Q2 2018 results better than feared, but challenges remain in the coming quarters 1H2018 results in line with expectations,Biding time for are-rating 1H2018 results lower than expected.Wait for more visibility.Dowmgrade to HOLD To see slower sales ahead Downgrade on lower earnings and dividend visibility 1H 2018 results a mixed bag. Concerns behind it; good foundation for future growth. 瑞银认股证牛熊证焦点 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”