Losses in the third quarter increased year-on-month, and the company achieved net profit to mother of 430 million yuan in the first 3 quarters, equivalent to earnings per share of 0.42 yuan. Among them, EPS for the single quarter was 0.02 yuan, -0.19 yuan, and -0.25 yuan respectively. The third-quarter performance loss was 255 million yuan, up 109.9% year on year, and 29.9% month on month, mainly due to insufficient downstream demand and continued decline in coal prices. Production in the third quarter increased 3% year on year, tons of coal lost 91 million tons of coal produced in the third quarter, a decrease of 6.26% year on year, and coal sales were 7.5379 million tons, down 2.72% year on year; of these, the company's coal production in the third quarter was 2.6537 million tons, up 3.07% year on year. The price of a ton of coal in the first three quarters was 262.52 yuan, a year-on-year decrease of 27.91% or 101.64 yuan; the cost of a ton of coal was 263.85 yuan, a year-on-year decrease of 2.33%; gross profit per ton of coal was 1.33 yuan. Without considering the investment income from the sale of Fangzheng Securities, the company's coal business lost 70 billion yuan in the first three quarters, equivalent to a loss of 91 yuan per ton of coal. Following the reform of state-owned enterprises in Henan, we expect the Group's assets to be injected into Zheng Mei Group with a total approved production capacity of 37.85 million tons/year, 19 pairs of directly subordinate mines; the total approved production capacity of listed companies is 26.95 million tons/year, including 12 pairs of directly subordinate mines (approved production capacity of 6.46 million tons/year); 2 mines under construction (design production capacity 5.1 million tons/year); and 100 merger and restructuring mines (production capacity 10 million tons/year). Zheng Coal Group produced 20.62 million tons, 20.7 million tons, and 18.58 million tons in 2012-2014. In addition to listed companies, Zheng Mei Group produced 7.63 million tons in 14 years. Zheng Coal Group's other coal mines are expected to be injected into listed companies by 2018. The 15-17 results are expected to be -0.60 yuan, -0.90 yuan, and 0.001 yuan. Given the weak profits of the company's main business, we expect the company to actively seek transformation. Until the transformation of the company becomes clear, we are temporarily assigning a holding rating. Risk warning: Market capitalization is small, and actively seeking transformation or state-owned enterprise reform may stimulate stock prices.