Comment: Transfer projects, return cash quickly, and speed up investment recovery. Since the company's backdoor listing in 2009, there has been less capital market financing, resulting in more interest-bearing liabilities, and financial costs have always been high. In this context, the company achieved a rapid return of capital through project equity and transfer of projects under construction, etc., to ease the pressure on the company's operations. The transfer revenue for projects under construction in 2013 and 2014 was 290 million yuan and 1.41 billion yuan respectively, accounting for 10% and 55% of that year's revenue, respectively. In 2016, the company accelerated project transfers. Currently, two transfer projects have been determined. In addition to the Tuanpo C Waterfront Tianyuan Project (listing price: 725 million yuan) to be transferred, there is another Tianxiyuan project with a proposed listing price of not less than 180 million yuan. The transfer was reviewed by the board of directors on May 26. It is estimated that these two projects will contribute at least 900 million dollars in cash to the company based on listing prices. By the end of 2015, the company had 23 proposed projects under construction, with an equity construction area of nearly 2 million square meters, all located in Tianjin. Zhuolang Technology helps development. Zhuolang Technology has strong strength and is growing rapidly. In 2015, it achieved revenue of 580 million yuan and profit of 70 million yuan. Rapid growth is expected to continue in 2016. Premier **** paid a special visit to Zhuolang science and technology in Tianjin and praised the company. The fixed increase is progressing in an orderly manner. The company's fixed growth plan passed the review by the Securities Regulatory Commission on March 18, 2016. The scale is 2.7 billion yuan, and the issue price is 6.03 yuan per share. We believe that if this fixed increase is completed, the company's capital strength will be greatly strengthened, and financial pressure will be effectively alleviated. Investment advice: The company relieves pressure on cash flow through the transfer of some projects and contributes to profits. Zhuolang Technology, a subsidiary of the company, has strong strength and will help the company continue to develop. Considering the approval of the additional distribution, the 2016-2017 EPS is expected to be 0.11 and 0.31 yuan respectively, corresponding to PE 59 and 21 times, respectively, maintaining the “increased holding” rating. Risk warning: Real estate sales have declined sharply.