Event: The company publishes its 2015 semi-annual report. During the reporting period, the company achieved operating income of 343 million yuan, a year-on-year increase of 40.66%; net profit attributable to shareholders of listed companies was -0.17 billion yuan, a year-on-year decrease of 178.33%; net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss was -0.15 billion yuan, a year-on-year decrease of 32.69%, and earnings per share -0.02 yuan, a year-on-year decrease of 166.67%. Opinion: The performance was in line with expectations, and losses were caused by a sharp increase in settlement costs and financial interest based on expenses. The company achieved revenue of 343 million yuan in the first half of 2015, an increase of 41% over the previous year. Operating expenses were 114 million yuan, up 189% year on year; financial expenses were 150 million yuan, up 269% year on year. Due to the sharp increase in operating costs and financial expenses, the company's net profit loss was 0.15 million yuan, which is consistent with the previously announced performance forecast (the company issued a performance forecast on July 14, and the net profit loss is expected to be 11.3 million yuan to 24.72 million yuan). Settlement revenue has increased, and rental income has decreased. Of the main revenue, real estate development sales revenue was 154 million yuan, up 128% year on year; real estate leasing business revenue was 119 million yuan, down 14% year on year. Real estate development sales revenue mainly comes from project settlements in Jinshang in Chengdu and Sunshine Shangdong in Beijing. Regional focus to accelerate de-escalation. The company's development projects are concentrated in Beijing, Tianjin and Chengdu. The company continues to promote and accelerate sales of existing residential projects. During the reporting period, the residential part of the Chengdu Jiuyan Bridge Project has basically been sold out, and the commercial and residential condominium parts are continuing to be destroyed. Taking advantage of the opening of golf courses and market recovery, the Tianjin Yangliuqing Project was repackaged and promoted to the market, and some results have already begun to be achieved. Future rental income is expected to be stable. The company's share of office properties in Beijing and Shanghai has increased, and the asset structure is more reasonable and scientific. The investment promotion work for the Xizhimen project, Beiyuan project, and the main building of the Shanghai Galaxy Hotel is progressing smoothly. The company's future rental income will be more stable and sustainable. Furthermore, in the first half of the year, the company transferred 45% of the shares in the Beijing Chaoyang Road commercial project to achieve small-share trading, reducing the share acquisition ratio of the Shanghai Galaxy Project podium from 90% to 50%, relieving the company's financial pressure while actively exploring an asset-light model. Accelerate the pace of financing. The company began suspending trading in May and is planning a non-public offering of shares to increase the size of its properties in Tianjin. We believe that the company's increased layout in Tianjin is in line with the Beijing-Tianjin-Hebei integration strategy and will help improve the company's performance. Conclusion: The company focuses on laying out commercial assets in first-tier cities such as Beijing, Shanghai, and Tianjin to accelerate the elimination of existing properties. In the first half of the year, the company sold shares in some projects to overcome difficulties. At the same time, changes in some of the company's executives have also provided guarantees for the transformation and improvement of the company's operations. We believe that the most difficult period for the company has passed, and there is plenty of room for future performance improvement. The company's revenue for 2015 and 2016 is estimated to be 1.95 billion yuan and 2.55 billion yuan respectively, net profit of 110 million yuan and 150 million yuan respectively, and EPS 0.07 yuan and 0.11 yuan respectively, maintaining the “Highly Recommended” rating.