Q: How did the results compare vs expectations?
   
A: H116preliminary results came in slightly lower than our expectation. Revenueincreased 6% YoY while net profit fell 34% YoY to Rmb97.91m. Excluding the impactof c80m investment gains in H115, H116recurring net profit rose c10% YoY andaccounted for 59% of our full-year estimate vs. 61%/60% in 2014/15.
   
Q: What were the most noteworthy areas in the results
   
?A: In Q216, revenue increased only 1.2% YoY and gross profit fell 3.7% due to a1.4ppt YoY gross margin decline. Excluding the impact of investment gains, Q216recurring net profit rose nearly 20% YoY on lower expenses. However, we don’t expectexpenses to continue falling.
   
Q: Has the company's outlook/guidance changed?
   
A: The company did not provide new outlook/guidance
   
.Q: How would we expect investors to react?
   
A: We expect market reaction to be slightly negative.