Ricky Lai 黎柏坚
公司报告：网易 (NTES US)
+852 2509 2603
[email protected]
18 May 2015
Well Positioned Online Games Provider , “Buy”
定位明确的游戏商 ，“买入 ”
GTJA Research 国泰君安研究
Company Report: Netease (NTES US)
Buy
Rating:
Maintained



FY15-17 online game revenue is revised up by 6.4%/7.3%/9.7%,
respectively, due to the famous licensed game titles from Activation Blizzard
(ATVI US). A series of mobile games will be introduced in coming quarters to
stimulate mobile user growth.
FY15-17 overall gross profit margin is revised down by 0.4 ppt/0.6
ppt/0.9 ppt to 71.1%/70.9%/70.2%, respectively, due to stronger mobile
revenue contributions with the launch of new licensed and self developed
game titles.
Maintain the investment rating of “Buy” and raise the TP from
US$133.00 to US$160.00. FY15-17 earnings per ADS are revised up by
5.4%/7.8%/10.1%, respectively, based on the revisions of online game, online
advertising and others revenue forecasts. The new TP represents 22.3x FY15
PER, 19.3x FY16 PER, 17.6x FY17 PER, and 1.45 FY14-17 PEG. We
maintain the Company’s investment rating of “Buy”, based on solid game
revenue growth PC games and the introduction of new mobile game titles to
stimulate growth.
15 财年第 1 季度业绩好于预期，是由于高于预期的在线游戏收入的贡献，因推出著名的游
评级：
6-18m TP 目标价:

US$133.00
Share price 股价：
US$141.120
Stock performance
股价表现
120
% change
100
80
60
40
20
0
(20)
May-14
Jul-14
Oct-14
Dec-14
Feb-15
NASDAQ COMP Index
May-15
Netease
分别上调 15-17 财年在线游戏收入预测 6.4％/7.3％/9.7％，因动视暴雪(ATVI US)著名游
戏的贡献。一系列的手机游戏将在未来季度推出以刺激移动游戏用户的增长。
Change in Share Price
股价变动
分别下调 15-17 财年整体毛利率 0.4 / 0.6 / 0.9 个百分点至 71.1 %/70.9 %/70.2%，因推出
Abs. %
绝对变动 %
Rel. % to NASDAQ index
相对纳指变动 %
Avg. ADS price(US$)
平均 ADS 股价（美元）
新的授权和自主研发游戏，较强的移动业务收入的贡献。

US$160.00
Revised from 原目标价:
戏如暗黑破坏神 III。

买入 (维持)
维持投资评级为“买入”及目标价从 133.00 美元上调至 160.00 美元。分别上调 15-17 财年
每 ADS 盈利预测 5.4%/7.8%/10.1%，由于网络游戏、网络广告和其他收入预测的调整。
新目标价相当于 22.3 倍 15 年市盈率、19.3 倍 16 年市盈率、17.6 倍 17 年市盈率及 14-17
1M
1 个月
3M
3 个月
1Y
1年
21.7
24.6
97.7
20.9
21.4
73.5
123.5
111.7
95.6
Source: Bloomberg, Guot ai Junan Internat ional .
年 PEG 为 1.45。由于公司有稳定的电脑游戏收入和推出新移动游戏以支持增长，我们维
持公司的投资评级为“买入”。
Year End
年结
Net Profit Earnings per ADS
收入
股东净利
EPS
PER
BPADR
PBR
DPS
Yield
ROE
每股 ADS 净利
每股净利变动
市盈率
每 ADR 净资产
市净率
每股股息
股息率
净资产收益率
(RMB m)
(RMB m)
(RMB)
(△%)
(x)
(RMB)
(x)
(RMB)
(%)
(%)
2013A
9,771
4,444
34.206
23.5
24.9
155.242
5.5
8.542
1.0
24.7
2014A
12,480
4,757
36.427
6.5
23.9
179.906
4.8
9.182
1.1
21.7
2015F
16,261
5,722
44.260
21.5
19.6
196.369
4.4
11.156
1.3
23.4
2016F
19,492
6,528
50.970
15.2
17.1
253.910
3.4
12.847
1.5
22.6
2017F
22,392
7,100
55.960
9.8
15.5
278.149
3.1
14.105
1.6
21.0
Shares in issue (m) 总股数 (m)
Market cap. (US$ m) 市值 (US$ m)
3 month average vol. 3 个月平均成交股数 (‘000)
52 Weeks high/low (US$) 52 周高/低
131.8
18,599.6
608.0
140.830 / 69.640
Major shareholder 大股东
Mr William Lei Ding 44.8%
Free float (%) 自由流通比率 (%)
55.2
FY15 Net gearing (%) FY15 净负债/股东资金 (%)
10.5
FY14-17 PEG (x)
1.3
Company Report
12/31
Turnover
Source: the Company, Guotai Junan International.
