The company achieved revenue of 8.764 billion yuan in the first three quarters, a year-on-year decrease of 23.63%, and achieved net profit of 51 million yuan to mother, a decrease of 68.16%, and EPS of 0.02 yuan. Considering the sharp delay in the commencement of infrastructure investment projects in Northeast China in 2015, we lowered the 2015-16 EPS to 0.04, 0.15 yuan (-0.11, -0.08 yuan), maintained the target price of 12.16 yuan according to comparable company valuations, and maintained the “increase in holdings” rating. The sharp decline in infrastructure and real estate in Northeast China dragged down performance: Affected by delays in project commencement, fixed asset investment in the Northeast region fell 9.43% year on year, and new real estate construction area fell 24.33% year on year. As a result, demand for cement fell 21.33% year on year in the first three quarters, setting a record. The contraction in sales also led to a marked decline in prices. The average price of cement in Northeast China fell 72 yuan/ton year on year in the first three quarters, reaching 321 yuan/ton. Affected by this, the company's cement sector business losses dragged down overall performance. When the “deleveraging” of the capital structure was in progress: The company completed a fixed increase in May, and the company currently has 8.9 billion yuan in cash on hand. We judge that in the future, traditional business sectors such as cement and coal may be further adjusted to adjust the asset structure of traditional industries with high accumulated debt burdens, and cash volume is expected to increase further to achieve strong support for transformation. Get involved in Internet media and lay out “medicine and health+sports media+finance”: On October 30, the company plans to invest 53.3 million yuan to establish a joint venture with 7 other companies to establish Jilin Internet Media Co., Ltd., which specializes in e-commerce, new media services, etc., to take the first step in the transformation layout. We believe that the company will carry out mergers and acquisitions along the three directions of “medicine and health+sports media+finance”, and that future development is worth looking forward to. Risk warning: macroeconomic risks, rising raw material prices.