下调至“收集”评级，目标价3.20港元。我们预测公司2023-2025年每股盈利分别为人民币0.529元、人民币0.655元及人民币0.780元，对应2022-2025年的年复合增长率为20.7%。虽然在河南面临挑战，我们相信建业新生活的盈利能力仍将持续改善。同时，市场可能也需要更多信心去看到河南楼市交付的反弹。我们下调投资评级至“收集”，仍维持目标价3.20港元，对应2023年5.3倍市盈率。
　　 2022年收入低于预期，主要来自增值业务以及生活服务的萎缩。建业新生活2022年收入为人民币31.48亿元，同比降12.5%，低于市场和我们预期。公司多元业务，比如增值服务以及生活服务等业务是收入下降的主要拖累因素，主要受到1）河南地产销售下行；以及2）2022年疫情反复的影响。
　　利润率的改善有亮点。虽然2022年收入表现疲弱，但建业新生活几乎在所有板块都改善了其利润率水平。根据管理层，公司去年10月开始了人力资源优化。展望未来，我们相信人力成本缩减的作用将在2023年完全反映。这将进一步支撑公司利润率改善。另外，我们相信公司在河南物业管理的高密度将产生规模效应，进一步支撑公司长期经营效率的提升。
　　催化剂：1）利润率改善；2）河南物业交付加快；以及3）与河南国企进行更多的合作。下行风险：1）基础物业管理增长较慢；2）建业地产违约风险；以及3）未料及的人工成本增加。

研究报告全文：股票研TableTitleChunliZhan詹春立究CompanyReportCentralChinaNewLife09983HK85225097745EquityResearch公司报告建业新生活09983HKjameszhangtjascomhk28March2023TableSummaryPositiveSurpriseFromProfitabilityImprovementAccumulate利润率改善有亮点收集DowngradetoAccumulatewithTPofHK320WeforecasttheCompanys公TableRank2023F-2025FEPStobeRMB0529RMB0655andRMB0780respectivelyRatingAccumulate司whichrepresentsCAGRof207during2022-2025FWebelieveCCNLsDowngraded报profitabilitywillcontinuouslyimproveamidachallengingenvironmentinHenan评级收集下调Meanwhilethemarketneedsmoreconfidencetoseeareboundinproperty告deliveryinHenanWedowngradeourinvestmentratingtoAccumulateratingCompanyReportCompanyandmaintainourTPatHK320implying53x2023FPEmultiple6TablePrice-18mTP目标价HK3202022revenuemissedmainlyduetopullbackofVASbusinessandHK320lifestyleservicesCCNLs2022revenuewasRMB3148mndownby125Shareprice股价HK2700YoYwhichmissedmarketconsensusandourestimateTheCompanysdiversifiedbusinessessuchasVASbusinessandlifestyleservicesbecamethemaindragfortheCompanysdecliningrevenuegiventhe1downcycleofStockperformance证propertysalesinHenanand2negativeimpactfromthepandemicin2022股价表现券PositivesurprisecamefromtheimprovementinprofitabilityDespiteTableQuotePiclacklusterrevenuein2022CCNLimproveditsprofitabilityinalmostallofits200ofreturn研100businesssegmentsAccordingtothemanagementtheCompanystartedto究optimizeitshumanresourcesfromOctoflastyearLookingforwardwebelieve00thatworkforceoptimizationwillfurthertakeeffectin2023whichshouldunderpin100报200theCompanyscontinuousimprovementsinprofitabilityAlsowebelievethe告CompanyshighdensityinpropertymanagementinHenanwillbringeconomies300EquityResearchReportofscaleeffectwhichshouldenhancetheCompanysoperationalefficiencyfrom400alonger-termperspective500Catalysts1Improvementinprofitability2fastercompletionofpropertiesin600Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23Henanand3morecooperationwithHenanSOEsDownsiderisks1SlowerHSIIndexCCNLgrowthinbasicpropertymanagement2insolvencyissuesatCCREand3unexpectedlaborcosthikes下调至收集评级目标价320港元我们预测公司2023-2025年每股盈利分别为人民币ChangeTablePriceChangeinSharePrice1M3M1Y0529元人民币0655元及人民币0780元对应2022-2025年的年复合增长率为207股价变动1个月3个月1年房虽然在河南面临挑战我们相信建业新生活的盈利能力仍将持续改善同时市场可能也需要Abs56224255告更多信心去看到河南楼市交付的反弹我们下调投资评级至收集仍维持目标价320港绝对变动地元对应2023年53倍市盈率ReltoHSIndex37223169报产相对恒指变动2022年收入低于预期主要来自增值业务以及生活服务的萎缩建业新生活2022年收入为AvgSharepriceHK283132平均股价港元行究人民币3148亿元同比降125低于市场和我们预期公司多元业务比如增值服务以SourceBloombergGuotaiJunanInternational及生活服务等业务是收入下降的主要拖累因素主要受到1河南地产销售下行以及22022PropertySector业研年疫情反复的影响券利润率的改善有亮点虽然2022年收入表现疲弱但建业新生活几乎在所有板块都改善了其利润率水平根据管理层公司去年10月开始了人力资源优化展望未来我们相信人力成证本缩减的作用将在2023年完全反映这将进一步支撑公司利润率改善另外我们相信公司在河南物业管理的高密度将产生规模效应进一步支撑公司长期经营效率的提升催化剂1利润率改善2河南物业交付加快以及3与河南国企进行更多的合作下行风险1基础物业管理增长较慢2建业地产违约风险以及3未料及的人工成本增加YearEndTTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROE年结ablePr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1231ofitRMBmRMBmRMBxRMBxRMB2021A35996200491282452339090393179220建2022A31485620443985623201103551441912023F告37256760529194442474090317136221业2024F44158370655238362811080393168