2Q17 Growth Contributed from Honour of Kings, Buy

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1 Tencent (00700 HK) Internet Sector Equity Research 股票研究 Company Report: Tencent (00700 HK) 公司报告 : 腾讯控股 (00700 HK) Ricky Lai 黎柏坚 (852) Q17 Growth Contributed from Honour of Kings, Buy 王者荣耀贡献 2017 年第 2 季度的业绩増长, 买入 公 司 报 告 证 券 研 究 报 告 互联网行业 Equity Research Report Company Report 2Q17 net profit surged 67.6% yoy, beating market and our expectations by 30%, driven by better-than-expected online game and advertising revenue. Weixin MAU grew 19% yoy to 960 million, which is expected to help advertising and social networks business. Tencent will introduce its AI technology to sustain solid revenue growth for different business segments, including performance ads, information-based services, and FinTech business. We lift FY17-FY19 online game revenue by 9.5%/ 13.0%/ 15.5%, respectively, due to better contributions from Honour of Kings and the launch of more game titles in 2H17. 2Q17 online game revenue grew 39% yoy, driven by popular mobile game titles (Honour of Kings, Dragon Nest Mobile and TLBB) and expansion packs. Gross margin to be dragged with lower margin business segments. 2Q17 gross profit margin declined by 7.3 ppt yoy to 50.0% due to lower margin mobile games and the impact of cloud services. Gross profit margin in FY17-FY19 is estimated to decline by 4.6ppt/ 1.7 ppt/ 0.4 ppt to 51.0%/ 49.3%/ 48.9%, respectively, due to content costs on video platforms, traffic acquisition costs and larger mobile games contributions. Maintain the investment rating of Buy and lift the TP from HK$ to HK$ We revise up FY17-FY19 EPS by 5.0%/ 7.1%/ 8.5%, respectively. The new TP implies 47.3x FY17 PER, 39.0 FY18 PER and 32.1x FY19 PER 年第 2 季度净利同比增长 67.6%, 好于预期, 因好于预期的游戏和广告收入 微信 用户同比增长 19% 至 9.6 亿, 有望帮助广告和社交网络业务 腾讯将应用其人工智能技术 在不同业务, 包括广告 动态信息服务和金融科技业务, 以维持其不同业务的稳健收入增 长 我们分别上调 年在线游戏收入 9.5%/ 13.0%/ 15.5%, 因王者荣耀较高的贡献, 并在 2017 年下半年推出更多新游戏 第 2 季度网络游戏收入同比增长 39%, 是受到流行 手机游戏的贡献 ( 王者荣耀 龙之谷和天龙八步 ) 和升级游戏版本 毛利率受毛利率较低的业务板块所拖累 第 2 季度毛利率同比下降 7.3 个百分点至 50.0%, 因受毛利率较低的手游和云服务的影响 由于视频平台的内容成本 流量获取成本和较大 的手机游戏贡献, 估计 年的毛利率分别下跌 4.6 个百分点 / 1.7 个百分点 / 0.4 个百分点至 51.0%/ 49.3%/ 48.9% 维持公司的投资评级为 买入 及目标价从 港元上调至 港元 我们分别上 调 年每股盈利预测 5.0%/ 7.1%/ 8.5% 新目标价相当 47.3 倍 2017 年市盈率 39.0 倍 2018 年市盈率及 32.1 倍 2019 年市盈率 Rating: Buy Maintained 评级 : 买入 ( 维持 ) 6-18m TP 目标价 : HK$ Revised from 原目标价 : HK$ Share price 股价 : Stock performance 股价表现 [Table_PriceChange] Change in Share Price 股价变动 % of return Abs. % 绝对变动 % Rel. % to HS Index 相对恒指变动 % Avg. share price(hk$) 平均股价 ( 港元 ) 1 M 1 个月 Source: Bloomberg, Guotai Junan International. 3 M 3 个月 HK$ (20) Aug-16 Nov-16 Feb-17 May-17 Aug-17 HSI Index Tencent 1 Y 1 年 [Table_ Year End Turnover Net Profit EPS EPS PER BPS PBR DPS Yield ROE 年结收入股东净利每股净利每股净利变动市盈率每股净资产市净率每股股息股息率净资产收益率 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (x) (RMB) (%) (%) 中腾外讯运控输股 2015A 102,863 28, A 151,938 41, F 236,356 67, F 316,008 82, F 388, , [Table_BaseData] Shares in issue (m) 总股数 (m) 9,498.0 Major shareholder 大股东 Naspers Ltd 34.0% Market cap. (HK$ m) 市值 (HK$ m) 3,094,448.4 Free float (%) 自由流通比率 (%) month average vol. 3 个月平均成交股数 ( 000) 22,332.0 FY17 Net gearing (%) FY17 净负债 / 股东资金 (%) Net cash 52 Weeks high/low (HK$) 52 周高 / 低 / FY16-19 PEG (x) 1.2 See the last page for disclaimer Page 1 of 8

