报告摘要
　　上调目标价至7.00港元并重申“买入”。考虑到疫情优化政策初期客流恢复进程仍不平坦，我们预计公司线下零售短期仍将承压。我们下修公司2023-2025财年股东净利润预测7.8%、5.0%及3.9%至人民币21.29亿元、人民币26.26亿元和人民币29.36亿元。展望未来，我们乐观认为，公司作为中国运动鞋服零售商龙头，随着线下消费逐步复苏，业绩将迎来反转。
　　我们预计公司2024财年销售增速将回归正轨。2022年第四季度以来，低迷的零售环境与疲软的客流量拖累了公司线下零售门店销售。但随着防疫措施优化、消费客流恢复以及低基数效应，我们预计公司2024财年的销售增长将从低谷反弹。
　　库存改善为公司销售复苏奠定了基础。截至2023财年第三季度末，库销比略高于4.0倍，接近疫情前水平。库龄结构较八月底有所改善。我们认为库存水平及结构改善将有助于公司新品供应与市场需求更为匹配，进而促进2024财年的新品销售。
　　催化剂：1）线下消费实质性复苏；2）主力品牌销售改善超预期；3）与头部国产品牌更广泛及深入的合作。
　　风险：1）中国体育鞋服市场增速放缓；2）局部地区疫情反复及病毒变异；3）品牌商DTC战略变化。

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus28December2022TableSummaryTableofContents目录Focus行业和公司焦点今IndustryandCompanyFocus晨Nil无焦Research点LatestReports最新报告摘要MorningCompanyEPSCodeTitleTPChgRatingChgNameEstChange代码标题目标价z评级变动公司名称盈利预测是否改变ImprovingInventorySetstheStageTopsports06110HKHK700Buy--YforSalesRecoveryReiterateBuy库存改善为销售复苏奠定基础重申买滔搏06110HKHK700买入--是入SectorReportGrowthCertaintyofMediaSub-industriesImprovesHistorically--Outperform--N证CultureSectorLowValuationHasGreatRoomfor券ReboundOutperform行业报告子赛道的成长确定性上升历研传播文化行业史低位的估值水平具有巨大弹性跑赢--跑赢大市--否告大市究报报告究TypeofReportTitleIssueDate报告类型标题EquityResearchReport研宏观圣诞前夜的市场波动更浅的衰退2022年12月23日券StrategyHongKongEquityMarketLeadstheRestoftheGlobalMarketin202327December2022证AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版HSIPerformanceHSCEIPerformance31000140002900027000120002500010000230002100080001900017000600015000400013000110002000Dec21Mar22Jun22Sep22Dec22Dec21Mar22Jun22Sep22Dec22SourceBloombergSourceBloombergSeethelastpagefordisclaimer1of8MorningResearchFocusPleasesubscribeGTJAIResearchandanalystsWechatsubscriptionaccount国泰君安国际研究部戴清策略研究PleasescantheQRcodesontheright-handsideResearchReportDatabase1wwwgtjaicomResearchFocusCompanyResearchHighlights2BloombergReportPageRESPGJIRorNHGTJ欢迎订阅国泰君安国际研究部和策略团队的微信公众号公众号账号国泰君安国际研究部戴清策略研究研究报告库1wwwgtjaicom研究报告公司点评专题研究2Bloomberg报告页面RESPGJIR或NHGTJTableWeeklyIndustryandCompanyFocusNil无Seethelastpagefordisclaimer2of8MorningResearchFocusTableTableFocusLatestLatestReportsTopsports06110HKImprovingInventorySetstheStageforSalesRecoveryReiterateBuyRatingBuy6-18mTPHK700AnalystHansenTangReportDate2022-12-26SummaryRaiseTPtoHK700andreiterateBuyConsideringthattherecoveryofconsumerflowisstillbumpyattheinitialstageofoptimizedanti-epidemicpoliciesweexpectthattheCompanysofflineretailsalestofaceshorttermheadwindsWecutshareholdersprofitforecastsby7850and39forFY2023-2025toRMB2129millionRMB2626millionandRMB2936millionrespectivelyLookingaheadweareoptimisticthattheCompanyastheleaderofsportswearretailersinChinawillexperienceaperformancereversalasofflineconsumptiongraduallyrecoverWeexpecttheCompanyssalesgrowthtogetbackontrackinFY2024Since4Q2022sluggishretailenvironmentandweakcustomertrafficweighedonsalesoftheCompanysofflineretailstoresHoweverwithoptimizedanti-CovidmeasuresrecoveryofconsumerflowandlowbaseeffectweexpecttheCompanyssalesgrowthinFY2024toreboundfromthetroughImprovinginventorysetsthestagefortheCompanyssalesrecoveryInventoryturnoverwasslightlyover40xbytheendof3QFY2023closetopre-pandemiclevelsInventoryagingmiximprovedcomparedwiththeendofAugustWebelievethatimprovedinventorylevelandagingmixwillhelptheCompanytobettermatchthenewproductsupplywithmarketdemandinthefutureandthuspromotenewproductssalesinFY2024Catalysts1Substantialrecoveryofofflineconsumption2better-than-expectedimprovementinprincipalbrandsalesand3moreextensiveandin-depthcooperationwithtopdomesticbrandsRisks1SlowdowninChinassportswearindustrygrowth2resurgenceoflocalCovidepidemicandCovidmutationsand3ChangesinbrandsDTCstrategiesSectorReportMediaCultureSectorGrowthCertaintyofSub-industriesImprovesHistoricallyLowValuationHasGreatRoomforReboundOutperformRatingOutperform6-18mTPnaAnalystTeddyLinReportDate2022-12-26SummaryBycomparingandanalyzingtheoperatingperformanceandshareperformanceofeachsub-industryofthemediaandculturesectoroverthepastyearweconcludethatthedeclineinthevaluationofthemediaandculturesectorwasfargreaterthanthedeteriorationintheoperatingperformanceofthewholesectorin2022thiswaslikelyduetothemarketsearlieroverreactionamidpessimismaboutfuturepoliciesandearningsgrowthofthesectorinourviewNowwithlessuncertaintiesinthemediaandculturesectorseveralsub-industriesstarttoseevaluationrepairsespeciallythemoviesentertainmentsub-industryByanalyzingthefactorsofuncertaintiesaffectingthesub-industriesandthecurrentoutlookontheseuncertaintieswearguethatwhilepreviouspessimismstillweighonvaluationsectorsnewgrowthprospecthasyettobefullypricedinWeareparticularlybullishonthepotentialforvaluationrecoveryintheinteractivehomeentertainmentandinteractivemediaservicessub-industriesBasedontheanalysisofspecificfundamentalsofsub-industriesinmediaandculturesectorweexpectthefollowingkeyfundamentalstoboostthesectorsvaluation1withthenormalizationofreleaseofgamecopyrightandtheexpansionoverseasthecertaintyofrevenuegrowthincreasesinthegame-relatedsub-industries2profitabilityofvideoplatformsbeginstoimprovesignificantlybackedbythereliablemonetizationfromshortvideoe-commerce3expectationsofcinemaboxofficerecoveryroseonlooseningCovid-19restrictionswhiletheupcomingbatchofhigh-qualitymoviescouldalsoprovideadditionalboost4E-commercemarketingwillopenupnicheincrementalmarketswhileoptimizedpandemicpreventionandcontrolpoliciesraiserevenueexpectationsofe-commercemarketingrelatedindustriesWeratethesectorasOutperformWerecommendTencent00700HKNetEase09999HKBilibili-SW09626HKKuaishou-W01024HKandJoySpreader06988HKSeethelastpagefordisclaimer3of8MorningResearchFocusMarketStrategy-HongKongEquityMarketLeadstheRestoftheGlobalMarketin2023AnalystAndyHuangReportDate2022-12-27SummaryMajorAsiancountriesincludingChinaareexpectedtorankhighintermsofeconomicgrowthsignificantlyexceedingtheUSandEuropein2023EuropeseconomicgrowthisexpectedtobelowerandsomeEuropeancountrieswhicharemoreaffectedbytheRussian-UkrainianconflictduetoweakenergysupplychaincouldevenshownegativegrowthSimilartotheresultofeconomicgrowthforecastsBloombergmarketconsensusshowsthatAsiasmajorstockindexeswillseefastercorporateearningsgrowthin2023AmongthemHongKongstocksrankedaheadHangSengIndexEPSin2023isexpectedtoincreaseby146muchhigherthantheEPSgrowthofEuroStoxx50index08andhigherthanthatoftheSP500index64ReturnsfromHongKongequitymarketwillcomefrombothearningsandvaluationportionsin2023WeassumethattheeconomiesofEuropeandtheUSwillbeginslightrecessionin2023atthesametimetheoverseasinflationisintheprocessofpeakingandfallingandthemonetarytighteningcycleisgraduallycomingtoanendUnderthisassumptionweexpectthatoverseasstockmarketvaluationsareunlikelytorepairquicklyandmostofthemarearoundnegative1standarddeviationofthehistoricalmeanInotherwordsreturnsfromoverseasequitymarketdonotcomefromthevaluationportionbutmainlyfromtheearningsportionUnlikeoverseaseconomiesChinaseconomywillmoderatelyrecoverin2023andreturnsfromHongKongequitymarketwillcomefrombothearningsandvaluationportionsWeconservativelyexpectthatthevaluationofHangSengIndexmayberepairedfromthenegative2standarddeviationstoaroundnegative15standarddeviationsofitshistoricalmeanThedividendyieldofmajorEuropeanstockindexeshasalwaysbeenhighandtheHangSengIndexalsorankshighintheAsianmarketThelatestdividendrateoftheHangSengIndexis372mainlybecausethecomponentstocksinHangSengIndexhavestableperformancegrowthandsubstantialcashdividendsHongKongstockmarketleadstherestoftheworldin2023Basedonourassumptionsaboutstockmarketvaluationsearningsgrowthanddividendyieldswecalculatetheexpectedreturnsoftheworldsmajorstockindexesin2023and2024OurresultshowsthatHongKongstockmarketleadstherestoftheworldin2023theexpectedreturnrateoftheHangSengIndexin2023isabove28leadingothermajorstockindexesintheworldValuationearningsanddividendswillcontribute129121and35respectivelyRiskfactors1Thedomesticepidemicsituationworsens2TheFedacceleratesthepaceoftightening3Sino-USrelationschangemorethanexpectedTableNewlyPublishedChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无TableLatestchiSeethelastpagefordisclaimer4of8MorningResearchFocus最新报告滔搏06110HK库存改善为销售复苏奠定基础重申买入评级买入6-18m目标价HK700分析员汤瀚森报告日期2022-12-26报告摘要上调目标价至700港元并重申买入考虑到疫情优化政策初期客流恢复进程仍不平坦我们预计公司线下零售短期仍将承压我们下修公司2023-2025财年股东净利润预测7850及39至人民币2129亿元人民币2626亿元和人民币2936亿元展望未来我们乐观认为公司作为中国运动鞋服零售商龙头随着线下消费逐步复苏业绩将迎来反转我们预计公司2024财年销售增速将回归正轨2022年第四季度以来低迷的零售环境与疲软的客流量拖累了公司线下零售门店销售但随着防疫措施优化消费客流恢复以及低基数效应我们预计公司2024财年的销售增长将从低谷反弹库存改善为公司销售复苏奠定了基础截至2023财年第三季度末库销比略高于40倍接近疫情前水平库龄结构较八月底有所改善我们认为库存水平及结构改善将有助于公司新品供应与市场需求更为匹配进而促进2024财年的新品销售催化剂1线下消费实质性复苏2主力品牌销售改善超预期3与头部国产品牌更广泛及深入的合作风险1中国体育鞋服市场增速放缓2局部地区疫情反复及病毒变异3品牌商DTC战略变化行业报告传播文化行业子赛道的成长确定性上升历史低位的估值水平具有巨大弹性跑赢大市评级跑赢大市6-18m目标价na分析员林荣叶报告日期2022-12-26报告摘要通过比较和分析传媒文化板块的各个子行业在过去一年的运营表现和股价表现我们判断板块的估值跌幅远超2022年全行业运营表现的下滑程度我们将其主要原因归咎为市场早前对于整个板块未来的政策和盈利成长性的悲观情绪过度反应目前与传媒行业相关的不确定性逐渐明朗若干个子行业已开始出现估值修复其中表现最为突出的是电影娱乐行业通过分析过去影响股价的不确定性因素以及目前对于这些不确定性的展望我们认为早前的悲观预期已基本被市场消化而新的行业成长性仍未反映在股价上因此未来传媒和