Guide to this report: The company's operating income for the first three quarters of 2015 increased by 34.75% year-on-year, the fixed increase plan passed smoothly, the employee stock ownership plan implemented a smooth incentive mechanism, and subsequent processes such as national reform and extended mergers and acquisitions are expected to accelerate. Investment points: Investment suggestions: The company's chemical trade continues to grow at a high rate, driving a sharp increase in revenue; the fixed increase plan passed smoothly, the employee stock ownership plan was implemented, and the incentive mechanism was straightened out, taking a solid step towards building a large platform for Langqi Daily Chemical. The company has obvious characteristics of large groups and small companies. In the future, relying on the group's high-quality daily chemical asset injection and external mergers and acquisitions, it is expected that the fixed increase on October 22 will accelerate the process of epitaxial expansion; maintaining the company's 2015-2017 EPS: 0.26/0.49/0.64 yuan, target price of 20.8 yuan and “increase in holdings” ratings. Chemical trade continues to grow, profitability has improved, and performance is slightly lower than expected due to declining investment returns. The company achieved revenue of 4.967 billion yuan in the first three quarters of 2015, a year-on-year increase of 34.75%, net profit of 28.6 million yuan, a year-on-year increase of 13.6%, and EPS: 0.064 yuan. Affected by the sharp increase in the low gross margin trading business, the company's overall gross margin declined, but the three cost ratios fell 0.66 percentage points year-on-year, and the company's overall profitability improved. The fixed increase will be a solid step in transformation, and catalysts such as subsequent epitaxial mergers and acquisitions are expected to be implemented at an accelerated pace. This time, an additional 76.74 million shares were issued, raising 650 million yuan; Guangzhou, a state-owned subsidiary of Guangzhou, issued 630 million yuan; and the employee shareholding plan invested 20 million yuan. The capital raised was mainly used to supplement the flow. The scheduled increase meeting on October 22 will implement employee stock ownership plans, further rationalize the incentive mechanism, and lay a solid foundation for the implementation of state-owned enterprise reform paths such as the group's overall listing. Furthermore, the company has invested in the establishment of a daily chemical industry investment fund and initially plans to raise 1 billion yuan to accelerate industrial integration through extended mergers and acquisitions. After this fixed increase was successfully completed, capital replenishment and the interests of all parties were straightened out, and the company's subsequent expansion process is expected to accelerate. Risk warning: progress in setting up industrial funds has been blocked; state-owned enterprise reform falls short of expectations.