Investment highlights: events. The company published its 2015 annual report. During the reporting period, the company achieved operating income of 633 million yuan, a year-on-year decrease of 75.2%; net profit attributable to shareholders of listed companies - 680 million yuan; and basic earnings per share - 0.77 yuan. In 2015, the company's revenue fell 75%; affected by high financial costs and low project carry-over, the company lost 680 million yuan in net profit during the reporting period. The company's 2015 annual report revealed that during the reporting period, the company owned 23 proposed projects under construction, with an equity construction area of about 1.87 million square meters. In 2015, the company achieved a new construction area of 159,000 square meters, completed 146,000 square meters, a contracted sales area of 85,000 square meters, and a contract sales volume of 845 million yuan. The company's real estate business is developing steadily. In November 2015, the company raised an additional 2.7 billion yuan in capital for the development of Hengtai Huijin, Dongjiang Port Leisure Street, and southeast corner of Nankai District. Since 2015, the company has transferred three land reserves and returned 2.1 billion yuan in capital. In 2016, the company plans to invest about 2.64 billion yuan, including 2.06 billion yuan in real estate development and 580 million yuan in equity investment. In 2016, the company's real estate business plans to start a construction area of 370,000 square meters, a completed area of 350,000 square meters, an active contract sales of 170,000 square meters, and contract sales of 1.6 billion yuan. Diversified businesses are progressing in an orderly manner. In 2015, the company deployed in the health care and Internet industries, and strived to expand and strengthen the financial leasing business. During the reporting period, the company continued to develop and expand its financial leasing business through its holding subsidiary, Tianjin Hengtaihui Financial Leasing Co., Ltd., and completed financial leasing business of 420 million yuan throughout the year, while obtaining credit from various financial institutions. In May 2015, the company established a venture capital fund company - Tianjin Songjiang Wealth Investment Partnership. In August 2015, the company cooperated with Tianxing Capital to establish the New Third Board Industrial Investment Fund. In September 2015, the company's Tianjin Songjiang Wealth Investment Partnership (Limited Partnership) plans to invest 312 million yuan to obtain 39% of Zhuolang Technology's shares. Investment advice: Expand financial leasing, healthcare, and equity investment businesses. With the majority shareholders' main line construction and first-level development capabilities (which helps the company obtain second-level development projects at low cost), the company's real estate has formed a model for developing middle and high-end markets along the main line area. In addition to maintaining a competitive advantage in the suburbs of Tianjin, the company is also expanding overseas projects through majority shareholder advantages. In the future, the company will focus on balanced development of regions and product types. Currently, the company has a project reserve equity of 3.37 million square meters, which can meet development in the next three years. Currently, the company is actively expanding into financial leasing, healthcare, and equity investments. Currently, the company's RNAV is 8.13 yuan/share. As of April 21, the company closed at 5.77 yuan/share. The company's 2016 and 2017 EPS are expected to be 0.15 and 0.25 yuan, corresponding to PE 38.5 times and 23.1 times, respectively. Considering the company's business situation, the company was given a six-month target price of about 10% off for RNAV, or 7.32 yuan, and raised to the “increase in holdings” rating. Risk warning: The industry faces two major risks: interest rate hikes and policy regulation.