The company released its 2017 annual report, achieving operating income of 20.81 billion, a year-on-year increase of 0.14%, net profit of 1,947 billion yuan, a year-on-year increase of 92.6%, and an EPS of 1.14 yuan. The restructuring performance promise was completed as scheduled: the company achieved net profit of 1,903 billion yuan after deducting non-return to mother in 2017, an increase of 88.87% over the previous year. From 2015 to 2017, it achieved a total net profit of 3.61 billion yuan, and successfully completed the restructuring performance commitment of 3,513 billion yuan. The main reason for the company's annual performance growth is that it actively adapts to the market throughout the year, actively optimizes and adjusts the regional structure, product structure and business methods, adapts to urbanization construction and changes in the real estate market in the Yangtze River Delta region, focuses on enhancing the core competitiveness of the main real estate business, enhances the profitability of commercial housing projects through diversified investment and product improvement and upgrading, and promotes a significant increase in net profit. In 2017, the company achieved a contract amount of 23.662 billion yuan, an increase of 24.98% over the previous year, and the growth rate slowed down. Jiangsu, Zhejiang, and Shanghai accounted for a total of 71% of the regional structure that has been pre-sold during the reporting period. The annual sales repayment was 23.17 billion yuan, and the repayment rate reached 98%, and the repayment capacity remained at an excellent level. The company's sales target for 2018 was 25 billion yuan, an increase of 5.7% over the actual contract amount in 2017. Diversification actively expands land storage, and cold chain logistics continues to advance: in 2017, the company continued to adhere to the investment and expansion strategy of intensive cultivation in Shanghai, steadily expanding surrounding cities, and significantly increased land acquisition efforts, adding 944,500 square meters of land reserves, an increase of 78.67% over the previous year. The basic layout of the company's acquisition projects in 2017 was in Shanghai and surrounding second-tier and third-tier cities such as Hangzhou, Ningbo, and Yixing. Among them, Shanghai accounted for 44%, and Jiangsu, Zhejiang, and Shanghai together accounted for nearly 90%. In addition, the company is also actively exploring flexible investment and expansion methods such as urban village transformation, characteristic towns, and historic town protection and development, cooperative development, and mergers and acquisitions. The company currently has large-scale bonded room temperature warehouses and cold chain logistics parks in key development areas such as Yangshan Free Trade Zone and Dahongqiao, and continues to actively build logistics, supply chain, and vegetable management sectors. The advantages of financing costs were highlighted, and debt repayment pressure continued to improve: the company's financing cost advantage was highlighted, with an overall average financing cost of 5.35% during the reporting period. In February '18, the company issued the first CMBS order for a state-owned enterprise in Shanghai to explore innovative financing channels. By the end of 2017, the company's short-term debt repayment pressure and leverage levels had abated. We believe that in the future, the company's financing advantages will continue to be reflected in the convenience of financing channels and resource preferences for major shareholders, which will help the company develop healthily, stably and sustainably in the future. Risk warning: policy regulation in Tier 1 and 2 cities continues, settlement falls short of expectations, etc.