See the last page for disclaimer
网易 (NTES US)

1Q15 results were better than expected, due to better than expected online
game revenue contributions thanks to the launch of famous game titles such
as Diablo III.
Netease

Page 1 of 7
1Q15 Results Review:
1Q15 results were better than expected, thanks to the strong online game revenue growth from the launch of famous game
QoQ
3,885
2,519
3,463
54.2%
12.2%
-Online game services
3,104
2,156
2,863
44.0%
8.4%
-Advertising services
333
245
405
35.9%
(17.8%)
-E-mail, e-commerce & others
448
119
416
276.5%
7.7%
Sales taxes
(225)
(153)
(221)
47.1%
1.8%
Net revenues
3,660
2,366
3,463
54.7%
5.7%
Gross profit
2,489
1,707
2,485
45.8%
0.2%
S&M expenses
(551)
(223)
(704)
147.1%
(21.7%)
G&A expenses
(171)
(97)
(144)
76.3%
18.8%
R&D expenses
(452)
(243)
(392)
86.0%
15.3%
3
11
(2)
(72.7%)
N.A.
Interest income
167
142
157
17.6%
6.4%
FX gains
23
7
(7)
228.6%
N.A.
Others
11
2
72
450.0%
(84.7%)
Net income before tax
1,520
1,306
1,465
16.4%
3.8%
Income tax
(215)
(180)
(188)
19.4%
14.4%
Net income
1,264
1,124
1,277
12.5%
(1.0%)
Earnings per ADS (RMB)
9.65
8.63
9.73
11.8%
(0.8%)
Gross profit margin (%)
64.1
67.8
71.7
(3.7ppt)
(7.6ppt)
Net profit margin (%)
32.5
44.6
36.9
(12.1ppt)
(4.4ppt)
Investment income
Comments
Solid growth from PC game revenue growth
and ramping up of mobile games
contributions
Thanks to the launch of new e-commerce
platform Kaola.com
Higher costs to boost mobile games
utilization
Stronger R&D costs for launching new game
titles and self innovative new games
Affected by
contributions
stronger
mobile
games
网易 (NTES US)
YoY
Total revenues
Netease
Table-1: Netease’s 1Q15 Income Statement Analysis
1Q15
1Q14
4Q14
RMB (Million)
18 May 2015
titles such as Diablo III.
Source: the Company.
We revise up FY15-17 online game revenue by 6.4%/7.3%/9.7%, respectively. 1Q15 online game revenue was RMB3.1
billion, up 44.0% yoy, better than expected which was driven by the launch of famous game titles such as Chinese version of
Diablo III. A number of self developed game titles were launched in 1Q15, which included New Westward Journey Online II and
Fantasy Westward Journey II. Heroes of the Strom will be another strong game title to sustain the Company’s revenue growth in
2HFY15. Although a number of mobile games were launched in 1Q15, including Battle to the West, The World HD and mobile
version of Fantasy Westward Journey, the mobile game contributions for the Company was not significant. Only 20% of the total
revenue was contributed from mobile in 1Q15, which was low compared with other online game developers. The relatively low
mobile contribution was related to the lack of famous and highly popular causal games. We expect that there is still room for
Netease to expand their online game business through mobile platforms. Netease is actively launching self-developed mobile
games. Netease’s mobile game business model is different with that in the PC platform because Netease’s PC games are
well-known with the licensing titles from Activision Blizzard. The concurrent user count of the mobile version of Fantasy
(ATVI US) and the launch of mobile games, we revise up FY15-17 online game revenue estimations by 6.4%/7.3%/9.7%,
respectively.
