2024年4季度业绩：收入885亿元(人民币，下同)，同比增20%，与我们/彭博市场预期基本一致，其中核心商业/新业务增19%/23%。调整后净利润同比增125%，对应净利率11%，较2023年4季度提升5.2个百分点。核心商业调整后运营利润率20%，好于我们预期的18%，同比提升5.1个百分点，得益于用户补贴下降及运营效率改善；新业务运营亏损22亿元，亏损率9.5%，与我们预期基本一致，同比持续...
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