248报新2025F5016997078019100319900046800259生究TableBaseDataSharesinissuem总股数m12787Majorshareholder大股东WuPoSum681活Market研capHKm市值HKm34525Freefloat自由流通比率251ChinaNewLife09983HKLifeNewChina099833monthaveragevol3个月平均成交股数00019649FY23NetgearingFY23净负债股东资金Netcash52Weeks券highlowHK52周高低HK41202170FY23EstNAVHKFY23每股估值港元48Source证theCompanyGuotaiJunanInternationalCentralSeethelastpagefordisclaimerPage1of7TablePageHeaderCentralChinaNewLife09983HK1raMthgiRelbaTWedowngradeCentralChinaNewLifeCCNLortheCompanytoAccumulatewithTPatHK320WebelieveCCNLsprofitabilitywillcontinuouslyimproveamidachallengingenvironmentinHenanMeanwhilethemarketneedsmoreconfidencetoseeareboundinpropertydeliveryinHenanWeforecasttheCompanys2023F-2025FEPStobeRMB0529RMB0655andRMB0780respectivelywhichrepresentsCAGRof207during2022-2025FWithvaluationmethodusingpeerscomparisonforPEmultiplewederiveourHK320TPforCCNLbyapplying50x2023FPEWedowngradeourinvestmentgradetoAccumulateratingMarch20232022resultsmissedonrevenueandprofitmainlyduetolacklusterVASbusinessandlifestyleservicesCCNL8recorded2022revenueofRMB3148mndownby125YoYwhichmissedmarketconsensusandourestimateRevenue2frombasicpropertymanagementstillrecordedstronggrowthof295YoYreachingRMB1717mnin2022mainlydrivenbythesolidgrowthintheGFAundermanagementbyend-2022157mnsqmupby153YoYHowevertheotherbusinessessuchasVASbusinessandlifestyleservicesbecamethemaindragfactorsfortheCompanysdecliningrevenueIn2022theVASbusinessincludingcommunityVASandnon-propertyownerVASrecordedrevenueofRMB1164mndownby321YoYMeanwhilerevenuefromlifestyleservicesalsorecordedsignificantdeclineof553toRMB182mnin2022WebelievethedeclineinVASbusinessandlifestyleservicesshouldbeattributedtothebelowtworeasons1downcycleofpropertysalesinHenanwhichhasgreatimpactontheCompanysnon-propertyownerVASand2negativeimpactfromresurgenceoftheCovidpandemicin2022ThankstotheCompanyseffortincostreductionthebottomlinein2022maintainedsomeresiliencerecordingRMB562mnatanarrowerdeclineof92YoYDividendpayoutratiomaintainedasector-leadinglevelat802raMthgiRelbaTwhichimpliesfinaldividendofHK0191shareHK0402shareforfull-year2022Figure1CCNLsgrowthinbasicpropertymanagementFigure2VASbusinessandlifestyleservicesrecordedremainedresilientlargedeclinein2022RMBmnRMBmn2000601717200018005421715501800160045216001400132639940133809983HK1400120011641200100086030281295800100059220749600800423建业新生活40060010366407200400309182002002018201920202021202202019202020212022BasicpropertymanagementrevenueLHSGrowthYoYRHSVASbusinessLifestyleservicesrevenue2raMthgiRelbaTCentralChinaNewLifeSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalPositivesurprisecamefromtheimprovementinprofitabilityDespitelacklusterrevenuein2022CCNLimproveditsprofitabilityinalmostallofitsbusinesssegmentsForthebasicpropertymanagementsectorthegrossprofitmarginimprovedby33pptto218in2022MeanwhilethegrossprofitmarginsofcommunityVASandnon-propertyownerVASimprovedfurtherwhichincreasedby80pptand46pptto439and542respectivelyAccordingtothemanagementduetothechallengeableenvironmenttheCompanystartedtooptimizeitshumanresourcestolowercostsfromOctoflastyearLookingforwardwebelievethathumanresourceoptimizationwillfurthertakeeffectin2023whichshouldunderpintheCompanyscontinuousimprovementsinprofitabilityAlsowebelievetheCompanyshighdensityinpropertymanagementinHenanprovincewillbringeconomiesofscaleeffectwhichshouldenhancetheCompanysoperationalefficiencyfromalonger-termperspectiveCompanyReportSeethelastpagefordisclaimerPage2of7TablePageHeaderCentralChinaNewLife09983HK1raMthgiRelbaTFigure3CCNLimprovedgrossprofitmargininalmostallFigure4CCNLsoverallgrossprofitmarginmaintainedabusinesssegmentshighlevelabove3035BusinesssegmentGPM605424965034439331328329403593332430March20232183281852203110030PropertymanagementCommunityVASVAStonon-property2019202020212022Fservicesowners20212022GPMSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalStillsomeconcernonpropertydeliveryandsustainabilityofhighdividendpayoutInthebasicpropertymanagementsectortheCompanyhasreservedalargecontractedbutundeliveredGFAof115mnsqmasattheendof2022Asthebasic2raMthgiRelbaTpropertymanagementsectoraccountedforagrowingproportionoftheCompanysoverallbusiness2022546vs2021368webelievethemarketconcernontheimpactfrompotentialdelaysinGFAdeliveryisincreasingIn2022theproblemsofstalledprojectsinHenanhasdrawnattentionForexampleinJul2022Zhengzhoubecamethefirstcitytoannouncetosetuparealestatebailoutfundtohelpcash-strappeddeveloperstocompleteprojectsTheZhengzhouNationalCentralCityFundwhichisoperatedbytheZhengzhouFinanceBureauwillsetupabailoutfundofascaleofRMB10bnasaparentfundWebelievethemarketneedstoseestrongandsustainabledeliverydataforalongertimetorepairconfidenceAnotherconcernisaboutwhetherthehighdividendpayoutratiocanbesustainedAccordingtothemanagementscommitmentthebasicfloorofdividendpayoutratiois40IfnosignificantMAsorotherexpensesahigherpayoutratiocanbereachedsuchas80for09983HKconsecutivetwoyearsInourvieweven80highpayoutratioisnotsustainablewehavemoreconfidenceonCCNLshighdividendsgivenits1improvementinoperatingcashflowRMB310mncashinflowin2022upby72YoYand2increasingprofitabilityfromcostoptimization建业新生活Catalysts1Improvementinprofitability2fastercompletionofpropertiesinHenanand3morecooperationwithHenanSOEsKeydownsiderisks1Slower-than-expectedgrowthinbasicpropertymanagement2insolvencyissuesatCentralChinaRealEstateCCREand3unexpectedlaborcosthikes2raMthgiRelbaTCentralChinaNewLifeCompanyReportSeethelastpagefordisclaimerPage3of7TablePageHeaderCentralChinaNewLife09983HK1raMthgiRelbaTTable1CCNLskeyresultscomparison2022vs2021IncomestatementdataRMBmn20212022ChangeRevenue35993148125-PropertymanagementservicesandVAS3041288152-Lifestyleservices40718255315185438-CommercialpropertymanagementandconsultationservicesGrossprofit11831043118-BMarch2023Otherincomegainsandlosses355764782Sellingandmarketingcosts5732438Administrativeexpenses23023940Netimpairmentlossesonfinancialassets10178232Otherlosses-net1581544Financecostsnet1201038ShareofresultsofJVsandassociates001555Profitbeforetax82675981Taxexpense17318889Minorityinterests349737Shareholdersnetprofit6202ra562MthgiRe92lbaTGrossprofitmargin32933103pptShareholdersprofitmargin17217906pptBalancesheetdataRMBmn20212022ChangeNetdebtcash22661980126Totalequity3057305901NetgearingNetcashNetcashnaTradeandotherreceivables22222709219Tradeandotherpayables1053124518309983HKOperationaldata20212022ChangeContractedGFAmnsqm23682715147GFAundermanagementmnsqm13591567153建业新生活SourcetheCompanyGuotaiJunanInternational2raMthgiRelbaTCentralChinaNewLifeCompanyReportSeethelastpagefordisclaimerPage4of7TablePageHeaderCentralChinaNewLife09983HKTable2Sectorvaluationcomparison1raMthgiRelbaTCompanyStockCodeCurrencyMktCapHKmPEPBROEDY2022A2023F2024F2025F2022A2023F2024F2025F2023F2023FHKlistedpropertymanagementcompanieswithmajorbusinessinmainlandChinaChinaResourcesMixcLifesty01209HKHKD874203442632092224943373417414OnewoInc-H02602HKHKD44075189148109832421201516317CountryGardenServicesHold06098HKHKD41489806152530908070712839ChinaOverseasPropertyHold02669HKHKD290232281801431138058443536317EvergrandePropertyServices06666HKHKD248654937nana1310nana25739March2023PolyPropertyServicesCo-H06049HKHKD23102189150121100262320181601482GreentownServiceGroupCoL02869HKHKD151922371311111121917151612837A-LivingSmartCityServices03319HKHKD10607433632340706050517562SunacServicesHoldingsLtd01516HKHKD9385na7187801110090911736JinkeSmartServicesGroup-H09666HKHKD7847966970700908070711549BinjiangServiceGroupCoLt03316HKHKD6924144958266524131na40358CDPropertyManagementGrou02156HKHKD6080235159124nanananana250naYuexiuServicesGroupLtd06626HKHKD56921199981681614131113234ShimaoServicesHoldingsLtd00873HKHKD52821475666na050505057106CifiEverSunshineServices01995HKHKD488055443563090706na17764S-EnjoyServiceGroupCoLtd01755HKHKD4731634639541511091026853ExcellenceCommercialProper06989HKHKD4198473530nanananana270129JinmaoPropertyServicesCo00816HKHKD37709458443925211612365512raMthgiRelbaTPowerlongCommercialManagem09909HKHKD3600574848531110090719567CentralChinaNewLifeLtd09983HKHKD345353393436100908na218147SceIntelligentCommercialM00606HKHKD34461219077na131110na13024Sino-OceanServiceHoldingL06677HKHKD2640453633na090808na23368KwgLivingGroupHoldingsLt03913HKHKD2634373331na060505na17591DexinServicesGroupLtd02215HKHKD2631191nanana31nananananaRonshineServiceHoldingCo02207HKHKD2134nanananananananananaHevolServicesGroupCoLtd06093HKHKD1966nanananananananananaE-StarCommercialManagement06668HKHKD1794705542nananananananaHuafaPropertyServicesGrou00982HKHKD1419nananananananananana09983HKAoyuanHealthyLifeGroupCo03662HKHKD13512016nana0706nana383220NewHopeServiceHoldingsLt03658HKHKD1303554842371007060615186FinancialStreetProperty-H01502HKHKD1005714647na080707na133102ColourLifeServicesGroup01778HKHKD922nananananananananana建业新生活RedsunServicesGroupLtd01971HKHKD8768220nana09nananananaLandseaGreenLifeServiceC01965HKHKD846nanananananananananaRoiservLifestyleServices-H02146HKHKD808nanananananananananaSuxinJoyfulLifeServicesC02152HKHKD807nanananananananananaYinchengLifeServiceCoLtd01922HKHKD703nanananananananananaTimesNeighborhoodHoldings09928HKHKD631462622na030302na10041CliffordModernLivingHoldi03686HKHKD518nananananananananana2raMthgiRelbaTKangqiaoServiceGroupLtd02205HKHKD511nanananananananananaCentralChinaNewLifeDowellServiceGroupCoLtd02352HKHKD509nanananananananananaXinyuanPropertyManagement01895HKHKD494nanananananananananaFirstServiceHoldingLtd02107HKHKD475nanananananananananaKaisaProsperityHoldingsLt02168HKHKD4564204nana03nananananaZhenroServicesGroupLtd06958HKHKD4510806nanananananananaBeijingCapitalJiayeProper02210HKHKD44333nanana01nananananaZhongAoHomeGroupLtd01538HKHKD376nanananananananananaRedcoHealthyLivingCoLtd02370HKHKD360nanananananananananaXingyeWulianServiceGroup09916HKHKD308nanananananananananaLushangLifeServicesCoL-H02376HKHKD284nanananananananananaSundyServiceGroupCoLtd09608HKHKD269nanananananananananaJiayuanServicesHoldingsLt01153HKHKD223nanananananananananaRiverineChinaHoldingsLtd01417HKHKD180nanananananananananaLingYueServicesGroupLtd02165HKHKD171nanananananananananaYeXingHoldingsLtd01941HKHKD79nanananananananananaSimpleAverage1037170751715131320160WeightedAverage1871381191193025232119231SourceBloombergGuotaiJunanInternationalCompanyReportSeethelastpagefordisclaimerPage5of7TablePageHeaderCentralChinaNewLife09983HK1raMthgiRelbaTFinancialStatementsandRatiosTableIncomeStatementIncomeStatementTableBalanceSheetBalanceSheetYearend31DecRMBm2021A2022A2023F2024F2025FYearend31DecRMBm2021A2022A2023F2024F2025FTotalrevenue35993148372544155016PPE9551393431-PropertymanagementandVAS30412881342640814665InterestsinassociatesJVs66677-Lifestyleservices407182209241253Intangibleassets274271271271271-Commercialpropertymanagement15185899498Prepaymentsandotherreceivables3376767676Costofsales24162105250729533336Deferredtaxassets4358585858March