The company released its semi-annual report: achieved revenue of 847 million yuan, up 130.33% year on year; net profit to mother of 109 million yuan, up 303.31% year on year; net profit after deduction was 87 million yuan, up 233.84% year on year; performance growth was in line with market expectations. The transformation of the traditional business went smoothly, and the product structure continued to optimize the traditional lens business to achieve revenue of 338 million yuan, an increase of 10.95% over the previous year. On the one hand, the company strengthened market development at home and abroad, further expanded its customer scale, and maintained a steady growth trend. Revenue of 1.499 series, 1.60 series, garage and service, and color changing film series products increased by 21.47%, 18.48%, 26.24% and 11.18%, respectively; on the other hand, it actively promoted the transformation and upgrading of production and service models, continuously optimized the product structure, and continued to increase the share of the garage business. The share of the garage business in the resin lens business increased from 14.49% in the same period last year to the current period 16.49% The innovative business is progressing smoothly, and the channel model is continuously upgraded, and while continuing to strengthen the existing advantages of innovative services in bank card value-added business, it has developed and incubated new performance growth points. During the reporting period, Qiji Intelligence achieved revenue of 440 million yuan, and net profit attributable to the parent company included in the scope of the merger was 78 million yuan. The three major business segments are progressing smoothly: 1. Commodity mail order installment business: 2 new cooperative banking institutions were added; 2 new business workplaces were added to meet business expansion needs; 2. Credit card instalment business: Service model innovation was carried out on the basis of providing service content such as bill installment, cash installment, flexible installment, and credit card activation for customer consumption. Not only did they maintain innovative vitality in service products, but they also carried out in-depth discussions on the cooperation model. A number of cooperative institutions were added to jointly provide more customers with more accurate marketing solutions; 3. Service installment services were added. Business: We have not only cooperated with more large organizations on the original cooperation platform, but also innovated and developed multiple cooperation channels and modes of cooperation. In terms of coverage of equity products, not only has there been a significant increase in the number of product varieties, but there have also been major breakthroughs in product brand awareness. The brands of partner suppliers are well known to many consumers. Investment advice: The company's EPS is expected to be 0.61, 0.79, and 1.08 yuan respectively from 2017 to 2019. I am optimistic that the company will rely on the advantages of big data to further expand the consumer finance market and maintain an “gain” rating. The target price is 22.29 yuan. Risk warning: The expansion of the bank card value-added business fell short of expectations, and the overall valuation level of the industry declined.