FY15 results slightly below due to bigger NIM pressure In search of the next growth driver Neutral takeaways from post-results briefing call Refining more complex than first thought; teapot threats; more cost cutting Upbeat guidance given at the briefing following the strong earnings beat Div cut; Is bullish mkt sentiments sustainable post Investor Day? 优质资产促业绩稳定增长 2016年天然气需求增长仍不容乐观 新产品有序推进，技术优势明显 年报点评：海外业务协同效应开始体现，全新管理模式下未来增长依旧可期