Key investment matters: The company published its semi-annual report. In the first half of the year, it achieved operating income of 2.16 billion yuan, an increase of 13.5% over the previous year, net profit attributable to shareholders of listed companies of 240 million yuan, an increase of 2.7% over the previous year, and net profit after deduction increased by 48.2%. Achieve an EPS of 0.15 yuan. Ping An's view: The settlement cycle and the decline in gross profit affected performance release: 91% of the company's revenue in the first half of the year came from real estate settlement revenue, benefiting from the entry into settlement revenue of projects such as Anhui and Ningbo. Real estate settlement revenue increased 17% year on year. However, due to price adjustments in 2014, the gross settlement margin fell 6 percentage points to 32%, so the company's profit growth rate was lower than the revenue growth rate. Overall, the interim report performance is in line with expectations, and the company's performance is expected to grow further in the second half of the year as settlement volume increases. Growth in sales capacity scale: The company's land reserves have been profitable since 2013, and has now entered the harvesting stage of sales. At the same time, with financial support from Cinda Group, the company has obtained Guangzhou and Hefei projects in the form of funds, once again focusing on core Tier 1 and 2 cities, while also strengthening the company's resource advantages in the Pearl River Delta and helping future sales scale rise to the next level. The first half of the year achieved sales volume of 4.7 billion yuan, a sharp increase of 102% over the previous year. We expect the company to exceed 10 billion yuan in sales throughout the year and achieve scale growth. Financial real estate model innovation: In June 2015, the company used a structured financing model to acquire Guangzhou projects with 4.42 billion yuan to achieve asset-light operations. At the same time, it also relies on the resource platform of China Cinda, the majority shareholder. As the real estate industry enters a cycle of turbulence, there are a large number of financing and acquisition opportunities for small and medium-sized developers. Cinda Real Estate will collaborate by following up investment, supervision, or agency construction to increase the company's intermediary business revenue while also achieving asset-light expansion. I am optimistic about the company's unique trading model: At a time when the profit growth rate of traditional real estate mining companies is declining, the operating difficulties of small and medium-sized enterprises provide a large amount of business for Cinda Group, which is good at handling non-performing assets, and also provide the company with opportunities for collaboration. Since the company does not need to invest capital in collaboration, it is expected to achieve asset-light expansion and maintain a “highly recommended” rating. The company's 2015 and 2016 EPS are expected to be 0.59 and 0.70 yuan, and the corresponding PE is 13.0 and 11.0 times higher. Maintain a “Highly Recommended” rating. Risk warning: The company's collaborative business falls short of expectations.