Due to strategic transformation, net profit fell 18%. The company achieved operating income of 421 million yuan in 2015, a year-on-year decrease of 4.86%; net profit attributable to shareholders of listed companies was 14.09 million yuan, a year-on-year decrease of 17.91%. Commercial retail revenue fell 7.79%; the biggest highlight was the 49% increase in natural gas business profit. The company plans to acquire Jingneng and Luo Jiang's 15-year net profits of 35.36 million yuan and 7.33 million yuan, respectively, achieving 101% and 90% of the predicted value. The company announced revenue of 103 million yuan and net profit of 2.02 million yuan for the first quarter of 2016. The net profit of the gas business was 13.73 million yuan, accounting for 97% of the natural gas sector, accounting for 24.3% of revenue and 97.4% of net profit. The company's two natural gas companies, Dalian and Shangrao, had a total revenue of 102 million yuan (+4.26%), and a total net profit of 13.73 million yuan, a sharp increase of 49.25% over the previous year, mainly due to increased users, lower intake prices, and reduced supporting fee costs. In the commercial retail sector, revenue was 273 million yuan (-7.79%) due to the impact of e-commerce and the downturn in the consumer market, while gross margin fell 0.49 percentage points. Mergers and acquisitions of additional local gas distributors, and the entire gas industry chain layout company will focus on expanding distributed natural gas, LNG, etc. in the future to expand the entire natural gas industry chain. The company plans to privately acquire 88% of the shares of Jingneng Natural Gas and Luojiang Natural Gas, which has passed the review by the Securities Regulatory Commission and is awaiting approval. The company invested 61.72 million yuan to participate in the Asian Energy IPO, expand upstream natural gas, and set up an industrial fund with Ruishi. The initial scale was 1.5 billion yuan, which is expected to accelerate expansion in distributed natural gas, LNG and other fields. The majority shareholders' participation in the fixed increase shows confidence. Their focus on the additional issuance process is expected to be 0.10, 0.17, and 0.19 yuan, respectively. The company is positioned as a comprehensive clean energy service provider and will enter the entire gas industry chain such as distributed natural gas and LNG. Over the past 2 years, the majority shareholders' holding ratio has continued to increase, providing space for subsequent capital operations, raising an additional 565 million yuan, with a reserve price of 7.18 yuan (major shareholders and core management participation). We expect the pace of the company's epitaxial expansion to accelerate after the additional issuance is completed, giving it a “buy” rating. Risk warning: The progress of additional issuance is lower than expected; the expansion of the industrial chain falls short of expectations