2 2Q17 Results Review Tencent recorded 67.6% yoy growth in net profit in 2Q17, beating market and our expectations by 30%, driven by better-than-expected online game and advertising revenue. 2Q17 gross margin was dragged down by 7.3 ppt yoy due to a different revenue structure compared to last year s, with higher revenue proportion from lower margin mobile games and cloud computing services. Tencent was able to keep its solid revenue contribution from online games business with 39% yoy growth, contributed by strong mobile game titles of Honour of Kings, Dragon Nest Mobile and TLBB, and key PC game titles such as LoL and DnF. 2Q17 online advertising revenue surged 55% yoy, thanks to video services, Weixin Moments and news feeds advertising businesses. Honour of Kings ranked first in China s online game market and will further leverage its strengths to overseas expansion, which is expected to boost online games revenue growth. Tencent s video platforms are well received by users thanks to the launch of self-produced videos and licensed videos. Advertising revenue growth can be sustained with a large Weixin user base and better video content. Tencent will introduce its AI technology to sustain solid revenue growth for different business segments, including performance ads, information-based services, and FinTech business. Table-1: Tencent s Income Statement Analysis RMB (Million) 2Q17 2Q16 YoY Comments Total revenue 56,606 35, % Contributed by 39% yoy growth in strong online -VAS revenue 35,804 25, % -Online advertising revenue 10,148 6, % -Others revenue 9,654 3, % Cost of revenue (28,300) (15,235) 85.8% Gross profit 28,306 20, % Interest income % Other gains, net 5, % S&M expenses (3,660) (2,365) 54.8% G&A expenses (8,170) (5,299) 54.2% Operating profit 22,560 14, % Finance costs, net (834) (377) 121.2% Profit before tax 22,224 13, % Income tax (3,970) (2,780) 42.8% Shareholders profit 18,231 10, % EPS (RMB) % Gross profit margin 50.0% 57.3% (7.3ppt) Operating profit margin 39.9% 40.2% (0.3ppt) Net profit margin 32.2% 30.5% 1.7ppt games and 51% yoy growth in social networks services revenue Thanks to stronger advertising revenue contributions from video services, Weixin Moments and news feeds advertising in news platforms Driven by strong demand for electronic payments and cloud services Disposal gains from the IPO of Korean mobile game maker Netmarble More marketing activities such as online games, payment services and online media Affected by higher R&D expenses with more headcount GPM affected by lower margin mobile games and cloud services contributions See the last page for disclaimer Page 2 of 8

3 We lift FY17-FY19 online game revenue by 9.5%/ 13.0%/ 15.5%, respectively. 2Q17 online game revenue grew 39% yoy to RMB23.9 billion, 12% better than expected, driven by popular mobile game titles. Mobile game revenue surged 54% yoy in 2Q17 to RMB14.8 billion, which surpassed PC game revenue, contributed by Honour of Kings, Dragon Nest Mobile, China s version of Contra Return in the Action genre and TLBB. A significant portion of mobile game revenue was contributed from Honour of Kings, which has ranked top in China s ios mobile game chart for several months. Tencent will further leverage its strengths by launching this game title into overseas markets to boost revenue growth. By adding new game features with the launch of upgraded versions, Honour of Kings high ranking in China s online game market can persist. Tencent also has other popular game titles which are favored by online gamers in China, such as Contra, Naruto, CrossFire and TLBB. We think these popular game titles can help Tencent to boost revenue growth with better user growth and ARPU. PC game revenue grew 29% yoy to RMB13.6 billion in 2Q17, contributed by key titles such as LoL and DnF. Tencent has launched upgraded versions and expansion packs to improve PC game ARPU, with new game features and characteristics. By offering an ecosystem of online games with services including esports and social networking, Tencent has been able to improve online gamers engagement and increase game loyalty. Thanks to solid revenue contributions from popular game titles, we revise up FY17-FY19 online game revenue by 9.5%/ 13.0%/ 15.5%, respectively. Table-2: China s ios Top 10 Online Grossing Games Chart Ranking Grossing Games Game Distributors 1 Honour of Kings ( 王者荣耀 ) Tencent 2 Fantasy Westward Journey ( 梦幻西游 ) NetEase 3 