Report summary: In the first half of the year, the company achieved operating income of 289 million yuan, a year-on-year decrease of 8.45%; total profit of 31,4487 million yuan, an increase of 15.30% over the previous year; net profit attributable to shareholders of listed companies of 234.0.1 million yuan, an increase of 7.10% over the previous year; and earnings per share of 0.08 yuan. In terms of the core business of expressway informatization, the company has seized the opportunity of the ETC nationwide network and has successively won bids for projects such as the National Expressway ETC Network (Shaanxi section) project, the Henan Toll Loan Repayment Expressway Management Center ETC project, the ETC renovation project for the section under the Guizhou Expressway Group, and the mechanical and electrical project for the Hubei section of the Licheon-Wanzhou Expressway. In terms of port shipping informatization, the company participated in the construction of projects such as the National Container Sea-Rail Intermodal Transport Internet of Things Application (Tianjin Port) demonstration project and the Jingtang Port EDI platform, enhancing its competitiveness. The company will build an integrated service platform for the logistics industry chain of “Internet+Port Logistics” through the construction of the “China Port Logistics Information Service Platform” through the fund-raising project “China Port Logistics Information Service Platform”. The subsidiary Yantai Huadong Electronics set up a data technology company that will rely on data and customer resources from China's port network to explore new profit models in port and shipping informatization construction. The company actively sought high-quality investment targets, participated in the establishment of the Internet Industry Fund - Beijing Qingke Zhida Investment Management Center, to promote further connections between the company and the Internet industry; cooperated to invest in the establishment of Anhui Xingyun World Technology Co., Ltd. and actively explored new models of public travel and automotive aftermarket services. In 2015-2016, the company's net profit attributable to the parent company's shareholders is expected to increase by 16% and 21%. EPS is 0.23 yuan and 0.27 yuan, respectively, and corresponding PE is 65 times and 54 times, respectively. The company's main expressway business is growing steadily, and port and shipping informatization has established a certain competitive advantage. The completion of refinancing last year is conducive to business scale expansion and new business development, and maintaining an investment rating of increased holdings. Risk warning: market competition is fierce, performance growth falls short of expectations, etc.