FY13 core profit of RMB514m came 12% below consensus and 15% below our estimate. Final DPS dipped 38% to RMB0.025, at 30% payout (FY12: 20%).
2M14 SSSG remains sluggish for its high-end segment.
Despite limited near-term exciteme nt, rising focus on PRC mid-end segment will beef up mid-term growth prospects. Maintain HOLD