Key events in the report describe the company's operating income of 991 million yuan in 2015, a sharp increase of 491.90% over the previous year, net profit of 132 million yuan, an increase of 439.69% over the previous year; a net profit margin of 13.32%. EPS 0.2 yuan. Incident Review released new projects to significantly improve performance. The company's revenue increased by 491.90% year-on-year in 2015, mainly due to the completion and operation of the Shibei Xinxin Xinhe Cloud Cube project, an industrial carrier in the company park. At the same time, the company also increased its investment and leasing efforts for other projects currently on sale. At the same time, the company's expense ratio fell sharply by 23.36 percentage points, partially offsetting the impact of the 14.95 percentage point drop in gross margin. Combined with the decline in sales tax and additional expenses, the company's deducted non-net profit increased by 1678.99% year-on-year in 2015. Deeply cultivate Shanghai and focus on the construction of industrial parks. As the main operator of the Shanghai North High-tech Park, the company made full use of its advantages and won many plots through various methods such as auctions and cooperation, and the company's new construction and construction is expected to exceed 500,000 square meters in 2016, which may continue to grow. There are plenty of marketable projects in the future, providing a strong guarantee for performance. At the same time, taking advantage of Shanghai's favorable opportunity to build a global science and technology innovation center, the company will continue to increase incubator investment and equity investment in startups and startups, as well as cooperation opportunities with domestic and foreign professional investment institutions to further improve the industrial chain of carrier services for industrial parks. Acquire high-quality assets in a fixed increase and integrate park assets. On October 21, 2015, the company issued a plan for the non-public offering of shares, raising no more than 2.7 billion yuan. Of this, 561 million yuan was used to subscribe for 49% of Xinyun Investment's shares held by Shibei Group. After deducting issuance fees, all of the remaining funds will be used for the development and operation of the Shibei One Center Project (plot 14-06) by increasing the capital of Xinyun Investment. The project is located in the central urban area of Shanghai, with a total construction area of 209,600 square meters. It is close to industrial parks and universities. The transportation is convenient. The net investment interest rate for the project is 14.51%, and there is plenty of room for appreciation. After the fixed increase is completed, the company will hold 100% of Xinyun Investment's shares, which will help the company to further build a service platform for entrepreneurship and innovation, integrate park assets, promote park development, and enhance the company's profitability and overall competitiveness. The industrial community is worth looking forward to. Under the favorable conditions of Shanghai actively building a science and technology innovation center and “evacuating two and building one” in Jing'an, Zhabei, the company is an important support for the integrated development of the two wings of the Central Ring Road. Combined with its unique industrial park carrier service business model, future development is worth looking forward to. Investment rating: The company's EPS in 2016-2017 is estimated to be 0.19 and 0.24 yuan, respectively, and the corresponding PE is 147 and 118 times, respectively, giving it a “buy” rating. Risk warning: Project construction is lagging behind, and expectations for return on industrial investment are low.