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

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 6.6 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 ) : 765.7 市 市 ( 港 港 百 百 港 ) : 273.3 52 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 5.2-6.53-56.41 恒 恒 恒 恒 6.72-5.95-32.27 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 945 813 828 888 Net Profit 28 358 215 241 P/E,x EPS, HKD 6.1.38 4.7.49 8.2.28 7.3.32 P/B, x 1.2 1..9.8 BVPS, HKD 1.94 2.36 2.63 2.86 ROE, % 18.9 19.8 1.6 11. Source: Company reports, Phillip Securities Est. 研 研 研 (+ 86 21 516994-17) research@phillip.com.cn 55% Page 1 PHILLISECURITIES (HK) RESEARCH

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 45 4 35 3 25 2 15 1 5 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

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 2 15 1 5 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

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) 9.3 6.1 4.7 8.2 7.3 Price to Book(P/B) 1.5 1.2 1..9.8 Per share data(rmb) EPS,Adjusted.25.38.49.28.32 Book Value Per Share 1.59 1.94 2.36 2.63 2.86 Dividends Per Share.9.12..8.9 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 681 945 813 828 888 - Cost of Goods Sold 265 377 386 348 355 Gross Income 416 568 428 48 533 - Operating Expenses 26 296 287 273 294 Operating Income 172 284 144 27 239 - Net Non-Operating Losses (Gains) 1 (59) (282) (5) (5) Pretax Income 165 335 42 251 283 - Income Tax Expense 29 55 63 38 42 Net profit 136 28 358 215 241 Source: Company, Phillip Securities (HK) Research Estimates ( 財 財 財 財 財 財 6 月 3 日 ) Page 4 PHILLISECURITIES (HK) RESEARCH

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. 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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 17911 Tel : (65) 6533 61 Fax : (65) 6535 6631 Website: www.poems.com.sg 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) 227766 Fax (852) 2868537 Websites: www.phillip.com.hk INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A Jakarta 122 Indonesia Tel (62-21) 5798 Fax (62-21) 57989 Website:www.phillip.co.id THAILAND Phillip Securities (Thailand) Public Co. Ltd 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok 15 Thailand Tel (66-2) 63517 / 2268999 Fax (66-2) 2268921 Websitewww.phillip.co.th UNITED KINGDOM King & Shaxson Capital Limited 6th Floor, Candlewick House, 12 Cannon Street, London, EC4N 6AS Tel (44-2) 7426 595 Fax (44-2) 7626 1757 Website: www.kingandshaxson.com 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) 21628841 Fax (63) 2166599 Website: www.poems.com.my JAPAN PhillipCapital Japan K.K. Nagata-cho Bldg., 8F, 2-4-3 Nagata-cho, Chiyoda-ku, Tokyo 1-14 Tel (81-3) 35953631 Fax (81-3) 3595363 Website:www.phillip.co.jp CHINA Phillip Financial Advisory (Shanghai) Co. Ltd No 436 Hengfeng Road, Greentech Unit 64, Postal code 27 Tel (86-21) 516994 Fax (86-21) 63532643 Website: www.phillip.com.cn FRANCE King & Shaxson Capital Limited 3rd Floor, 35 Rue de la Bienfaisance 758 Paris France Tel (33-1) 456331 Fax (33-1) 4563617 Website: www.kingandshaxson.com UNITED STATES Phillip Futures Inc 141 W Jackson Blvd Ste 35 The Chicago Board of Trade Building Chicago, IL 664 USA Tel +1.312.356.9 Fax +1.312.356.95 AUSTRALIA PhillipCapital Australia Level 12, 15 William Street, Melbourne, Victoria 3, Australia Tel (613) 96188238 Fax (613) 922272 Website: www.phillipcapital.com.au