The company's 2017 revenue increased 1.08% year on year, and net profit increased 28.00% year on year. On the evening of April 17, the company announced its 2017 annual report: 2017 achieved operating income of 9.168 billion yuan, up 1.08% year on year; realized net profit of 261 million yuan, equivalent to overall diluted EPS of 0.46 yuan, up 28.00% year on year; achieved net profit of 249 million yuan, up 43.97% year on year. Performance was in line with expectations. Looking at the quarterly split, the company achieved operating income of 2,716 billion yuan in 4Q2017, a year-on-year increase of 3.83%, an increase of less than 4.37% of the 3Q2017 increase; 4Q2017 achieved net profit of 51 million yuan, an increase of 67.60% over the previous year, an increase of more than 3.49% of the 3Q2017 increase. The consolidated gross margin increased by 0.51 percentage points, and the period expense ratio decreased by 0.07 percentage points. The company's comprehensive gross margin in 2017 was 12.63%, up 0.51 percentage points from the same period last year. Among them, the gross margin of department store retail, automobile sales and service/catering and food sales was 17.51%/6.57%/45.35%, respectively, a year-on-year change of -0.12/ 0.51/ 1.05 percentage points. The company's expenses for the period in 2017 were 8.82%, down 0.07 percentage points from the same period last year. Among them, the sales/management/ finance expense ratio was 3.90%/4.63%/0.29%, respectively, and 0.22/ -0.20/ -0.09 percentage points from the same period last year. The three main businesses of the clothing and food industry have recovered to varying degrees. Greater Oriental Department Store, a subsidiary of the innovative business company, is positioned in the middle and high-end, and the sales scale is relatively stable; in terms of the automobile industry, post-market-related business is booming, and competitiveness in Wuxi and surrounding regions is strong; the company's catering and food business relies on the time-honored “Sanfengqiao” brand and continues to explore category and form innovation. On the basis of the steady development of the above stock business, the company is also exploring innovative businesses such as the “Golden Wrench” automobile service one-stop cloud platform and the “Thousand Accumulation” member value-added marketing service platform, and is actively exploring new performance growth points. Slightly raise the profit forecast and maintain the “increase in holdings” rating. We expect that the recovery trend in the revenue side and profit of the company's two main businesses, department stores and automobiles, will continue. The forecast for the full dilution of EPS for 2018-2019 was slightly raised to 0.54/0.60 yuan (previously 0.52/0.59 yuan), and the forecast for 2020 was added to 0.63 yuan, maintaining the “increase in holdings” rating. The risk suggests that sales in the automobile business are lower than expected, and that sales in high-end department stores are lower than expected.