博博博博 (434.HK) 公司报报從運營數據來看, 移動遊戲占總收益比重提升 2.1 個百分點至 61% 付費玩家與 215Q4 基本持平, 約為 17 萬人, 而 215Q4 環比下降了 17.2 個百分點

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機機機機機機博雅互動 (434 434.HK HK) 首首首首首首, 纯纯纯纯香香 TMT 公公公公 5 JULY 216 財務回顧博雅互動於第一季度實現收入 1.7 億人民幣, 同比下降 3%, 其中網頁遊戲和移動遊戲收益分別同比下降 33.8% 和 27.7% 至 6.

1%, 凈利潤率同比上升 11.4 個百分點至 35.3% 經調整純利同比增長 8.5% 至.67 億元, 若撇除 215 第四季度出售雷尚股權取得的一次性收益的影響, 環比亦實現增長攤薄每股收益同比增加 5.8% 至 8.

1 機機機機機機博雅互動 ( HK HK) 首首首首首首, 纯纯纯纯香香 TMT 公公公公 5 JULY 216 財務回顧博雅互動於第一季度實現收入 1.7 億人民幣, 同比下降 3%, 其中網頁遊戲和移動遊戲收益分別同比下降 33.8% 和 27.7% 至 6.6 億和 1.4 億, 收入下降主要是受到網頁遊戲隨行業趨勢下滑以及運營商對支付渠道管控的雙重影響 ; 營業成本下降 44.3%, 主要是由於公司調整了成本及人員結構 ; 成本下降帶動毛利率同比上升 9.3 個百分點至 63.1%, 凈利潤率同比上升 11.4 個百分點至 35.3% 經調整純利同比增長 8.5% 至.67 億元, 若撇除 215 第四季度出售雷尚股權取得的一次性收益的影響, 環比亦實現增長攤薄每股收益同比增加 5.8% 至 8.33 分此外, 公司現金儲備充裕, 手持 1.7 億現金, 為後續的投資並購提供了保障增持評級現現 : HKD 2.71 ( 現現現現 6 月 3 日 ) 目目現 : HKD 3. (1.7%) 公公公料普普普普普 ( 百百普 ) : 市市 ( 港港百百港 ) : 周最最最 / 最最最 ( 港港港 ) : 5.45 / 2.23 Net Profit performance (RMB:mn) 25, Net Profit Net Profit Margin 2, 15, 1, 5, 14% 12% 1% 8% 6% 4% 2% 主主主主, % Byaa Global Limited 23.8 主股股股, % 1 個個 3 個個 1年博博博博恒恒恒恒主股 & 恒恒恒恒 % Source: Phillip Securities (HK) Research Mobile game and webgame Income Performance (RMB:mn) Mobile Game Browser game Mobile Game proportion 3 63% 25 62% 61% 2 6% 15 59% 1 58% 57% 5 56% 財財公料 RMB mn FY14 FY15 FY16E FY17E Revenue Net Profit P/E,x EPS, HKD P/B, x BVPS, HKD ROE, % Source: Company reports, Phillip Securities Est. 研研研 ( ) research@phillip.com.cn 55% Page 1 PHILLISECURITIES (HK) RESEARCH

2 博博博博 (434.HK) 公司报报從運營數據來看, 移動遊戲占總收益比重提升 2.1 個百分點至 61% 付費玩家與 215Q4 基本持平, 約為 17 萬人, 而 215Q4 環比下降了 17.2 個百分點 ; 每日活躍用戶環比下降 5.4 個百分點, 而 215Q4 環比下降了 1.7%; 每月活躍用戶環比下降 6%, 而 215Q4 環比下降了 9.8% 雖然多項用戶數據仍在下降, 但是下降趨勢明顯得到減緩付費用戶 (PU)/ 千人 Browser game Mobile Game Mobile Game proportion 3 97% 96% 25 95% 2 94% 93% 15 92% 1 91% 9% 5 89% 88% 每用户平均收入 (ARPU)/RMB:YUAN Browser game Mobile Game Browser game Mobile Game Browser game Mobile Game Texas Poker Fight Landlord Other Games 我們的看法博雅互動是業界領先的棋牌網絡遊戲公司, 且擁有成熟的商業模式, 手握兩款經典遊戲德州撲克和鬥地主, 將受惠於棋牌類遊戲的長生命周期此外, 我們註意到公司在 1Q216 通過 1) 專註研發和創新, 改善用戶體驗, 將遊戲產品組合增加至 44 款,2) 組織各類線上和線下賽事活動刺激用戶量提升,3) 推動支付方式從短信向微信支付寶的多元化改變,4) 與樂視合作開發樂視歡樂 Page 2 PHILLISECURITIES (HK) RESEARCH

