Highlights of the report describe the events of China's Wuyi 2015 report: the company achieved operating income of 2,409 billion yuan, a year-on-year increase of 13.43%, net profit of 128 million yuan, a year-on-year increase of 12.4%; and a net profit margin of 5.3%, a year-on-year decrease of 0.05 percentage points. EPS is 0.33 yuan. Among them, the fourth quarter achieved quarterly operating income of 895 million yuan, a year-on-year increase of 43.92%, net profit of 56 million yuan; net profit margin of 6.24%, and EPS of 0.14 yuan. Incident review revenue increased slightly, and investment income helped net profit rise at the same time. In 2015, the company's operating income increased 13.43% year on year, and net profit was 128 million yuan, up 12.40% year on year. Among them, the company received investment income of 42.95 million yuan from the sale of Huiquan Brewery shares. Revenue from the real estate business increased by 38.93%, revenue from the international engineering contracting business fell 23.46%, and gross margin increased by 5.16 percentage points. One major factor in the failure of the two main businesses to drive the increase in non-net profit was that the company suffered exchange losses of 136 million yuan in the current period due to the devaluation of the RMB, and current financial expenses increased by 142.44%. Multiple financing measures have been implemented in parallel, and the financial situation has greatly improved. During the reporting period, we raised 490 million yuan through bonds and increased loans by 1,838 billion yuan. The company actively planned to replace high-cost funds with low-cost funds to improve financial conditions. At the end of the period, the company's net debt ratio was 35.61%, and the capital coverage ratio was 0.50. At the beginning of 2016, the company successfully raised 1,075 million yuan through allotment of shares, which ensured the smooth development of new projects. Beijing-Tianjin-Hebei is developing collaboratively, and Tongzhou's land reserves are looking for opportunities. Following the guidelines of the Beijing-Tianjin-Hebei National Strategy for Collaborative Development, the 8th Plenary Session of the 11th Beijing Municipal Committee clearly stated that an administrative sub-center should be built in Tongzhou to achieve the functional evacuation of non-capital cities in Beijing. This position has once again highlighted Tongzhou's location advantages. As of the announcement date, the company has obtained all shares in Beijing Wuyi. Beijing Wuyi has developed a total of 600,000 square meters of real estate in the core area of Tongzhou, and has a land reserve construction area of 1.09 million square meters for the Southern District project. It is currently in the development stage, and is expected to contribute profits to the company starting in 2016. Work hard to set a model for overseas construction. Relying on the controlling shareholder Fujian Construction Engineering Group, the company has a great advantage in project contracting. The company's international contract business is centered on Kenya and is actively expanding to neighboring countries. In 2015, it achieved revenue of 925 million yuan, accounting for 38%. The total amount of projects carried out as of the announcement date reached 2,326 billion yuan. The gross margin of the company's engineering contracting business in 2015 was 20.44%. International engineering contracting is expected to bring considerable benefits to the company, provided that exchange rate risks are carefully avoided. Investment advice: The company's performance in 2015 was good, and we are optimistic about the sustainability of 2016. The company's 2016 and 2017 EPS are expected to be 0.470 and 0.579 yuan/share, respectively, and the PE corresponding to the current stock price is 34.50 and 27.99 times, respectively, giving it a “buy” rating. Risk Warning: Exchange losses due to fluctuations in the real estate industry cycle and exchange rate market fluctuations