文化板块的反弹空间巨大其中我们尤其看好互动家庭娱乐和互动媒体及服务子行业的潜在估值反弹空间基于传媒文化子行业具体基本面的分析我们预计以下几个重要的因素有望提振整个板块的估值1随着版号常态化以及游戏出海游戏板块收入增长的确定性上升2视频平台未来的盈利能力开始出现显著的改善短视频电商为其提供可靠变现能力3随着疫情防控政策优化影线票房收入复苏的预期升温待上映的优质影片也将进一步助力4电商营销开辟长尾增量市场疫情防控政策优化将提升电商营销相关产业的收入预期我们给予行业跑赢大市评级推荐腾讯00700HK网易09999HK哔哩哔哩-SW09626HK快手-W01024HK以及乐享06988HKSeethelastpagefordisclaimer5of8MorningResearchFocus宏观研究报告圣诞前夜的市场波动更浅的衰退宏观组周浩孙英超报告日期2022-12-23报告摘要美股在圣诞前夜再次出现大调整导火索是经过修订后的美国第三季度GDP数据超出市场预期与最初公布的26和第一次修订的29相比昨夜公布的32的环比数据意味着美国经济表现仍然保持着韧性在第三季度GDP最终值公布后美联储对于2022年经济增速在05的最新预测也面临着上行风险这也在边际上增加了未来货币政策进一步紧缩的压力未来的利率走势是HigherforLonger更高且更长还是HigherorLonger更高或更长市场仍然很难定价尤其是在高利率可能引发美国经济衰退的情境下剔除了通胀之后的美国实际个人消费的增速保持得较有韧性这也在很大程度上意味着薪资和核心通胀的压力仍然存在最新公布的GDP数据高于预期这会给未来数个季度的GDP环比增速提供上修的理由但总体而言更浅度的衰退可能会在短期内成为市场新的主流观点从外部因素来看日本央行的转向以及未来可能的进一步货币政策正常化也给市场在年底带来了新的不确定性Seethelastpagefordisclaimer6of8MorningResearchFocusResearchDepartment研究部NoahHudsonHeadofResearch主管noahhudsongtjascomhk8675523976684HaoZhou周浩ChiefEconomist首席经济学家haozhougtjascomhk85225097582BillySun孙英超Macro宏观billysungtjascomhk85225092603JakeWang汪昌江Strategy策略changjiangwanggtjascomhk8675523976675AndyHuang黄凯鸿Strategy策略kaihonghuanggtjascomhk8675523976702JackWu吴狄Strategy策略diwugtjascomhk8675523976718EvanLi李少金Strategy策略evanligtjascomhk85225095375GaryWong黄家玮ConstructionEngineering建筑工程garywonggtjascomhk85225092616KevinGuo郭勇NonferrousMetals有色金属yongguogtjascomhk8675523976671RichardCao曹柱Banking银行zhucaogtjascomhk8675523976870JunZhu朱俊杰NewEnergy新能源junjiezhugtjascomhk85225097592DannyLaw罗沛达WholesaleRetail批发零售含教育dannylawgtjascomhk85225097768GinYu余劲同Telecommunications通信ginyugtjascomhk8675523976686JackLiu柳晨Electronics电子chenliugtjascomhk85225092149PeterShao邵俊樨EnergyOperations能源运营petershaogtjascomhk85225095464TeddyLin林荣叶MediaCulture传播文化含体育rongyelingtjascomhk8675523976692ChunliZhan詹春立Property房地产jameszhangtjascomhk85225097745AndyChen陈思超FoodBeverages食品饮料含化妆品andychengtjascomhk85225092665AlexBai白舸Machinery机械gebaigtjascomhk85225097202VincentLiu刘健威MediaCulture传播文化含体育jianweiliugtjascomhk8675523976680IvanWu吴凱翔Automobiles汽车ivanwugtjascomhk85225092649HansenTang汤瀚森TextilesApparel纺织服装hansentanggtjascomhk8675523976884FrancoLi李炜Non-BankFinance非银行金融francoligtjascomhk85225097204DanielTao陶选Computer计算机danieltaogtjascomhk8675523976885EsabellaZhao赵舒蔓ComprehensiveSupport综合支持shumanzhaogtjascomhk8675523976681PennyPan潘凌蕾ComprehensiveSupport综合支持pennypangtjascomhk85225092632Seethelastpagefordisclaimer7of8MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1theAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKGREENTOWNCHINA03900HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKASYMCHEM-HSHARES06821HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKCHERVON02285HKKINGSOFT03888HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKKUAISHOU-W01024HKSUNAC01918HKXPENG09868HKCITICSEC-HSHARES06030HKBIDU-SW09888HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2022GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer8of8