1. Overview of the incident We recently conducted field research on Rongji Software and exchanged views on the current situation of the holding subsidiary Xing Rongji and the future direction of the company's development. Based on the orderly layout of the company's transformation to data operations, and the expansion of business areas through Xing Rongji, the company will effectively enhance profitability and maintain a “highly recommended” rating. 2. Analysis and judgment, with the Internet of Things, SME platforms, and party and government platforms as the main direction, Xing Rongji is positioned as a big data operating company, and its main business direction is the Internet of Things, SME service platforms, and party and government platforms. In terms of the Internet of Things, Xing Rongji has obtained the sole franchise for the Internet of Things public service platform in Fujian Province. In the future, it is expected to connect 500,000 intelligent devices and wearable devices to become the largest platform for IoT applications in China; for 420,000 small and medium-sized enterprises in Fujian Province, the company will adopt an open source model to create a PAAS layer for SME cloud applications; in terms of party and government platforms, the company will use the operation of a national party member management platform as an interface to actively expand the service model, based on the current more than 100 million domestic party members The quantity and market space is huge. Taking advantage of the “three power project” of quality inspection and expanding business channels in the field of quality inspection “three power engineering”, the company is one of the few service providers approved by the General Administration of Quality Supervision, Inspection and Inspection. After a long period of operation in the industry, it has a very advantageous market share. Since 2012, the company has been responsible for the R&D and service of ECIQ, the core platform for national import and export inspection and quarantine. After the electronic inspection and quarantine backbone system of the General Administration of Quality Supervision, Inspection, and Quarantine of Sandian Engineering is officially put into operation, the company can provide a series of products and services to more than 300,000 foreign trade import and export enterprises across the country. In July of this year, Zhejiang Jianrong Network Technology Co., Ltd. completed business registration. The company will build a network service platform, integrate high-quality products from excellent enterprises from all over the world, as well as products with local characteristics from various regions, create a “agglomeration effect” and expand the popularity and sales channels of products made in China. The winning bid for the emergency command platform indicates the orderly start of cooperation. The company recently issued an announcement to win the bid for the Fujian emergency communications project Beidou and satellite system projects in an amount of 42.76 million yuan. The winning bid this time means that the company actively participated in the construction and operation of the Fujian emergency command field project carried out by Nebula Big Data in accordance with the “cloud+platform” strategy formulated by Fujian Nebula Big Data Application Service Co., Ltd., which heralds the orderly progress of cooperation between the company and Nebula Big Data and the official development of Xingrong-based business. In the future, with Xing Rongji, the company will carry out business transformation through various aspects such as the Internet of Things, small and medium-sized enterprise platforms, and party and government platforms, while also opening up new directions for traditional businesses such as e-government and quality inspection. 3. Profit Forecast and Investment Recommendations The company's EPS for 15-17 is 0.04, 0.07, and 0.11 yuan respectively, giving it a “highly recommended” rating. 4. Risk Warning 1) The transformation of the Internet of Things falls short of expectations; profit forecasts and financial indicators