Cautious outlook, opex to rise Staying strong with huge backlog 1H15 Review：improving profitability Upgrade to Neutral post share price underperformance 1H15 results slightly miss on higher expense； Hold Asset-light model may adversely impact long-term appreciation Seeking cross boarder ecommerce initiatives in Qianhai 1H15 profit decline as guided In line with expectations； NPL pressure remained; high div yields First Take: 1H15 in line, modest core business growth, higher ROE