Recently, Jinglan North Garden, a subsidiary of the incident, won the bid for the greening project. Recently, Jinglan North Garden, a subsidiary of the company, won the bid for the greening upgrade project for section 1 of the Huaming High-tech Zone Comprehensive Road Improvement Project. The total project is about 83.46 million yuan. The transformation cycle began on October 31, 2017 to January 31, 2018. It won the bid for an area of 267,000 square meters. A brief review of the acquisition of Northern Gardens saw immediate results. In this project, Jinglan Beifang Garden, a subsidiary of the company, won the bid for the greening and upgrading project of the Huaming High-tech Zone Road Comprehensive Remediation Project in Dongli District of Tianjin. The total project was about 83.456 million yuan, covering an area of 267,000 square meters. The project renovation period was only 3 months. It was the second greening renovation project to win the bid within a month and a half after the transfer of assets for Northern Gardens. We believe that winning the bid has the following significance: 1) The company's merger and acquisition of Northern Gardens has further expanded the company's market share and brand influence in the region; 2) the company's ecological environment industry chain has been greatly expanded to strengthen competitiveness in the field of landscaping; 3) it has a positive impact on the company's future operations. In February 2017, the company announced that it would acquire 90.11% of Beifang Garden's shares through a transaction consideration of 721 million yuan, including $192 million in cash consideration and $529 million in consideration for issued shares. The matter was conditionally approved by the Securities Regulatory Commission on June 1, and the asset transfer was completed on September 15, demonstrating the high efficiency of resource integration. One month after the transfer, it was announced that it had won the bid for a large-scale municipal PPP project, and then won the bid for a greening renovation project. The business is developing well, and further momentum can be expected. The garden assets in the North are of high quality, and there is full confidence in subsequent development. Northern Garden has strong competitiveness in garden construction, landscape design and ecological restoration. It has a good reputation in the industry, complete professional qualifications, and its business covers an integrated service process from design to construction. Through this merger and acquisition, Jinglan Technology was able to quickly complete its business layout in the field of garden design and construction, and the ecological environment industry chain has been greatly expanded; the strong financing capacity of listed companies will provide strong support for their capital-driven business types; at the same time, it promised that the cumulative net profit for the period 16 to 19 will not be less than 423 million yuan, and there is sufficient confidence in development. The three major layouts have been implemented. The “big ecosystem” pattern now relies on unique resource advantages. The company quickly completed the industrial chain expansion in a short period of time through the “three-step” strategy. The “big ecosystem” industrial pattern supported by “agricultural water saving”, “Internet +”, and “ecological restoration” has already emerged. 1) In terms of “agricultural water saving”, through mergers and acquisitions, Muhe water conservation will receive industry development dividends as a leader; 2) In terms of “Internet +”, the ecological industry and the Internet are fully integrated to actively explore and promote the use of the Internet ecosystem platform and development of projects Operation to enhance the added value of the industry; 3) In terms of “ecological restoration,” the company's business chain expanded rapidly through the acquisition of Northern Gardens, and another important pawn in the industrial layout came to an end. A number of policies continue to be favorable, and the agricultural water-saving business is gaining momentum. The “13th Five-Year Plan for Water Resources Reform and Development” proposes adding 30 million mu of effective farmland irrigation area and 100 million mu of efficient water-saving irrigation area. According to the estimate of an investment of 2,500 yuan/mu for efficient water-saving irrigation, the water-saving market space will exceed 250 billion yuan by 2020, with broad development prospects. “Opinions on Promoting the Comprehensive Reform of Agricultural Water Prices” suggests that it will take about 10 years to establish and improve the mechanism for forming agricultural water prices. The increase in water prices will force farmers to control water expenses from a cost perspective, adopt water-saving technology, and increase the area for water-saving irrigation. Since 2016, agricultural water-saving irrigation PPP projects have been implemented at an accelerated pace, and the number and scale have increased rapidly. PPP has brought two changes to the industry: 1) the scale of project investment is large, and the comprehensive capacity requirements of enterprises are higher; 2) increasing farmers' participation and raising awareness of water conservation. In the context of the rapid advancement of the PPP model, the “small, scattered, and chaotic” situation of industry competition in the past will completely change, industry concentration will increase rapidly, and the company is directly benefiting as a leading representative of the industry. Up to now, the company has signed a 15.7 billion framework agreement. Among them, projects such as Julu County in Hebei, Hulunbuir Agricultural Reclamation Group, Weixian County in Xingtai, Hebei, Liangcheng County, and Toktor County in Inner Mongolia have begun to be converted into formal orders, and there is strong certainty about the accelerated release of performance. Entering the clean energy sector, Jinglan Energy Technology is expected to become another performance growth point in terms of clean energy. The company has entered the clean energy service field through the establishment of Jinglan Energy Technology. The management team of Jinglan Energy Technology has rich industry experience, quickly obtained superior technology through domestic and foreign cooperation, and undertook a number of industrial energy saving projects in a short period of time, involving various fields such as waste heat and power generation, industrial exhaust, dry coking, energy control, and chemical industry upgrading, with a total amount of 1,131 billion yuan, showing the management team's excellent management ability and order handling efficiency. The clean energy sector is expected to become a new profit growth point for the company. Using capital operations, we actively lay out industrial investment through enterprise-level innovation incubators to cultivate high-quality entrepreneurial projects and technology in vitro to provide listed companies with good talent and project reserves; in addition, the company actively builds a comprehensive business platform for ecological industry investment, construction, operation and management, and establishes the Jinglan Jianxin Industry Fund to provide strong financial guarantees for PPP projects. The management of investment advice and rating companies has high-quality management capabilities and strong resource endowments, showing strong advantages in capital operation and order execution; the “big ecosystem” industrial pattern has initially appeared, and is expected to become a scarce leader in the future; the recent increase in shareholders' holdings has further demonstrated confidence in development, and the inflection point of rapid performance growth has arrived. The company is expected to achieve operating income of 4.241 billion yuan and 6.580 billion yuan in 2017 and 18, net profit of 352 million yuan and 596 million yuan respectively, and diluted EPS of 0.45 and 0.76 yuan respectively, maintaining the “buy” rating.