8% 雖然多項用戶數據仍在下降, 但是下降趨勢明顯得到減緩付費用戶 (PU)/ 千人 Browser game Mobile Game Mobile Game proportion 3 97% 96% 25 95% 2 94% 93% 15 92% 1 91% 9% 5 89% 88% 每用户平均收入

3 博博博博 (434.HK) 公司报报鬥地主, 開啟棋牌賽事直播 + 互動的新模式在網頁遊戲行業趨勢影響下, 公司已采取積極應對措施, 相信會帶動經營指標持續改善投資建議雖然第一季度收入倒退, 但多項經營指標出現改善, 相信公司業績已處於探底回升的階段預計 216/217 EPS 為.28/.32, 給與目標價 3. 港元, 維持增持評級 ( 現現現現 6 月 3 日 ) Historical P/E valuation 3 25 P/E Average 風險提示業績復蘇低於預期 ; 移動遊戲競爭激烈 ; Page 3 PHILLISECURITIES (HK) RESEARCH

4 博博博博 (434.HK) 公司报报財財財財 FYE FY13 FY14 FY15 FY16E FY17E Valuation Ratios Price Earnings(P/E) Price to Book(P/B) Per share data(rmb) EPS,Adjusted Book Value Per Share Dividends Per Share Growth & Margins(%) Growth Revenue 31.6% 38.8% -13.9% 1.8% 7.2% Operating income -13.% 65.5% -49.4% 44.% 15.8% Net profit -5.1% 16.7% 27.8% -42.1% 12.7% Margins Gross profit margin 61.1% 6.1% 52.6% 58.% 6.% Operating profit margin 25.2% 3.% 17.7% 25.% 26.9% Net income margin 19.9% 29.6% 44.% 25.9% 27.3% Key Ratios ROE(%) 11.16% 18.9% 19.82% 1.62% 1.98% ROA(%) 14.39% 17.94% 18.87% 9.75% 9.95% Income Statement(RMB mn) Revenue Cost of Goods Sold Gross Income Operating Expenses Operating Income Net Non-Operating Losses (Gains) 1 (59) (282) (5) (5) Pretax Income Income Tax Expense Net profit Source: Company, Phillip Securities (HK) Research Estimates ( 財財財財財財 6 月 3 日 ) Page 4 PHILLISECURITIES (HK) RESEARCH

8% Net profit -5.1% 16.7% 27.8% -42.1% 12.7% Margins Gross profit margin 61.1% 6.1% 52.6% 58.% 6.% Operating profit margin 25.2% 3.% 17.7% 25.% 26.9% Net income margin 19.9% 29.6% 44.% 25.9% 27.

5 PHILL 博博博博 (434.HK) 公公公公 PHILLIP RESEARCH STOCK SELECTION SYSTEMS Total Return Recommendation Rating Remarks >+2% Buy 1 >2% upside from the current price +5% to +2% Accumulate 2 +5% to +2%upside from the current price -5% to +5% Neutral 3 Trade within ± 5% from the current price -5% to -2% Reduce 4-5% to -2% downside from the current price <-2% Sell 5 >2%downside from the current price We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERAL DISCLAIMER This publication is prepared by Phillip Securities (Hong Kong) Ltd ( Phillip Securities ). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Securities has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the Research ) contained in this publication are based on such information and are expressions of belief only. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a financial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. This publication should not be relied upon as authoritative without further being subject to the recipient s own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products which may be described in this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks. Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of a security. Any decision to purchase securities mentioned in this research should take into account existing public information, including any registered prospectus in respect of such security. Disclosure of Interest Analyst Disclosure: Neither the analyst(s) preparing this report nor his associate has any financial interest in or serves as an officer of the listed corporation covered in this report. Firm s Disclosure: Phillip Securities does not have any investment banking relationship with the listed corporation covered in this report nor any financial interest of 1% or more of the market capitalization in the listed corporation. In addition, no executive staff of Phillip Securities serves as an officer of the listed corporation. Availability The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction. Information contained herein is based on sources that Phillip Securities (Hong Kong) Limited ( PSHK ) believed to be accurate. PSHK does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. PSHK (or its affiliates or employees) may have positions in relevant investment products. For details of different product's risks, please visit the Risk Disclosures Statement on Phillip Securities (Hong Kong) Limited Contact Information (Regional Member Companies)