Zhu Xian ( 诛仙 ) Perfect World 4 Duo Yi 2 ( 神武 2) Duoyi 5 Contra ( 魂斗罗 ) Tencent 6 TLBB ( 天龙八部手游 ) Tencent 7 Wo Hu Cang Long 2 ( 卧虎藏龙 2) Aligames Inc. 8 Hoo Lai 2 ( 胡莱三国 2) Hoolai Games 9 Xian Jian Qi Chuan 5 ( 仙剑奇侠传 5) Jgyou 10 Xun Xian ( 寻仙 ) Tencent Source: App Annie. Figure-1: Tencent s Quarterly Online Game Revenue and YoY Growth Figure-2: Tencent s Annual Online Game Revenue and YoY Growth RMB(Million) 25,000 Online game revenue (LHS) 22,811.0 YoY growth (RHS) 23, % RMB (Billion) 200 Online game revenue (LHS) 38.0% YoY growth (RHS) 40% 22,000 19,000 16, % 17, , , % 33.5% 39.2% 40% 20% % 25.2% % % 30% 20% 13, % 40 10% 10,000 2Q16 3Q16 4Q16 1Q17 2Q17 0% 0 FY15A FY16A FY17F FY18F FY19F 0% Source: the Company. Social networks revenue to be propelled with huge Weixin user base and quality digital content. 2Q17 social networks revenue surged 51% yoy to RMB12.9 billion, driven by digital content services and virtual item sales. Tencent has launched quality content services for its video and music platforms to boost platform traffic and encourage users to spend. Tencent has produced a series of popular drama shows, music competitions and variety shows by hiring popular actors and actresses. Tencent has also acquired licensed video content from overseas to satisfy customer needs for related content. Although the See the last page for disclaimer Page 3 of 8

4 production costs and license costs are huge, the quality programs have managed to attract fee-based viewers. Weixin users surged 19% yoy to reach over 960 million as at June 2017, which helped virtual items sales business. We revise up FY17-FY19 social networks revenue by 8.5%/ 9.1%/ 10.8%, respectively. Figure-3: Tencent s Quarterly Social Networks Revenue and YoY Growth Figure-4: Tencent s Annual Social Networks Revenue and YoY Growth RMB(Million) Social networks revenue (LHS) YoY growth (RHS) RMB (Billion) Social Networks Revenue (LHS) YoY Growth (RHS) 14,000 12,000 10,000 8,000 6,000 4,000 2, % 57.9% 9, , % 10, , % 12, % 65% 45% 25% 5% % % % % % 60% 50% 40% 30% 20% 10% 0 2Q16 3Q16 4Q16 1Q17 2Q17-15% 0 FY15A FY16A FY17F FY18F FY19F 0% Source: the Company. The introduction of AI technology and quality video content helps online advertising business. 2Q17 online advertising revenue grew 55.4% yoy, driven by video advertising, news feed advertising, Wexin Offical Accounts and Weixin Moments. Thanks to more variety of quality content, Tencent has been able to grow video platform traffic and improve video advertising revenue. Tencent uses AI technology to better understand user preferences, interests and habits, with the launch of related advertisements and contextual ad content to boost performance advertising. The contributions from news feeds advertising improved due to more suitable content for users with better platform monetization. Tencent introduced more advertising inventory in 1H17 to boost advertising revenue. We have noticed that large corporations are more willing to launch advertisements through Weixin Moments for marketing events and promotional activities. Weixin Moments is expected to improve its advertising revenue contributions in 2H17 with the launch of AI technology to better understand user preference. FY17-FY19 online advertising revenue is projected to grow by 39.0%/ 20.4%/ 13.5%, respectively. Others revenue in 2Q17 surged 177.5% yoy, contributed by higher platform adoption in electronic payment and cloud computing services. By leveraging its strengths in O2O services and networks, payment services adoption increased significantly. More merchants are willing to use the WePay payment system in both domestic and overseas markets. Tencent expanded its cloud services to the TMT and financial sectors to improve market share and to increase their penetration rate. Many large corporations are using Tencent cloud as their platforms and Tencent will expand its market share in the video, live broadcast and game industries. We expect Tencent s cloud services to benefit from the launch of AI technology to improve customer needs. We lift FY17-FY19 others revenue estimates by 7.0%/ 8.5%/ 8.9%, respectively. Gross margin to be dragged with lower margin business segments. 