解读中国互联网行业- 大盘股第二季度财报发布后，预期与投资者关注重点-Navigating China Internet_ What to expect & key investor focuses into mega-caps 2Q prints

6 August 2025 | 6:07AM HKT Navigating China Internet What to expect & key investor focuses into mega-caps 2Q prints For the exclusive use of NEIL.WANG@TROWEPRICE.COM For the upcoming China internet mega-caps' 2Q earnings, we expect aggregate China Internet profits to see the first yoy decline since 2Q22, -10% yoy dragged down by eCommerce & local services (otherwise a still healthy +11% profit growth yoy ex. the Top 4 transaction platforms). We expect key highlights to be centered around: 1) Sequential acce ...