20150612-JEFFERIES-科通芯城（0400）：1Q15_BEAT_ON_LOWER_OPEX-035939

Lower opex drove better 1Q15.Revenue of RMB1.91bn，down 7% q/q，was 1% belowJEFe.However，total GMV of RMB2.49bn，down 4% q/q，was 2% above JEFe.While DirectSales GMV was 1% below JEFe，Marketplace and Financing GMV was 14% above JEFe.With a more favorable revenue mix relative to JEFe，GM of 8.0% was slightly above JEFe at7.8%.Opex of RMB65mn，down 16% q/q，was 10% below JEFe，partly due to less share-based compensation.Therefore，OP of RMB87.5mn was 12% above JEFe.GAAP net profit ofRMB71.5mn was 9% above JEFe.