2Q17 gross profit margin declined by 7.3 ppt yoy to 50.0% due to lower margin mobile games and the impact of cloud services. Gross margin has been trending down in recent quarters, and we expect that it will continue in coming quarters due to new revenue mix. VAS gross margin in 2Q17 was 61%, down 1 ppt yoy, affected by higher channel costs for mobile games and higher revenue sharing with app stores. Online advertising gross margin declined by 7 ppt yoy to 38% in 2Q17 due to higher content cost, traffic acquisition costs and amortization expense. Advertising gross margin is estimated to be influenced by more content costs with the need to boost platform traffic and amortization expense with more investments. Gross margin in others was 22% in 2Q17, up 11 ppt yoy. Gross profit margin in FY17-FY19 is estimated to decline by 4.6 ppt/ 1.7 ppt/ 0.4 ppt to 51.0%/ 49.3%/ 48.9%, respectively. See the last page for disclaimer Page 4 of 8

5 Figure-5: Tencent s Quarterly Gross Profit Margin 60% Figure-6: Tencent s Annual Profit Margins Gross Profit Margin Operating Profit Margin Net Profit Margin 70% 56% 52% 57.3% 54.0% 53.9% 60% 50% 40% 59.5% 55.6% 39.5% 36.9% 51.0% 36.6% 49.3% 48.9% 33.3% 33.2% 48% 51.3% 50.0% 30% 20% 28.0% 27.0% 28.7% 26.1% 25.9% 10% 44% 2Q16 3Q16 4Q16 1Q17 2Q17 0% FY15A FY16A FY17F FY18F FY19F Source: the Company. Profit Revision We lift FY17-FY19 EPS by 5.0%/ 7.1%/ 8.5%, respectively. We adjust FY17-FY19 VAS revenue by 8.0%/ 10.5%/ 11.7%, respectively, due to revisions in online game and social network revenue estimations. Others revenue is revised up by 7.0%/ 8.5%/ 8.9%, respectively, due to strong adoption in electronic payment and cloud services. Table-3: Financial Estimation Revisions OLD NEW CHANGE RMB (Million) 2017F 2018F 2019F 2017F 2018F 2019F 2017F Total revenue 224, , , , , , % 7.3% 9.0% -VAS revenue 142, , , , , , % 10.5% 11.7% -Advertising revenue 37,488 45,136 51,229 37,488 45,136 51, % 0.0% 0.0% -Others revenue 42,494 64,955 87,368 45,469 70,476 95, % 8.5% 8.9% Net profit 64,631 76,986 92,724 67,863 82, , % 7.1% 8.5% EPS (RMB) % 7.1% 8.5% Source: Guotai Junan International. 2018F 2019F Valuation Maintain the investment rating of Buy and raise the TP from HK$ to HK$ Tencent is expected to maintain its robust revenue growth with solid online games business fueled from the launch of popular game titles, new game titles and expansion packs. We expect that advertising revenue can further be improved with the monetization strategy through its huge Weixin user base. Although Tencent needs to spend a huge amount in expenses to acquire quality content, it is expected to pay off with better platform traffic and more fee-based paying viewers. Gross margin is trending down with higher costs for video content. We expect that robust revenue growth can alleviate gross margin decline. We lift the TP from the HK$ to HK$ The new TP implies 47.3x FY17 PER, 39.0 FY18 PER and 32.1x FY19 PER. See the last page for disclaimer Page 5 of 8

