Maintain the “increase in holdings” rating, with a target price of 15.3 yuan. Gaoyang Jiexun's various businesses grew better than expected in the first half of the year, and a complete merger in the second half of the year will bring greater performance contributions to the company. We maintain the 2014-2015 EPS of 0.12/0.31 yuan, respectively, and maintain the target price of 15.3 yuan to “increase holdings”. The decline in the gross margin of the main business temporarily dragged down performance. The company's semi-annual revenue was 2,571 million yuan, up 11.5% year on year; net profit was 16.01 million, down 40.1% year on year. The converted Q2 revenue was 1,241 million, down 13.2% year on year, and net profit was 22.65 million, down 33.6% year on year. The main reason for the decline in profit is that due to order confirmation, the gross margin of system integration temporarily declined by 19 percentage points. Gaoyang Jiexun - Phone recharge leader, comprehensive exchange pioneer. Gaoyang Jiexun had revenue of 120 million yuan and net profit of 34.24 million in the first half of the year. According to our cash flow statement, Jiexun's turnover for the first half of the year was about 170-18 billion yuan, which has already surpassed last year's full-year flow and achieved explosive growth. With its channel, technology, and qualification advantages, Gaoyang Jiexun has built a broad competitive “moat”. It is estimated that the recharge flow is expected to reach more than 35 billion dollars in 2014, showing a continuous doubling trend. Furthermore, the company relies on huge recharge flows to launch a digital commodity exchange business. Currently, JD cards and phone cards can be exchanged, and in the future, more prepaid cards will be gradually introduced and the exchange business will continue to expand. Increase investment and strengthen the three main businesses. At the same time, the company announced that it will establish Datang Integration (Henan), increase capital in Datang Integration (Harbin), set up a subsidiary to carry out mobile Internet application distribution business, and strengthen enterprise informatization business focusing on integrated communication and information service business based on mobile Internet. In addition, the company plans to invest 220 million yuan to build the “Jining Datang Gaohong Information Technology Building” to strengthen the differentiated competitive advantage of the IT chain sales business in third- and fourth-tier cities. Risk warning: IT chain sales profitability declined; integrated exchange platform expansion fell short of expectations.