incident. The company announced its 2016 semi-annual report. During the reporting period, the company achieved operating income of 562 million yuan, a year-on-year increase of 5.98 times; net profit attributable to shareholders of listed companies was 73.69 million yuan, an increase of 4.85 times over the previous year; and realized basic earnings per share of 0.10 yuan. In the first half of 2016, driven by an increase in real estate sales carry-over, the company's revenue surged 5.98 times; the company's net profit increased 4.85 times during the same period. With Ichikita? Nakashin, Ichikita? Cloud Cube and Nantong Science and Technology City? Projects such as Yunyuan Phase I were delivered and put into use one after another. During the reporting period, the company achieved real estate sales revenue of 429 million yuan and real estate rental revenue of 102 million yuan, all of which increased significantly compared with the same period last year. During the reporting period, the total construction area of projects under construction led by the company exceeded 380,000 square meters. On April 1 of this year, the park was awarded the first “Shanghai Big Data Industrial Base” by the Shanghai Economic and Credit Commission. At the same time, the Shanghai Big Data Exchange Center also successfully settled in the park. As of June 30, 2016, Junengwan Company has incubated 145 nursery projects, 208 incubated enterprises, and 38 accelerator enterprises. In terms of industrial investment, the company and Inspur Group jointly established Shanghai Yueran Investment Management Co., Ltd., and later participated in the Shanghai Volcano Stone Phase I equity investment partnership (limited partnership). On February 5, 2016, the company announced that Shanghai Kaichuang Enterprise Development Co., Ltd., a wholly-owned subsidiary of the company, successfully won the right to use state-owned construction land in plots 076f-02 and 076c-04, Unit N070601, Yonghe Community, Zhabei District. In June 2016, the company and three parties competed for plot 06-04 in Xuhang Town, Jiading District, Shanghai. In July 2016, the company invested 200 million yuan to participate in the establishment of an investment fund - Shanghai Volcanic Stone Phase I Equity Investment Partnership (Limited Partnership). In 2016, the total construction area of the company's ongoing and newly started projects will reach 500,000 square meters. Investment advice: Benefiting from the construction of data trading centers and science and innovation centers, equity investment is expected to grow rapidly. The company is positioned as a “boutique park” integrated operator, service integrator and investor. It has already laid out a 3.13 square kilometer North High-tech Industrial Park in Zhabei City, Shanghai and a 5.2 square kilometer Nantong Science and Technology City Industrial Park. Currently, the economy of the Shibei High-tech Park is growing at a high rate of 30% every year, and the share of the park's productive services industry has already exceeded 90%. The company has a total equity of 1.18 million square meters. Meanwhile, in the next 5 years, Shibei High-tech Park can develop 2.6 million square meters of land, and Nantong will reserve 4,200 acres of land. In recent years, the company has increased its investment in venture capital business, and future development can be expected. We expect the company's 2016 and 2017 EPS to be $0.31 and $0.39. Considering that the company is within the Dazhang River, it is expected to enjoy favorable policies such as the construction of a Shanghai Science and Technology Innovation Center and a data trading center (with market uniqueness) in the future, while also benefiting from the merger of Jing'an and Zhabei. We gave the company 90 times PE in 2016, corresponding to the target price of 27.9 yuan for the next 6 months, and gave it a “buy” rating. Risk warning: The real estate industry is facing regulation and corporate transformation being blocked.