6 Figure-7: Tencent s PE Graph SD 30 Average SD 15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Source: Bloomberg. Table-4: Technical Terms Glossary Abbreviation Definitions 定义 IVAS Internet Value-Added Services 互联网増値服务 MVAS Mobile and Telecommunication Value-Added Services 移动及电讯増値服务 VAS Value-Added Services 増値服务 LOL League of Legends 英雄联盟 DNF Dungeon and Fighter 地下城与勇士 ACU Average Concurrent User Accounts 平均同时在线用戸数 PCU Peak Concurrent User Accounts 最高同时在线用戸数 TAC Traffic Acquisition Cost 流量获得成本 TLBB Tian Long Ba Bu 天龙八部 TMT Technology, Media and Telecom 电信 媒体和科技 ACG Advanced Casual Game 高级休闲游戏 MCG Mini Casual Game 小型休闲游戏 ARPU Average Revenue Per User 平均每月用户收入 DAU Daily Active User Accounts 日活跃用户数 FPS First Person Shooting 第一人称射击游戏 MMO Racing Massive Multiplayer Online Racing 大型多人在线赛车游戏 MMOFPS Massive Multiplayer Online First-Person Shoot 大型多人在线第一人称射击游戏 MMOG Massive Multiplayer Online Game 大型多人在线音乐游戏 MM ORGS Massive Multiplayer Online Role-Playing Game 大型多人在线角色扮演游戏 MMORTS Massive Multiplayer Online Real-Time Strategy 大型多人在线实时战略游戏 SNS Social Network Site 社交网站 Source: the Company. See the last page for disclaimer Page 6 of 8

7 Financial Statements and Ratios Income Statement Year end 31 Dec (RMB m) 2015A 2016A 2017F 2018F 2019F VAS 80, , , , ,562 Online advertising 17,468 26,970 37,488 45,136 51,229 Others 4,726 17,158 45,469 70,476 95,144 Total Revenue 102, , , , ,935 Cost of revenues (41,631) (67,439) (115,814) (160,216) (198,746) Gross profit 61,232 84, , , ,189 Interest Income 2,327 2,619 2,008 2,441 3,156 Other gains, net 1,886 3,594 13,500 12,150 13,730 S&M (7,993) (12,136) (16,545) (21,489) (24,892) G&A (16,825) (22,459) (33,090) (43,609) (52,895) Operating Profit 40,627 56,117 86, , ,288 Finance cost, net (1,618) (1,955) (2,294) (2,943) (4,263) Share of associate / JC (2,793) (2,522) 1,200 1,320 1,460 Profit Before Tax 36,216 51,640 85, , ,485 Income Tax (7,108) (10,193) (16,841) (20,462) (24,966) profit After Tax 29,108 41,447 68,480 83, ,519 Non-controlling Interest (302) (352) (616) (749) (914) Shareholders' Profit / Loss 28,806 41,095 67,863 82, ,605 Basic EPS Balance Sheet Year end 31 Dec (RMB m) 2015A 2016A 2017F 2018F 2019F PPE 9,973 13,900 23,187 32,482 39,405 Intangible assets 13,439 36,467 41,937 60,809 85,132 Investment in JCE & associates 60,715 70,672 90, , ,703 Others 67, , , , ,404 Total Non-current Assets 151, , , , ,645 Accounts receivable 7,061 10,152 11,269 12,508 14,885 Other receivables 11,397 14,118 15,671 17,551 20,535 Cash & Cash Equivalents 43,438 71,902 59,918 85, ,053 Others 93,482 52,982 88,723 95, ,977 Total Current Assets 155, , , , ,450 Total Assets 306, , , , ,095 Accounts payable 15,700 27,413 28,784 30,223 31,734 Deferred revenue, current portion 70,199 20,873 22,960 24,797 25,789 Accrued expenses and other payables 11,429 12,278 16,575 22,377 39,159 Current taxation 3,886 3,466 3,986 5,062 6,429 Others 23,192 37,167 42,661 49,985 58,588 Total Current Liabilities 124, , , , ,699 Cash Flow Statement Year end 31 Dec (RMB m) 2015A 2016A 2017F 2018F 2019F Profit before taxation 36,216 51,640 85, , ,485 Depreciation & Amortisation of intangible assets 6,674 12,741 13,723 14,781 15,921 Changes in working capital 6,389 10,967 (8,693) (6,437) (44,022) Income tax paid (5,047) (10,516) (16,188) (18,838) (23,074) Others 1, (12,485) 1, Cash from Operating Activities 45,431 65,518 61,679 94,801 76,292 Investing activities CAPEX (5,440) (8,399) (7,475) (6,653) (5,921) Financial assets purchases (13,001) (33,556) (34,898) (36,294) (37,746) Associates & JV investments (11,923) (8,996) (10,550) (8,440) (6,752) Financial for sale investments (13,001) (33,556) (34,898) (36,294) (37,746) Others (20,240) 13,584 (1,783) (13,000) (24,544) Cash from Investing Activities (63,605) (70,923) (89,604) (100,680) (112,708) Financing activities Payments for repurchase of shares (652) (1,936) (2,130) (2,279) (2,438) Dividends paid to the Company's shareholders (2,640) (3,699) (3,699) (6,108) (7,422) Change in borrowings 28,565 43,824 12,930 25,656 59,800 Others (6,745) (6,746) 6,318 11,116 13,752 Cash from Financing Activities 18,528 31,443 13,419 28,384 63,693 Net Changes in Cash ,038 (14,507) 22,505 27,277 Cash at Beg of Year 42,713 43,438 71,902 59,918 85,047 FX change 371 2,426 2,523 2,624 2,729 Cash at End of Year 43,438 71,902 59,918 85, ,053 Note payable 37,092 36,204 41,635 51,211 62,989 Long term borrowings 12,922 57,549 66,181 86, ,054 Others 10,298 14,702 18,967 22,642 12,278 Total Non-current Liabilities 60, , , , ,320 Total Liabilities 184, , , , ,019 Share capital 10,350 14,188 15,323 16,650 18,125 Reserves 109, , , , ,871 Total Shareholders' Equity 120, , , , ,996 Minority Interest 2,065 11,623 12,732 14,080 14,080 Total Equity 122, , , , ,076 [Table_FinancialRatio] Financial Ratios 2015A 2016A 2017F 2018F 2019F Gross margin Operating margin Net margin Net gearing Net cash Net cash Net cash Net cash 0.0 See the last page for disclaimer Page 7 of 8

