China Cinda Alert：1H15 Results initiate read - Beat by 6% Good results in 1H driven by JV performance From dawn to dusk; D/G to HOLD Recovery in sight, need patience Cautious outlook, opex to rise 1H15 Review：improving profitability Upgrade to Neutral post share price underperformance 1H15 results slightly miss on higher expense； Hold 1H15 disappointing, special dividends is positive surprise Asset-light model may adversely impact long-term appreciation