Guide to this report: The company's 2015 H1 revenue surged by 44.9% year on year, and the chemical trading platform has begun to bear fruit; performance is slightly lower than expected due to falling investment income and gross margin; state-owned enterprise reform plus industrial mergers and acquisitions can be expected to jointly build the Langqi Daily Chemical platform. Investment highlights: Investment advice: The company's 2015 H1 revenue surged by 44.90% year on year, and the chemical trading platform has begun to bear fruit. As the only listing platform under the Guangzhou Light Industry Group, the characteristics of large groups and small companies are obvious; recently, Guangzhou's state-owned assets and a new group leadership team will take office, and the state-owned enterprise reform process is expected to accelerate; in the future, the acceleration of national reform, implementation of industrial fund mergers and acquisitions projects, and implementation of land acquisition and storage will form a strong catalyst. Maintain the company's 2015-2017 EPS: 0.26/0.49/0.64 yuan, target price of 20.8 yuan, and “increased holdings” rating. Trade in industrial chemicals increased sharply year on year, and investment returns could return in the second half of the year. The company achieved revenue of 3.09 billion yuan in 2015, a year-on-year increase of 44.90%, net profit of 13.5 million yuan, a year-on-year increase of 4.33%, and EPS: 0.03 yuan, slightly lower than expected. Among them, the revenue of industrial products was 2.44 billion yuan, a sharp increase of 72.45% over the previous year. The company's chemical trading platform built mainly by Qihua Network has begun to bear fruit. The company participated in Jiangsu Qiheng, and confirmed an investment loss of 2.25 million yuan in 2015 H1. According to the gambling agreement, the company can secure investment income of 28.75 million yuan in 2015, and is expected to revise its performance in the second half of the year. With the acceleration of national reform, implementation of mergers and acquisitions, and implementation of acquisition and storage, the company's subsequent highlights have been many. There have been recent personnel changes in the Guangzhou State-owned Assets and Light Industry Group, and the inauguration of a new leadership team is expected to accelerate the reform of state-owned enterprises. The company invests in the establishment of a Japanese chemical industry investment fund and initially plans to raise 1 billion yuan to accelerate industrial integration through extended mergers and acquisitions. The company is located in land storage in Tianhe District. According to the agreement, compensation is expected to be implemented before H1 in 2016. We expect to bring the company 2 billion dollars in cash inflows (market value: 6.1 billion). We believe that the acceleration of national reform in the short term, implementation of mergers and acquisitions, and implementation of storage will form a strong catalyst; in the long run, it is expected that the Group's assets+industry integration will jointly build a large platform for Langqi Daily Chemical. Risk warning: progress in setting up industrial funds has been blocked; state-owned enterprise reform falls short of expectations.