See the last page for disclaimer
Page 2 of 7
Company Report
Westward Journey reached 1.6 million after its introduction in late March. Due to the strong game titles from Activation Blizzard
FY15-17 online advertising revenue is expected to grow by 16.1%/18.1%/21.9%, respectively. Online advertising revenue
grew by 35.9% yoy in 1Q15 thanks to the contributions from mobile news applications and performance based advertising
contributed the most in 1Q15. We think Netease’s advertising revenue could improve in FY15 with stronger contributions from
performance based advertising. Netease’s mobile news app is one of the most popular providers in China, which provides a
channel for the Company to monetize. We revise up FY15-17 online advertising revenue by 16.1%/18.1%/21.9%, respectively.
18 May 2015
business. Vertical advertising channels which include the sectors of automobile, internet services and food and beverage
FY15-17 e-mail, e-commerce and others revenue is revised up by 11.1%/18.4%/22.5%, respectively. E-mail, e-commerce
and others revenue in 1Q15 was RMB448 million, up 276.5% yoy, better than expected. The strong growth was due to the
Company’s effort of expanding e-commerce business through the strategic partnership with Sinotrain (00598 HK). Netease’s
e-commerce platform Kaola.com is positioned at principal for overseas branded and cross border products, which provides
consumers with confidence. Netease’s e-commerce platform is positioned in a different segment which can enjoy a higher
margin. FY15-17 e-mail, e-commerce and others revenue is revised up by 11.1%/18.4%/22.5%, respectively.
FY15-17 gross profit margin is expected to be 71.1%/70.9%/70.2%, respectively. 1Q15 gross profit margin declined by
3.7ppt yoy, resulted from the decline of online game gross profit margin. 1Q15 online game gross profit margin was 73.1%,
down 5.4ppt yoy, which was affected by higher contribution from mobile games. Advertising gross profit margin was 59.2%, up
11.4ppt yoy, thanks to the economies of scale of effect. E-mail, e-commerce and others gross profit margin was 38.9%, up
32.2ppt yoy, due to increased revenue contributions from third party lottery products on e-commerce platforms. Stronger mobile
games contributions are expected to drag down the Company’s overall gross profit margin in FY15. FY15-17 overall gross profit
margin is revised down by 0.4ppt/0.6ppt/0.9ppt to 71.1%/70.9%/70.2%, respectively.
Profit Revision:
FY15-17 earnings per ADS is revised up by 5.4%/7.8%/10.1%, respectively. FY15-17 total revenue is revised up by
14.8%/16.6%/19.5%, respectively, due to the revisions of online game, online advertising and e-mail, e-commerce & others
revenue estimations. FY15-17 earnings per ADS is revised up by 5.4%/7.8%/10.1%, respectively.
网易 (NTES US)
Figure-1: Netease’s Historical PE Chart
25
Netease
20
15
10
5
0
May-12
Nov-12
May-13
Nov-13
May-14
Nov-14
May-15
Company Report
Source: Bloomberg.
See the last page for disclaimer
Page 3 of 7
RMB (Million)
Online games revenue
Advertising services revenue
Email, e-commerce & others
revenue
Total revenue
Net profit
2015F
11,719
OLD
2016F
13,829
2017F
15,488
2015F
12,465
NEW
2016F
14,833
2017F
16,984
2015F
6.4%
CHANGE
2016F
7.3%
2017F
9.7%
1,831
2,106
2,316
2,126
2,487
2,823
16.1%
18.1%
21.9%
1,504
1,834
2,110
1,671
2,172
2,585
11.1%
18.4%
22.5%
14,166
16,720
18,739
16,261
19,492
22,392
14.8%
16.6%
19.5%
5,430
6,057
6,446
5,722
6,528
7,100
5.4%
7.8%
10.1%
18 May 2015
Table-2: Financial Estimation Revisions
Source: Guotai Junan International.
Valuation:
Maintain the investment rating of “Buy” and raise the TP from US$133.00 to US$160.00. We maintain the Company’s
investment rating of “Buy”, based on solid game revenue growth PC games and the introduction of new mobile game titles to
Company Report
Netease
网易 (NTES US)
stimulate growth. The new TP represents 22.3x FY15 PER, 19.3x FY16 PER, 17.6x FY17 PER, and 1.45 FY14-17 PEG.
