The catalyst business declined sharply. Investment income accounted for a high share of performance. The company achieved operating income of 1,736 billion yuan in the first half of the year, a decrease of 3.09% over the previous year; net profit attributable to shareholders of listed companies was 230 million yuan, an increase of 27.68% over the previous year. This includes investment income from the reduction of shares of Southwest Securities by about 174 million yuan; earnings per share of 0.38 yuan. The main reason that dragged down performance was the sharp decline in revenue and profit margins of the denitrification catalyst business. The volume and price of the catalyst business fell sharply. In order to drag down performance by business, the denitrification catalyst revenue was only 89 million yuan, down 83% year on year, and total profit fell 92% to only 12.31 million yuan; environmental protection project revenue was 1,046 million yuan, up 2.8% year on year, but due to many technical improvement projects, gross margin fell 6.81% year on year; franchise business benefited from increased distribution, revenue of 712 million yuan, up 47% year on year, total profit of 160 million yuan, up 99% year on year. Ultra clean emissions, franchising, etc. maintain a high level of prosperity, and have strong sustainable growth. As of June 2015, 22 projects have been put into operation, with a total installed capacity of 30.32 million kilowatts, including 16.4 million kilowatts of desulfurization and 13.92 million kilowatts of denitrification. We expect the ultra-clean emissions market in the power industry to remain at a high level of prosperity, and the BOT model is expected to be further promoted. As an environmental protection platform owned by China Power Investment, the company's power environmental protection engineering and operation business will maintain steady growth. China Power Investment's only environmental protection platform. State-owned enterprise reform and business expansion expectations are strong, and the company's EPS for 15-17 is expected to be 0.61 yuan, 0.45 yuan, and 0.51 yuan, respectively. The company's original power environmental protection business will maintain steady growth. As the only environmental protection platform under China Power Investment, especially after the merger of China Power Investment and China Nuclear Power, it is expected that it will begin to gain strength in fields such as nuclear waste disposal and urban sewage. Subsequent state-owned enterprise reform and business expansion are expected to be strong. Give a “buy” rating. Risk warning; environmental engineering gross margin declined further; implementation of ultra-clean emissions fell short of expectations