<P><FONT size=4>GS 高盛：盛大网络 季报 </FONT></P>
<P><FONT size=4>02.13 8页英文</FONT></P>
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<P><FONT size=4>Shanda reported 4Q06 results on Feb 12/13. Revenue was Rmb471 mn, up<BR>8% qoq, 2% above our estimate, and 4% above consensus. Massively<BR>multiplayer online (MMO) game revenue climbed 14% qoq (our forecast<BR>9%) on 7% more paying accounts and 7% higher spending per account.<BR>Casual game revenue fell 6% qoq. EBIT margins improved from 26% to<BR>33% qoq, for EBIT of Rmb155 mn, 17% above our forecast; net income of<BR>Rmb240 mn was 9% above our forecast. Shanda guided for a 6%-9% qoq<BR>revenue increase in 1Q07 and for flat or higher EBIT margins qoq</FONT></P>