The company announced the transfer of 15% of its shares in Baoan Real Estate to Dongxu Group through an agreement, which is expected to obtain an investment income of 820 million yuan. After the transfer, China's Baoan shares in Baoan Real Estate will drop to 4.8%, and it has basically withdrawn from the real estate business. At this point, the three-legged pattern of the company's financial investment, pharmaceuticals, and new materials businesses is becoming more and more obvious. We are optimistic and maintain a “Highly Recommended - A” investment rating. Zhongbao Holdings, a wholly-owned subsidiary of the company, plans to transfer 70.39 million shares of Baoan Real Estate to Dongxu Group (accounting for 15% of Baoan Real Estate's total share capital). The transfer price for each share is RMB 17 yuan, and the total share transfer price is about RMB 1.2 billion. If the deal is successful, it is expected to generate revenue of around 820 million yuan. As of the date of this announcement, the Company has received a deposit of 50 million yuan from Dongxu Group. After the company transferred 15% of the shares in Baoan Real Estate, the company basically withdrew from the real estate business. The company has basically withdrawn from its existing real estate business, and will focus on the three main businesses of financial investment, medicine, and new energy materials in the future. At the same time, on the three existing platforms, industrialized investment in emerging industries is continuously deepened. Through deep participation in emerging industries, we can enjoy the growth dividends brought about by the rapid growth of emerging industries, and on the other hand, we can also invest in the valuation dividends of segmented capital markets through capital strategies. We are very optimistic about the company's operating model. At the same time, we believe that as one of the eight oldest stocks rooted in the Shenzhen Special Administrative Region, the company has strong viability in the market economy, and there is huge room for future growth. Currently, Betray, one of the company's three platforms, has huge room for growth. It also has many important technical reserves, including silicon-carbon anode materials, lithium cathode materials, and graphene, and has strong technical strength. The revenue for 2013-2014 was 930 million and 1.2 billion, respectively, and net profit was 88 million yuan, 125 million, respectively, with a net interest rate of about 9%. The company is already the leader in battery anode materials in the world, with a market share of nearly 40%. In the future, the company will focus on breaking through the field of new energy power batteries while also getting involved in the cathode material NCA. In addition, the company has a large amount of natural graphite ore resources, and the annual production of graphite concentrate can reach 600,000 tons. We expect net profit of $162 million in 2015 and $186 million in 2016. Ma Yinglong's growth is relatively certain. It is expected to grow by about 10% to 20% every year. The company is actively expanding the anorectal hospital business and setting up an industrial fund to seek more industrial opportunities. The net profit for 2015-2016 is estimated to be 240 million and 300 million, respectively, and the corresponding company's investment income is around 72 million and 90 million. The other part is the company's financial industry investment business. The company participated in a number of highly growing companies, involving various fields such as new materials, military industry, aerospace, communications, precision manufacturing, etc., including Dadi and Yongli Technology, which have already entered the New Third Board market, and many other companies will soon enter the A-share market or the New Third Board market in the future. Among them, Dadihe (831385) has successfully landed on the New Third Board and is a leading producer of new energy vehicle drive systems under the company (the company holds 51.6% of the shares). After more than 10 years of development, Dadihe has now entered a period of rapid growth in performance. The company's performance is expected to reach a growth rate of more than 300% in the next two years. At the same time, the company's exclusive products medium frequency motors and wheel motors are expected to receive large-scale orders. Once the order is successfully received, the company's revenue and performance growth rate is expected to grow by 500%. Dadihe completed the restructuring in December 2013, launched a new third board in December 2014, and cooperated with the Chinese Academy of Sciences to develop the first hybrid minibus in 2002, with a fuel saving rate of nearly 15%. A prototype system and a 36KW permanent magnet synchronous motor system for pure electric vehicles began in 2003. Water cooling systems are mainly promoted, and the oil-cooled ones are only used as reserves. Bulk supply to customers began in 2005. In 2006, a 3/5/10KW multi-specification wheel permanent magnet synchronous motor system was developed for Japan. Since 2012, it has mainly made non-standard products. A cost-effective asynchronous drive system was launched in 2009. In 2010, a 120kw,160kw pure electric bus permanent magnet synchronous motor and controller system was launched, then cooperated with Toyota to complete a low-speed electric vehicle motor controller system. The production line was upgraded in 2012, and it has the capacity to produce 20,000 sets of motors and controllers per year. It develops synchronous drive systems for Ankai, making it the largest power system in China. Product applications cover public transportation, commercial vehicles, hybrid vehicles, passenger cars, minivans, and low-speed vehicles account for the largest share of sales among new energy electric vehicles in the country. The company is currently building a new production capacity of 100,000 units in the first phase, and plans to build 200,000 sets in the second phase. Approximately 4,200 sets were sold in 2014. The latest sales volume exceeded 8,000 units in July 2015. This year, it is expected to triple that of last year, and sales will be about three times that of last year. This year, the company transferred shares in Baoan Real Estate, achieving non-recurring profit and loss of 820 million yuan. At the same time, the company's annual investment income will reach about 400-500 million yuan. Therefore, this year's performance will be greatly improved. The subsequent increase in performance is mainly due to the continuous growth of its platform business. We expect that the company's operations will still have huge room for growth in the future, and we are optimistic about the company's long-term operating qualifications. The company's EPS is expected to be 0.55 yuan, 0.26 yuan, and 0.31 yuan respectively in 2015-2017, corresponding to 21 times PE this year, maintaining a highly recommended -A rating. Risk warning: Earnings in the financial investment sector are volatile to a certain extent, which may have a fluctuating effect on performance.