Core view The company's performance is growing at a high rate, and the growth rate has exceeded expectations. In the first half of the year, the company achieved operating income of 4.419 billion yuan and net profit of 350 million yuan to mother, with year-on-year increases of 114.1% and 168.4%, respectively. Among them, the performance growth rate was higher than the previously forecast increase of about 140%. The company's profitability has improved. The gross profit margin and net interest rate both increased year-on-year in the first half of the year, and the three expense ratios declined, mainly due to the further optimization of the company's settlement structure, which favors Shanghai and Fuzhou. The high growth in the company's performance was due to the real estate business. The company's real estate sales volume in the first half of the year was 5.91 billion yuan, an increase of 129.5% over the previous year. High sales growth supports the company's performance growth. The refinancing has been approved and will provide the company with sufficient cash flow while reducing the company's debt ratio. The company plans to raise 4.8 billion yuan in non-public shares for the Lanzhou project, which has now been approved and approved by the Securities Regulatory Commission. The promotion and implementation of refinancing is expected to reduce the company's current balance ratio of 74.5% to around 66%. The financial control layout is progressing steadily, and investment in the secondary market has taken shape. The company initiated the establishment of Yellow River Financial Insurance and has progressed to the approval process of the Insurance Regulatory Commission, and the acquisition of Mid-Term Leasing is currently undergoing changes in the industrial and commercial registration. In the field of investment in the securities market, Kangsheng Investment, a holding company, participated in initiating the establishment of a fixed increase special fund with a total scale of 4 billion yuan, and subscribed for shares not publicly offered by companies such as Linyang Energy, Gongjin Shares, Yuyue Healthcare, Hailide, and Yonggui Electric. Kangsheng Investment further increased its holdings of Boxin shares. Currently, it holds 16.29% of Boxin shares, making it the largest shareholder. The company has invested in the secondary market on a certain scale and is developing into a large asset management platform. Financial forecasts and investment recommendations maintain the purchase rating and maintain the target price of 12.25 yuan. The company's performance in the first half of the year showed high growth. EPS reached 0.17 yuan in the first half of the year. The positive increase in the real estate business led to the company's performance increase in line with our expectations. We maintain the company's EPS profit forecast of 0.35, 0.55, and 0.80 yuan for 2016-2018, and maintain the target price of 12.25 yuan. Currently, the company's stock price is 10.23 yuan, maintaining a buy rating. The risk indicates that the company's real estate sales fall short of expectations. The company's capital investment fell short of expectations.