Revenue increased slightly, and investment income helped net profit rise at the same time. In 2015, the company's revenue increased 13.43% year on year, and net profit was 128 million yuan, up 12.40% year on year. Of these, the company sold Huiquan Beer shares and received investment income of 42.95 million yuan. Revenue from the real estate business increased by 38.93%, revenue from the international engineering contracting business decreased by 23.46%, and gross margin increased by 5.16 percentage points. One of the major factors that failed to drive the increase in deducted non-net profit was that the company lost 136 million yuan in exchange during the current period due to the devaluation of the RMB, and current financial expenses increased by 142.44%. Multiple financing initiatives have been carried out in parallel, and the financial situation has greatly improved. During the reporting period, 490 million yuan was raised through bonds, and loans were increased by 1,838 million yuan. The company actively planned to replace high-cost funds with low-cost funds to improve its financial situation. At the end of the period, the company's net debt ratio was 35.61%, and the capital coverage ratio was 0.50. At the beginning of 2016, the company successfully raised 1,075 billion yuan through allotment of shares, which ensured the smooth development of the new project. Beijing-Tianjin-Hebei Province are developing collaboratively, and Tongzhou's land reserves are waiting for an opportunity to move forward. Closely following the guidelines of the Beijing-Tianjin-Hebei Joint Development National Strategy, the 8th Plenary Session of the 11th Beijing Municipal Committee clearly stated the construction of a sub-administrative center in Tongzhou to achieve the evacuation of Beijing's non-capital functions. This positioning once again highlighted Tongzhou's location advantage. As of the announcement date, the company has obtained all shares in Beijing Wuyi. Beijing Wuyi has developed a total of 600,000 square meters of real estate in the core area of Tongzhou, and has a land reserve of 1.09 million square meters for the Southern District project. It is currently in the development stage, and is expected to contribute profits to the company starting in 2016. Work hard to set a model for overseas construction. The company relies on Fujian Construction Engineering Group, the controlling shareholder, and has great advantages in project contracting. The company's international contracting business is centered in Kenya and is actively expanding to neighboring countries, achieving revenue of 925 million yuan in 2015, accounting for 38%. As of the announcement date, the total number of projects undertaken reached 2,326 billion yuan. The gross margin of the company's engineering contracting business was 20.44% in 2015. International engineering contracting is expected to bring considerable benefits to the company, provided that exchange rate risks are carefully avoided. Investment advice: The company performed well in 2015, and we are optimistic about sustainability in 2016. The company's EPS for 2016 and 2017 is estimated to be 0.470 and 0.579 yuan/share, respectively, and the PE corresponding to the current stock price is 34.50 and 27.99 times, respectively, giving it a “buy” rating. Risk warning: Exchange losses due to fluctuations in the real estate industry cycle and exchange market fluctuations