Event: The company released its 2015 semi-annual report. During the reporting period, the company achieved operating income of 2.16 billion yuan, up 13.5% year on year; net profit attributable to shareholders of listed companies was 240 million yuan, up 2.7% year on year; net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss was 220 million yuan, up 48.2% year on year; and basic earnings per share of 0.15 yuan, the same as last year. Opinion: Performance is generally in line with expectations, net profit increased by nearly 50% after deducting non-performance. The company achieved operating income of 2.16 billion yuan in the first half of 2015, an increase of 13.5% over the previous year, and net profit attributable to shareholders of listed companies of 240 million yuan, an increase of 2.7% over the previous year. Net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss was 220 million yuan, an increase of 48.2% over the same period last year. Basic earnings per share were 0.15 yuan, the same as the same period last year. The increase in operating income was mainly due to an increase in completion settlement resources during the reporting period. The main completion settlement projects were 451,000 square meters for Shanghai Cinda Lanjue Phase I, 103,300 square meters for Jiaxing Grand Yingjun Phase IV, and 18,400 square meters of office building in Wuhu Cinda Building, for a total of 163,800 square meters. Net profit after deducting non-recurring profit and loss increased by 48.2% year on year. The main reason is that in the first half of last year, there was income from disposal of intangible assets of 33 million yuan and income from the repurchase and disposal of 15 million treasury bonds and financial assets available for sale. After deducting this part of the non-recurring profit and loss, the net profit increased by nearly 50%. Sales have increased significantly. During the reporting period, the company achieved a total real estate sales area of 502,000 square meters and a sales contract amount of 4.707 billion yuan, a significant increase of 111% and 102%, respectively, over the previous year. The average settlement price is 9,377 yuan/square meter. The quality of the company's projects is excellent, and the product brand has a certain influence in the regional market. We believe that there should be little problem with the company completing the sales target of 8 billion yuan set at the beginning of the year throughout the year. Since the company was restructured and listed, it has continued to adapt and integrate, the product system has been gradually improved, and the product quality and project operation efficiency have gradually improved. In recent years, while the overall prosperity of the real estate market has declined, the company's various operating conditions have maintained good growth. Furthermore, the company announced plans for the first non-public offering of A-shares since listing, raising no more than 2 billion yuan in capital, which will support the company's business to continue to grow at a relatively rapid pace. Deepen collaboration with major shareholders. The company acts as the operating platform for China Cinda's real estate development business, and the resources of China Cinda Group, the majority shareholder, can provide project and financial support for the company's development. Taking advantage of China Cinda's non-performing asset management, investment, asset management, and financial service functions, it has transformed from a real estate developer in the entire industry chain to a combination of real estate investors and real estate professional service providers. During the reporting period, the company signed the “Ningbo Baonengxin Investment Partnership (Limited Partnership) Partnership Agreement” with China Cinda and related party Cinda Capital, which jointly initiated the establishment of a fund with a total size of 2,801 billion yuan. The company pledged 50 million yuan as the fund's limited partner, accounting for 1.79% of the total pledged amount. The fund will invest in the Shenzhen Zhonglin Science and Technology Industrial Park South District project in the form of equity and debt. We believe that the establishment of a real estate fund with the majority shareholders of the company this time will deepen business collaboration between the company and China Cinda and promote innovation in the company's “financial real estate” business model. Conclusion: The company is China Cinda's real estate development business operation platform, and China Cinda Group's resources can provide project and financial support for the company's development. The company's performance increased steadily in the first half of the year, and sales volume increased sharply. The company and China Cinda set up a real estate partnership fund, which will deepen the business collaboration between the company and China Cinda and promote innovation in the company's “financial real estate” business model. We expect the company's 2015-2016 EPS to be 0.67 yuan and 0.84 yuan respectively, and the corresponding PE will be 10.3 times and 8.2 times, respectively, to maintain the “highly recommended” rating.