In 2013, the company achieved a total operating income of 178,0914 million yuan, an increase of 8.26% over the previous year; net profit attributable to shareholders of the parent company was 11.92576 million yuan, an increase of 16.81% over the previous year. Earnings per share were 0.17 yuan, and performance fell short of expectations. In 2013, affected by national policies, the hotel business achieved revenue of 126.857,800 yuan, a year-on-year decrease of 15.62%; the manufacturing industry stopped production due to technological transformation of Huatian Optoelectronics inertial conduction, achieving operating income of 16.444 million yuan, a year-on-year decrease of 63.50%; real estate achieved operating income of 12.9841 million yuan, a year-on-year decrease of 84.62%; and the additional asset operation business achieved revenue of 477.818 million yuan. Overall, the company's revenue in the hotel industry was affected to a certain extent in 2013, but due to revenue from the new asset operation business, the company's revenue maintained a certain increase compared to the same period last year. Future highlights of the company: 1) Asset operations are beginning to show results: In 2013, the company established an asset operation department and added asset operations. By revitalizing existing assets, the stock of accumulated assets can be converted into current assets to achieve incremental growth, injecting momentum into the company's continuous development. Through the “after-sales leaseback” light asset operation of the three projects of Xiaoxiang Huatian Hotel, Yiyang Huatian Hotel, and Huatian Hotel Main Store, it returned 470 million yuan in capital and achieved net profit of 210 million yuan. In 2014, the company will continue to maximize asset value added through asset operations to support the strategic expansion of the company's large tourism industry chain complex model. 2) The company emphasizes “walking on two legs” for self-operated development and brand promotion, and added 7 new managed hotels in 2013. Facing the difficult situation in the high-end hotel and restaurant market, the company is actively seeking transformation to popularization, popularization, and marketization, which will help improve the quality and occupancy rate of guest room software and hardware. 3) Beginning on January 30, the company suspended trading due to planning an asset restructuring with Tianjin Aidi Tongzhi Technology Co., Ltd. In the future, the company will aim to intervene in the development of the entire entertainment, culture, and networking industry in the tourist hotel industry, broaden the scope of the company's main business, and promote the company's development. 4) The company continues to promote financial innovation, experiment with asset securitization, and follow the example of REITs funds. Various forms of asset-light operating models are worth looking forward to. Profit forecasting and investment strategy: The company actively explores innovation in the “capital-heavy and asset-light” business model, continues to promote asset-light operations, and supports the strategic expansion of “hotel+real estate+commercial+tourism”. We expect the company's EPS for 2014-2016 to be 0.20 yuan, 0.25 yuan, and 0.31 yuan respectively. The company's current stock price is 7.23 yuan, which corresponds to 36 times PE, 29 times, and 23 times, maintaining a “careful recommendation” rating. Risk warning: After-sales leaseback settlement falls short of expectations, etc.