Taking into account impairment profits, profits have declined, and financial growth is poised to go ahead. In 2015, net profit attributable to the parent company was 510 million yuan, a year-on-year decrease of 36.7%. The main reason for this is the provision of 620 million yuan for impairment of current 24 assets, including 130 million yuan from the long-term discontinuation of production of subsidiary Chengda Hongsheng, 140 million yuan for bad current accounts, and 350 million yuan for reduced inventory prices. On the other hand, the company is actively developing the financial sector, bidding for and obtaining 3 billion shares of China Insurance, accounting for 15.595%. At the same time, as the second largest shareholder of GF Securities, it holds 16.4% of its shares and enjoys investment income brought about by GF Securities's business development. The company's expansion in the financial sector has enhanced the stability of profitability, helped to enhance the company's value, and promoted collaboration between the company's production and finance. Energy trade continues to decline, and light clothing is being transformed. Revenue from trade circulation and energy development all declined, while revenue from biopharmaceuticals and import and export trade increased slightly. Among them, the operating profit of energy development was negative. This is mainly affected by a sharp drop in oil prices and a sharp contraction in demand. The company also reviewed the current situation and adjusted production arrangements, stopped production and operation at Chengda Hongsheng, calculated impairment preparations, and relieved operating pressure to reduce the transformation. Guangfa Securities boosts financial investment returns. Investment income in GF Securities became the source of most of Liaoning Chengda's profits in 2015. In 2015, GF Securities achieved net profit of 13.2 billion yuan, an increase of 1.6 times over the previous year, a cash dividend of 0.8 yuan per share, and a dividend rate of 4%. Behind the rapid increase in profit is the comprehensive development of wealth management, the all-round development of Internet finance, the promotion of the entire business chain of investment banks, and the development of investment management business. At the same time, GF Securities successfully issued H shares, speeding up the process of international development, and leading the way in comprehensive service capabilities. China Insurance boosts profits and promotes strategic transformation of industry and finance collaboration. In terms of financial insurance, the original premium income of China United Property Insurance has always been in the top five in the industry. In 2015, the premium revenue was 39.37 billion yuan, and the market share was 4.8%. The premium growth rate and profit margin were superior to the industry average. In terms of life insurance, a life insurance company was established in November 2015 to follow the path of product differentiation and channel group insurance innovation, and use investment insurance as a breakthrough to achieve asset-driven liabilities, and the growth rate of premium income will increase dramatically. As the only insurance target in China Oriental's asset management business map, China Holdings is an insurance center for many financial companies. It can meet the insurance needs of various companies within the system and achieve business collaboration and common progress. The acquisition of stable and highly profitable assets at reasonable prices by Liaoning Chengda will open up profit margins, greatly promote the company's strategic transformation, and improve overall valuation. Currently, there is still some uncertainty about the prospects of shale oil, and the main profit is contributed by finance. The company has stopped production of some shale oil projects to optimize existing business areas and promote simultaneous development in the four fields of biopharmaceuticals, trade circulation, energy development, and financial services. It is estimated that 2016-2017 EPS of 0.8 yuan, 1.04 yuan, P/B1.6, and 1.5 will give an increase in holdings ratings. Risk warning: Company transformation falls short of expectations, shale oil prices continue to fall