The incident described Phoenix Co., Ltd. disclosed its 2013 report. The company achieved annual revenue of 1,616 billion yuan, a year-on-year decrease of 7.37%; net profit attributable to shareholders of listed companies was 228 million yuan, an increase of 200.35% over the previous year; and basic earnings per share was 0.31 yuan/share, ROE 11.81%. Incident review performance remained stable. The company achieved annual revenue of 1,616 billion yuan, down 7.37% year on year; net profit attributable to shareholders of listed companies was 228 million yuan, up 200.35% year on year; basic earnings per share was 0.31 yuan/share, ROE 11.81%. The main reason for the sharp increase in the company's net profit was that the net profit base for the year was too low due to large non-operating expenses (accounting for 57.4% of operating profit) due to lawsuits in 2012. Continue to consolidate the cultural real estate model. The company's real estate project plans all revolve around the concept of a “cultural district”, with large-scale bookstores, video and video centers, etc., and supporting cultural and leisure service facilities and residential communities, centered on cultural management and cultural consumption, and at the same time driving the development of surrounding commercial and residential projects. The company and Phoenix Media jointly took two plots in Zhenjiang and Taixing in '13 to continue promoting cultural real estate projects. At the same time, the company signed a cooperation agreement with the central shopping mall in January '14 to further promote the residential platform-cultural platform-commercial platform model, form complementary synergy effects, and maximize the value of the project. Retirement real estate takes the first step. The company has now signed strategic cooperation agreements with Phoenix Group, Jiangsu People's Hospital, and Jiangsu Renyi Hospital Investment Management Co., Ltd. to jointly develop the health and pension industry. In the future, the company will also actively develop a strategic layout around the entire health care industry chain in various fields of old-age care and explore innovative business models for old-age care services. In the context of limited traditional real estate business space, the pension service industry is expected to become a new profit contribution point for the company in the future. Equity finance. The company acquired 10.537% of Nanjing Securities from Phoenix Group in 2012, with an investment income of 10 million in 2013. In the future, if Phoenix Group injects its 890 million shares of Bank of Jiangsu Co., Ltd. into the company, then the company will form an industrial development model where cultural real estate, health and pension industries, and a comprehensive financial trifecta develop collaboratively. Recommended ratings. The company's 2014-2016 EPS is expected to be 0.60, 0.72, and 0.89 yuan/share, respectively, and the corresponding PE is 15.85, 13.15, and 10.72 times, respectively, maintaining the recommended rating.