奶价继续下跌，公司业绩首度告亏 Buy: Strong 1H16 but not a surprise O2O loss capped within budget Hold: Challenging outlook with asset quality issue Solid results at higher costs Weak 1H16 results; slightly better-than-expected loss "E" should stand for Excitement Buy: Focus on proceeds use from insurance disposal 1H16 results first take – good recovery in sales growth 2Q new orders accelerating, solid growth will continue; maintaining Buy