Matters Recently, we conducted research on the company and exchanged views with company executives on the company's business conditions and future development plans. Main opinion 1. The main textile additives business is growing steadily, benefiting from falling oil prices in the short term. Along with the passing of a period of double-digit growth in China's textile industry that continued for many years, the domestic textile printing and dyeing additives industry has also entered a stage of slow and steady growth. In the future, the company's textile additives business will maintain steady single-digit growth. Looking at the short term, the cost reduction effect brought about by the drop in crude oil prices in the next 3-6 months will gradually become apparent, and the gross margin of the company's textile additives business is expected to rise and profits to improve. 2. Isooctane will be put into production in the first quarter of next year, boosting the company's performance. As an ideal gasoline blending component, isooctane (alkylated oil) is expected to be rapidly stimulated with the successive implementation of China's five national standards for refined oil products. The company was entrusted with exercising 53.92% of Zhongwei Chemical's shares. During the escrow period, Zhongwei Chemical was included in the company's consolidated statements. Trial production of Zhongwei Chemical's alkylation oil project has now begun, and production will begin in the first quarter of next year at the latest, which will be one of the increases in the company's performance next year. 3. The ecological pig breeding business is expected to reach an inflection point within 1-2 years. In 2011, the company entered the pig breeding business across borders, using forage instead of feed feeding, and adhering to 100% self-feeding. From site selection, breeding, fattening, slaughter, chilled transportation, and chilled transportation to chain store sales, the entire industry chain was covered, making every link of every commercial pig a source, providing consumers with safe ecological pork. In 2015, the number of pigs released by the company will be increased, and the industry will enjoy an upward boom cycle. However, since the company will still be in the investment period in 2015, stores will continue to expand, and at the same time, the company will integrate freezers in large communities for food delivery, and sales expenses will expand further. We expect that in 2015, the company's ecological pig breeding business will basically maintain a balance of profit and loss, causing an inflection point within the next 1-2 years. 4. Profit forecasts and ratings. We expect the 2014-2016 EPS to be 0.30, 0.42, and 0.51 yuan respectively, and the corresponding PE is 30X, 21X, and 17X respectively, giving recommended ratings. Risk warning 1. The launch of the alkylated oil project fell short of expectations 2. Ecological pig breeding business fell short of expectations