Incidents: The company announced its semi-annual report. In the first half of the year, it achieved operating income of 692 million yuan, an increase of 24.43% over the previous year; net profit of 38,4847 million yuan, an increase of 55.08% over the previous year; and basic earnings per share of 0.08 yuan. Management expects net profit growth in the January-September range of 10% to 60%. Comment: 1. The performance is in line with expectations, and the starting volume of emerging businesses is the main contributor to revenue growth. The performance is in line with our expectations. Last year, the company completed a 100% equity acquisition of Lingyun Media, actively promoted the construction of an imported cross-border e-commerce platform, and quickly formed a new performance growth point. The revenue growth rate of the Internet and related newspapers reached 167.96% in the first half of the year. Meanwhile, the revenue of the main traditional stationery business fell 6.79% year on year. Considering the rapid development of the company's new business and subsequent contributions from Huiyuantong, we believe that the share of new business revenue is expected to continue to increase, driving the company's overall business scale up. The gross margin of the main stationery business increased significantly by 4.63 pct in the first half of the year, driving the company's overall gross margin to 21.25%. 2. The main business is multi-channel development. In the first half of the year, Huiyuantong participated in Huiyuantong to complete an important link in the cross-border payment industry chain. In the first half of the year, the company integrated online and offline sales through cooperation with JD, Tmall, Taobao, Suning Tesco, Feiniu.com, etc.; at the same time, tested the cross-border e-commerce business of stationery exports and began preparations for cooperation with Amazon, AliExpress, etc.; cultivating fashion stationery projects and building an independent Kinbor website. Furthermore, the company completed an important part of the cross-border payment industry chain through its participation in Huiyuantong (51% direct and indirect shareholding), and the future growth of the cross-border payment sector is quite clear, which is still a potential driving new business. It is not ruled out that the company will further increase Huiyuantong's shareholding ratio in the future. It is expected that Huiyuantong will diversify its customers in the future, and that the company will expand its layout or new catalyst in the cross-border payment industry chain. 3. The multi-faceted layout of the cross-border payment industry chain maintains the “Highly Recommended - A” rating company from a traditional manufacturer that specializes in stationery export business. Through the merger and acquisition of the Internet marketing company Lingyun Media in 14, it participated in Boyuan Technology in 15, launched cross-border e-commerce global trading, and also participated in the cross-border payer Huiyuantong in 16 to achieve the harmonization of interests through equity incentive plans. We believe that the company has gradually achieved a comprehensive service provider that has gradually transformed from traditional manufacturing to multiple businesses such as Internet advertising and marketing, cross-border e-commerce, and cross-border payments, and that the continued layout of the cross-border payment industry chain in the future may be even more worth looking forward to. Regardless of the Huiyuantong merger list, the company's 2016-2018 EPS is expected to be 0.31, 0.35, and 0.38 yuan respectively, maintaining the “Highly Recommended - A” rating. Risk warning: Uber's business operations in China are risky, and Huiyuantong's commission rates have declined.