It fell 91% year over year in '14, and losses in the fourth quarter stemmed from non-recurring profit and loss. The company achieved net profit of 110 million yuan in 2014, down 91% or 1.1 billion yuan from the previous year, equivalent to earnings of 0.05 yuan per share. Among them, the EPS for the single quarter was 0.04 yuan, 0 yuan, 0.01 yuan, and -0.01 yuan respectively. The main causes of losses in the fourth quarter were confirmed non-operating expenses (mainly losses from discontinuation of production) and asset impairment losses (mainly losses from bad debts and loss of inventory prices) of 150 million yuan and 0.7 billion yuan, respectively. Due to the discontinuation of production at Tianjun Yihai and Qianqiu coal mines, production fell 12% year on year in 2014. In 2014, the company completed commercial coal production of 18.57 million tons, a year-on-year decline of 2.46 million tons, or 12%, and achieved commercial coal sales volume of 16.96 million tons, a year-on-year decline of 4.08 million tons, or 19%. The production and sales rate was only 91%. There are two main reasons for the decline in the company's production: first, Tianjun Yihai (production capacity 1.2 million tons/year) suspended production from September 2014 to February 15 due to the impact of the Muli mining area and restoration of vegetation; second, the Qianqiu Coal Mine (production capacity 2.1 million tons/year) had an impact ground pressure accident in March 2014, and production has been discontinued since then. Based on commercial coal sales, the average price of commercial coal in 2014 was 340 yuan/ton, down 66 yuan/ton, or 16% from the previous year; the cost of commercial coal per ton in 2014 was 232 yuan, down 20 yuan or 7.9% from the previous year. Tianjun Yihai still has two unresolved issues. Affected by the cessation of environmental production and falling coal prices, Tianjun Yihai's net profit in 2014 was 74 million yuan, a year-on-year decrease of 87% or 490 million yuan. Currently, the mining rights of Juhugeng have not been completely transferred to Tianjun Yihai; furthermore, Tianjun Yihai's sales model was changed from direct sales to underwriting by Muli Energy Group, which affected the selling price by 1%-11%. There is a lot of room for future asset injection, and the Group's internal interests influence the pace of injection. The controlling shareholder, Henan Energy Group, approved production capacity of 103 million tons, and production reached 106 million tons in 2013. Among them, the coal quality of the anthracite mine owned by Yongmei Holdings is superior to that of Yimei Group. We expect Dayou Energy to become a coal listing platform for the new group in the future; however, it is necessary to coordinate the interests of all parties within the group. Results for 15-17 are expected to be $0.00, $0.07, and $0.15, respectively. The company expects its break-even or loss to be within 500 million yuan in 2015. Although the company has a lot of room for external growth, there is uncertainty about asset injection, and the company's current valuation is high, so we maintain our “hold” rating. Risk warning: Group interests influence the pace of asset injection; Tianjunyi offshore mining rights issues.