8 [Table_CompanyRatingDefinition] Company Rating Definition The Benchmark: Time Horizon: 6 to 18 months Rating Hong Kong Hang Seng Index Definition Buy 买入 Relative Performance>15%; or the fundamental outlook of the company or sector is favorable. Accumulate 收集 Relative Performance is 5% to 15%; or the fundamental outlook of the company or sector is favorable. Neutral 中性 Relative Performance is -5% to 5%; or the fundamental outlook of the company or sector is neutral. Reduce 减持 Relative Performance is -5% to -15%; or the fundamental outlook of the company or sector is unfavorable. Sell 卖出 Relative Performance <-15%; or the fundamental outlook of the company or sector is unfavorable. [Table_IndustryRatingDefinition] Sector Rating Definition The Benchmark: Time Horizon: 6 to 18 months Rating Hong Kong Hang Seng Index Definition Outperform 跑赢大市 Relative Performance>5%; or the fundamental outlook of the sector is favorable. Neutral 中性 Relative Performance is -5% to 5%; or the fundamental outlook of the sector is neutral. Underperform 跑输大市 Relative Performance<-5%; Or the fundamental outlook of the sector is unfavorable. DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Except for SMI HOLDINGS GROUP (00198 HK),GUOTAI JUNAN I (01788 HK),BINHAI INVESTMENT (02886 HK),GFI MSCI A I (03156 HK),CAM SCSMALLCAP (03157 HK),LINK HOLDINGS (08237 HK),GFI MSCI A I-R (CNY) (83156 HK),Guotai Junan and its group companies do not hold equal to or more than 1% of the market capitalization of the issuer mentioned in this Research Report. (4) Guotai Junan and its group companies have not had investment banking relationships with the issuer mentioned in this Research Report within the preceding 12 months. (5) Guotai Junan and its group companies are not making a market in the securities in respect of the issuer mentioned in this Research Report. (6) Guotai Junan and its group companies have not employed an individual serving as an officer of the issuer mentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated with Guotai Junan and its group companies. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Guotai Junan Securities (Hong Kong) Limited ("Guotai Junan"). Guotai Junan and its group companies may do business that relates to companies covered in research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor, underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by sales persons, dealers and other professional executives of Guotai Junan group of companies. Any opinions expressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment banking groups of Guotai Junan. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, Guotai Junan does not guarantee the accuracy and completeness of the information and data herein. This Research Report may contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions with inherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investment objectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guotai Junan and its group companies to any registration or licensing requirement within such jurisdiction Guotai Junan Securities (Hong Kong) Limited. All Rights Reserved. 27/F., Low Block, Grand Millennium Plaza, 181 Queen s Road Central, Hong Kong. Tel.: (852) Fax: (852) Website: See the last page for disclaimer Page 8 of 8

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