Key investment points: Announce a profit warning, and performance will fall far short of expectations. The Wisdom Network (2280 HK) announced that profit attributable to equity holders in the first half of 2015 will decline sharply. The expected decline is about 50%-70%, which is significantly lower than the 30-40% profit decline we had previously anticipated. The decline in performance is mainly due to the increasingly poor living environment for small and medium-sized enterprises brought about by the slowdown in China's economic growth, the increasing investment of companies in business such as transaction models and internet finance, and the high financial costs associated with CB issuance. The company will announce its half-year results after the market closes on August 25. Growth prospects for core B2B businesses are weakening. Business continued to deteriorate in the second quarter, and the number of paying members declined. Looking ahead, it is expected that the B2B 1.0 model, which mainly focuses on membership fees, will continue to be under pressure, while at the same time, the transformation process of the company's transaction model is lower than expected. We expect the full-year core business profit to decline by about 40% year over year. The acquisition had limited synergies. Following the acquisition of Zhongguancun Online, Huicong recently announced its intention to acquire another acquisition. It plans to acquire 80.38% of the target company's shares at a price of 120 million yuan. Of this, 40 million will be paid in cash, and the remaining 80.57 million will be paid by issuing shares at a cost of about 10 Hong Kong dollars per share. The target company mainly operates vertical websites in the clothing industry, including www.efu.com.cn China Clothing Network, www.yifu.net One Service, www.51fashion.com.cn fashion accessories, www.5143.cn clothing franchise network, www.nynet.com.cn China underwear network, www.kidsnet.cn children's clothing franchise network, and www.t100.cn T100 clothing trend network. We believe that the core strength of Huicong Network lies in the industrial industry, not in the most competitive fields such as light industry and textiles and clothing. At the same time, these acquisition target websites only provide relevant clothing industry information and information, and do not enter the transaction process, so the synergy brought about by the acquisition is limited. Downgraded to a holdings reduction rating. The profit forecast was lowered again to reflect that core business development fell far short of expectations. 2015/16/17 profit was lowered from RMB223/3.61/431 million to RMB17/271/328 million. At the same time, the target price was drastically lowered to HK$4.5, based on the reduction in EPS and the decline in valuation, reflecting our cautious view on the development of the company's core business. The target price corresponds to the current price and has a 10% downside, which is downgraded to a reduced holdings rating. catalysts. Quarterly performance continues to fall far short of expectations; market systemic risk