1H2018 results lower than expected.Wait for more visibility.Dowmgrade to HOLD To see slower sales ahead Downgrade on lower earnings and dividend visibility 1H18 results show its capability to withstand the industry down-cycle 1H 2018 results a mixed bag. Concerns behind it; good foundation for future growth. 阅文集团2018H1财报点评：付费阅读增速波动、版权运营成长亮眼，拟收购新丽加强IP资源变现力 业绩符合市场预期，销气量较快增长 增长动力减弱，下调至“中性” Undervalued, Though Online Game Headwinds Persist Heading To a New Era Of Enterprise Services