See the last page for disclaimer
Page 4 of 7
Table-3: Peer Comparisons:
PER (x)
PBR (x)
Ticker
Currency
Price
Market
Cap
Changyou
CYOU US
USD
31.210
1,646
9.5
9.5
9.5
1.5
Perfect World Co
PWRD US
USD
19.530
972
n.a.
n.a.
n.a.
n.a.
Shanda Games
Company
14F
15F
16F
14F
ROE(%)
ROA(%)
16F
15F
15F
1.3
1.1
16.4
8.8
n.a.
n.a.
n.a.
n.a.
15F
GAME US
USD
6.880
1,857
n.a.
n.a.
n.a.
1.3
n.a.
n.a.
17.5
n.a.
Electronic Arts Inc
EA US
USD
62.875
19,494
n.a.
22.1
22.1
6.4
5.8
4.7
31.9
14.8
Taomee Holdings
TAOM US
USD
3.070
110
38.4
38.4
38.4
n.a.
n.a.
n.a.
n.a.
n.a.
Activision Blizzard Inc
ATVI US
USD
25.420
18,460
17.3
17.3
17.3
2.4
2.2
2.0
12.1
7.4
Netease
NTES US
USD
141.120
18,442
16.5
16.5
16.5
4.1
3.4
2.9
22.1
17.0
Simple Average
20.4
20.8
20.8
3.1
3.2
2.7
20.0
12.0
Weighted Average
16.6
18.5
18.5
4.2
3.8
3.2
21.9
12.9
18 May 2015
US Online Game Companies
HK Online Game Companies
Tencent
700 HK
HKD
162.300
1,521,563
29.9
37.4
29.9
11.3
8.4
8.0
31.7
17.2
Boyaa Interactive Int.
434 HK
HKD
8.200
6,259
10.0
12.5
10.0
2.7
2.3
2.4
21.9
18.3
Forgame Holdings
484 HK
HKD
18.700
2,380
18.4
23.0
18.4
1.4
1.3
n.a.
3.8
2.3
IGG
8002 HK
HKD
6.630
9,227
13.2
102.0
13.2
4.6
3.7
n.a.
28.9
24.4
Netdragon
777 HK
HKD
37.750
18,662
46.4
58.0
46.4
3.1
3.0
3.9
3.9
4.2
Simple Average
23.6
46.6
23.6
4.6
3.7
4.8
18.0
13.3
Weighted Average
29.9
37.9
29.9
11.1
8.2
7.9
31.2
17.1
Advertising Companies
Sohu.Com Inc
SOHU US
USD
67.200
2,592
67.3
67.3
67.3
2.3
2.0
1.8
(6.6)
(2.6)
Youku Tudou Inc-Adr
YOKU US
USD
23.450
4,534
n.a.
n.a.
n.a.
2.1
2.2
0.4
(6.9)
(7.1)
Sina Corp
SINA US
USD
43.460
2,536
30.1
30.1
30.1
1.2
1.2
1.0
2.1
1.5
FB US
USD
80.420
225,838
31.0
31.0
31.0
5.0
4.3
3.5
11.2
11.6
QIHU US
USD
58.200
7,329
14.4
Facebook Inc-A
Qihoo 360 Technology Co-
12.2
12.2
12.2
5.9
4.0
3.0
32.6
Simple Average
35.2
35.2
35.2
3.3
2.7
1.9
6.5
3.6
Weighted Average
30.8
30.8
30.8
5.0
4.2
3.4
11.2
11.1
BABA US
USD
88.460
218,054
29.7
4.8
29.7
9.4
7.8
1.0
27.6
13.2
VIPSHOP
VIPS US
USD
26.220
16,804
30.8
30.8
30.8
20.7
12.5
8.1
51.0
9.4
E-commerce China-Spon
DANG US
USD
9.230
745
19.7
3.2
19.7
6.5
4.6
0.5
13.8
3.2
Ebay Inc
EBAY US
USD
59.410
72,173
17.5
17.5
17.5
3.0
2.6
2.2
16.0
7.6
JD.com
JD US
USD
33.400
46,155
126.5
20.4
126.5
9.6
9.3
1.3
0.1
(1.6)
AMAZON
MZN US
USD
426.000
198,380
71.2
71.2
71.2
17.0
13.7
10.8
5.2
1.4
Gome Electrical Appliances
493 HK
HKD
2.290
38,837
20.3
25.4
20.3
1.8
1.7
2.0
8.1
3.1
Simple Average
45.1
24.8
45.1
9.7
7.4
3.7
17.4
5.2
Weighted Average
50.9
32.4
50.9
11.6
9.4
4.9
16.4
6.8
13.0
Netease
Alibaba
网易 (NTES US)
E-commerce Companies
Search Engine Companies
Google
GOOG US
USD
546.490
368,279
16.8
16.8
16.8
3.0
2.5
2.3
15.9
Yahoo! Inc
YHOO US
USD
44.750
41,995
56.2
56.2
56.2
1.2
1.2
1.3
2.3
1.4
Baidu Inc - Spon Adr
BIDU US
USD
192.980
67,685
19.2
3.1
19.2
6.1
4.6
0.6
26.4
13.6
Simple Average
30.7
25.4
30.7
3.4
2.8
1.4
14.8
9.3
Weighted Average
20.6
18.3
20.6
3.3
2.7
2.0
16.1
12.0
Overall Average
31.0
30.5
31.1
4.9
4.0
2.9
15.3
8.7
Overall Weighted Average
29.8
27.6
30.1
