The company achieved revenue of 1,951 billion yuan in the first half of 2017, an increase of 15.36% over the previous year. The rapid growth on the revenue side was mainly due to accelerated growth in decoration and design business. 1) By business structure, the company's decoration, design, and vocational education in the first half of the year increased by 16.65%, 48.53%, and -6.72%, respectively, and the revenue growth of the company's main decoration and design business accelerated markedly; in particular, the design business, as the front end of the decoration industry, indicates that the company's decoration revenue is likely to continue to grow rapidly in the next few months; vocational education revenue declined slightly; 2) On a quarterly basis, the company's Q1 and Q2 revenue growth increased markedly over the same period last year; 3) By region, 2017 In the first half of the year, companies in Northeast China, East China, South China, Central China, Northwest China, Southwest China and overseas increased by 115.80%, -0.93%, -16.91%, 48.36%, -49.36%, -49.36%, 100.27%, 254.86%, and -16.42% respectively. The southwest, northeast and northwest regions achieved explosive growth, and the decline in central China was significant. The company's overall gross margin declined in the first half of 2017, and achieved a comprehensive gross profit margin of 20.39% in the first half of the year, down 3.56% from the same period last year. The gross margins of the company's decoration, design, and vocational education businesses in the first half of the year fell by 2.62%, 9.44%, and 2.41%, respectively, compared to the same period last year. The gross margin of all major businesses declined, with the design business falling the most obvious. The company achieved a net profit margin of 4.94% in the first half of 2017, down 1.97% from the same period last year. The slightly larger decline in net profit margin than gross margin was mainly due to increases in financial expenses and management expenses. The company's net operating cash flow per share for the first half of 2017 was -0.29 yuan, an increase of 0.13 yuan over the same period last year, an improvement over the same period last year. The company's revenue and payment ratios for the first half of 2017 were 74.69% and 87.37%, respectively, down 8.23% and 19.04% from the same period last year. The lag in payment was the main reason for the improvement in the company's cash flow situation. Profit forecast: We expect the EPS for 2017-2019 to be 0.20 yuan, 0.23 yuan, and 0.26 yuan respectively, and the corresponding PE will be 32.8 times, 27.7 times, and 25.0 times, respectively, maintaining the company's “increase in holdings” rating. Risk warning: downside macroeconomic risk, accounts receivable risk, new business performance falls short of expectations