Tianfeng Securities estimates that the revenue of FY2023-25 is RMB 9938/11638/1373.2 billion, the adjusted net profit attributable to shareholders (Non-GAAP) is RMB 139.1/164.1/1950 billion, and the target price is HK $169.
As the leading Internet economy in China, it still maintains strong competitiveness despite multiple challenges such as regulatory norms and intensified industrial competition. With the policy regula...