The 2016 results were in line with expectations. Wiscom announced 2016 results: revenue of $1.96 billion, up 114% year on year; net profit of $182 million, up 246% year on year, corresponding to earnings of HK$0.21 per share. Revenue exceeded expectations by 18%, and net profit was generally in line with expectations. Development trend B2B 1.0 business is expected to grow steadily, mainly due to favorable macroeconomic recovery. Furthermore, ZOL and China Service promised to contribute profits of 130 million yuan and 13 million yuan respectively, and China Service will be combined for the full year of the first year. We expect B2B 1.0 to grow 10-15%. Explore the B2B 2.0 consignment model. The company will explore the consignment model in 2017. As a consignor, the company can control the consignment goods without full payment, and at the same time distribute the consignment goods. The company's target turnover for 2017 is 1.5 billion yuan to 2 billion yuan, with a share ratio of about 1%. But we expect the new model to make a limited profit contribution in the early stages. The potential benefits of the B2B ecosystem. The company continues to invest in the B2B ecosystem, including mobile marketing company Huijia (2017 profit target of 20 million yuan), Zhaoxin, and financial leasing businesses, etc., and is expected to contribute more revenue and profit in the future. The profit forecast raised the 2017/18 revenue forecast by 112%/89% to 3.1 billion yuan/3.1 billion yuan, mainly reflecting the adoption of the new business model in 2017; the adjustment of the net profit forecast +0.4%/-2.8% to 299 million yuan/396 million yuan mainly reflects our confidence in Huicong. Valuation and recommendations Currently, the company's stock price corresponds to 21 times the 2017 price-earnings ratio. Maintaining the recommendation and increasing the target price by 6% to HK$8.5, based on a price-earnings ratio of 25 times 2017, mainly reflects our optimism about the company's services and new business. Intense risk competition; uncertainty about new business.