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For 1H2008, the company realized operating income of Rmb402mn (-2.12% yoy), business profit of Rmb192mn, net profit attributable to parent of Rmb165mn (+24.13% yoy), and EPS of Rmb0.27. Having been negatively influenced, the company’s hotel operation sector- once being the biggest contributor to its business income as well as the operating profit had declined by 5.68% and 1.57% in terms of business turnover and gross margin. As a result, the company’s interim turnover was slide down. On the other hand, the company’s cost expenses had been effectively controlled, and period expense was reported to be Rmb187mn, a 8.03% decline year-on-year. Investment income was increased by 29% yoy due to dividends confirmation of 2007 of Changjiang Securities and Hangzhou KFC, with the former being Rmb50.32 and Rmb21.33 respectively. Total income of Rmb122mn was definitely a driver to the company’s operating profit growth. And we project P/E ratio on August 27 each year to be 27x, 24x and 16x. We maintain our forecast of “Overweight” rating to the company.