price -5% to +5% Neutral 3 Trade within ± 5% from the current price -5% to -2% Reduce 4-5% to -2% downside from the current price <-2% Sell 5 >2%downside from the current price We do not base our

6 PHILL 博博博博 (434.HK) 公公公公 SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 25, North Bridge Road #6- Singapore Tel : (65) Fax : (65) Website: HONG KONG Phillip Securities (HK) Ltd Exchange Participant of the Stock Exchange of Hong Kong 11/F United Centre 95 Queensway Hong Kong Tel (852) Fax (852) Websites: INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A Jakarta 122 Indonesia Tel (62-21) 5798 Fax (62-21) Website: THAILAND Phillip Securities (Thailand) Public Co. Ltd 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok 15 Thailand Tel (66-2) / Fax (66-2) Websitewww.phillip.co.th UNITED KINGDOM King & Shaxson Capital Limited 6th Floor, Candlewick House, 12 Cannon Street, London, EC4N 6AS Tel (44-2) Fax (44-2) Website: MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 545 Kuala Lumpur Tel (63) Fax (63) Website: JAPAN PhillipCapital Japan K.K. Nagata-cho Bldg., 8F, Nagata-cho, Chiyoda-ku, Tokyo 1-14 Tel (81-3) Fax (81-3) Website: CHINA Phillip Financial Advisory (Shanghai) Co. Ltd No 436 Hengfeng Road, Greentech Unit 64, Postal code 27 Tel (86-21) Fax (86-21) Website: FRANCE King & Shaxson Capital Limited 3rd Floor, 35 Rue de la Bienfaisance 758 Paris France Tel (33-1) Fax (33-1) Website: UNITED STATES Phillip Futures Inc 141 W Jackson Blvd Ste 35 The Chicago Board of Trade Building Chicago, IL 664 USA Tel Fax AUSTRALIA PhillipCapital Australia Level 12, 15 William Street, Melbourne, Victoria 3, Australia Tel (613) Fax (613) Website:

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濟川藥業 (600566 CH) 公司研報外延並購豐富產品線濟川藥業於 2014 年底收購東科製藥 70% 股權, 該公司擁有全國獨家品種 7 個獨家劑型 5 個, 主要產品婦炎舒膠囊甘海胃康

濟川藥業 (600566 CH) 公司研報外延並購豐富產品線濟川藥業於 2014 年底收購東科製藥 70% 股權, 該公司擁有全國獨家品種 7 個獨家劑型 5 個, 主要產品婦炎舒膠囊甘海胃康機構股票研究濟川藥業 (600566.CH) 兒童藥市場將支撐高速增長中國醫藥公司研報 19 August,2016 上半年業績大幅增長 2016 年上半年實現營收 23.5 億元, 同比增長 25.7%, 扣非後歸母淨利潤 4.2 億元, 同比增長 37.8%, 基本每股收

博 博 博 博 (434.HK) 公 司 报 报 從 運 營 數 據 來 看, 移 動 遊 戲 占 總 收 益 比 重 提 升 2.1 個 百 分 點 至 61% 付 費 玩 家 與 215Q4 基 本 持 平, 約 為 17 萬 人, 而 215Q4 環 比 下 降 了 17.2 個 百 分 點

博博博博 (434.HK) 公司报报從運營數據來看, 移動遊戲占總收益比重提升 2.1 個百分點至 61% 付費玩家與 215Q4 基本持平, 約為 17 萬人, 而 215Q4 環比下降了 17.2 個百分點