMB 80,984 thousand[100] - Trade payables aged within 6 months amounted to RMB 98,990 thousand as of December 31, 2023, slightly up from RMB 96,170 thousand in 2022[101] - Pixocial Holdings Ltd issued 17,043,417 Series A redeemable convertible preferred shares at USD 1.1148 per share, totaling USD 19 million (approximately RMB 134,571 thousand) on December 1, 2023[103] - Series A preferred shareholders are entitled to a special dividend if Pixocial meets the net profit requirements specified in the shareholder agreement[104] - Series A preferred shares will automatically convert into ordinary shares upon a qualified IPO or as approved by the Pixocial board, with a conversion price based on the then-effective Series A conversion price[105] - Series A preferred shareholders can request redemption if a qualified IPO or sale transaction is not completed within four years of the initial closing date, or under other specified conditions[106] - In the event of liquidation, Series A preferred shareholders have priority over ordinary shareholders to receive distributions equal to 100% of the original issue price plus 8% annual simple interest[107] - The sale of Dajie Net resulted in a net cash outflow of RMB 5,486 thousand after deducting the cash and cash equivalents of Dajie Net[111] - The company fully utilized the net proceeds of approximately HKD 4,988 million from its 2016 IPO, with no changes to the intended use of funds as disclosed in the prospectus[118]

港股公司报告 | 公司点评 美图公司（01357） 证券研究报告 2024年03月10日 投资评级 业绩前瞻：AI浪潮下主营稳健增长，卡位C端应用持续验证产品力 行业 资讯科技业/软件服务 6个月评级 买入（维持评级） 事件：美图公司发布业绩盈利预喜公告，预计 2023 年 12 月 31 日止年度 当前价格 3.05港元 根据非国际财务报告准则录得约人民币3.30~3.70亿元归母经调整净利润， 目标价格 港元 同比2022年12月31日止年度约人民币1.11亿元增长约200%至230%。 基本数据 港股总股本(百万股) 4,477.76 23 年业绩增长核心贡献主要系：1）生产力相关影像产品需求的超预期增 长提升用户付费渗透率；2）全球化策略下中国内地以外订阅用户的稳步 港股总市值(百万港元) 13,657.18 增长。此外我们前期也多次强调美图公司在商业模式成功切换、创始人重 每股净资产(港元) 0.98 新出任董事长后，策略层面全面聚焦主业已兑现强劲的主业收入增长，同 资产负债率(%) 25.78 时公司在C端的竞争格局优势或被低估，依托于长期积累的经验和用户有 一 年内最高/最低(港元) 4.19/ ...

Stock Code 股份代號 : 1357 (於開曼群島註冊成立的有限公司・並以「美國之家」名稱於香港經營業務） (Jncorporated in the Cayman Islands with linited liability and carrying on business in Hong Kong as "英國之家") 管理層討論與分析 | --- | --- | |-------|--------------------------| | | | | | 目錄 | | | | | | 公司資料 | | | 2023 年摘要 | | | 主要財務及運營數據 | | | 主席報告 | | | 管理層討論與分析 | | | 其他資料 | | | 中期財務資料審閱報告 | | | 中期簡明合併收入表 | | | 中期簡明合併綜合收益表 | | | 中期簡明合併資產負債表 | | | 中期簡明合併權益變動表 | | | 中期簡明合併現金流量表 | | | 中期簡明合併財務資料附註 | | | 釋義 | 2 4 6 7 10 22 34 35 36 37 39 41 43 76 公司資料 公司資料 | --- ...