Events: The company announced its 15-year annual report, achieving revenue of 991.2 million yuan, a year-on-year increase of 704.3% (previous value -71.1%); realized net profit of 131.66 million yuan, a year-on-year increase of 796.26% (previous value -91.45%); and earnings per share of 0.17 yuan, an increase of 750% over the previous year. It is planned to distribute cash dividends of 0.2 yuan (tax included) for every 10 shares. The company's restructuring broke through the cocoon and revived, and business performance improved across the board: the company's performance soared in 2015, achieving revenue of 991.2 million yuan, an increase of 704.3% over the previous year; and realized net profit of 131.66 million yuan, an increase of 796.26% over the previous year. As the new Sino-Singapore project and the Cloud Cube project were completed and put into operation one after another, the company's three core businesses all achieved growth, sweeping away last year's decline. Among them, the park's industrial carrier sales revenue increased 4210.6% year on year, and the park's industrial carrier leasing increased 210.9% year on year, reaching a record high. The company's gross margin fell 13.99 percentage points in 2015. However, through improved cost control, the share of three fees has declined markedly. The project reserves are sufficient, and the sales prospects are worry-free: in 2015, the company developed 4 projects under construction on its own, with a total construction area of 500,000 square meters. Among them, the new Sino-Singapore project and the Cloud Cube project have all been put into use, the first phase of the Yunyuan in the Nantong Science and Technology City has completed completion registration, and the main project of the Zhihuiyuan project has been basically completed. There is plenty of space available for rent and sale in 2016, so there will be no further marketable space shortage crisis in 2014. Industrial incubation, accelerated investment: As of the end of the reporting period, Junengwan Company had incubated 119 nursery projects, 190 incubator enterprises, and 38 accelerator enterprises. The number and quality of incubated enterprises had improved significantly compared to the previous year. In 2015, Junengwan signed investment agreements with 37 newly incubated start-ups, providing a guarantee for the company's future participation in mid-stage and late-stage equity investments. Inject high-quality assets to promote project development: In August 2015, the company completed the acquisition of 100% of the shares of Shibei Development and Pan Asia Investment by issuing shares, and the asset quality and capital scale were significantly improved. In 2016, the company plans to acquire the remaining shares of Xinyun Investment. The target 14-06 plot project can be expected to be profitable. Investment suggestions: The company experienced major restructuring in 2015, performance was greatly improved, and project reserves are sufficient. Future profit margins continue to open up. The proposed acquisition of Xinyun Investment's remaining shares in 2016 will further promote the company's integration of industrial carrier resources in Shibei Park and enhance sustainable profitability. We expect the company's 2016-2018 EPS to be 0.20, 0.23, and 0.27. The PE valuation corresponding to the current stock price is 150X, 132X, and 110X, giving it an “increased holdings -A” rating, and the target price for 6 months is 36.0 yuan. Risk Warning: Land Policy Changes, Industrial Investment Uncertainties