202311831043121814621681GrossprofitOthernon-currentassets04444444482-Sellingandmarketingexpenses5732384551Totalnon-currentassets452506494489487-Administrativeexpenses230239264304340-Impairmentlossesonfinancialassets1017848300Inventories1814233343-Otherincomeexceptional1965383845Contractassets2424283338Operatingprofit81475990611211334Tradeandotherreceivables22222709320537994316-Financeincomecostsnet120444Restrictedcash25555-ShareofresultsofJVsandassociates00000Cashcashequivalents22642049307337264501Profitbeforetax82675990211171330Othercurrentassets5527272727Incometax173188217270324Totalcurrentassets45854829636276248932Profitaftertax6535716868471007Totalassets50375335685681149419Non-controllinginterest3499996205626768379972raMthgiRelbaTShareholdersprofitlossTradeandotherpayables1053124522032612296704910443052906550780BasicEPSRMBContractliabilities544588696825937Short-termborrowings022151515TableCashFlowStatementCashFlowStatementCurrenttaxliabilities1992614867661098Yearend31DecRMBm2021A2022A2023F2024F2025FOthercurrentliabilities287777OperatingactivitiesTotalcurrentliabilities18252123340842245025Profitbeforeincometax82675990211171330Depreciationamortisation5842332016Long-termborrowings052595959Impairmentoftradeandotherreceivables1010000Contractliabilities8756565656Financecosts30444Deferredtaxliabilities273838383809983HKInterestincome60000Othernon-currentliabilities426666Others240000Totalnon-currentliabilities156152159159159Changesinworkingcapital7243035567264Totalliabilities19802276356743845184建业新生活Netcashfromoperations283499149610691287Incometaxpaid105130999Totalshareholdersequity29542943316435954090Cashfromoperatingactivities178369150410781295Minorityinterest102117126135144InvestingactivitiesTotalequity30573059328937304234Interestreceived60000TableFinancialRatioPurchaseofPPEintangibleassets325201514FinancialRatiosAcquisitionsdisposalsofsubsidiaries11300002021A2022A2023F2024F2025F2raMthgiRelbaTPaymentproceedsfromotherfinancialRevenuegrowth356125183185136CentralChinaNewLifeassets38516000Grossprofitgrowth375118168200150Otherinvestingcashflow042000Operatingprofitgrowth49967193237190Cashfrominvestingactivities24653201514Shareholdersprofitgrowth45292203238191FinancingactivitiesDividendpaidtoownersoftheCompany343583455406502Grossmargin329331327331335Increaseindebts074000Operatingprofitmargin226241243254266Capitalraised6516000Shareholdersprofitmargin172179182190199Interestpaid20444ROE219191222248260Otherfinancingcashflow2136000ROA133108111112114Cashfromfinancingactivities3611061460410507Netchangesincash647461024653775Currentratiox2523191818Cashatbeginningofyear22182264204930733726NetgearingratioNetcashNetcashNetcashNetcashNetcashExchangelosses17530000Totalliabilitiestotalassets393427520540550Cashatendofyear22642049307337264501SourcetheCompanyGuotaiJunanInternationalReceivableturnoverdays18002858289728952952Payableturnoverdays15031992251129763053CompanyReportTableCompanyRatingDefinitionSeethelastpagefordisclaimerPage6of7TablePageHeaderCentralChinaNewLife09983HK1raMthgiRelbaTCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableMarch2023Neutral中性RelativePerformanceis-5to58orthefundamentaloutlookofthecompanyorsectorisneutral2Reduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorable2raMthgiRelbaTNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthis09983HKResearchReport4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport建业新生活6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMER2raMthgiRelbaTCentralChinaNewLifeThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkCompanyReportSeethelastpagefordisclaimerPage7of7