Q: How did the results compare vs. expectations?

A: H116 revenue was Rmb1.096bn, up 25.1% YoY; net profit attributable to theparent was Rmb91.42m, up 46.6% YoY, close to the upper limit of the preannouncedrange of 20-50% and mostly in line with expectations.

Q: What were the most noteworthy areas in the results?

A: 1) Gross margin (GM) stood at 20.5% in H116, basically flat compared with H115's20.4%. The TV series business had a GM of 43.9%, up 14ppts YoY (H115: 29.9%),while the marketing segment had a GM of 12.6%, down 14ppts YoY (H115: 26.9%).2) The top five grossing films/TV series and variety shows generated a combinedRmb504m in revenue, accounting for 46% of total revenue. 3) Revenue in the sportssegment was Rmb150m, beating our expectation and becoming a new growth driver.

Q: Has the company's outlook/guidance changed?

A: No. Of the 11 TV shows planned for full-year 2016, seven have finished shooting,indicating a completion level of 64%. Among four planned variety programs, TheGreatest Love and King Cross were broadcast in H1.

Q: How would we expect investors to react?

A: We expect a neutral response from investors.