Key investment events: The company announced that the operating income for 2017 was 935 million yuan, up 10.87% year on year; net profit was 84.393 million yuan, down 58.26% year on year. The non-net profit withheld by the mother was 82,2321 million yuan, an increase of 3.24% over the previous year. Non-recurring profit and loss decreased, causing net profit to fluctuate greatly from year to year. Since the company's disposal of Hangzhou Zhexin's shares in the first half of 2016 generated investment income of 123 million yuan, the company's non-recurring profit and loss in the first half of this year was drastically reduced compared to the same period last year. Net profit was significantly reduced by 58.26% year-on-year, while non-net profit withheld from the same period last year actually increased slightly. Ongoing orders are growing well, and restorative growth is expected throughout the year. In the first half of the year, the revenue of the three segments of smart transportation, smart medical care, and smart cities was 358 million yuan, 124 million yuan, and 393 million yuan respectively; year-on-year increases of 14.06%, -4.86% and 16.15% respectively; the number of new orders was good, with a total amount of 1,355 million, including 416 million smart transportation orders, 284 million smart medical orders, and 655 million smart city orders. Compared with the addition of 899 million new orders in the first half of 2016, a year-on-year increase of 50.7%, it is anticipated that non-net profit for the whole year will achieve a high level of restorative growth. Furthermore, the majority shareholder Yinjiang Group previously announced that it plans to increase its holdings by at least 200 million yuan, showing confidence in the recovery of the company's performance. Eliminating the uncertainty of Anxun in Asia Pacific, industrial funds provide new growth points. In the past two years, Asia Pacific Anxun's performance seriously fell short of expectations, dragging down the company's overall performance. The company sold the non-performing asset in cash, ruling out this uncertain factor. At the same time, the company has invested in more than 30 foreign projects through the Smart City Industry Fund, striving to create new business growth points. Profit forecast: We expect the company's performance to gradually recover this year. The net profit for the year 17-19 was: 178 million, 198 million, and 227 million yuan respectively, corresponding to EPS of 0.27 yuan, 0.30 yuan, and 0.35 yuan. Risk Warning: Smart City Turnkey Business Model Risks, Investment M&A, and Management Risks