Belle FY17 H1 result

For FY17 H1, Belle's revenue is largely flat yoy at RMB 19.5bn, but operating profit drops nearly 20% yoy to RMB 2.28bn as operating margin drops from 14.7% to 11.6%. It generated free cash flow of 1.48bn. The operating profit and FCF are largely inline with my expectation. But the share price is down 7.5% … Continue reading Belle FY17 H1 result