机构：招银国际 研究员：Walter WOO For sales growth in FY26E, despite the tough macro, we believe it is feasible, helped by multiple drivers like: 1) low base (due to warm winter in 2024), 2) upgrades in member management and customer services (this round of reform has only just started and the decent sales trend in Jul-Aug 2025 is a good evidence), this could further drive up VIP sales growth and related sales mix), 3) rapid ramp up of the new brands like onmygame and B1OCK in FY26E (both had achieved an about 70% in ...