The right formula comes to fruition Key takeaways from analyst briefing Buy: New product launches to stay ahead of the competition Likely stiffer margin pressure in 2H16 1H16 results beat on lower expenses,but outlook remains a challenge 1H in line with guidance; seasonality points to a move up in stock ahead 1H16 Results: in line with the profit warning, headwinds unabated Likely diminishing hedging loss in 2H16 赢动力（繁体版） Hold: Strong 1H16 earnings on provision write-back