Event Overview: Foreign trade e-commerce websites in Russia, Japan, South Korea, and Vietnam are online. The company recently announced that after six years of successfully operating its existing website in China, its B2B e-commerce integrated business platform has officially launched the B2B website for foreign trade in the four countries, and the company's “Small Gateway+Alliance”'s international B2B e-commerce platform business has officially launched. According to the Shengyibao International website, the first batch of national stations launched this time includes four countries: Russia, Vietnam, Japan, and South Korea. It is expected that the number of national stations launched will reach more than 10 within the year. Incident analysis: The professional website is operating stably, and the company's internationalization strategy is evident. The company focuses on the operation of e-commerce websites specialized in chemicals, textiles, etc., and the company's revenue from this type of business continued to grow steadily in 2012. The launch of e-commerce websites in Russia, Japan, South Korea, and Vietnam, while also relying on 15 foreign offices, will establish a localized B2B platform for each country. These country sites are service platforms provided for enterprises in host countries to carry out online marketing. The company links these countries through the website platform to form an international website with multiple language versions, taking an important step in the company's internationalization strategy. The company's operations are stable, and the range of changes in net profit has remained stable. According to the first quarter report data and the business situation for the second quarter, the company expects net profit attributable to shareholders of listed companies from January to June 2013 to be between 17.0765 million yuan and 277.494 million yuan, with a year-on-year fluctuation range of -20% to 30%, and the operating situation is relatively stable. Profit forecasting and investment advice: downgrade the company's investment rating to “neutral.” The business situation of the company's e-commerce websites specializing in chemicals and textiles is stable, and the impact of the new profit model created by the “Business Treasure” website on the company's future performance will gradually become apparent. We expect the company's EPS for 2013-2014 to be 0.24 yuan and 0.27 yuan respectively. Combined with the company's closing price calculation of 36.10 yuan on July 23, 2013, the price-earnings ratio is relatively high compared to the stock prices of similar companies in the industry, and the company's investment rating was lowered to “neutral”. Risk warning: The overall downturn in the chemical industry has an adverse impact on the production and operation of the company's customers, bringing business risks to the company; the risk of market expansion of new businesses