Incidents: The company announced its three-quarter report. The first three quarters achieved revenue of 1.14 billion yuan, a year-on-year decrease of 11.44%; net profit loss attributable to shareholders was 15.22 million yuan, a year-on-year decrease of 27.57%; basic earnings per share -0.056 yuan, a decrease of 3.7% year on year, which is basically in line with expectations. The company's operating capacity has improved, debt structure has been optimized, and cash on hand is abundant: 1) The company's gross margin for the first three quarters was about 13.1%, up about 2% from the same period last year; the company's period expense ratio was about 19.7%, up 5.7% from last year; 2) the company's balance ratio was 83.3%, down 12.6 percentage points from the same period last year. Excluding advance accounts, the balance ratio was 83.1%, and the debt structure was optimized compared to last year. 3) The market value ratio of cash continues to be high: cash in hand is 1.09 billion, the total market value is 3,987 billion. The market value of cash continues to be high, and the value of the base shell is considerable. Majority shareholders participate in additional support and accelerate asset integration: 1) Sale of real estate and property companies: The company plans to sell 100% of Mianyang Beite's shares to Chengdu Gaotou Real Estate Co., Ltd., and sell 100% of Beite Real Estate's shares to Chengdu Hi-Tech Investment Management Co., Ltd., at a total price of 247 million yuan. Currently, the parties involved in this transaction are actively implementing the major asset sale and related transaction plan reviewed and approved by the shareholders' meeting. 2) A fixed increase in the full cash participation of major shareholders: The company issued 92 million new shares in a non-public offering of shares to the controlling shareholder Hi-Investment Group in April. After a fixed increase in full cash participation, the majority shareholding ratio increased from 22.45% to 45.36%. The company's financial pressure eased, total assets and owners' equity increased, capital strength increased, capital structure optimization, and risk resistance improved. The Chengdu High-tech Zone and Tianfu New Area have great potential, and the years are growing: 1) The Chengdu High-tech Zone has been growing for years and is one of the best regions for high-end industrial development in the central and western parts of China;; 2) the South Area is included in the national Tianfu New Area plan; 3) the “4+1" business development strategy is being implemented steadily; 4) the first new Internet financial service platform in the west will be settled in Tianfu New Area. The Chengdu Direct Management District of Tianfu New Area plans to promote the construction of the first new Internet financial service platform in western China. Investment suggestion: The company is actively solving the problem that the main business is not outstanding. By handling the real estate business, the majority shareholders will subscribe in full cash to increase their large holdings. They have sufficient cash on hand, and will also benefit from the construction of the Chengdu High-tech Zone and Tianfu New Area, maintaining a buy-A rating. Risk Warning: Asset Consolidation Is Obstructed