Introduction to this report: The company announced a pay-as-you-go option incentive plan, which grants accompanying pay executives a 12% share (after share expansion) option. If the total exercise price is 0.341 billion yuan, the shareholding ratio of the pay-as-you-go management increases to 29.56%. The incentive plan binds core key interests and will enhance the motivation for the long-term development of pay-as-you-go payments in the future. Summary: Maintain the “Overweight” rating and maintain the target price of HK$2.10. We expect the company's net profit for 2017/2018/2019 to be HK$0.387/0.463/0.571 billion, and EPS of HK$0.14/0.17/0.21, respectively. Give 15 times PE, corresponding to the 2017 target price of HK$2.10. The pay-as-you-go option incentive was announced, and management can purchase 12% of the pay-as-you-go shares for 0.341 billion yuan. The Group announced that it will implement an option incentive plan for 3 executives including Chairman Shen Zheng of the subsidiary. According to the details of the clause, the price for each registered share capital is RMB 12.51, and the management can subscribe to pay 12% of the shares (after share expansion) for 0.341 billion yuan within the next 3 years. The options are locked for 2 years. The plan requires executives not to leave their jobs for 1 year after exercising their powers, and to accept competition restrictions for a period of 5 years. If all rights are exercised, the shareholding of the pay-as-you-go management will increase from 19.95% to 29.56%. At the same time, the entire capital will be used as pay-as-you-go working capital, which will not have an impact on the Group's profit and loss. Combined with the core core benefits of pay-as-you-go, option incentives will enhance the intrinsic motivation for long-term development. Option incentives closely bind the company's performance to the interests of executives, effectively increase the enthusiasm of accompanying executives to work, and at the same time set strict competition restrictions to greatly reduce future long-term business risks. Accompanying Pay has excellent genes, rapid growth in performance, and business performance has been recognized by the group and market. We believe that this option incentive plan is timely and appropriate. While further exploiting the intrinsic value of companion pay, it will add sufficient impetus to the long-term development of the company, and also demonstrates Goyang Group's strong confidence in the future development of companion pay. Seize new opportunities for merchant value upgrading, and look forward to the continued release of 18-year results. Currently, the pay-as-you-go billing business is advanced. There are more than 2.4 million active merchants, and transaction volume is exploding. Its “payment+value-added service” business model has been verified by the market, effectively increasing the value of a single merchant while also increasing merchant stickiness. The company is focusing on building a financial ecosystem, expanding the group's collaborative advantages in various business areas, and constructing a new model of scenario finance by linking merchants, banks and consumers. In the future, “comprehensive online and offline linkage” will further enhance the company's core competitiveness in the field of fintech. We are optimistic about the company's business performance in 2018. Risk warning: Risk of policy changes; increased industry competition.