7.0
5.7
4.3
19.4
12.0
Company Report
Source: Bloomberg.
See the last page for disclaimer
Page 5 of 7
Financial Statements and Ratios:
BALANCE SHEET
2015F
2016F
2017F
Year end Dec, RMB m
2013A
2014A
2015F
2016F
Total revenue
9,771
12,480
16,261
19,492
22,392
Cash and equivalents
1,458
2,021
3,888
7,221
7,523
Online games
8,309
9,815
12,465
14,833
16,984
Time deposits
16,625
18,497
19,976
21,574
23,300
Advertising services
1,095
1,552
2,126
2,487
2,823
Prepayments and other current assets
1,144
1,452
1,495
1,540
1,587
368
1,114
1,671
2,172
2,585
Short-term investments
901
2,059
1,791
1,558
1,356
Sales tax
(575)
(768)
(1,000)
(1,199)
(1,377)
Others
2,669
3,704
4,595
5,405
6,378
Net revenue
9,196
11,713
15,261
18,294
21,015
Total current assets
22,798
27,733
31,746
37,299
40,143
(2,479)
(3,262)
(4,404)
(5,321)
(6,270)
Property &
872
1,281
1,846
2,209
2,597
6,718
8,451
10,858
12,972
14,745
Time deposits
500
673
720
771
824
S&G expenses
G&A expenses
R&D expenses
(1,094)
(350)
(922)
(1,895)
(468)
(1,323)
(2,651)
(618)
(1,777)
(3,411)
(760)
(2,164)
(4,142)
(896)
(2,564)
Others
Total non-current assets
376
1,749
668
2,622
707
3,273
750
3,729
798
4,220
Operating profit
4,353
4,765
5,812
6,637
7,143
Email, e-commerce and others
Cost of revenue
Gross profit
Investment income
equipment, net
2017F
AP
219
411
435
461
489
Salary and welfare payables
377
535
588
647
712
0
0
1,645
0
0
37
27
41
43
44
Dividend payables
Interest income
506
602
698
811
979
Deferred revenue
1,481
1,968
2,106
2,244
2,393
Exchange losses
(15)
(18)
(23)
(30)
(40)
Others
2,156
3,843
4,735
5,015
5,318
95
82
66
61
55
Total current liabilities
4,233
6,756
9,509
8,368
8,911
4,976
5,458
6,593
7,522
8,181
160
Other, net
Income before tax
Income tax
(531)
(663)
(824)
(940)
(1,023)
Other long term payables
145
106
123
141
Net income
4,444
4,757
5,722
6,528
7,100
Total non-current liabilities
145
106
123
141
160
1
39
47
54
58
4,378
6,863
9,632
8,509
9,072
34.206
36.427
44.260
50.970
55.960
Additional paid-in capital
855
769
692
623
561
Statutory reserves
878
905
932
960
989
Retained earnings
14,310
18,509
22,424
26,770
31,417
Non-controlling interest
Earnings per ADS (RMB)
CASH FLOW
Year end Dec, RMB m
Total liabilities
2013A
2014A
2015F
2016F
2017F
Others
4,445
4,796
5,769
6,582
7,158
Total shareholders' equity
Share-based compensation
306
349
440
541
666
D&A
158
174
237
341
(1,639)
Others
170
(85)
(121)
(139)
(163)
Net income
Adjustments
Change in working capital
Cash flow from operating activities
Non-controlling interest
156
638
769
946
1,166
5,236
5,873
7,094
8,272
7,189
Total equity
Book per ADS (RMB)
70.2
Operating margin (%)
34.0
31.9
Net margin (%)
45.5
38.4
35.5
33.8
32.0
ROE (%)
24.7
21.7
23.4
22.6
21.0
ROA (%)
20.3
17.3
17.5
17.2
16.6
4.1
8.0
10.5
8.7
8.5
(1,362)
(372)
1,005
Others
(2,299)
(592)
(528)
(535)
(544)
Cash flow from investing activities
(5,453)
(4,520)
(3,720)
(2,697)
(1,312)
Others
(103)
(842)
(875)
(788)
(707)
87
(778)
(1,497)
(2,232)
(5,567)
(10)
(9)
(8)
1,866
3,334
302
