Restructuring updated – better pricing, and stronger B/S 2016年水电和核电收益或超预期 产能扩张加速，成本有望进一步优化 Results slightly missed, but our positive view unchanged Potential privatization lifts share price but not fundamentals; D/G to Hold Takeaways from FY15 analyst briefing 盈利性有望维持，期待美式新品放量 业绩初览 A disappointing 2015 due to weak TV advertising business and higher expense 2015 OpCF 6.5x above 2014; Q415 new contract growth accelerated to 49% YoY