Resilient Business Model Proven in a Tough Market Core Mengniu business better than expected, consolidated numbers dragged down by Yashili and Modern Dairy Fuel price liberalization to take time; potential domestic M&A; project growth reiterated 1H 2016 Results in Line with Expectations. Maintain BUY 港股晨讯 收购诺华产品布局骨科领域，产品线逐步丰富 Earnings Growth Resumed in 1H16; Reiterate BUY 1H16 results in line; positive NIM migration offset by higher credit costs 1H 2016 Results Presentation Key Takeaway. Continues To Gain Market Share. Increased concerns about execution ability; downgrade to UW