Incident: The company announced the interim report, achieving revenue of 282 million yuan, -57.9% year-on-year, net profit loss of 187 million yuan after deducting net profit, and a loss of 3.83% year-on-year reduction in losses. The performance is generally in line with expectations. Seasonal settlement is obvious, and there is no need to worry about annual performance: since project completion is concentrated in the second half of the year, and some low-margin projects are mainly settled in the first half of the year, the company's performance in the first half of the year was relatively weak within expectations. We expect that as completion settlement continues to advance, the company is expected to complete the annual revenue of 4.3 billion yuan and the investment scale of 10 billion yuan, and the annual performance is expected to grow by 24%. Major shareholders increased their holdings and accelerated Internet platform construction: The majority shareholders recently increased their holdings of the company by 2%, with a total shareholding ratio of 34.87%; furthermore, the company agreed to transfer 35% of the shares of Yunnan Benyuan Payment Management Co., Ltd., which has obtained the “Third Party Payment Business License” and “Internet Payment License”, to the company. The above acquisition is being actively promoted. While conveying confidence to the market, the company's strategic intention to build an Internet platform can be implemented smoothly. The rich industrial resources of the Provincial Urban Investment Group have strong business synergy for the development of the company's main business, which can provide a strong guarantee for the company's future industrial upgrading and transformation. The existing business is progressing steadily, and four major initiatives have been taken to improve performance: the company is currently continuing to improve the residential complex while stepping up efforts to explore the profitability of tourist real estate. In terms of operational services, it further promotes the interconnection of the two major platforms “timeshare” and “cloud guest meetings”, makes full use of the technical means of the Internet and innovative thinking, and effectively improves the quality of operation services. The company's strategic plan defines four major mergers and acquisitions, major integration, big finance, and big markets, giving full play to its advantages and steadily improving the company's performance. Investment suggestions: Medium-term profit fluctuations are affected by the settlement cycle structure, and there are no concerns about annual performance. The company plans to acquire the only Internet payment company in Yunnan and the largest Internet payment company in southwest China. Strong capital and background strength will help advance refinancing. Land reserves have been revalued at nearly 13 billion yuan. The value is clearly underestimated. We expect the company's EPS in 15-17 to be 0.51, 0.62, and 0.74 yuan, corresponding to PE 12.9, 10.6 and 9.0 times. Maintaining a “buy-A” investment rating, giving a six-month target price of 12.14 yuan. Risk warning: Settlement declines further, acquisitions fall short of expectations