Guide to this report: Increased investment in new businesses has led to a decline in performance, and business models are continuing to be implemented. Investment points: downgrade the rating to prudently increase holdings, with a target price of 12 yuan. Considering that the company continues to increase investment in new business, we lowered the 2015-2017 EPS to 0.11/0.13/0.17 yuan (the original forecast value was 0.27/0.32/0.40 yuan). Considering the downward shift in the market's overall valuation center, refer to the relative valuation method and lower the target price to 12 yuan. Considering that the increase in investment in new business exceeded our expectations, the company's performance was under significant pressure, and the rating was lowered to a prudent increase in holdings. Revenue continued to grow rapidly, and increased investment in new businesses led to a decline in performance. The company achieved revenue of 324 million yuan, a year-on-year increase of 46.12%, and a net profit of 15.45 million yuan, a year-on-year decrease of 52.27%. The company's net profit growth was in the negative range of -55% to -35% from the previous January-June performance forecast, slightly lower than market expectations. Revenue continued to grow rapidly, mainly due to the growth of parking systems, monitoring, and system integration. The year-on-year decline in performance was mainly related to investment in the mobile Internet business. Excluding the 24.71 million investment in new business, net profit actually increased 24.06% year over year. With the help of innovative technology and business models, the number of parking lots installed throughout the year is expected to reach 6,000. At the level of technology promotion, license plate recognition technology is used in an asset-light model. The system cost is only about 1,000 yuan, which can achieve rapid rotation and card slots. At the business model level, the company launched dynamic preferential parking and shared parking models for business districts and properties, respectively. The benefits generated by reducing the idle rate are shared between the company and the owners. According to statistics from the official WeChat account, the company has now held press conferences in Guangshen and Tianjin in the north. The total number of parking lots signed is over 2,500, covering close to 1 million parking spaces. Considering the company's annual layout in 60 cities, it is a probable event that the number of parking lots installed has reached 6,000. The company's business model continues to be implemented. Risk factors: The decline in traditional business accelerates risk; the Internet parking business promotion process is slow.