The year-on-year increase in the company's operating income and net profit for the first three quarters was 30.9% and 49.9%, which was higher than expected. The company achieved operating income of 5.16 billion yuan and net profit of 530 million yuan. Among them, the sharp increase in net profit of Huimu was mainly due to the higher income from disposal of non-current assets of 350 million yuan (mainly due to the disposal of Daqing Yinyuan's land use rights). Net profit after deduction was 200 million yuan, a year-on-year decrease of 31.8%, mainly due to a year-on-year increase in financial expenses of the current period of 310 million yuan. The financial expense ratio rose from 0.55% in the same period last year to 6.4%, an increase of 5.9 percentage points over the same period last year, mainly due to the increase in interest expenses due to the company's inability to capitalize in 2016. ARC's asset restructuring continues to advance, and Belgium's Bunche is expected to merge into the public company platform. The company's application for the acquisition of ARC Group's business has been accepted with administrative permission from the Securities Regulatory Commission. At the same time, the acquirer Tibet Yin Yin gave a performance promise that net profit of not less than 1.68/2.62/326 million was achieved in 2017-19, respectively. Furthermore, Ningbo Dongfangyisheng, a subsidiary of Yinyi Group, the controlling shareholder of the company, acquired Belgian Bunche in June of this year. Belgian Bunche is an automobile transmission factory located in Belgium for the famous European automobile manufacturer DAF. It is the third largest supplier of CVT transmissions in the world. The total investment of the project is estimated at 1.06 billion US dollars. The asset is expected to be injected into the listing platform in the future, and the company's main business will further focus on high-end automobile manufacturing. The company has abundant cash flow, with 4.5 billion yuan in cash in hand. The company's cash flow from operating activities in the first three quarters was 1.79 billion yuan, an increase of 37.4% over the previous year, mainly due to an increase in sales payback. At the same time, the company issued a total of 2.8 billion yuan in bonds this year, with an average debt cost of 7.44%. The first phase of the company's employee stock ownership plan was purchased, with a total amount of 280 million yuan and an average transaction price of 9.67 yuan per share. The “Xingfa Steady Growth - Yinyi Shares No. 1 Pooled Asset Management Plan” purchased a total of 20 million shares of the company's shares through the secondary market from May 10 to 25, 2016, accounting for 1.12% of the company's total share capital. The lockdown period was 12 months, from May 26, 2016 to May 25, 2017. Maintain a neutral rating and maintain profit forecasts. Considering that the company's real estate business brings abundant cash flow, ARC asset restructuring is in progress, and it is uncertain whether the Belgian Bunche business will be integrated into the company's platform. We maintain our profit forecast that net profit for 16-18 was 6.2/7.0/1.01 billion, a year-on-year growth rate of 17.6%/13.5%/43.8%, corresponding to EPS: 0.24/0.27/0.39 yuan.