2,021
3,888
7,221
3,888
7,221
7,523
Cash flow from financing activities
Net gearing (%)
Company Report
Effect of exchange rate changes on cash
(2)
(11)
held in foreign currencies
Net increase (decrease) in cash and cash
(132)
563
equivalents
Cash and cash equivalent at the
1,591
1,458
beginning of year
Cash and cash equivalent at the end of
1,458
2,021
year
Source: the Company, Guotai Junan International.
278.149
70.9
(2,050)
(1790)
253.910
35.7
(3,576)
(1645)
196.369
71.1
Change in time deposits
(1442)
179.906
38.2
(977)
(1983)
155.242
72.2
(1086)
(815)
121
35,291
44.5
(1206)
Dividends paid to shareholders
63
32,520
73.0
(1341)
(3071)
9
25,386
Gross margin (%)
Profitability
640
201
(38)
23,492
2017F
(796)
820
(77)
20,168
2016F
(704)
2047
3.7
35,170
2015F
(623)
1006
2.7
32,457
2014A
(537)
Proceeds from short term bank loans
2.7
25,377
2013A
(219)
Change in short term investments
2.7
23,530
FINANCIAL RATIOS
Year end Dec
CAPEX
2.7
20,245
18 May 2015
2014A
网易 (NTES US)
2013A
Netease
INCOME STATEMENT
Year end Dec, RMB m
See the last page for disclaimer
Page 6 of 7
Company Rating Definition
The Benchmark: NASDAQ COMP Index
Rating
Definition
Buy
Relative Performance >15%;
or the fundamental outlook of the company or sector is favorable.
Relative Performance is 5% to 15%;
or the fundamental outlook of the company or sector is favorable.
Accumulate
Neutral
Relative Performance is -5% to 5%;
or the fundamental outlook of the company or sector is neutral.
Reduce
Relative Performance is -5% to -15%;
or the fundamental outlook of the company or sector is unfavorable.
Sell
Relative Performance <-15%;
or the fundamental outlook of the company or sector is unfavorable.
18 May 2015
Time Horizon: 6 to 18 months
Sector Rating Definition
The Benchmark: NASDAQ COMP Index
Time Horizon: 6 to 18 months
Rating
Outperform
Definition
Relative Performance >5%;
or the fundamental outlook of the sector is favorable.
Neutral
Relative Performance is -5% to 5%;
or the fundamental outlook of the sector is neutral.
Underperform
Relative Performance <-5%;
or the fundamental outlook of the sector is unfavorable.
(4)
The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.
The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report.
Except for China All Access (Holdings) Limited (00633), Guangshen Railway Company Limited-H shares (00525), Guotai Junan
International Holdings Limited (01788) and Binhai Investment Company Limited (02886), 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.
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.
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 and etc. (for example, the placing agent, lead manager, sponsor, underwriter or
invest proprietarily).
Netease
(1)
(2)
(3)
网易 (NTES US)
DISCLOSURE OF INTERESTS
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.
See the last page for disclaimer
Company Report
© 2015 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) 2509-9118
Fax: (852) 2509-7793
Website: www.gtja.com.hk
Page 7 of 7