The incident describes Daming City's announcement of the 2016 semi-annual report. The main contents are as follows: During the reporting period, the company achieved operating income of 4.419 billion yuan, a sharp increase of 114.11% year on year, net profit of 350 million yuan, up 168.37% year on year; net profit margin was 7.93%, up 1.6 percentage points year on year, and EPS 0.17 yuan. Incident review projects are being carried over centrally, and performance is growing rapidly. During the reporting period, the company's revenue and net profit increased sharply by 114.11% and 168.37%, respectively. The main reason was that projects such as Shanghai Daming Chengming County, Fuzhou Mingcheng Port Area 1, and Fuzhou Mingcheng Port Area 6 Hecun entered the completion carry-over period. At the same time, thanks to the acquisition of minority shareholders' shares, the company's performance increased dramatically. The future of the real estate business will focus on first-tier cities. The company's main sales projects are located in Fuzhou and Shanghai. In the future, it will also increase the layout of first-tier city projects and speed up the elimination of legacy projects in third-tier cities. We are optimistic about the long-term development of the company's real estate business. Benefiting from the good sales situation in the urban property market mentioned above, the company's real estate sales reached 5.9 billion yuan during the reporting period, an increase of nearly 130% over the previous year, and the company's recent performance is guaranteed. The level of debt was stable, and the fixed increase was successfully approved. At the end of the reporting period, the company's balance ratio was 74.52%, slightly lower than the industry average. The actual debt ratio was 72.44%, and the debt level was generally stable; monetary capital coverage fell to 0.56, and short-term capital was under some pressure. On July 18, 2016, the company's non-public offering of shares was approved by the Securities Regulatory Commission. The fixed increase plan is to raise 4.8 billion yuan for the Lanzhou project, which will also help ease cash pressure and reduce the balance ratio. The three major businesses of the financial holding platform go hand in hand. The company's financial control platform includes three major business segments, including securities investment, financial investment, and strategic investment. In the securities investment sector, the holding company Kangsheng Investment participated in the establishment of a fixed increase special fund with a total scale of 4 billion yuan. It mainly lays out sectors such as health, advanced manufacturing, and new energy, and is gradually moving towards a large-scale asset management platform. In the financial sector, the company participated in the establishment of Yellow River Financial Insurance as the second largest shareholder. The Insurance Regulatory Commission's approval process is progressing smoothly, and it has invested 2.5 billion yuan to acquire mid-range leasing. In terms of strategic investment, the company is currently the largest shareholder of Boxin Co., Ltd., and it still has plans to increase its holdings in the future, and is promoting the listing of the holding company Inpesen in the new third board. Investment advice: The company's real estate business has entered the peak settlement period, and the annual performance can be expected to grow rapidly. EPS is expected to be 0.32 and 0.39 yuan/share in 2016 and 2017, respectively, corresponding to current PE prices of 34.35 and 28.44 times, maintaining a “buy” rating. Risk warning: declining popularity of the property market, fluctuations in the securities market