Core Viewpoint - The company, White Horse Outdoor Media (00100.HK), has shown resilience in its financial performance despite challenges such as the depreciation of the RMB, with a reported profit growth of 7% in the first half of 2016 [2]. Group 1: Company Overview - White Horse Outdoor Media is a leading outdoor media company in major cities, formed through a partnership between Clear Channel Outdoor and a well-known diversified company in China [1]. - The company has maintained a significant market share and has a diverse client base, including both international and local advertisers [1]. Group 2: Financial Performance - In the first half of 2016, the company's net profit increased by 7% to HKD 108 million, despite a 5.6% decline in growth due to RMB depreciation [2]. - Total advertising revenue increased by 3.9% to HKD 890 million, with a notable contribution from the e-commerce sector [4]. Group 3: Revenue Sources - Revenue from the e-commerce sector rose to 28%, a 15 percentage point increase from the same period in 2015, while the information technology sector contributed 17%, up by 5 percentage points [3]. - The company operates 47,000 advertising boards across 26 cities in China, an increase of 3,000 boards compared to the first half of 2015 [4]. Group 4: Market Dynamics - Revenue from the three major cities—Guangzhou, Shanghai, and Beijing—rose by 10.7% to HKD 542 million, although Guangzhou experienced a decline in both revenue and occupancy rates [5]. - Shanghai's revenue and occupancy rates increased by 28.9% and 9.5%, respectively, while Beijing saw increases of 10.5% and 2.5% [5]. - Other mid-tier cities mirrored Guangzhou's performance, with declines in both revenue and occupancy rates [5].