Event: The company released its 2015 performance report. According to preliminary accounting, the company achieved revenue of 642 million yuan in 2015, an increase of 34.84% over the previous year; net profit of 125 million yuan, a year-on-year decrease of 16.64%; and basic earnings per share of 0.65 yuan. Comment: The main business has been actively upgraded, and revenue has maintained rapid growth. According to preliminary accounting, the company achieved revenue of 642 million yuan in 2015, an increase of 34.84% over the previous year, mainly because the company actively grasped market opportunities in 2015 and strengthened its marketing efforts. In 2015, the company launched joint venture sites in Changchun, Shenyang, Kunming, and Zhengzhou, and also opened franchise stations in 22 cities. Furthermore, in 2015, the company unified the brands of its real estate platforms “365 Real Estate Home Furnishing Network” and “365 House Buying Network” as “365 House Buying”, which is consistent with the app brand “365 House Buying”. The company has effectively improved user experience and coverage through brand adjustments and urban site expansion, and maintained a continuous increase in revenue from its main business. Profits declined slightly, mainly due to the drag on by new business. According to the company's preliminary accounting, net profit of 125 million yuan was realized in 2015, a year-on-year decrease of 16.64%. Mainly due to the expansion of the company's offline marketing services, corresponding costs have increased; at the same time, the company's new business, such as decoration, finance, etc., is still in a period of expansion, and investment in early personnel, research and development, and promotion is significant. In addition, the calculation of the expenses of the company's employee stock ownership plan also has a certain adverse effect on the company's performance. The company actively lays out the real estate after-sales service market and has tried it in the fields of decoration, finance, etc. Although performance has been hampered in the short term, looking at new business in the long term will bring new impetus to the company's continued development. Investment advice: The performance of the company's preliminary accounting is in line with expectations. We are optimistic about the in-depth layout of the 365 network in the real estate post-service market and the company's long-term development prospects. The 2016-2017 EPS is expected to be 1.0 and 1.5 yuan, and the corresponding PE is 29.4 and 19.6 times, respectively, maintaining the “increased holding” rating. Risk warning: The recovery in real estate transactions fell short of expectations.