1. Opportunities for domestic IC chip cooperation? The company has re-signed an agreement with Gemalto. The expiration of the contract has been postponed. There is no specified procurement volume, and the company does not expect growth. The company hopes that diversification of suppliers will be beneficial to gross margin for long-term development. Currently, the market penetration rate of newly issued IC cards in China has reached over 90%, and there are still many magnetic stripe cards overseas. More than 80% of the company's shipments in 2015 were IC cards, and there will be an increase in 2016. Domestic chips have already begun to be piloted, and efforts are slowly being promoted, but development still depends on actual conditions and national policies. In terms of overseas markets, it is possible to use the two models of agents and the establishment of branches. Branches will be set up in countries such as the Philippines and Singapore, while India, Europe, and Pakistan will use the agent model. The company aims to keep up with UnionPay International and has already won the bid in Thailand. The company now needs to step up the training of overseas talents as soon as possible. 2. What is the company's sales growth rate in 2015 and expectations for 2016? IC card sales increased 35% in 2015, and IC card sales are expected to increase 10-20% year over year in 2016. Debit cards in China have not yet been replaced in large numbers, but their development depends on banks. The company's IC card prices declined in the second half of 2015, falling 15% throughout the year. Prices in 2016 still need to be determined according to specific circumstances 3. Problems with the capacity and return of overseas target markets? The company established its first overseas personalization center in the Philippines. Magnetic stripe cards in the Philippines have always used Kim Bangda, and it is expected to enter the IC card replacement cycle from the second half of 2016 to 2017. Indonesia, Thailand, and Malaysia are also migrating. Considering the issue of return, the company has adopted the two models of agency and direct branch establishment. 4. How is the international market divided with Gemalto? It is more difficult for the company to enter the European market, so it will do more in the Southeast Asian market; the company wants to use a cloud-based card issuing system. 5. Why is there a special dividend in 2015? The company's 2013 IPO promised to pay dividends of not less than 20%. In 2013 and 2014, dividends were paid 23% and 31%, respectively, and the 2015 dividends and special dividends were 31% and 12%, respectively. 6. Revenue share in the next 3 years? Cash flow business or cards, and integrated service solutions currently account for no more than 10%. 7. What is the share of overseas revenue in the next 3 years? It's hard to surpass China overseas. China has 36K and 72K cards, and overseas cards are still 8K cards. Comment: The short-term outlook for future growth is a bit. One is the expansion of overseas markets. After several years of paving the way, the harvest period has been reached. Second, the growth in card issuing system solutions is still quite rapid, with an increase of 19.5% in 2015, and the third is the company's mergers and acquisitions. The target company has a market value of 25 Hong Kong dollars and a net cash of 1.5 billion yuan, which is still very cheap.