Incident review performance was in line with expectations, and growth and transformation were awaited: the company achieved operating income of 160 million yuan in 2014, a year-on-year decrease of 19.80%, due to a cyclical decline in the chemical trade service business (five-year cycle, 2013 was a big year); it achieved net profit of 33.6989 million yuan, an increase of 2.26% over the previous year, in line with expectations. Although the growth elasticity of the traditional online information service business is not obvious, the company has been deeply involved in the chemical, textile and other industries for many years. Its China Chemical Network and China Textile Network all occupy leading e-commerce positions in the domestic industry. The “small portal+alliance” model gathers vertical information from hundreds of industries. The business society is an authoritative data platform for domestic commodities, and has accumulated deep advantages; at a time when the B2B industry is changing, the company is continuing to expand trading services. The commodity online spot trading platform that has been prepared for many years has already been tested and is expected to be launched soon. Room for growth It is huge, has opened up the company's development boundaries and is expected to help the company achieve a new leap forward. Joining hands with Meiya Financial Insurance, the ecosystem is more complete: On February 11, the company signed a cooperation agreement with Meiya Financial Insurance to recommend Meiya's credit insurance to the core enterprises of the company's e-commerce platform. At present, the company's layout around B2B trading platforms is basically complete: the online transaction fund settlement platform and the technical implementation of the China Chemical Network spot trading system have entered the testing stage, the online financing guarantee business has been promoted in Jiangsu and Zhejiang, applications for third-party payment licenses have been regulated and are awaiting approval, and the fourth-party logistics platform is beginning to take shape with the support of the Transportation Association, the Transportation Association, etc. This cooperation with Meiya Financial Insurance will provide a professional risk sharing mechanism for the trading platform, enhance the attractiveness of the platform and user stickiness, and is also expected to take advantage of the company's user size advantages and explore more value-added services with Meiya Financial Insurance, thereby improving the trading ecosystem. The pattern of online trading platforms is more complete, and it also brings greater possibilities for business models. Maintaining the “recommendation” rating: The market has performed well since our key recommendations. The company has been preparing for the opportunities brought about by the transformation and transformation of the commodity B2B industry for many years. The layout of all aspects of the Yantuo trading service platform has been basically improved. After the trading platform is officially launched, 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 yuan and 0.50 yuan respectively, maintaining the “recommended” rating.