2015 results review 同店销售增速稳健，全零售战略业绩亮眼 2016 to be another tough year, sales/margin recovery unlikely; Sell Still growing but slower than expected 2015 results review 2016: promotions to decline, top line growth to resume Slower growth until we see clear regulations over online car services Positive read on Shanghai 2016-17 new energy vehicle supportive policy Analyst briefing takeaways: no clarify on risk compensation; oil drilling slowdown and pipeline delay confirmed Consistent growth and strong margins