1H16 results: improving wine margin; eyes on SOE reform 1H16 sales in line; but OP miss on rising operating expense Growth outlook remains strong Expect growth acceleration of Plendil ICBC reportedly one of the bidders for The Center Management reiterates positive outlook in the medium term Robust 1H and promising 2H; Buy Margin erosion more severe than expected; maintaining Sell 2016年中期业绩符合预期，维持“减持”评级 First Take: 1H above expectations; the bright spot in a tough market