In the first half of 2014, Feitian Chengxin achieved revenue of 485 million yuan, a year-on-year increase of 32%; realized net profit of 130 million yuan, an increase of 65% over the previous year. Earnings per share for the first half of 2014 were $1.68. OTP revenue exploded, and USB Key grew moderately. The revenue of OTP dynamic tokens increased 2.5 times in the first half of the year, reaching 110 million yuan, and its new revenue accounted for 64% of all new revenue for the current period. The dynamic token purchase contract signed with the Bank of China in December 2013 was executed in the first half of this year, leading to a significant increase in OTP revenue. USB Key's revenue increased 14%, sales to bank customers such as Industrial and Commercial Bank increased, while sales to the largest customer, Agricultural Bank, declined slightly year-on-year. The company explained that the decline in sales revenue to the Agricultural Bank was not caused by a drop in order volume, but by a slightly late settlement. Among the top five customers in the first half of the year, revenue from Agricultural Bank, Industrial and Commercial Bank of China accounted for 29%, 18%, and 11% of total revenue, respectively. In 2013, the ratio was 45%, 9%, and 8.5%, respectively. The revenue structure is more reasonable. Gross margin increased significantly. The gross margin of all businesses reached 43% in the first half of the year, 11% higher than the same period last year. Benefiting from a significant drop in the price of major raw materials, USB Key's gross margin reached 45%, a 22% increase over the same period last year. Models with lower gross margins sold more, resulting in the gross margin of OTP dynamic tokens being 36% lower than the same period last year, and the gross margin for the current period was 33%. The growth is far from over. The rapid development of mobile payments is driving demand for USB keys and Bluetooth USB keys for headsets. The authentication market in Europe, Southeast Asia, and North and South America is growing rapidly and is one of the company's business development priorities. The current revenue of the company's smart card business does not match its operating goals, and we hope to accelerate the expansion of the IC card market through mergers and acquisitions in the future. The revenue forecast for 2014 was lowered, and the net profit forecast was raised. The sales forecast for USB Key was lowered, and as a result, the revenue forecast for 2014 was lowered from 1.15 billion yuan to 1.14 billion yuan. Gross margin is expected to increase in 2014, raising the 2014 net profit forecast from $287 million to $306 million. The estimated revenue for 2014-2016 will be $11.4, 1.49 billion, and $1.92 billion, with net profit of $3.1, 4.0, and 530 million yuan, respectively, and earnings per share of $3.22, 4.19, and 5.60, respectively. Maintain an “increase in holdings” investment rating.