Report highlights. A description of the event. The company released its 2014 annual report: it achieved operating income of 160 million yuan, a year-on-year decrease of 19.80%, net profit attributable to the parent company of 333.704 million yuan, an increase of 1.26% over the previous year, and EPS of 0.16 yuan; disclosed the profit distribution plan, and plans to distribute 0.5 yuan per transfer per 10 transfers (tax included). Release of the 2015 quarterly report: Achieved operating income of 35.2806 million yuan, a year-on-year decrease of 17.61%, and net profit attributable to the parent company of 8.6636 million yuan, a year-on-year decrease of 18.79%. Meanwhile, the company expects net profit attributable from January to June 2015 to be 16.1297 million yuan to 26.211,700 yuan, an increase of -20%-30% over the previous year. Incident reviews. Performance was in line with expectations, and technology research and development increased: The company's revenue for the first quarter of 2014 and 2015 fell 19.80% and 17.61% respectively, mainly due to the cyclical decline in revenue in the chemical trade service business with low gross margin (five-year cycle, 2013 was a big year, 2014 revenue fell 74.19% year on year), and the company's overall gross margin increased accordingly, reaching 87.37% in the first quarter of 2015. At the business level, in 2014, the company's chemical website had revenue of 795.8814 million yuan, an increase of 3.19% over the previous year, and exhibition revenue of 17.713,300 yuan, an increase of 23.92% over the previous year; it developed technical projects such as chemical dictionaries, business circles, chemical industry chain software, financing platforms, etc., and R&D expenditure increased significantly by 38.46% year on year. The trading platform is beginning to shine, and financial services are worth looking forward to: the company is based on years of accumulation in the chemical and textile industry, “small portal+alliance” industry resources, and authoritative data platform business associations. At the time of B2B industry transformation, the commodity online spot trading platform that has been preparing for many years has already been tested. The total volume of intentional buying and selling of the “integrated purchasing center” and “distribution center” models has reached tens of millions per day. The trading volume is expected to achieve even greater breakthroughs after the official launch. At present, the development and construction of the company's third-party payment platform has been completed. After the payment license is approved, it is hoped that the trading platform will be used to further expand financial services to obtain new profit space. Wangsheng Guarantee joined hands with Financial Services Technology to strictly control guarantee risks: Netsheng Guarantee, the company's supply chain finance platform, reached a cooperation with Zhejiang Financial Services Network Technology (a controlling shareholder subsidiary). In the process of carrying out financing guarantee services, such as when the guaranteed enterprise defaults, Wangsheng Guarantee assumes compensation obligations and obtains claims from defaulting enterprises, it is intended to transfer an equal amount of not more than 20 million yuan of debt to Financial Services Technology. We believe that this cooperation will significantly reduce the company's business risks, increase the capital turnover ratio guaranteed by Wangsheng, and also highlight the firm support of the company's controlling shareholders for the company's future development. Maintaining the “recommendation” rating: The company takes advantage of the transformation and transformation of the commodity B2B industry and continues to expand the trading service platform. The layout of all links is basically perfect, and fundamentals will usher in a qualitative leap after the official launch of the trading platform. The company's 2015-2016 EPS is expected to be 0.29/0.50 yuan, respectively, to maintain “recommendation”.