In the first half of 16 years, the company realized operating income of 22.505 million yuan, down 12% from the same period last year, and the net profit attributed to the parent company was 53.29 million yuan, down 24% from 0.08 yuan last year. The decline in investment income led to a decline in performance and a firm strategic transformation: the decline in the company's net profit in the first half of the year was mainly due to a decrease in investment income, down 16.8% from the same period last year. The company has a wealth of investment projects on hand. In April this year, it made an investment gain of 12.64 million yuan (its 15-year net loss of 4.496 million yuan) by selling 43% of the shares in Shanghai Junwei Company. We believe that this will help the company to further optimize its investment projects and lay the foundation for future development. Since the termination of major asset restructuring in September 15, the company has not stopped seeking pillar industries. In July this year, trading was suspended again to plan major asset restructuring, although it failed again, but it fully reflects the firm determination and urgent demand of the company's transformation. The company's financial position is good, the interest-bearing debt is zero, and the company has a good potential for transformation. the company also makes it clear in the report that it will still actively explore strategic transformation, and we continue to look forward to the follow-up transformation and expansion of the company.

Tamping valuation of Shanghai core land resources and green land equity: the company's core land reserve is the Logistics Park in Mianqiao Town, Minhang District, Shanghai. according to the latest transaction price of commercial land around the project, the revaluation value of the land is about 5.3 billion yuan. the company has made it clear in the report that it will speed up the operation of land assets in the southern logistics park to help the company realize its resource endowment. In addition, the company holds 278 million shares of Greenland Holdings, accounting for 2.29% of the total share capital, with a market value of about 2.74 billion yuan according to the latest closing price. This part of the equity has been lifted in July and has a strong capital realization potential, superimposed on Minhang District parcels. The combined value of the two assets is about 8 billion yuan, which not only supports the current market value of the company, but also provides financial advantages for the company's future transformation.

Insurance fund concern shows the company's own value: the company won the Guohua Life Insurance license from July to August 15, accumulatively increased its shareholding by 15%, and became the second largest shareholder of the company. after considering giving shares, we estimate that the holding cost is about 9.33-10 yuan. since then, major shareholders continue to increase their holdings from July 15 to the end of January 16, and after considering giving shares, the estimated holding cost is about 10-10.5 yuan. Provide a certain margin of safety for the company's current price.

Profit forecast and investment rating: we expect the company's EPS in 16-17 to be 0.12 yuan and 0.15 yuan respectively, maintaining the "overweight" rating.